Part 5: Other Information

Funding

Table 1 places the AOFM’s asset and liability management activities in 2011-12 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
2011-12
($billion)
Use of funds Actual
2011-12
($billion)
Headline budget balance 47.0
Debt issuance(a) Debt redemption(a)
Treasury Bonds 62.8 Maturing Treasury Bonds 12.3
Treasury Indexed Bonds 2.6 Treasury Notes (net) 4.1
Total 65.3 Early CGS debt repurchases 1.8
Total 18.2
Financial assets Financial assets
Change in Official Public Account balance at the RBA 0.3 Change in AOFM asset holdings 0.3
Change in other general government sector investments 1.2 Total 0.3
Total 1.6 Other applications of funds
Other financing (net) (b) 1.3
Other general government sector borrowings (net) 0.1
Total 1.4
Total 66.9 Total 66.9
  • Cash flows rather than face value of securities.
  • 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
Actual
available
appropriation
2011-12
$’000
Payments
made(a)
2011-12
$’000
= Balance
2011-12
$’000
Ordinary annual services
Departmental appropriation(b)(c) 33,545 8,509 25,036
Receipts from other sources (s31)(d) 706 706
Total departmental 34,251 9,215 25,036
Administered expenses
Outcome 1 10 10
Total administered 10 10
Total ordinary annual services A 34,261 9,215 25,046
Other services
Departmental non-operating 662 662
Total other services B 662 662
Total available annual appropriations (A + B) 34,923 9,215 25,708
Special appropriations non-capital
Commonwealth Inscribed Stock Act 1911 11,630,165 11,630,165
Financial Agreement Act 1994 289 289
Loans Securities Act 1919 423 423
Subtotal 11,630,877 11,630,877
Special appropriations capital
Commonwealth Inscribed Stock Act 1911 70,868,581 70,868,581
Financial Management and Accountability Act 1997 1,071,859,151 1,071,859,151
Subtotal 1,142,727,732 1,142,727,732
Total special appropriations C 1,154,358,609 1,154,358,609
Total appropriations excluding special accounts (A + B + C) 1,154,393,532 1,154,367,824 25,708
Special Accounts
Debt Retirement Reserve Trust Account
Opening balance 566
Appropriation receipts 23
Non-appropriation receipts to special account
Interest amount credited 25
State and Territory contributions 755
Payments made 712
Total Special Account D 1,369 712 657
Total net resourcing and payments for AOFM (A + B + C + D) 1,154,394,901 1,154,368,536 26,365
  1. Amounts presented in this table exclude GST where the GST is recoverable from the ATO.
  2. Appropriation Bill (No. 1) 2011-12 plus carried forward cash balances as at 1 July 2011.
  3. Includes capital budget appropriation.
  4. 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)
2011-12
$’000
Actual
Expenses
2011-12
$’000
Variation
$’000
Program 1.1: Australian Office of Financial Management
Departmental expenses
Departmental appropriation 11,271 9,640 1,631
Expenses not requiring appropriation in the Budget year 621 657 (36)
Administered expenses before re-measurements
Ordinary annual services (Appropriation Bill No.1) 10 10
Special appropriations expenses
Commonwealth Inscribed Stock Act 191 11,525,172 11,428,388 96,784
Loans Securities Act 1919 400 692 (292)
Financial Agreement Act 1994 28 299 (271)
Total for Program 1.1 11,537,502 11,439,676 97,826
Table 3: Expenses and resources for Outcome 1 (continued)
2010-11 2011-12
Average staffing level (number) 37 40
  1. The Budget figure for 2011-12 is the estimated actual 2011-12 expenses, reported in table 2.1 of the Portfolio Budget Statements 2012-13.

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 2011-12, the AOFM made no payments to market research organisations, polling organisations or direct mail organisations.

The AOFM incurred expenditure of $133,852 in campaign advertising to promote Australian Government debt to investors. Of this $17,281 was paid to Vinten Browning for development of the advertisements and $116,571 was paid to Mediabrands Australia Pty Ltd for placement of the advertisements.

