Tender 27

Announcement

The Australian Office of Financial Management (AOFM) will hold a tender for the repurchase of two outstanding Treasury Bond lines on Monday, 19 March 2018. The total tender size will be $800 million, with the volume to be repurchased of each Treasury Bond line subject to a maximum*. Details of the tender are set out below.

Total Tender Size ($million) 800
Series to be Repurchased 5.25% 15 March 2019 4.50% 15 April 2020
Series Number TB122 TB126
ISIN AU300TB01224 AU3TB0000036
Maximum Volume of Series to be repurchased – Subject to Total Tender Size ($million) 700 700
First Coupon Payment Due 15 September 2018 15 April 2018
First Coupon Payment Amount (per $100 face value) $2.625 $2.250

*If there are insufficient offers at yields the AOFM judges to be acceptable, a lower amount of Treasury Bonds may be repurchased.

Lodgment of Offers

Offers may be lodged by Registered Bidders through the AOFM Tender System, which is accessed via the Yieldbroker DEBTS System, between 10.00 am and 10.10 am Australian Eastern Daylight Time on Monday, 19 March 2018.

All offers must comply with the Information Memorandum for Treasury Bonds [PDF 792KB | RTF 1.215MB] dated 3 October 2017.

Announcement of Results

The results of the tender are expected to be announced as soon as practicable after the closing time for the lodgment of offers.

Settlement Arrangements

Successful offers for Treasury Bonds repurchased in the tender must be settled in the Austraclear System on Wednesday, 21 March 2018.

Last updated: 19 March 2018

Results

Auction Summary
Tender Size ($m) 800
Offers Accepted ($m) 800
Offers Received ($m) 1,980
Coverage Ratio 2.4750
Treasury Bonds Purchased
Series Repurchased 5.25% 15 March 2019 4.50% 15 April 2020
Series ID TB122 TB126
ISIN AU300TB01224 AU3TB0000036
Offers Accepted ($m) 358 442
Weighted Average Accepted Yield (%) 1.8617 1.9637
Lowest Yield Accepted (%) 1.8600 1.9625
Highest Yield Accepted (%) 1.8700 1.9675
Total Amount of All Offers Received ($m) 973 1,007
Total Number of Offers 22 20
Total Number of Successful Offers 8 9
Number of Offers Accepted in Full 3 4
Best Offer (%) 1.8700 1.9675
Worst Offer (%) 1.8450 1.9500
Weighted Average Offer (%) 1.8575 1.9599
Amount Repurchased at Lowest Accepted Yield as Percentage of Amount Offered at that Yield* 63.9 63.9

Last updated: 19 March 2018