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France Sells E10.355bn of OATs

The Australian Office of........>

AUSSIE 3-YEAR TECHS: The Australian Office of Financial Management (AOFM) will
today sell A$400mn of the 3.75% 21 April 2037 Bond, issue #TB144.
- The line was last sold on 13 August 2018 for A$400mn. The sale drew an average
yield of 2.8670%, a high yield of 2.8700% and was covered 2.1450x. There were 35
bidders, 22 of which were successful and 13 were allocated in full. Amount
allotted at highest accepted yield as percentage of amount bid at that yield was
- The line has A$11.6bn outstanding with a modified duration of 13.52 years.
- The line's yield has operated in a ~45bp range since the end of November, with
market volatility driving appetite for safe haven bonds over the New Year period
& worries surrounding a global economic slowdown driving the majority of G10
yields lower. The line's yield sits ~4bp off the recent low at 2.5385%.
- The line looks relatively fair against the 06/2035 & fair against the 06/2039
(on both ASW & Z-spread terms). The line itself trades in the middle of its
recent z-spread range, a touch richer than average
- Results due at 0000GMT/1100AEDT.
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