Part 5: Other Information

Funding

Table 1 places the AOFM’s asset and liability management activities in 2010-11 in the context of budget financing for the Australian Government and in particular as it covers the General Government Sector. Flows managed by the AOFM are shown in blue.

Table 1: General Government Sector funding requirement and funding sources
Source of funds Actual
2010-11
($billion)
Use of funds Actual
2010-11
($billion)
Headline budget balance 51.1
Debt issuance[a] Debt redemption[a]
Treasury Bonds 56.0 Maturing Treasury Bonds 18.7
Treasury Indexed Bonds 4.1 Maturing Treasury Indexed Bonds 1.2
Treasury Notes (net) 4.4 Early CGS debt repurchases 0.1
Total 64.5 Total 20.0
Financial assets Other applications of funds
Change in AOFM asset holdings 8.6 Other general government sector borrowings (net) 0.1
Total 8.6 Other financing (net) [b] 0.3
Total 0.4
Financial assets
Change in Official Public Account balance at the RBA 0.2
Change in other general government sector investments 1.4
Total 1.6
Total 73.1 Total 73.1

[a] Cash flows rather than face value of securities.

[b] Includes other general government sector flows not elsewhere classified.

Not all totals may sum exactly due to rounding.

Agency resource statement and resources for outcomes

Table 2: AOFM resource statement — cash
Actual
available
appropriation
2010-11
$’000
Payments
made
(a)
2010-11
$’000
= Balance
Remaining
$’000
Ordinary annual services
Departmental appropriation(b) 28,702 10,599 18,103
Receipts from other sources (s31)(c) 797 797
Total departmental 29,499 11,396 18,103
Administered expenses
Outcome 1 10 10
Total administered 10 10
Total ordinary annual services A 29,509 11,396 18,113
Other services
Departmental non-operating 949 287 662
Total other services B 949 287 662
Total available annual appropriations (A + B) 30,458 11,683 18,775
Special appropriations non-capital
Commonwealth Inscribed Stock Act 1911 10,171,017 10,171,017
Financial Agreement Act 1994 312 312
Financial Management and Accountability Act 1997 2,146 2,146
Loans Securities Act 1919 12,666 12,666
Subtotal 10,186,141 10,186,141
Special appropriations capital
Commonwealth Inscribed Stock Act 1911 74,262,065 74,262,065
Financial Management and Accountability Act 1997 296,178,120 296,178,120
Loans Securities Act 1919 6,209,459 6,209,459
Subtotal 379,649,644 376,649,644
Total special appropriations C 386,835,785 386,835,785
Total appropriations excluding special accounts (A + B + C) 386,866,243 386,847,468 18,775
Special Accounts
Debt Retirement Reserve Trust Account
Opening balance 494
Appropriation receipts 26
Non-appropriation receipts to special account
Interest amount credited 22
State and Territory contributions 1,331
Payments made 1,307
Total Special Account D 1,873 1,307 566
Total net resourcing and payments for AOFM (A + B + C + D) 386,868,116 386,848,775 19,341
  1. Amounts presented in this table exclude GST where the GST is recoverable from the ATO.
  2. Appropriation Bill (No. 1) 2010-11 plus carried forward cash balances as at 1 July 2010.
  3. Receipts received under s31 of the Financial Management and Accountability Act 1997.
Table 3: Expenses and resources for Outcome 1
Outcome 1: The advancement of macroeconomic,
growth and stability and the effective operation
of financial markets, through issuing debt, investing in
financial assets and managing debt, investments and cash
for the Australian Government
Budget(a)
2010-11
$’000
Actual
Expenses
2010-11
$’000
Variation
$’000
Program 1.1: Australian Office of Financial Management
Departmental expenses
Ordinary annual services (Appropriation Bill No. 1) 13,724 11,177 2,547
Expenses not requiring appropriation in the Budget year 711 609 102
Administered expenses
Ordinary annual services (Appropriation Bill No.1) 10 10
Special appropriations expenses
Commonwealth Inscribed Stock Act 191 9,259,930 9,259,930 25,652
Loans Securities Act 1919 800 12,634 (11,834)
Financial Agreement Act 1994 50 319 (269)
Total for Program 1.1 9,300,877 9,284,669 16,208
2009-10 2010-11
Average staffing level (number) 36 37
  1. The Budget figure for 2010-11 is the estimated actual 2010-11 expenses, reported in table 2.1 of the Portfolio Budget Statements 2011-12.

