Part 5: Other Information

Funding

Table 1 places the AOFM’s asset and liability management activities in 2009-10 in the context of the overall flow of funds for the Australian Government General Government Sector. Flows managed by the AOFM are shown in pink.

Table 1: General Government Sector funding requirement and funding sources
Source of funds Actual
2009-10
($billion)
Use of funds Actual
2009-10
($billion)
Headline budget balance 56.517
Debt issuance [a] Debt redemption [a]
Treasury Bonds 53.707482948421 Maturing CGS debt 6.009049
Treasury Indexed Bonds 7.0593294 Early CGS debt repurchases 1.1389204761
Total 60.766812348421 Treasury Notes (net) 6.07153941268
Total 13.21950888878
Other sources of funds
IMF financing transactions 4.845 Other applications of funds
Total 4.845 Other general government sector borrowings (net) 0.119774
Other financing (net) [b] 1.374923
Financial assets Total 1.494697
Change in AOFM asset holdings 6.656036
Change in Official Public Account balance at the RBA 0.3 Financial assets
Total 6.956036 Change in other general government sector investments 1.456419
Total 1.456419
Total 72.567848348421 Total 72.56785088878
  1. Cash flows rather than face value of securities.
  2. Includes other general government sector flows not elsewhere classified.

Not all totals may sum exactly due to rounding.

Appropriations and other sources of funding

Table 2 summarises the gross resources applied by the AOFM in 2009-10 and budgeted for 2010-11, both from appropriations and other sources and for recurrent and capital purposes.

Agency recurrent funding is used to meet operating expenses such as employee remuneration and supplier payments.

Administered recurrent funding is used to meet operating expenses such as interest on Australian Government debt and swap interest payments.

Capital funding is used to meet the cost of maturing Australian Government debt and to make investments.

Table 2: AOFM gross appropriations and other funding
Funding for current purposes
Administered expenses(a)
Annual appropriations 10 10
Special appropriations 6,613,362 6,400,628 9,605,850
Total administered appropriations 6,613,372 6,400,628 9,605,860
Departmental
Annual appropriations 12,569 12,569 15,896
Total revenue from government (appropriations) contributing to price of agency outputs 12,569 12,569 15,896
Percentage of total price of outputs 0.92508 0.91192 0.93588
Revenue from other sources
Other sources 1,018 1,214 1,089
Total revenue from other sources 1,018 1,214 1,089
Total price of agency outputs 13,587 13,783 16,985
Total resourcing – recurrent purposes 6,626,959 6,414,411 9,622,845
Funding for capital purposes(c)
Administered
Special appropriations 363,589,808 408,022,012 367,890,500
Total administered appropriations 363,589,808 408,022,012 367,890,500
Agency
Agency equity injections(d) 250
Total resourcing – capital purposes 363,589,808 408,022,012 367,890,750
Total resourcing for AOFM Outcome(e) 370,216,767 414,436,423 377,513,595
Administered 370203180 414,422,640 377,496,360
Departmental 13,587 13,783 17,235
AOFM Average Staffing Levels
Budget(a)
2009-10
Actual
2009-10
Budget
2010-11
Average staffing level (number) 37 36 42
  1. Excludes unrealised fair value revaluations.
  2. The Budget figure for 2009-10 is the ‘estimated actual 2009-10 balance’ reported in the Portfolio Budget Statements 2010-11.
  3. Excludes repayments of debt made on behalf of the State and Territory governments through the Debt Retirement Reserve Trust Account, a special account governed by the Financial Agreement Act 1994.
  4. During 2009-10 the AOFM did not use any agency equity injections.
  5. Part 1: AOFM overview specifies the AOFM outcome.

Grant programs

Under the Financial Agreement Act 1994 the Commonwealth is required to contribute to the Debt Retirement Reserve Trust Account to assist the State and Northern Territory governments to redeem maturing debt on allocation to them. Monies standing to the credit of this Account are held for the purposes prescribed by the Financial Agreement Act 1994.

The contributions made by the Commonwealth are accounted for as grants.

Advertising and market research

During 2009-10 the AOFM did not make payments to advertising agencies, market research organisations, polling organisations, direct mail organisations or media advertising organisations for campaign advertising or market research services.

Non-campaign advertising conducted during 2009-10 comprised an article in Finance Asia magazine to promote Australian Government debt, and recruitment advertising.

