The Australian Office of Financial.....>

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

sell A$700mn of the 2.75% 21 April 2024 Bond, issue #TB137.

- The line was last sold on 17 August 2016 for A$800mn. The sale drew an average

yield of 1.8098%, a high yield of 1.8125% and was covered 2.3438x. There were 38

bidders, 21 of which were successful and 14 were allocated in full. Amount

allotted at highest accepted yield as percentage of amount bid at that yield was

52%.

- The line has A$25.5bn outstanding with a modified duration of 4.86 years.

- The line's yield has operated in a ~40bp range since the end of November, with

market volatility driving appetite for safe haven bonds. The yield last sits

~9bp off the recent low at 1.9875%.

- The line looks a little rich against the nearby 2023 & 2025 lines (on both ASW

& Z-spread terms).

- Results due at 0000GMT/1100AEDT.