In addition, the AOFM incurred expenditure of $36,145 during 2011-12 to media advertising organisations for staff recruitment. No advertising expenditure on an individual position was over $11,900.

Freedom of information

Agencies subject to the Freedom of Information Act 1982 (the Act) are required to publish information on a website as part of the Information Publication Scheme (IPS) provisions in Part II of the Act. This requirement has replaced the former requirement to publish a section 8 statement in an annual report. Freedom of Information (FOI) matters in respect to the AOFM are handled by the Treasury. Treasury reports on AOFM’s FOI requests in an annual submission to the Office of the Australian Information Commissioner (OAIC) for inclusion in OAIC’s annual report.

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.

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 AOFM’s portfolio

The assets and liabilities managed by the AOFM and held on its administered balance sheet in 2011-12 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, 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 Cash Management Portfolio, the RMBS Portfolio and the Housing Advances Portfolio. This allocation recognises the different objectives, risks and management approaches required in each area.

The Long-Term Debt Portfolio contains debt denominated in Australian dollars and in foreign currencies. It includes all Commonwealth Government Securities, other than Treasury Notes, which are 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 Cash Management Portfolio is used to manage 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.

The RMBS Portfolio contains residential mortgage-backed securities purchased by the AOFM.

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 of these loans is due to mature on 30 June 2042.

Residential mortgage-backed securities portfolio

The AOFM’s investments in residential mortgage-backed securities up to 30 June 2012 are shown in Table 3.

Table 4: AOFM’s RMBS investments up to 30 June 2012
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
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
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
11-Jul-11 14-Jul-11 Heritage Building Society HBS Trust 2011-1 Class AB 5.5 1M BBSW + 1.95% 21.60
14-Jul-11 21-Jul-11 Bendigo and Adelaide Bank TORRENS Series 2011-1(E) Trust Class A3 6.6 1M BBSW + 1.20% 195.00
14-Jul-11 21-Jul-11 Bendigo and Adelaide Bank TORRENS Series 2011-1(E) Trust Class AB 5.6 1M BBSW + 1.75% 27.50
12-Oct-11 19-Oct-11 Members’ Equity Bank SMHL Securitisation Fund 2011-2 Class A 3.0 1M BBSW + 1.25% 175.25
12-Oct-11 19-Oct-11 Members’ Equity Bank SMHL Securitisation Fund 2011-2 Class AB 5.3 1M BBSW + 2.10% 25.25
28-Oct-11 4-Nov-11 Bendigo and Adelaide Bank TORRENS Series 2011-2 Trust Class A2 6.3 1M BBSW + 1.50% 163.75
28-Oct-11 4-Nov-11 Bendigo and Adelaide Bank TORRENS Series 2011-2 Trust Class AB 6.3 1M BBSW + 2.50% 26.25
11-Nov-11 18-Nov-11 ING Bank (Australia) IDOL Trust Series 2011-2 Class A1 2.7 1M BBSW + 1.35% 146.50
11-Nov-11 18-Nov-11 ING Bank (Australia) IDOL Trust Series 2011-2 Class A2 5.0 5.50% 50.00
23-Nov-11 8-Dec-11 Suncorp Metway APOLLO Series 2011-1 Trust Class A2 5.9 1M BBSW + 1.50% 250.00
23-Nov-11 8-Dec-11 Suncorp Metway APOLLO Series 2011-1 Trust Class AB 5.9 1M BBSW + 2.50% 63.00
20-Dec-11 22-Dec-11 FirstMac FirstMac Mortgage Funding Trust Series 2-2011 Class A3 7.0 1M BBSW + 1.65% 87.70
20-Dec-11 22-Dec-11 FirstMac FirstMac Mortgage Funding Trust Series 2-2011 Class AB 5.7 1M BBSW + 2.75% 11.70
29-Mar-12 12-Apr-12 ING Bank (Australia) IDOL Trust Series 2012-1 Class A1 3.2 1M BBSW + 1.45% 200.00
13-Apr-12 23-Apr-12 Members’ Equity Bank SMHL Securitisation Fund 2012-1 Class A3 2.8 1M BBSW + 1.50% 123.50
17-May-12 29-May-12 AMP Bank Progress 2012-1 Trust Class A 3.4 1M BBSW + 1.55% 195.65
17-May-12 29-May-12 AMP Bank Progress 2012-1 Trust Class AB 5.9 1M BBSW + 2.85% 30.78
1-Jun-12 14-Jun-12 RESIMAC RESIMAC Premier Series 2012-1 Class A2 2.4 1M BBSW + 1.65% 137.00
15302.61