Freedom of information

Section 8 of the Freedom of Information Act 1982 requires agencies to publish information about:

  • their organisation and decision making powers;
  • what arrangements they make for public involvement in their work;
  • what types of documents they hold; and
  • how the public can access these documents.

Freedom of information matters in respect of the AOFM are handled by the Treasury and the statement required under section 8 of the Freedom of Information Act 1982 appears in the Treasury Annual Report. In this material, references to ‘Department’ encompass the AOFM. Additional details that relate specifically to the AOFM are provided below.

Organisation and decision-making

Details of the AOFM’s organisational structure are provided in Figure 1 in Part 1 of this report. Its functions and decision-making are outlined in the section on AOFM’s role, function, outcome and output structure in Part 1 of this report and the section on senior management committees in Part 3.

The Treasurer has delegated powers to AOFM officials under the following legislation:

  • Commonwealth Inscribed Stock Act 1911 and the Commonwealth Inscribed Stock Regulations;
  • Loans Securities Act 1919;
  • Financial Management and Accountability Act 1997; and
  • other Acts with regard to appropriations as set out in Note 27 of the financial statements included in this report.

The Minister for Finance and Deregulation has delegated powers to the Chief Executive Officer of the AOFM under the Financial Management and Accountability Act 1997 and the Financial Management and Accountability Regulations.

Arrangements for public involvement

The AOFM consults informally with financial market participants and investors affected by its activities. It also obtains advice from the AOFM Advisory Board, described in Part 3 of this report, which includes three members from the financial sector. Information on the Agency can be found on its website www.aofm.gov.au and enquiries can be sent via post or email.

The AOFM does not issue Commonwealth Government Securities directly to the public, but small parcels of these securities may be purchased or sold through the Reserve Bank of Australia. Larger volumes may be traded through professional financial institutions.

Documents held by the AOFM

The AOFM holds correspondence, contracts and agreements, records of transactions, analysis and advice, financial and statistical data, and drafts and internal working documents prepared by its staff and relating to its functions of issuing and managing debt, investment and cash management. It also holds personnel records, organisation and staffing records, financial and expenditure records, and office procedures and instructions.

The AOFM places an indexed list of its policy file titles on the AOFM website every six months.

Access to documents

Applicants seeking access under the Freedom of Information Act 1982 to AOFM documents should apply in writing to:

The Secretary
The Treasury
Langton Crescent
PARKES ACT 2600

Attention: Freedom of Information Coordinator

If a member of the public requests a document and the Treasury approves access, the Treasury will provide copies of documents after the applicant pays any charges. Alternatively, applicants may arrange to inspect documents at the Treasury, Langton Crescent, Parkes, ACT between 9.00 am and 5.00 pm, Monday to Friday (except public and public service holidays).

An application fee of $30 or a written request, pursuant to subsection 30A(1) of the Freedom of Information Act 1982, that the application fee be waived should accompany requests. Telephone enquiries should be directed to the Freedom of Information Coordinator, telephone +61 2 6263 2976 or facsimile +61 2 6263 2992, between 9.00 am and 5.00 pm Monday to Friday (except public or public service holidays).

Officers of the SES in Treasury can grant or refuse requests for access to documents under section 23 of the Freedom of Information Act 1982. In accordance with section 54 of the Act, an applicant may, within 30 days of receiving notification of a decision under the Act, apply to the Secretary to the Treasury, seeking an internal review of a decision to refuse a request. The prescribed fee of $40 should accompany the application. Treasury Executive Directors are authorised under section 23 to consider and make decisions on applications for internal review.

Freedom of information activity

The AOFM received no requests for access to documents under the Freedom of Information Act in 2009-10.

Ecologically sustainable development

The AOFM’s operations have an impact on the environment through the use of energy, water and other materials, and the generation of waste. Procurement and facilities management services are provided to the AOFM by Treasury under a Service Level Agreement. Information on the environmental impact of these services is published in the Treasury’s Annual Report.

Structure of the AOFM’s portfolio

The assets and liabilities managed by the AOFM and held on its administered balance sheet as at the end of June 2010 were Commonwealth Government Securities (Treasury Bonds, Treasury Indexed Bonds, Treasury Notes and other securities), short-term money market investments, term deposits placed with the Reserve Bank of Australia, short-dated bonds issued by Australian States and Territories, residential-mortgage backed securities (RMBS) and housing advances to the States under the Commonwealth-State Housing Agreements.

For financial and risk management purposes, these assets and liabilities are allocated between four portfolios: the Long-Term Debt Portfolio, the RMBS Portfolio, the Housing Advances Portfolio and the Cash Management Portfolio. This allocation recognises the different objectives, risks and management approach required in each area.

