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AUSSIE BONDS: The Australian Office of Financial Management (AOFM) will today
sell A$500mn of the 2.25% 21 November 2022 Bond, issue #TB153.
- The line was last sold on September 10 2018 for A$600mn. The sale drew an
average yield of 2.1168%, a high yield of 2.1175%, with 93.9% allotted at the
high yield and was covered 4.6833x. There were 32 bidders, 8 of which were
successful and 3 were allocated in full.
- The line has $14.5bn outstanding with a modified duration of 3.91 years.
- The Bond forms part of the futures basket for YMZ8.
- The line's yield has operated in a ~16bp range over the last month or so, last
sitting around the middle of that range at 2.179%.
- The line looks a little cheap against the nearby July 2022, but a little
expensive vs. April 2023 on both z-spread and ASW terms.
- Results due at 0200BST/1100AEST.