*Weighted average life

^The AOFM final allocation was zero

Table 5: Treasury Bond tender results — 2011-12
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
1-Jul-11 4.75% 21-Oct-2015 1,250 4.9022 N/A 2.50 3.51
6-Jul-11 5.25% 15-Mar-2019 700 5.1236 -0.64 1.50 4.60
8-Jul-11 4.50% 21-Oct-2014 700 4.7621 -0.04 0.50 5.47
13-Jul-11 5.50% 21-Apr-2023 700 5.0571 0.21 1.00 3.44
15-Jul-11 5.50% 21-Jan-2018 700 4.7799 -1.26 0.50 4.03
20-Jul-11 4.50% 15-Apr-2020 700 4.8933 -0.42 1.00 3.61
22-Jul-11 4.75% 15-Jun-2016 700 4.5949 -0.26 1.00 5.96
29-Jul-11 4.75% 21-Oct-2015 1,000 4.5374 -0.76 1.00 3.23
3-Aug-11 5.50% 21-Apr-2023 700 4.7824 0.74 1.00 2.79
5-Aug-11 5.50% 21-Jan-2018 700 4.2675 0.25 3.00 2.18
10-Aug-11 5.75% 15-May-2021 700 4.6041 -1.34 3.00 1.70
12-Aug-11 4.50% 21-Oct-2014 700 3.8581 -0.19 0.50 3.77
17-Aug-11 4.50% 15-Apr-2020 700 4.4018 -0.32 1.00 3.21
19-Aug-11 4.75% 15-Jun-2016 700 3.7038 -0.12 1.50 3.51
24-Aug-11 5.50% 21-Jan-2018 700 4.1122 0.22 2.50 2.62
26-Aug-11 6.00% 15-Feb-2017 700 4.1157 -0.93 1.00 3.98
31-Aug-11 5.75% 15-Jul-2022 700 4.4786 -0.39 1.00 2.52
2-Sep-11 4.25% 21-Jul-2017 1,000 4.1173 N/A 2.50 3.21
7-Sep-11 5.50% 21-Jan-2018 700 4.0336 -0.89 0.50 3.36
9-Sep-11 4.75% 21-Oct-2015 750 3.8063 0.88 2.50 2.13
16-Sep-11 4.25% 21-Jul-2017 1,000 3.9308 -0.67 2.00 2.04
21-Sep-11 5.75% 15-Jul-2022 700 4.2802 0.77 1.50 1.91
23-Sep-11 5.50% 21-Jan-2018 700 3.8112 0.12 1.50 1.71
28-Sep-11 5.75% 15-May-2021 850 4.2619 0.19 2.00 1.58
30-Sep-11 4.75% 15-Jun-2016 700 3.8246 -0.04 2.00 2.14
5-Oct-11 5.50% 21-Jan-2018 700 3.8044 -0.31 1.50 2.12
7-Oct-11 6.25% 15-Jun-2014 700 3.5901 -0.49 1.00 3.31
12-Oct-11 4.25% 21-Jul-2017 700 4.0550 0.75 1.50 3.26
14-Oct-11 4.50% 21-Oct-2014 700 3.8512 -0.38 1.00 2.70
21-Oct-11 4.75% 21-Oct-2015 700 3.9834 0.59 1.00 2.69
28-Oct-11 5.50% 21-Jan-2018 700 4.3800 0.25 1.00 2.84
2-Nov-11 5.50% 21-Apr-2023 700 4.4139 -0.36 1.50 2.32
4-Nov-11 6.25% 15-Jun-2014 700 3.7028 0.28 0.50 2.49
9-Nov-11 5.25% 15-Mar-2019 700 4.1178 0.53 0.50 2.22
11-Nov-11 4.25% 21-Jul-2017 700 3.7820 -0.55 0.50 3.09
16-Nov-11 5.75% 15-May-2021 650 4.0958 -0.17 1.00 3.45
