Updated 28 February 2019
The AOFM announced its planned AGS issuance program following the release of the Australian Government’s 2018-19 Mid-Year Economic and Fiscal Outlook. This webpage reflects that announcement and changes since that time. 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.
Issuance of Treasury Bonds to date this financial year totals $37.7 billion.
Gross Treasury Bond issuance in 2018-19 is expected to be around $52 billion. Weekly tenders of around $900 million each week (in addition to tenders held in conjunction with buyback tenders) will be held for the remainder of 2018-19.
A syndication of an existing ultra-long bond line may still 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.
Bonds shorter than those comprising the primary three year Treasury Bond futures contract are eligible for repurchase. The AOFM will announce when it stops buying back particular bond lines via tender. The April 2020 and November 2020 bond lines are currently in the repurchase window.
On the day of a buyback tender, a tender for the issuance of the same volume of longer-dated Treasury Bonds will usually be held.
Buybacks of around $15 billion of bonds maturing in future financial years are expected in 2018-19. $11 billion have been repurchased to date.
$6.4 billion of Treasury Bonds maturing in the current financial year have also been repurchased.
Treasury Indexed Bonds
Issuance of Treasury Indexed Bonds (TIBs) to date this financial year totals $4.9 billion (in face value terms). Around $6 billion of TIB issuance is planned for 2018-19.
Two tenders for the issue of TIBs are planned for most months.
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: 28 February 2019