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 in the AOFM’s financial statements.

Advertising and market research

During 2010-11, the AOFM made no payments to market research organisations, polling organisations or direct mail organisations. No campaign advertising was conducted during 2010-11.

The AOFM incurred expenditure of $8,000 during 2010-11 for the development of advertisements to promote CGS to international investors. In addition, the AOFM incurred expenditure of $12,996 during 2010-11 to media advertising organisations for staff recruitment.

The following table lists individual expenditures of $11,500 or more on advertising.

Table 4: 2010-11 non-campaign advertising expenditure $11,500 or more
Entity Purpose Cost
Adcorp Graduate recruitment $11,549

These figures are inclusive of GST.

Freedom of information

Freedom of Information matters in respect to the AOFM are handled by the Treasury. Before 1 May 2011, section 8 of the Freedom of Information Act 1982(the Act) required an agency to report on its organisational structure, functions and decision making powers, the arrangements for public involvement in its work, the categories of documents it holds and how the public can obtain access to these documents.

From the 1 May 2011 agencies subject to the Act are required to publish information on a website as part of the Information Publication Scheme (IPS) provisions in Part 11 of the Act. This requirement has replaced the former requirement to publish a section 8 statement in an annual report.

The section 8 statement in the Treasury Annual Report for the period from 1 July 2010 to 30 April 2011 includes the AOFM. Additional details that relate specifically to the AOFM are provided below.

An agency plan showing what information is published in accordance with the IPS requirements, including material relevant to AOFM, is accessible from Treasury’s website at www.treasury.gov.au.

Section 8 statement

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 processes 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 external members appointed 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 can contact:

Freedom of information
The Treasury
Langton Crescent
PARKES ACT 2600

Email: FOI@treasury.gov.au
Telephone: + 61 2 6263 2800

Freedom of information activity

The AOFM received no requests for access to documents under the Freedom of Information Act in 2010-11.

Ecologically sustainable development

The AOFM’s operations have an impact on the environment typical of office operations generally. 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 in 2010-11 were Commonwealth Government Securities (Treasury Bonds, Treasury Indexed Bonds, Treasury Notes and other securities), short-term money market investments, term deposits placed with the RBA, short-dated bonds issued by Australian States and Territories, residential-mortgage backed securities (RMBS) and housing advances to the States under the various 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.

As no borrowings have been undertaken in foreign currencies since 1987 the Portfolio holds only a small 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 within-year variability in the Australian Government’s financing requirement due to differences 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 2011 are shown in Table 5.

