Tender 54

Announcement

The Australian Office of Financial Management (AOFM) will hold a tender for the repurchase of two outstanding Treasury Bond lines on Monday, 15 April 2019. 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 ($million) 800
Series to be Repurchased 4.50% 15 April 2020 5.75% 15 May 2021
Series Number TB126 TB124
ISIN AU3TB0000036 AU0000XCLWM5
Maximum Volume of Series to be repurchased – Subject to Total Tender Size ($million) 750 750
First Coupon Payment Due 15 October 2019 15 May 2019
First Coupon Payment Amount (per $100 face value) $2.250 $2.875

*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 Yieldbroker DEBTS, between 10.00 am and 10.10 am Australian Eastern Standard Time on Monday, 15 April 2019.

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, 17 April 2019.

Last updated: 15 April 2019

Results

Auction Summary
Tender Size ($m) 800
Offers Accepted ($m) 800
Offers Received ($m) 2,120
Coverage Ratio 2.6500
Treasury Bonds Purchased
Series Repurchased 4.50% 15 April 2020 5.75% 15 May 2021
Series ID TB126 TB124
ISIN AU3TB0000036 AU0000XCLWM5
Offers Accepted ($m) 334 466
Weighted Average Accepted Yield (%) 1.5752 1.5298
Lowest Yield Accepted (%) 1.5725 1.5275
Highest Yield Accepted (%) 1.5800 1.5325
Total Amount of All Offers Received ($m) 1,172 948
Total Number of Offers 17 17
Total Number of Successful Offers 7 4
Number of Offers Accepted in Full 4 2
Best Offer (%) 1.5800 1.5325
Worst Offer (%) 1.5625 1.5175
Weighted Average Offer (%) 1.5700 1.5255
Amount Repurchased at Lowest Accepted Yield as Percentage of Amount Offered at that Yield* 92.8 93

Last updated: 15 April 2019