The Australian Office of Financial.....>

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

sell A$400mn of the 5.50% 21 April 2023 Bond, issue #TB133.

- The line was last sold on 25 November 2016 for A$900mn. The sale drew an

average yield of 2.4328%, at a high yield of 2.4350% and was covered 2.1556x.

There were 34 bidders, 16 of which were successful and 10 were allocated in

full. Amount allotted at highest yield as percentage of amount bid at that yield

was 82%.

- The auction may have been requested by dealers to promote liquidity.

- The line has A$24.1bn outstanding with a modified duration of 3.70 years.

- The line does not form part of the deliverable basket for YMH9, but will roll

into the basket of YMM9.

- The line is trading towards the richer end of its recent range in z-spread &

ASW terms, as are the surrounding lines. That being said, the line still looks

rich on a relative basis.

- Results due at 0000GMT/1100AEDT.