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TD Securities note that "the AOFM announced its intention to issue a new 21st Nov 2031 maturity via syndication the week beginning 24th August. This new line should price roughly at a 10yr EFP spread of 8.8bps, equivalent to an ASW s/q spread of 14.5bps based off Friday's closing levels. There should be strong demand for this line. Size of recent new lines suggests a A$15-20b issue is likely."