The Long-Term Debt Portfolio contains debt denominated in Australian dollars and in foreign currencies. It includes Commonwealth Government Securities other than Treasury Notes issued for cash management purposes. At the beginning of 2009-10 it also included assets purchased with the proceeds of ‘additional’ Treasury Bond issuance during 2008-09. These assets were subsequently sold.

As no borrowings have been undertaken in foreign currencies since 1987 the Portfolio holds only a residual amount of foreign currency debt.

The RMBS Portfolio contains residential mortgage-backed securities purchased by the AOFM under the Government’s policy to maintain competition in lending for housing and to support lending to small business.

The Housing Advances Portfolio comprises loans for public housing made by the Commonwealth to the States and Territories. These loans, which were not evidenced by the issue of securities, were made under previous Commonwealth-State financing arrangements. The last maturity is due on 30 June 2042.

The Cash Management Portfolio manages the within-year variability in the Australian Government’s financing requirement due to within-year mismatches in the timing of Government receipts and outlays. It contains all the assets and liabilities not held in the other three portfolios.

Residential mortgage-backed securities portfolio

The AOFM’s investments in residential mortgage-backed securities up to 30 June 2010 are shown in Table 3.

On 31 March 2010, AOFM holdings of certain mezzanine AAA rated RMBS notes were sold at par to a domestic investor for portfolio rebalancing purposes. Details may be found on the AOFM’s website. Credit concerns were not a consideration in deciding to execute the sale.