Table 5: AOFM’s RMBS investments up to 30 June 2011
Pricing date Settlement date Issuer Issue name Tranche Expected
WAL*at
closing
(years)
Coupon (per cent) Original
face value
($m)
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
Table 5: AOFM’s RMBS investments up to 30 June 2011 (continue)
Pricing date Settlement date Issuer Issue name Tranche Expected
WAL*at
closing
(years)
Coupon (per cent) Original
face value
($m)
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
2-Jul-10 14-Jul-10 Members’ Equity Bank SMHL Securitisation
Fund 2010-2E
Class A3 5.7 1M BBSW + 1.10% 250.00
8-Jul-10 20-Jul-10 Bendigo and Adelaide Bank TORRENS Series
2010-2 Trust
Class A3 3.0 1M BBSW + 1.10% 19.50
8-Jul-10 20-Jul-10 Bendigo and Adelaide Bank TORRENS Series
2010-2 Trust
Class A4 5.8 1M BBSW + 1.10% 476.50
23-Jul-10 4-Aug-10 MyState Financial ConQuest 2010-2
Trust
Class A2 1.5 1M BBSW + 1.40% 20.00
23-Jul-10 4-Aug-10 MyState Financial ConQuest 2010-2
Trust
Class A3 5.0 1M BBSW + 1.30% 139.25
23-Jul-10 4-Aug-10 MyState Financial ConQuest 2010-2
Trust
Class AB 3.7 1M BBSW + 1.85% 10.75
11-Aug-10 18-Aug-10 Liberty Financial Liberty Prime Series
2010-1
Class A2 3.3 1M BBSW + 1.25% 90.00
11-Aug-10 18-Aug-10 Liberty Financial Liberty Prime Series
2010-1
Class AB 4.0 1M BBSW + 1.65% 10.40
Table 5: AOFM’s RMBS investments up to 30 June 2011 (continue)
Pricing date Settlement date Issuer Issue name Tranche Expected
WAL*at
closing
(years)
Coupon (per cent) Original face value ($m)
18-Aug-10 27-Aug-10 Bank of Queensland Series 2010-2 REDS
Trust
Class A2 6.2 1M BBSW + 1.10% 497.60
26-Aug-10 2-Sep-10 Macquarie Bank PUMA Masterfund P-16 Class A3 6.3 1M BBSW + 1.15% 247.50
6-Sep-10 9-Sep-10 FirstMac FirstMac Mortgage
Funding Trust Series
1-2010
Class A3 4.7 1M BBSW + 1.30% 164.00
6-Sep-10 9-Sep-10 FirstMac FirstMac Mortgage
Funding Trust Series
1-2010
Class AB 3.6 1M BBSW + 2.20% 26.77
23-Sep-10 28-Sep-10 Members’ Equity Bank SMHL Securitisation
Fund 2010-3
Class A2 6.1 1M BBSW + 1.10% 290.00
14-Oct-10 20-Oct-10 ING Bank (Australia) IDOL Trust Series
2010-1
Class A2 7.5 1M BBSW + 1.10% 250.00
10-Nov-10 18-Nov-10 Australian Central Credit Union Light Trust No. 3 Class A3 5.4 1M BBSW + 1.20% 243.50
19-Nov-10 25-Nov-10 RESIMAC RESIMAC Premier
Series 2010-2
Class A2 4.8 1M BBSW + 1.25% 148.00
26-Nov-10 3-Dec-10 Police and Nurses Credit Society Pinnacle Series Trust
2010-T1
Class A2 7.2 1M BBSW + 1.25% 96.50
26-Nov-10 3-Dec-10 Police and Nurses Credit Society Pinnacle Series Trust 2010-T1 Class AB 6.7 1M BBSW + 2.00% 14.60
10-Dec-10 16-Dec-10 Bendigo and Adelaide Bank TORRENS Series
2010-3 Trust
Class A5 4.6 1M BBSW + 1.10% 395.00
10-Dec-10 16-Dec-10 Bendigo and Adelaide Bank TORRENS Series
2010-3 Trust
Class AB 4.7 1M BBSW + 1.80% 20.00
15-Dec-10 21-Dec-10 Wide Bay Australia WB Trust 2010-1 Class A2 6.6 1M BBSW + 1.25% 81.20
15-Dec-10 21-Dec-10 Wide Bay Australia WB Trust 2010-1 Class AB 6.2 1M BBSW + 2.00% 23.00
17-Mar-11 24-Mar-11 Members’ Equity Bank SMHL Securitisation
Fund 2011-1^
0.00
7-Apr-11 14-Apr-11 Community CPS Barton Series
2011-1 Trust
Class A2 6.5 1M BBSW + 1.25% 90.90
8-Apr-11 13-Apr-11 Liberty Financial Liberty Prime Series
2011-1
Class A2 4.0 1M BBSW + 1.30% 50.75
15-Apr-11 20-Apr-11 Macquarie Bank PUMA Masterfund
P-17
Class A2 5.6 1M BBSW + 1.15% 157.50
13-May-11 19-May-11 RESIMAC RESIMAC Premier
Series 2011-1
Class A 2.9 1M BBSW + 1.25% 170.00
13-May-11 19-May-11 RESIMAC RESIMAC Premier
Series 2011-1
Class AB 2.4 1M BBSW + 1.75% 22.00
20-May-11 27-May-11 AMP Bank Progress 2011-1
Trust
Class A2 5.8 1M BBSW + 1.15% 138.00
10-Jun-11 17-Jun-11 ING Bank (Australia) IDOL Trust Series
2011-1
Class A1 3.6 1M BBSW + 1.10% 206.00
13372.18

