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AUSSIE BONDS: The Australian Office of Financial Management (AOFM) will today
sell A$1.5bn of the 2.50% 21 May 2030 Bond, issue #TB155.
- The line was last sold on September 07 2018 for A$1.0bn. The sale drew an
average yield of 2.5859%, a high yield of 2.5875%, with 45.8% allotted at the
high yield and was covered 3.295x. There was 41 bidders, 14 of which were
successful and 7 were allocated in full.
- The line has $5.5bn outstanding with a modified duration of 9.95 years.
- The Bond does not form part of the futures basket for XMZ8.
- The line's yield has operated in a ~23bp range since the most recent auction,
last sitting at the top of the range at 2.8205%.
- The line looks a little rich in relative value terms, but this is perhaps a
function of its relatively limited circulation, with scope for the line to
cheapen as it is brought up to size.
- Results due at 0200BST/1100AEST.