Treasury Bond Issuance Calendar

14 May 2008

Op Notice No. 01/2008

This notice provides details of planned Treasury Bond issuance by the Australian Office of Financial Management (AOFM) on behalf of the Australian Government during the 2008-09 financial year (1 July 2008 to 30 June 2009).

In the 2008-09 financial year, Treasury Bond issuance is planned to total $5.3 billion. This consists of $2.0 billion of issuance into the existing May 2021 bond line (bringing the volume on issue for this bond line up to $5 billion) and $3.3 billion of issuance of a new June 2014 Treasury Bond.

The following table outlines planned tender dates, bond lines and face value amounts to be offered in 2008-09:

Date Treasury Bond Face Value Amount
($ million)
16 September 2008 May 2021 400
30 September 2008 May 2021 400
14 October 2008 May 2021 400
28 October 2008 May 2021 400
18 November 2008 May 2021 400
16 December 2008 June 2014 800
20 January 2009 June 2014 600
10 February 2009 June 2014 400
24 February 2009 June 2014 400
24 March 2009 June 2014 400
21 April 2009 June 2014 400
16 June 2009 June 2014 300

One further tender is planned for the 2007-08 financial year. It will be for the issue of $400 million of the May 2021 Treasury Bond on 17 June 2008.

Treasury Bond issuance is undertaken with the objective of maintaining liquid and efficient Treasury Bond and Treasury Bond futures markets. The volume and timing of Treasury Bond issuance accordingly takes account of the need to have an appropriate range of Treasury Bonds available for inclusion in the bond baskets for Treasury Bond futures contracts. The May 2021 Treasury Bonds support the 10-year futures contracts, while the June 2014 Treasury Bonds will be available to support the 3-year futures contracts.

The tender program for 2008-09 does not include any issuance of Treasury Bonds in July and August. This is due to constraints under the legislation that governs borrowing by the Commonwealth. Debt issuance is currently undertaken under authority provided by the Loans Redemption and Conversion Act 1921 which allows borrowing to fund the redemption of maturing debt. Treasury Bond issuance in 2008-09 will use this authority against the redemption of the September 2009 bond line, but this authority is not available until September 2008. The remaining authority for borrowing to fund the redemption of the August 2008 bond line will be exhausted in the tender to be held on 17 June 2008.

It should be noted that all the details in respect of Treasury Bond tenders provided above are indicative only and the AOFM reserves the right to amend any of these details at any time. Tenders will be confirmed at midday on the day prior to a scheduled tender.

Last updated: 21 March 2014