18-Nov-11 4.50% 21-Oct-2014 750 3.3067 0.17 1.00 2.50
23-Nov-11 4.50% 15-Apr-2020 700 3.8532 0.07 1.50 2.34
25-Nov-11 4.75% 15-Jun-2016 700 3.2483 -0.42 0.50 3.39
30-Nov-11 5.50% 21-Apr-2023 700 4.1591 1.16 2.50 1.33
2-Dec-11 4.75% 21-Oct-2015 700 3.3996 -0.79 1.50 3.11
7-Dec-11 4.25% 21-Jul-2017 700 3.5229 -0.96 1.50 2.88
9-Dec-11 5.25% 15-Mar-2019 700 3.6105 0.05 2.00 1.82
1-Feb-12 5.75% 15-Jul-2022 700 3.8059 0.09 1.00 2.70
3-Feb-12 5.50% 21-Jan-2018 700 3.4589 -0.11 0.50 2.47
8-Feb-12 5.50% 21-Apr-2023 700 4.1581 -0.19 1.50 2.85
10-Feb-12 4.25% 21-Jul-2017 700 3.7834 -0.91 1.00 4.31
15-Feb-12 5.75% 15-May-2021 700 4.0036 -0.39 0.50 3.08
17-Feb-12 4.75% 15-Jun-2016 700 3.6643 -1.32 0.50 4.96
22-Feb-12 5.50% 21-Jan-2018 700 3.8443 0.18 1.00 3.21
24-Feb-12 4.75% 21-Oct-2015 700 3.7420 -0.30 1.00 4.12
29-Feb-12 5.50% 21-Apr-2023 700 4.1909 0.09 1.00 2.61
2-Mar-12 4.25% 21-Jul-2017 700 3.8550 0.00 1.50 3.21
7-Mar-12 5.25% 15-Mar-2019 700 3.8459 -0.41 1.00 2.10
9-Mar-12 6.00% 15-Feb-2017 700 3.6813 -0.37 1.00 3.20
16-Mar-12 4.75% 21-Apr-2027 490 4.6245 -0.30 1.00 2.49
21-Mar-12 5.75% 15-Jul-2022 700 4.3695 0.70 1.50 2.42
23-Mar-12 4.50% 21-Oct-2014 700 3.6904 -0.96 1.50 3.00
28-Mar-12 4.50% 15-Apr-2020 700 4.0381 0.31 0.50 2.37
30-Mar-12 4.75% 21-Oct-2015 700 3.5109 0.09 1.00 2.68
4-Apr-12 4.25% 21-Jul-2017 700 3.6686 -0.14 1.00 2.74
11-Apr-12 5.50% 21-Apr-2023 700 3.9160 0.10 1.00 2.16
18-Apr-12 5.75% 15-Jul-2022 700 3.8691 -0.09 1.00 2.61
27-Apr-12 5.50% 21-Jan-2018 700 3.2856 0.00 1.00 2.24
2-May-12 5.50% 21-Apr-2023 700 3.7115 -0.60 1.00 2.97
11-May-12 5.75% 15-Jul-2022 700 3.3819 -0.31 0.50 4.28
16-May-12 5.50% 21-Apr-2023 700 3.3628 -0.22 1.00 3.86
18-May-12 4.75% 21-Oct-2015 700 2.5189 0.64 1.00 3.97
23-May-12 5.75% 15-Jul-2022 700 3.1479 -0.21 0.50 3.14
25-May-12 4.25% 21-Jul-2017 700 2.6524 0.49 1.00 3.42
30-May-12 4.75% 21-Apr-2027 700 3.4844 0.19 2.00 3.22
1-Jun-12 5.75% 15-May-2021 700 2.7450 0.50 2.00 2.24
6-Jun-12 5.50% 21-Apr-2023 700 3.0680 0.05 1.00 2.73
8-Jun-12 5.50% 21-Jan-2018 700 2.6600 -1.25 1.50 4.81
13-Jun-12 6.00% 15-Feb-2017 700 2.4438 -1.12 1.50 5.00
