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The AOFM will today sell A$700mn of....>

AUSSIE BONDS: The AOFM will today sell A$700mn of the 5.50% 21 April 2023 Bond,
issue #TB133. The line was last sold on 04 March 2019 for A$400mn. The sale drew
an average yield of 1.7167%, at a high yield of 1.7175% & was covered 6.0450x.
There were 27 bidders, 6 of which were successful & 2 were allocated in full.
Amount allotted at highest yield as % of amount bid at that yield was 73.3%. The
line has A$24.5bn outstanding, with a modified duration of 3.63 years. The line
forms part of the YMM9 deliverable basket.
- The line sits at the richer end of its recent z-spread range & still looks a
little rich vs. surrounding lines, even as they sit towards the richer end of
their recent z-spread valuations. The line also looks a little rich in ASW. The
fact that the line is "old" & has witnessed ltd issuance in recent times may
support the line going forwards. The line's yield sits around 4bp off of the YtD
low at writing. This comes after worries surrounding U.S. Tsy curve inversion &
the global econ, as well as the recent run of dovish pivots from many central
banks (incl. the RBA), supported developed market bonds in recent week's/months.
- Results due at 0000GMT/1100AEDT.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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