The Australian Office of Financial.....>

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

sell A$400mln of the 2.00% 21 December 2021 Bonds, issue #TB151. The line was

last sold on 16 February 2018 for A$400mln. The sale drew an average yield of

2.2960%, a high yield of 2.2975% with 57.0% allotted at the high yield and was

covered 5.0275x. There were 41 bidders, 15 of which were successful and 7 were

allocated in full.

- The line has $A17.4bln outstanding with a modified duration of 3.56 years.

- The line forms part of the underlying basket for 3-Year Bond futures which

should support demand & looks fairly fair in relative value terms.

- The domestic 3-/10-Year yield differential has shed around 25bp since the most

recent auction of the line, but has moved backed from recent flats over the last

couple of sessions.

- Results due at 0200BST/1100AEDT.