The Australian Office of Financial.....>

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

sell A$800mln of the 2.75% 21 November 2029 Bond, issue #TB154.

- The line doesn't feature in the underlying basket of the 10-Year Bond future

(XMU8).

- The line was last sold on 25 May 2018 for A$500mln. The sale drew an average

yield of 2.8273%, a high yield of 2.8275%, with 70% allotted at the high yield

and was covered 5.2060x. There were 36 bidders, 11 of which were successful and

2 were allocated in full.

- The line has $A10.7bln outstanding with a modified duration of 9.74 years.

- The line sits around 11.5bp richer than it did at the time of the most recent

auction, with the domestic 3-/10-Year curve around 5bp flatter at 56.5bp. The

line looks a little expensive on an ASW/zero-curve basis after some

outperformance in late April/early May.

- Results due at 0200BST/1100AEST.