Issuance Arrangements

Australian Government Securities are issued by competitive tender and occasionally via syndicated offerings. The tenders are conducted by the AOFM using the AOFM Tender System. The Tender System is accessed via the Yieldbroker DEBTS System. Bids for stock offered for sale via the Tender System may only be submitted by parties that are registered with the AOFM.

For more information about becoming a Registered Bidder, please contact the AOFM.

Tender announcements provide full details of each tender, including details of the stock that is being offered. Tender results are announced as soon as possible after the close of bidding.

  • Notification of tender announcements and results can be obtained by subscribing to the AOFM email service.

Details of the debt issuance program are outlined in the AOFM issuance program.

Erroneous Tender Bids Policy

Treasury Bond and Treasury Indexed Bond Tenders

Bids submitted at yields more than five basis points below the prevailing secondary market yield (as judged by the AOFM) will be judged to be erroneous, and amended to yields five basis points below the secondary market yield, with allocations made accordingly. Where a Treasury Bond or Treasury Indexed Bond has no observable secondary market yield (for example at the first issue of the security), the AOFM will use judgement to determine a reasonable comparison yield for bids.

Treasury Note Tenders

Bids submitted at yields more than twenty basis points below the prevailing secondary market yield (as judged by the AOFM) will be judged to be erroneous, and amended to yields twenty basis points below the secondary market yield, with allocations made accordingly. Where a Treasury Note has no observable secondary market yield (for example at the first issue of the security), the AOFM will use judgement to determine a reasonable comparison yield for bids.

Last updated: 25 October 2017