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PREVIEW: The Australian Office of......>

AUSSIE BONDS
AUSSIE BONDS: PREVIEW: The Australian Office of Financial Management (AOFM) will
today sell A$1.0bn of the 3.25% April 21 2029, issue #TB138.
- The line was last sold on November 02 for A$1.0bn. The sale drew an average
yield of 2.6631%, a high yield of 2.6650% and was covered 2.9950x. There were 31
bidders, 18 of which were successful and 10 were allocated in full.
- The line has $24.2bn outstanding with a modified duration of 8.83 years.
- The bond forms part of the deliverable basket for XMZ8.
- The line's yield has operated in a ~13bp range in the time since the most
recent auction, last sitting near the bottom of the range at 2.6615%.
- The line looks fairly valued against the Nov '28s & Nov '29s in RV terms, with
the Nov '28's offering the best "value" of the current basket constituents,
however, this is exp. as it will be the next to drop out of the basket.
- Results due at 0000GMT/1100AEDT.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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