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AUSSIE BONDS: The Australian Office of Financial Management (AOFM) will today
sell A$500mln of the 3.25% 21 April 2029 Bond, issue #TB138. The line was last
sold on 28 March 2018 for A$500mln. The sale drew an average yield of 2.6337%, a
high yield of 2.6350% with 48.9% allotted at the high yield & was covered
3.4740x. There were 39 bidders, 17 of which were successful & 8 were allocated
- The line has $A21.2bln outstanding with a modified duration of 9.10 years.
- The line forms part of the underlying basket of the 10-Year Bond future, which
should aid demand, it should also result in an uptick in issuance of this
particular Bond moving forwards.
- The domestic 3-/10-Year yield differential is a little over 2bp steeper than
it was at the most recent auction of this line, however, the yield differential
is ~12bp off of the early April flats. The AU/US 10-Year spread is around 10bps
tighter than it was at the most recent auction of the line at ~-10bp.
- The line looks fairly valued in relative value terms.
- Results due at 0200BST/1100AEST.