Table 3: AOFM’s RMBS investments up to 30 June 2010
Tender date Coupon
and maturity
Face value
amount
allocated
($m)
Weighted
average
issue yield
(%)
Spread to
secondary
market yield
(basis points)
Range
of bids
accepted
(basis points)
Times
covered
14-Nov-08 21-Nov-08 FirstMac FirstMac Mortgage Funding Trust Series 2-2008 Class A1 0.7 1M BBSW + 1.25% 132.00
14-Nov-08 21-Nov-08 FirstMac FirstMac Mortgage Funding Trust Series 2-2008 Class A2 3.5 1M BBSW + 1.50% 325.00
14-Nov-08 21-Nov-08 FirstMac FirstMac Mortgage Funding Trust Series 2-2008 Class AB 5.0 1M BBSW + 1.80% 39.00
17-Nov-08 9-Dec-08 Members’ Equity Bank SMHL Securitisation Fund 2008-2 Class A1 2.8 1M BBSW + 1.30% 500.00
4-Dec-08 12-Dec-08 Challenger Challenger Millennium Series 2008-2 Trust Class A 2.8 1M BBSW + 1.35% 481.00
4-Dec-08 12-Dec-08 Challenger Challenger Millennium Series 2008-2 Trust Class AB 4.5 1M BBSW + 1.75% 19.00
10-Dec-08 15-Dec-08 RESIMAC RESIMAC Premier Series 2008-1 Class A2 1.5 1M BBSW + 1.20% 280.00
10-Dec-08 15-Dec-08 RESIMAC RESIMAC Premier Series 2008-1 Class A3 4.5 1M BBSW + 1.40% 204.75
10-Dec-08 15-Dec-08 RESIMAC RESIMAC Premier Series 2008-1 Class AB 4.5 1M BBSW + 1.70% 15.25
6-Mar-09 26-Mar-09 CUA Series 2009-1 Harvey Trust Class A1 3.6 1M BBSW + 1.40% 350.00
13-Mar-09 18-Mar-09 Bendigo and Adelaide Bank TORRENS Series 2009-1 Trust Class A2 4.2 1M BBSW + 1.35% 475.00
23-Mar-09 30-Mar-09 AMP Bank Progress 2009-1 Trust Class A2 4.0 1M BBSW + 1.30% 425.00
3-Apr-09 21-Apr-09 Bank of Queensland Series 2009-1 REDS Trust Class A1 4.2 1M BBSW + 1.30% 500.00
9-Apr-09 20-Apr-09 Liberty Financial Liberty Prime Series 2009-1 Class A1 0.1 1M BBSW + 0.90% 14.50
9-Apr-09 20-Apr-09 Liberty Financial Liberty Prime Series 2009-1 Class A2 0.9 1M BBSW + 1.20% 164.70
9-Apr-09 20-Apr-09 Liberty Financial Liberty Prime Series 2009-1 Class A3 3.2 1M BBSW + 1.40% 283.00
9-Apr-09 20-Apr-09 Liberty Financial Liberty Prime Series 2009-1 Class AB 4.0 1M BBSW + 1.65% 37.80
15-Apr-09 24-Apr-09 Challenger Challenger Millennium Series 2009-1 Trust Class A2 0.5 1M BBSW + 1.00% 38.20
15-Apr-09 24-Apr-09 Challenger Challenger Millennium Series 2009-1 Trust Class A3 1.5 1M BBSW + 1.30% 152.50
15-Apr-09 24-Apr-09 Challenger Challenger Millennium Series 2009-1 Trust Class A4 4.3 1M BBSW + 1.45% 289.00
15-Apr-09 24-Apr-09 Challenger Challenger Millennium Series 2009-1 Trust Class AB 4.4 1M BBSW + 1.70% 20.30
11-May-09 14-May-09 Members’ Equity Bank SMHL Securitisation Fund 2009-1 Class A2 3.7 1M BBSW + 1.35% 500.00
