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The AOFM notes "improving fiscal.......>

AUSSIE BONDS: The AOFM notes "improving fiscal outlooks and smaller bond
issuance programs has led the AOFM to return to a more active T-Notes program.
T-Notes are used to manage the Government's cash balances and are a more
flexible funding tool than TBs for managing the within-year peaks and troughs in
the cash cycle. Issuing T-Notes to fund short-term asset balances is usually
less costly than using TBs, although having very large amounts of T-Notes
outstanding could attract elevated refinancing risk in limited circumstances
where financial markets were extremely volatile. Future issuance plans will
depend on several factors, including changes to the pattern of the cash cycle,
changes in the fiscal position and funding outlook, as well as investor
preferences for T-Notes compared to other investments."
- Link:
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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