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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.