21-May-09 28-May-09 RESIMAC RESIMAC Premier Series 2009-1 Class A2 0.5 1M BBSW + 1.00% 10.00
21-May-09 28-May-09 RESIMAC RESIMAC Premier Series 2009-1 Class A3 2.9 1M BBSW + 1.40% 435.00
21-May-09 28-May-09 RESIMAC RESIMAC Premier Series 2009-1 Class AB 4.1 1M BBSW + 1.70% 13.80
1-Jun-09 5-Jun-09 FirstMac FirstMac Mortgage Funding Trust Series 1-2009 Class A3 2.9 1M BBSW + 1.40% 458.00
1-Jun-09 5-Jun-09 FirstMac FirstMac Mortgage Funding Trust Series 1-2009 Class AB 5.0 1M BBSW + 2.20% 40.62
9-Jul-09 16-Jul-09 Wide Bay Australia WB Trust 2009-1 Class A1 0.5 1M BBSW + 1.10% 16.00
9-Jul-09 16-Jul-09 Wide Bay Australia WB Trust 2009-1 Class A2 3.5 1M BBSW + 1.40% 282.50
9-Jul-09 16-Jul-09 Wide Bay Australia WB Trust 2009-1 Class AB 5.4 1M BBSW + 1.60% 1.00
14-Jul-09 28-Jul-09 Australian Central Credit Union Light Trust No. 2 Class A1 4.0 1M BBSW + 1.30% 190.00
20-Aug-09 4-Sep-09 Suncorp Metway APOLLO Series 2009-1 Trust Class A3 3.6 1M BBSW + 1.30% 499.20
28-Aug-09 11-Sep-09 Greater Building Society GBS Receivables Trust No. 4 Class A1 4.3 1M BBSW + 1.35% 190.00
14-Oct-09 21-Oct-09 Liberty Financial Liberty Prime Series 2009-2 Class A2 1.0 1M BBSW + 0.90% 35.00
14-Oct-09 21-Oct-09 Liberty Financial Liberty Prime Series 2009-2 Class A3 3.3 1M BBSW + 1.40% 58.50
14-Oct-09 21-Oct-09 Liberty Financial Liberty Prime Series 2009-2 Class AB 4.0 1M BBSW + 1.65% 6.30
21-Oct-09 28-Oct-09 RESIMAC RESIMAC Premier Series 2009-2 Class A2 3.3 1M BBSW + 1.40% 38.10
21-Oct-09 28-Oct-09 RESIMAC RESIMAC Premier Series 2009-2 Class AB 3.5 1M BBSW + 1.95% 18.30
10-Nov-09 24-Nov-09 FirstMac FirstMac Mortgage Funding Trust Series 2-2009 Class A2 3.5 1M BBSW + 1.40% 195.40
10-Nov-09 24-Nov-09 FirstMac FirstMac Mortgage Funding Trust Series 2-2009 Class AB 5.0 1M BBSW + 1.95% 19.74
22-Jan-10 29-Jan-10 AMP Bank Progress 2010-1 Trust Class AB 5.2 1M BBSW + 1.80% 36.00
9-Feb-10 17-Feb-10 Bank of Queensland Series 2010-1 REDS Trust Class A 3.1 1M BBSW + 1.30% 250.00
25-Feb-10 10-Mar-10 CUA Series 2010-1 Harvey Trust Class A1 2.9 1M BBSW + 1.35% 143.00
5-Mar-10 15-Mar-10 Members’ Equity Bank SMHL Securitisation Fund 2010-1 Class A 2.6 1M BBSW + 1.35% 250.00
17-Mar-10 24-Mar-10 Bendigo and Adelaide Bank TORRENS Series 2010-1 Trust Class A 2.8 1M BBSW + 1.35% 123.00
26-Mar-10 31-Mar-10 IMB Illawarra Series 2010-1 RMBS Trust Class A 3.0 1M BBSW + 1.35% 157.50
12-May-10 17-May-10 RESIMAC RESIMAC Premier Series 2010-1 Class A 2.4 1M BBSW + 1.65% 10.00
28-May-10 9-Jun-10 Suncorp Metway APOLLO Series 2010-1 Trust Class A2 6.0 1M BBSW + 1.10% 300.00
Total 9022.96