*Weighted average life.

^The AOFM final allocation was zero.

Tender results for debt issuance

Table 6: Treasury Bond tender results — 2010-11
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
2-Jul-10 4.75% 15-Nov-2012 700 4.4499 0.49 1.00 2.76
7-Jul-10 4.75% 15-Nov-2016 1,000 4.8606 N/A 3.50 1.89
14-Jul-10 4.50% 15-Apr-2020 500 5.1754 0.29 1.00 2.70
16-Jul-10 6.25% 15-Apr-2015 700 4.7811 (0.64) 1.00 3.40
21-Jul-10 5.75% 15-May-2021 500 5.2800 0.00 0.00 3.06
23-Jul-10 4.75% 15-Jun-2016 800 5.0188 (1.12) 1.50 2.98
30-Jul-10 5.25% 15-Mar-2019 500 5.1315 0.40 1.00 2.78
04-Aug-10 4.50% 15-Apr-2020 500 5.1319 0.19 1.00 4.24
06-Aug-10 4.75% 15-Jun-2016 700 4.9250 0.25 1.50 2.80
11-Aug-10 6.00% 15-Feb-2017 500 4.8732 (0.18) 0.50 4.26
13-Aug-10 5.50% 15-Dec-2013 700 4.6190 (0.10) 1.00 6.31
18-Aug-10 5.75% 15-Jul-2022 500 5.0654 (0.46) 1.50 4.54
20-Aug-10 4.75% 15-Jun-2016 700 4.6858 0.33 1.00 3.11
25-Aug-10 4.50% 15-Apr-2020 500 4.8150 0.00 0.00 4.42
27-Aug-10 5.50% 15-Dec-2013 700 4.3862 (0.38) 0.50 3.79
01-Sep-10 5.75% 15-Jul-2022 500 4.8672 0.97 1.00 2.34
3-Sep-10 4.75% 15-Jun-2016 700 4.6266 (0.59) 1.50 3.70
8-Sep-10 4.50% 15-Apr-2020 500 4.8810 (0.40) 0.50 3.26
10-Sep-10 4.50% 21-Oct-2014 1,250 4.7561 0.00 2.0 2.74
17-Sep-10 6.25% 15-Apr-2015 700 4.8593 (0.57) 0.50 3.71
22-Sep-10 5.75% 15-Jul-2022 500 5.1800 (0.75) 0.00 4.29
24-Sep-10 4.75% 15-Jul-2016 700 4.9754 0.79 1.00 3.11
29-Sep-10 5.25% 15-Mar-2019 500 5.0374 0.24 0.50 3.07
01-Oct-10 4.50% 21-Oct-2014 850 4.9279 (0.96) 0.50 2.76
06-Oct-10 4.50% 15-Apr-2020 500 5.0151 (0.49) 1.00 3.61
8-Oct-10 6.50% 15-May-2013 700 4.9183 0.33 1.00 3.53
13-Oct-10 5.75% 15-Jul-2022 500 5.0982 0.32 0.50 3.36
15-Oct-10 4.75% 15-Jun-2016 700 4.9784 0.59 1.50 2.01
20-Oct-10 6.00% 15-Feb-2017 700 5.0431 (0.44) 0.50 3.64
22-Oct-10 4.75% 15-Nov-2012 700 4.9013 (0.87) 1.00 3.86
29-Oct-10 5.50% 15-Dec-2013 700 4.9319 (0.31) 1.00 5.53
3-Nov-10 4.50% 15-Apr-2020 500 5.2521 (0.29) 0.50 4.45
5-Nov-10 4.50% 21-Oct-2014 700 5.1412 (0.63) 1.00 4.21
10-Nov-10 5.75% 15-Jul-2022 500 5.4348 0.48 0.50 4.55
12-Nov-10 4.75% 15-Jun-2016 700 5.2675 0.25 0.50 4.01
17-Nov-10 4.50% 15-Apr-2020 500 5.4021 (0.04) 0.50 5.29
19-Nov-10 4.50% 21-Oct-2014 700 5.2847 0.22 1.50 3.78
24-Nov-10 5.50% 21-Jan-2018 850 5.4123 N/A 2.00 3.74
26-Nov-10 5.50% 15-Dec-2013 700 5.1650 (0.25) 0.00 4.38
01-Dec-10 4.50% 15-Apr-2020 500 5.4110 0.10 0.50 4.10
3-Dec-10 4.75% 15-Nov-2012 700 4.9429 (0.71) 1.50 5.01
8-Dec-10 5.50% 21-Jan-2018 650 5.4727 0.02 0.50 3.65
