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The Australian Office of Financial.....>

AUSSIE BONDS: The Australian Office of Financial Management (AOFM) will today
sell A$1.0bn of the 2.50% 21 May 2030 Bond, issue #TB155.
- The line was last sold on 15 August 2018 for A$1.0bn. The sale drew an average
yield of 2.6348%, a high yield of 2.6375%, with 42.3% allotted at the high yield
and was covered 3.175x. There were 49 bidders, 23 of which were successful and
13 were allocated in full.
- The line has $4.5bn outstanding with a modified duration of 10.02 years, and
was issued for the first time in June of this year.
- The Bond does not form part of the futures basket for XMU8 or for XMZ8.
- The line's yield hit a high of 2.929% shortly after the initial issuance,
before easing to a low of 2.576%, last 2.595%.
- Since the initial issuance the line has operated in a tight range vs.
benchmark 10s, but still offers a degree of value despite some relative recent
outperformance, with the AOFM needing to bring this line upto size and decent
yield pickup against nearby shorter dated lines.
- Results due at 0200BST/1100AEST.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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