*Weighted average life

Tender results for debt issuance

Table 4: Treasury Bond tender results — 2009-10
Tender date Coupon
and maturity
Face value
amount
allocated
($m)
Weighted
average
issue yield
(%)
Spread to
secondary
market yield
(basis points)
Range
of bids
accepted
(basis points)
Times
covered
8 Jul 09 6.25% 15 May 2013 700 4.7435 0.35 2.00 3.78
10 Jul 09 5.75% 15 Jun 2011 700 3.7208 0.08 2.00 4.02
15 Jul 09 6.25% 15 Jun 2014 700 5.1288 -0.12 2.00 2.8
17 Jul 09 6.50% 15 Apr 2012 700 4.4722 -0.28 1.00 3.21
22 Jul 09 6.25% 15 May 2013 799 5.0174 1.24 1.50 2.78
24 Jul 09 5.75% 15 May 2021 499 5.7918 1.18 2.00 2.4
29 Jul 09 6.25% 15 Jun 2014 699 5.5313 -0.37 2.00 3.42
31 Jul 09 6.50% 15 Apr 2012 700 4.8116 0.16 0.50 4.94
5 Aug 09 6.25% 15 Apr 2015 500 5.5732 -0.18 2.00 4.11
7 Aug 09 6.25% 15 May 2013 802 5.3709 0.09 1.50 3.93
12 Aug 09 4.50% 15 Apr 2020 499 5.6782 -0.18 1.50 2.57
14 Aug 09 6.25% 15 Jun 2014 800 5.4804 -0.71 2.50 3.32
19 Aug 09 6.00% 15 Feb 2017 499 5.4658 -0.42 0.50 3.88
21 Aug 09 6.25% 15 Apr 2015 501 5.3022 -0.53 1.00 4.39
26 Aug 09 5.75% 15 May 2021 500 5.4542 -0.33 1.00 2.52
28 Aug 09 6.25% 15 May 2013 699 5.2095 0.7 1.50 2.69
4 Sep 09 6.25% 15 Jun 2014 700 5.2284 -0.16 1.50 2.91
9 Sep 09 6.25% 15 Apr 2015 500 5.3067 0.17 1.50 2.57
16 Sep 09 6.00% 15 Feb 2017 500 5.2283 0.08 1.50 2.88
18 Sep 09 6.50% 15 Apr 2012 701 4.6713 0.13 1.00 3.47
23 Sep 09 4.50% 15 Apr 2020 502 5.4334 -0.41 1.00 3.44
25 Sep 09 6.25% 15 May 2013 699 4.9075 -0.25 0.50 4.14
7 Oct 09 6.25% 15 Jun 2014 698 5.163 0.05 1.00 3.25
14 Oct 09 6.00% 15 Feb 2017 700 5.3299 -0.76 1.00 2.43
21 Oct 09 6.25% 15 Apr 2015 500 5.6575 0.25 1.00 3.95
23 Oct 09 6.50% 15 Apr 2012 702 5.2544 0.44 0.50 4.16
28 Oct 09 6.25% 15 Jun 2014 500 5.5304 0.04 1.00 3.8
30 Oct 09 6.25% 15 Apr 2015 700 5.4534 0.09 1.50 2.93
4 Nov 09 4.50% 15 Apr 2020 499 5.645 0 1.00 4.43
6 Nov 09 6.50% 15 Apr 2012 700 5.0221 -1.04 0.50 5.54
11 Nov 09 5.75% 15 May 2021 499 5.7793 -0.57 1.00 3.95
13 Nov 09 6.25% 15 Jun 2014 701 5.3847 -0.03 1.00 5.51
18 Nov 09 4.50% 15 Apr 2020 599 5.554 0.15 1.00 3.54
20 Nov 09 6.25% 15 May 2013 601 4.9827 0.27 0.50 3.72
25 Nov 09 5.75% 15 May 2021 501 4.425 -0.5 1.00 3.36
27 Nov 09 6.50% 15 Apr 2012 701 4.5967 -0.08 1.00 4.16
2 Dec 09 6.00% 15 Feb 2017 501 5.1715 -0.6 0.50 4.52
4 Dec 09 6.25% 15 Jun 2014 700 5.0536 -0.14 1.00 4.27
9 Dec 09 6.25% 15 May 2013 700 4.9179 -0.46 1.50 3.28
13 Jan 10 5.25% 15 Mar 2019 500 5.4984 0.09 1.50 2.62
15 Jan 10 6.25% 15 Apr 2015 700 5.382 -0.05 1.00 4.54
20 Jan 10 4.50% 15 Apr 2020 500 5.6316 -0.09 1.00 2.54
22 Jan 10 6.50% 15 Apr 2012 700 4.66 -1 0.00 4.85
27 Jan 10 6.25% 15 May 2013 700 4.9214 0.89 2.00 1.45
29 Jan 10 5.25% 15 Mar 2019 500 5.4115 0.15 1.00 2.85
3 Feb 10 4.50% 15 Apr 2020 500 5.5163 0.89 1.00 2.88
5 Feb 10 6.25% 15 Apr 2015 700 5.0439 0.39 1.00 2.81
10 Feb 10 5.75% 15 May 2021 500 5.5744 0.19 0.50 3.79
12 Feb 10 6.25% 15 May 2013 700 4.91 0.00 0.00 5.37
17 Feb 10 4.50% 15 Apr 2020 500 5.5952 0.02 1.00 4.31
19 Feb 10 4.75% 15 Nov 2012 1,250 4.8552 0.00 3.50 3.74
24 Feb 10 5.75% 15 May 2021 300 5.6272 -0.28 0.50 4.66