12-Jan-11 5.50% 15-Dec-2013 700 4.9564 (0.86) 1.00 3.63
14-Jan-11 4.75% 15-Nov-2012 700 4.9771 (1.04) 0.50 4.20
19-Jan-11 4.75% 15-Jun-2016 700 5.3654 (0.21) 1.00 4.14
21-Jan-11 4.50% 21-Oct-2014 700 5.2881 (0.19) 0.50 4.56
28-Jan-11 5.50% 15-Dec-2013 700 5.0348
2-Feb-11 4.50% 15-Apr-2020 500 5.548 0.05 0.50 4.7
4-Feb-11 4.75% 15-Nov-2012 700 4.9964 -0.11 0.50 5.11
9-Feb-11 5.50% 21-Jan-2018 500 5.6994 -0.06 0.50 3.94
11-Feb-11 4.50% 21-Oct-2014 700 5.3727 0.02 0.50 3.91
16-Feb-11 5.75% 15-Jul-2022 500 5.7452 -0.48 0.50 4.63
18-Feb-11 5.50% 15-Dec-2013 700 5.1941 -0.84 0.50 5.52
23-Feb-11 5.50% 21-Jan-2018 500 5.4784 0.09 0.50 4.51
25-Feb-11 4.75% 15-Jun-2016 700 5.3867 0.42 1.00 3.7
2-Mar-11 5.75% 15-Jul-2022 500 5.5396 -0.04 0.50 4.31
4-Mar-11 4.50% 21-Oct-2014 700 5.2699 -0.51 0.50 5.23
9-Mar-11 6.50% 15-May-2013 500 4.9904 -0.71 0.50 6.07
16-Mar-11 5.50% 21-Jan-2018 500 5.3126 0.26 0.50 3.5
18-Mar-11 4.50% 21-Oct-2014 700 4.9782 -0.93 1.00 3.23
23-Mar-11 5.75% 15-May-2021 500 5.4445 -0.05 0.50 4.46
25-Mar-11 5.50% 15-Dec-2013 700 4.9482 -0.43 1.00 2.83
30-Mar-11 4.50% 15-Apr-2020 500 5.4686 -0.14 0.50 4.76
1-Apr-11 4.50% 21-Oct-2014 700 5.1381 -0.44 0.50 6.76
6-Apr-11 5.50% 21-Jan-2018 500 5.4298 -0.27 0.50 5.39
8-Apr-11 4.75% 15-Jun-2016 700 5.362 -0.55 0.50 3.73
13-Apr-11 5.75% 15-Jul-2022 500 5.6588 -0.37 0.50 5.14
15-Apr-11 4.50% 21-Oct-2014 700 5.2375 -1.00 0.50 3.96
20-Apr-11 5.75% 15-May-2021 700 5.5157 0.32 0.50 2.94
29-Apr-11 4.75% 15-Jun-2016 700 5.235 0.75 0.00 5.8
4-May-11 5.25% 15-Mar-2019 600 5.3544 -0.06 0.5 3.42
6-May-11 5.75% 15-Jul-2022 600 5.4001 0.01 1.00 3.49
11-May-11 4.50% 15-Apr-2020 600 5.4329 0.29 1.00 3.59
13-May-11 6.25% 15-Jun-2014 600 5.0743 0.68 1.50 3.21
18-May-11 5.50% 21-Apr-2023 1000 5.482 N/A 3.00/td> 3.54
20-May-11 4.50% 21-Oct-2014 750 5.0482 0.57 2.50 3.36
25-May-11 5.75% 15-May-2021 750 5.2847 0.22 0.50 3.04
27-May-11 4.75% 15-Jun-2016 750 5.0583 -0.17 0.50 3.19
1-Jun-11 4.50% 15-Apr-2020 750 5.2469 0.69 1.00 2.04
3-Jun-11 5.25% 15-Mar-2019 750 5.2091 1.13 2.00 2.16
8-Jun-11 5.50% 21-Apr-2023 800 5.3883 1.33 2.5 2.67
10-Jun-11 6.00% 15-Feb-2017 750 5.0608 -0.92 1.00 5.58
17-Jun-11 4.75% 15-Jun-2016 750 4.8437 -0.38 1.50 4.37
22-Jun-11 5.75% 15-May-2021 750 5.1346 0.21 1.00 3.25
24-Jun-11 6.25% 15-Apr-2015 750 4.6722 -0.53 0.50 4.09
Average over year to June 2011 -0.11 0.88 3.91
Average over 3 years to June 2011 0.08 1.23 3.73
Average over 10 years to June 2011 0.11 1.16 3.77

