The Australian Office of Financial.....>

AUSSIE BONDS: The Australian Office of Financial Management (AOFM) will today

sell A$500mln of 3.25% 21 April 2029 Bonds, issue #TB138.

- The line was last sold on 04 December 2017 for A$400mln. The sale drew an

average yield of 2.6438%, a high yield of 2.6450% with 36% allotted at the high

yield and was covered 3.8000x. There were 36 bidders, 13 of which were

successful and 6 were allocated in full.

- The line has A$20.2bln outstanding with a modified duration of 9.25 years.

- The line will soon join the basket for 10-Year futures and has performed well

in recent times on the back of this, with the discount to benchmark vanishing.

- The line looks ever-so slightly expensive against the nearby Nov 2028 & Nov

2029 lines in ASW terms, and is also the most expensive of the three when

looking at the z-spread.

- Results due at 0000GMT/1100AEDT.