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Free AccessThe Australian Office of Financial.....>
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
in full.
- 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.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.