 

Table 6: Treasury Indexed Bond tender results — 2010-11
Tender
date
Coupon
and maturity
Face value
amount
allocated
($m)
Weighted
average
issue yield
(%)
Spread to
secondary
market yield
(basis points)
Times
covered
13-Jul-10 4.00% 20-Aug-2020 200 2.5600 -4.00 5.85
24-Aug-10 4.00% 20-Aug-2020 200 2.3500 -3.00 4.88
12-Oct-10 4.00% 20-Aug-2020 250 2.3005 0.50 3.57
23-Nov-10 3.00% 20-Sep-2025 200 2.6500 -1.00 4.58
18-Jan-11 2.50% 20-Sep-2030 200 2.7565 0.50 3.78
22-Feb-11 2.50% 20-Sep-2030 200 2.7750 -1.50 4.62
22-Mar-11 4.00% 20-Aug-2020 200 2.4550 -2.00 4.35
12-Apr-11 2.50% 20-Sep-2030 140 2.7350 -1.50 4.07
24-May-11 4.00% 20-Aug-2020 200 2.2350 0.50 3.01
21-Jun-11 4.00% 20-Aug-2015 200 1.9950 1.50 2.60
Average over year to June 2011 -1.00 4.13

 

Table 7: Treasury Note tender results — 2010-11
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)
8-Jul-10 22-Oct-10 300 4.5999 8.0 4.99 7.40 -27.72
15-Jul-10 22-Oct-10 500 4.6164 15.0 2.48 3.74 -29.36
22-Jul-10 22-Oct-10 500 4.5985 3.0 4.54 0.85 -18.48
29-Jul-10 22-Oct-10 500 4.5462 3.0 5.57 1.85 -22.25
5-Aug-10 12-Nov-10 500 4.5440 2.0 7.64 -0.05 -20.97
12-Aug-10 22-Oct-10 1,000 4.5005 8.0 3.70 -1.53 -29.69
12-Aug-10 12-Nov-10 600 4.5000 2.0 6.69 -2.80 -29.33
12-Aug-10 21-Jan-11 300 4.6230 8.0 6.54 5.75 -30.53
19-Aug-10 22-Oct-10 1,000 4.5159 5.0 3.84 1.69 -19.46
19-Aug-10 26-Nov-10 800 4.4864 2.0 6.20 -2.66 -24.52
26-Aug-10 12-Nov-10 1,000 4.4950 3.0 4.14 1.05 -24.12
26-Aug-10 17-Dec-10 800 4.5184 6.0 3.81 3.84 -24.91
2-Sep-10 22-Oct-10 1,000 4.5923 7.0 1.68 9.23 -6.23
2-Sep-10 26-Nov-10 600 4.5656 13.0 2.12 5.76 -8.56
2-Sep-10 21-Jan-11 300 4.5660 7.0 3.98 3.94 -3.60
9-Sep-10 22-Oct-10 300 4.5833 5.0 5.00 6.46 -7.17
9-Sep-10 17-Dec-10 600 4.6292 6.0 5.34 7.12 -21.20
9-Sep-10 11-Feb-11 600 4.6546 7.0 5.41 7.32 -25.98
16-Sep-10 12-Nov-10 600 4.6499 8.0 3.47 8.49 -4.22
16-Sep-10 3-Dec-10 600 4.6600 12.0 3.73 6.73 -9.35
23-Sep-10 3-Dec-10 600 4.7405 12.0 4.00 6.38 -3.39
23-Sep-10 21-Jan-11 1,000 4.8150 15.0 3.32 5.27 -15.04
23-Sep-10 11-Feb-11 600 4.9354 19.0 3.02 16.18 -6.68
30-Sep-10 3-Dec-10 300 4.7940 2.0 6.52 8.90 -7.22
30-Sep-10 21-Jan-11 600 4.9027 8.0 4.37 13.89 -14.10

 

Table 7: Treasury Note tender results — 2010-11 (continued)
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)
