Issuance Program

Updated 30 April 2019

The AOFM announced its planned AGS issuance program following the release of the Australian Government’s 2019-20 Budget. This webpage reflects that announcement. The issuance program is indicative only because a range of factors will influence the actual amount of issuance.

Details of each week’s transactions will be announced at midday on the preceding Friday.

Treasury Bonds

Issuance of Treasury Bonds to date this financial year totals $45.9 billion.

Treasury Bond issuance for the current year is expected to total around $54 billion. In 2019-20, issuance of around $58 billion is planned. It is planned to establish new bond lines maturing in June 2031 and May 2032 between now and 30 June 2020.

Regular tenders will underpin the issuance program. Larger tenders of newly established bond lines will occasionally be undertaken. Syndicated taps of existing long-dated bond lines will be considered.

Treasury Bond Buybacks

The AOFM repurchases short-dated Treasury Bonds via buyback tenders, in conjunction with some syndicated issues, and bilaterally with the Reserve Bank of Australia. On buyback tender days, a tender for the issuance of the same volume of longer-dated Treasury Bonds will usually be held.

Bonds shorter than those comprising the primary three year Treasury Bond futures contract are eligible for repurchase. Buyback tenders for the April 2020, November 2020 and May 2021 Treasury Bonds are planned for the remainder of 2018‑19.

$15.1 billion short dated bonds have been repurchased to date. $6.4 billion of Treasury Bonds maturing in the current financial year have also been repurchased.

Buybacks of around $15-20 billion for short-dated bonds maturing after 30 June 2020 are expected in 2019‑20.

Treasury Indexed Bonds

To complete a planned total issuance for the year of $5.9 billion, four further tenders for the issue of Treasury Indexed Bonds (TIBs) are planned in 2018‑19. $5.3 billion have been issued to date this financial year.

TIB issuance in 2019-20 is expected to be around $2.5 billion (in face value terms). Two tenders will be conducted in most months.

Treasury Notes

Treasury Notes are a short-term discount security primarily used for within-year financing. The volume of Treasury Notes on issue varies depending on the flows of Australian Government receipts and expenditures.

Last updated: 30 April 2019