26 Feb 10 4.75% 15 Nov 2012 1,000 5.747 -0.3 1.00 2.69
3 Mar 10 4.50% 15 Apr 2020 500 5.455 0.00 1.00 3.79
5 Mar 10 6.25% 15 May 2013 700 4.8499 0.24 0.50 3.66
10 Mar 10 6.25% 15 Jun 2014 700 5.2093 -0.07 0.50 3.44
17 Mar 10 6.25% 15 Apr 2015 500 5.3522 -0.28 1.00 3.78
19 Mar 10 4.75% 15 Nov 2012 1,000 5.0646 -0.29 2.50 3.2
24 Mar 10 5.25% 15 Mar 2019 500 5.6565 -0.45 0.50 3.87
26 Mar 10 6.25% 15 Jun 2014 700 5.4008 0.33 2.00 2.89
31 Mar 10 5.75% 15 May 2021 500 5.8291 0.41 0.50 4.29
7 Apr 10 5.75% 15 Jul 2022 1,000 5.9642 N/A 4.50 3.25
9 Apr 10 6.00% 15 Feb 2017 500 5.7008 0.08 0.50 3.41
14 Apr 10 5.75% 15 Jul 2022 800 5.9428 0.28 0.50 3.78
16 Apr 10 4.75% 15 Nov 2012 750 5.2141 -0.34 1.00 4.67
21 Apr 10 4.50% 15 Apr 2020 700 5.8501 0.26 1.50 2.69
23 Apr 10 5.25% 15 Mar 2019 500 5.7754 0.04 1.00 2.91
30 Apr 10 5.50% 15 Dec 2013 1,250 5.3931 N/A 3.00 4
5 May 10 5.75% 15 Jul 2022 500 5.7568 0.68 1.00 3.18
7 May 10 4.75% 15 Nov 2012 700 4.9063 0.88 2.00 3.21
12 May 10 5.75% 15 Jun 2011 700 4.4144 -2.36 5.00 3.07
14 May 10 5.50% 15 Dec 2013 1,000 5.1953 0.78 0.50 3.84
19 May 10 6.00% 15 Feb 2017 500 5.271 -0.4 0.50 3.58
21 May 10 4.75% 15 Nov 2012 700 4.6532 0.57 1.00 3.14
26 May 10 4.50% 15 Apr 2020 500 5.3332 -0.18 0.50 3.38
28 May 10 5.50% 15 Dec 2013 750 4.955 -1 1.00 4.47
2 Jun 10 6.00% 15 Feb 2017 500 5.16 -0.25 1.00 2.73
4 Jun 10 6.25% 15 Apr 2015 700 5.0932 0.32 0.50 2.75
9 Jun 10 5.75% 15 Jul 2022 500 5.4302 0.27 1.00 3.34
16 Jun 10 5.25% 15 Mar 2019 500 5.3912 -0.13 1.00 2.18
18 Jun 10 5.50% 15 Dec 2013 700 4.8874 0.74 1.00 3.84
Average over year to June 2010 -0.02 1.22 3.54
Average over 3 years to June 2010 0.19 1.40 3.60
Average over 10 years to June 2010 0.24 1.30 3.70
Table 5: Treasury Indexed Bond tender results — 2009-10
Tender date Coupon
and maturity
Face value
amount
allocated
($m)
Weighted
average
issue yield
(%)
Spread to
secondary
market yield
(basis points)
Times
covered
16 Nov 09 4.00% 20 Aug 2020 301 2.9800 -2.50 3.12
19 Jan 10 3.00% 20 Sep 2025 300 2.7050 -1.00 3.36
23 Feb 10 4.00% 20 Aug 2015 300 3.6400 -6.00 4.19
23 Mar 10 3.00% 20 Sep 2025 300 2.7350 -0.50 3.75
13 Apr 10 4.00% 20 Aug 2015 300 2.6700 -4.00 4.25
25 May 10 4.00% 20 Aug 2020 300 2.5450 -0.50 3.90
22 Jun 10 4.00% 20 Aug 2015 300 2.4000 -3.50 4.77
Average over year to June 2010 -2.57 3.91
Table 6: Treasury Note tender results — 2009-10
Tender date Maturity Face value
amount
allocated
($m)
Weighted
average
issue yield
(%)
Range
of bids
accepted
(basis points)
Times
covered
Spread to
OIS
(basis
points)
Spread to
BBSW
(basis
points)
2 Jul 09 23 Oct 09 600 3.0100 6.00 2.94 11.05 -10.95
2 Jul 09 22 Jan 10 300 3.1000 7.0 2.92 23.67 -10.13
16 Jul 09 23 Oct 09 500 3.0400 5.0 2.97 11.26 -6.04
16 Jul 09 22 Jan 10 300 3.1500 4.0 2.98 20.07 -8.93
23 Jul 09 23 Oct 09 600 3.0500 2.0 2.97 8.91 -7.59
23 Jul 09 22 Jan 10 300 3.1900 0.0 2.98 21.00 -11.00
6 Aug 09 27 Nov 09 300 3.1600 8.0 3.08 10.10 -13.00
6 Aug 09 22 Jan 10 300 3.3300 4.0 3.17 18.27 -8.63
20 Aug 09 27 Nov 09 300 3.1400 0.0 3.09 5.40 -14.80
20 Aug 09 22 Jan 10 300 3.3300 6.0 3.19 18.05 -9.15
3 Sep 09 23 Oct 09 300 3.0700 0.0 3.02 4.60 -14.90
