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The Australian Office of Financial.....>

AUSSIE BONDS
AUSSIE BONDS: The Australian Office of Financial Management will today auction
A$900mln of 2.75% Nov 2028 bonds, issue #TB152. The line is part of the
underlying basket for 10-Year futures XMZ7.
- The line was last sold on November 15 for A$1bln. The auction drew an average
yield of 2.6867%, a high yield of 2.6875% with 58.2% allotted at high, covered
3.455x.
- The issue has A$20.3bln outstanding, with a modified duration of 9.45 years.
- The AU/US 10-Year spread continues to hold near the lwoest levels sinec May
2017 at 16.5bp as the market continues to unwind the expectations of a more
hawkish RBA rate path, a wave of buying in interbank bills on Tuesday saw
futures rise to contract highs as the OIS implied odds of hike by Q3 2018
dropped below 30%.
- Demand could be impacted by expectations of a new Nov 2029 issue from the AOFM
during the current issuance programme.
- Results due at 0000GMT/1100AEDT.

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