7-Oct-10 21-Jan-11 600 4.6707 5.0 7.92 3.72 -18.49
14-Oct-10 21-Jan-11 1,000 4.6796 5.0 6.00 6.28 -13.62
21-Oct-10 25-Feb-11 1,000 4.6867 4.0 6.81 1.24 -16.67
28-Oct-10 21-Jan-11 1,000 4.6400 5.0 6.48 4.45 -13.44
28-Oct-10 25-Feb-11 600 4.6750 2.0 6.63 4.79 -16.78
4-Nov-10 21-Jan-11 1,000 4.8300 6.0 5.71 3.90 -10.27
4-Nov-10 25-Feb-11 600 4.8593 6.0 7.02 3.68 -13.44
11-Nov-10 21-Jan-11 1,000 4.8590 7.0 3.30 6.25 -10.22
11-Nov-10 11-Feb-11 600 4.8572 6.0 5.11 4.72 -20.78
11-Nov-10 29-Apr-11 600 4.9633 6.0 5.12 9.13 -21.27
18-Nov-10 25-Feb-11 1,000 4.8644 4.0 5.08 6.58 -15.89
18-Nov-10 25-Mar-11 600 4.9191 3.0 6.21 9.46 -15.66
25-Nov-10 21-Jan-11 300 4.826 5.0 5.50 5.34 -13.76
25-Nov-10 25-Feb-11 1,000 4.8643 4.0 4.42 6.78 -21.57
25-Nov-10 29-Apr-11 600 4.9216 6.0 5.76 6.89 -28
2-Dec-10 11-Feb-11 1,000 4.8252 6.0 4.47 5.72 -14.60
2-Dec-10 25-Mar-11 300 4.8317 1.0 8.84 3.88 -20.96
9-Dec-10 11-Feb-11 600 4.8263 3.0 4.7 5.57 -14.39
9-Dec-10 29-Apr-11 600 4.8702 5.0 4.86 5.73 -28.96
16-Dec-10 11-Feb-11 500 4.8200 3.0 6.87 5.17 -11.14
13-Jan-11 11-Mar-11 800 4.8036 6.0 4.32 4.72 -12.17
13-Jan-11 29-Apr-11 1,000 4.837 7.0 4.71 5.15 -18.62
20-Jan-11 25-Mar-11 1,000 4.7922 3.0 6.06 3.57 -13.31
20-Jan-11 27-May-11 1,000 4.8075 4.0 6.49 2.20 -21.57
27-Jan-11 25-Mar-11 800 4.7756 5.0 6.29 1.67 -13.21
27-Jan-11 29-Apr-11 1,200 4.8162 4.0 4.60 3.49 -14.17
3-Feb-11 25-Mar-11 1,000 4.8169 3.0 4.64 6.00 -4.32
3-Feb-11 29-Apr-11 1,000 4.8222 5.0 5.21 5.36 -7.48
3-Feb-11 27-May-11 1,000 4.8171 5.0 5.34 3.16 -13.45
10-Feb-11 29-Apr-11 1,000 4.8116 3.0 6.57 3.69 -9.79
10-Feb-11 13-May-11 800 4.8072 3.0 7.81 2.56 -13.01
17-Feb-11 13-May-11 600 4.8088 2.0 8.77 3.64 -8.50
24-Feb-11 29-Apr-11 1,000 4.7807 3.0 6.69 1.79 -8.68
24-Feb-11 22-Jul-11 600 4.8326 2.0 11.77 1.45 -18.44
3-Mar-11 27-May-11 500 4.7534 3.0 10.64 -3.21 -17.23
10-Mar-11 9-Sep-11 300 4.7483 1.0 11.74 -9.99 -36.70
17-Mar-11 27-May-11 600 4.6701 6.0 9.18 -1.67 -15.53
24-Mar-11 10-Jun-11 900 4.7037 6.0 5.45 -3.27 -15.46
24-Mar-11 9-Sep-11 600 4.7466 6.0 6.24 -2.82 -23.37
31-Mar-11 22-Jul-11 800 4.7447 7.0 5.70 -1.05 -20.28
7-Apr-11 10-Jun-11 300 4.7553 3.0 9.97 0.00 -10.97
14-Apr-11 22-Jul-11 500 4.7807 2.0 8.23 0.57 -15.26
28-Apr-11 22-Jul-11 1,000 4.7345 5.0 4.71 -6.15 -17.35
28-Apr-11 12-Aug-11 1,000 4.7501 6.0 4.88 -6.40 -19.64