17 Sep 09 23 Oct 09 299 3.0300 2.0 3.02 1.26 -15.04
1 Oct 09 8 Jan 10 300 3.2200 5.0 3.29 -5.37 -13.37
1 Oct 09 9 Apr 10 300 3.6200 4.0 3.57 7.20 -15.80
15 Oct 09 22 Jan 10 300 3.5200 6.0 3.61 -5.75 -30.25
22 Oct 09 8 Jan 10 600 3.5100 6.0 3.66 -11.46 -25.36
22 Oct 09 23 Apr 10 300 4.0500 5.0 4.05 3.13 -23.57
29 Oct 09 18 Dec 09 600 3.4700 17.0 3.54 0.19 -10.41
29 Oct 09 12 Feb 10 400 3.7200 17.0 3.72 8.52 -15.68
12 Nov 09 26 Feb 10 600 3.7300 4.0 3.73 2.73 -29.87
19 Nov 09 26 Feb 10 600 3.6600 7.0 3.72 -3.33 -27.13
26 Nov 09 26 Feb 10 600 3.7500 6.0 3.76 3.75 -22.25
26 Nov 09 21 May 10 600 4.0900 5.0 3.99 14.02 -26.28
3 Dec 09 12 Mar 10 600 3.7800 3.0 3.82 -1.60 -25.20
10 Dec 09 12 Feb 10 300 3.7900 0.0 3.78 1.20 -25.10
10 Dec 09 23 Apr 10 300 3.8600 9.0 3.91 2.60 -34.90
17 Dec 09 12 Mar 10 300 3.7300 25.0 3.83 4.44 -19.68
17 Dec 09 21 May 10 600 3.9700 4.0 3.97 2.86 -28.77
14 Jan 10 12 Mar 10 400 3.8000 9.0 3.88 -4.81 -30.63
14 Jan 10 23 Apr 10 600 3.8800 17.0 3.98 -2.55 -29.63
21 Jan 10 26 Feb 10 300 3.7800 11.0 3.87 -0.74 -16.93
21 Jan 10 26 Mar 10 800 3.8500 7.0 3.95 -7.09 -29.71
21 Jan 10 21 May 10 600 3.8800 17.0 4.08 -13.20 -34.53
28 Jan 10 7 May 10 600 3.8800 12.0 4.07 -14.95 -40.77
4 Feb 10 23 Apr 10 500 3.7800 4.0 3.83 -3.64 -29.32
11 Feb 10 7 May 10 600 3.7500 11.0 3.84 -4.67 -37.96
11 Feb 10 11 Jun 10 300 3.7900 11.0 3.90 -8.03 -41.53
18 Feb 10 7 May 10 600 3.7800 10.0 3.89 -5.11 -26.15
18 Feb 10 11 Jun 10 300 3.8600 9.0 3.96 -5.35 -28.04
25 Feb 10 23 Apr 10 600 3.8000 10.0 3.89 -3.60 -23.23
25 Feb 10 21 May 10 600 3.8300 12.0 3.93 -3.47 -25.93
25 Feb 10 23 Jul 10 300 3.9700 9.0 4.05 -2.09 -29.89
4 Mar 10 11 Jun 10 600 3.9400 12.0 4.10 -12.24 -24.98
11 Mar 10 11 Jun 10 600 4.0500 11.0 4.14 -3.56 -26.23
11 Mar 10 23 Jul 10 300 4.0100 22.0 4.23 -1.95 -24.05
18 Mar 10 11 Jun 10 600 4.0400 15.0 4.15 2.35 -5.76
25 Mar 10 25 Jun 10 600 4.1700 7.0 4.23 -1.92 -16.92
25 Mar 10 13 Aug 10 300 4.2000 17.0 4.32 3.12 -18.45
8 Apr 10 23 Jul 10 600 4.3500 9.0 4.40 1.90 -13.60
8 Apr 10 13 Aug 10 300 4.4400 0.0 4.44 0.33 -17.13
15 Apr 10 23 Jul 10 400 4.4000 6.0 4.37 7.30 -17.10
22 Apr 10 23 Jun 10 600 4.3700 4.0 4.42 -2.22 -8.72
22 Apr 10 13 Aug 10 600 4.4500 7.0 4.45 3.35 -7.45
22 Apr 10 10 Sep 10 600 4.3500 23.0 4.50 6.65 -8.85
29 Apr 10 13 Aug 10 400 4.5500 3.0 4.52 5.07 -10.27
6 May 10 13 Aug 10 600 4.5700 5.0 4.58 1.22 -23.86
6 May 10 26 Nov 10 600 4.7300 10.0 4.73 6.67 -18.52
13 May 10 24 Sep 10 400 4.5600 7.0 4.60 -2.06 -34.03
20 May 10 13 Aug 10 600 4.5000 5.0 4.52 0.06 -14.76
20 May 10 24 Sep 10 600 4.5400 1.0 4.53 1.51 -36.82
20 May 10 26 Nov 10 300 4.6200 6.0 4.57 9.20 -31.38
25 May 10 24 Sep 10 400 4.4000 0.0 4.47 -6.71 -46.74
3 Jun 10 10 Sep 10 300 4.5500 10.0 4.52 0.75 -30.93
10 Jun 10 24 Sep 10 600 4.5000 5.0 4.54 -2.25 -42.61
10 Jun 10 17 Dec 10 600 4.6000 11.0 4.57 9.31 -30.13
17 Jun 10 24 Sep 10 600 4.5000 9.0 4.56 0.85 -33.62
17 Jun 10 26 Nov 10 600 4.6000 15.0 4.61 9.96 -29.02
24 Jun 10 22 Oct 10 400 4.5400 10.0 4.55 1.93 -41.28
Average over year to June 2010 8.03 4.75 2.00 -22.67

Last updated: 5 February 2014