 

Table 7: Treasury Note tender results — 2010-11 (continued)
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)
5-May-11 22-Jul-11 1,000 4.7296 4.0 6.23 -8.23 -18.43
12-May-11 22-Jul-11 600 4.7441 3.0 7.85 -8.88 -20.64
12-May-11 12-Aug-11 600 4.8096 8.0 7.30 -5.04 -25.04
19-May-11 22-Jul-11 1,000 4.7510 3.0 6.20 -5.25 -18.74
19-May-11 12-Aug-11 600 4.7797 5.0 7.52 -4.86 -21.74
26-May-11 22-Jul-11 1,000 4.7510 9.0 5.09 -3.51 -17.11
26-May-11 12-Aug-11 1,000 4.7650 4.0 5.69 -4.15 -21.58
2-Jun-11 9-Sep-11 500 4.8011 10.0 5.90 -5.34 -21.35
9-Jun-11 22-Jul-11 500 4.7472 2.0 5.87 -2.42 -10.20
9-Jun-11 12-Aug-11 500 4.7485 5.0 6.28 -4.44 -17.46
16-Jun-11 22-Jul-11 500 4.7060 0.0 8.21 -5.67 -13.31
16-Jun-11 12-Aug-11 1,000 4.7064 1.0 7.36 -7.03 -18.05
23-Jun-11 12-Aug-11 1,000 4.7137 7.0 5.04 -3.25 -18.49
23-Jun-11 9-Sep-11 1,000 4.7308 7.0 5.66 -1.92 -24.45
23-Jun-11 21-Oct-11 500 4.7315 5.0 6.07 -2.75 -30.29
Average over year to June 2011 5.29 5.88 6.45 -22.33

Last updated: 19 March 2014