20-Jun-12 2.75% 21-Apr-2024 1,000 3.2816 N/A 5.50 2.28
Average over year to June 2012 -0.15 1.30 3.02
Average over 3 years to June 2012 -0.09 1.13 3.50
Average over 10 years to June 2012 0.05 1.18 3.62
Table 6: Treasury Indexed Bond tender results — 2011-12
Tender
date
Coupon
and maturity
Face value
amount
allocated
($m)
Weighted
average
issue yield
(%)
Spread to
secondary
market yield
(basis points)
Times
covered
19-Jul-11 4.00% 20-Aug-2020 100 2.1300 2.00 2.35
19-Jul-11 2.50% 20-Sep-2030 100 2.3500 1.00 2.35
23-Aug-11 4.00% 20-Aug-2020 100 1.6100 0.50 2.70
23-Aug-11 3.00% 20-Sep-2025 100 1.8700 6.50 1.85
27-Sep-11 4.00% 20-Aug-2020 50 1.5050 1.00 5.20
18-Oct-11 4.00% 20-Aug-2020 50 1.8000 -1.00 5.46
22-Nov-11 4.00% 20-Aug-2020 100 1.3750 -2.00 3.50
22-Nov-11 2.50% 20-Sep-2030 100 1.8350 0.00 3.07
20-Mar-12 3.00% 20-Sep-2025 140 1.5700 -2.50 3.94
17-Apr-12 1.25% 21-Feb-2022 140 1.0500 1.00 3.38
22-May-12 2.50% 20-Sep-2030 100 1.1050 -1.50 4.42
19-Jun-12 1.25% 21-Feb-2022 150 0.5350 -1.50 3.43
Average over year to June 2012 0.29 3.47
Average over 3 years to June 2012 -0.86 3.80
Table 7: Treasury Note tender results — 2011-12
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-Jul-11 9-Sep-11 500 4.7083 4.0 4.09 -4.10 -22.55
14-Jul-11 9-Sep-11 500 4.6829 5.0 4.90 -2.04 -21.38
14-Jul-11 21-Oct-11 800 4.6493 7.0 4.29 -0.62 -32.96
21-Jul-11 21-Oct-11 1,000 4.6352 1.0 6.51 -7.48 -27.81
21-Jul-11 11-Nov-11 1,000 4.6354 2.0 5.70 -6.11 -28.92
28-Jul-11 21-Oct-11 500 4.6400 0.0 8.58 -16.00 -36.50
4-Aug-11 21-Oct-11 500 4.5644 14.0 4.36 -7.43 -42.03
4-Aug-11 11-Nov-11 300 4.5477 9.0 5.32 -13.39 -43.33
11-Aug-11 21-Oct-11 1,000 4.1715 15.0 4.22 -10.08 -67.21
11-Aug-11 11-Nov-11 1,000 3.9886 15.0 4.44 -14.14 -83.47
18-Aug-11 21-Oct-11 1,000 4.3347 19.0 4.81 -22.08 -53.17
25-Aug-11 21-Oct-11 600 4.3590 14.0 6.38 -18.17 -48.82
25-Aug-11 11-Nov-11 1,000 4.3114 7.0 5.54 -10.99 -56.94
1-Sep-11 11-Nov-11 1,000 4.4924 22.0 2.82 -7.76 -31.76
1-Sep-11 16-Dec-11 500 4.3549 13.0 3.68 -7.89 -43.77
8-Sep-11 11-Nov-11 1,000 4.4722 13.0 2.36 -14.88 -35.98
8-Sep-11 16-Dec-11 500 4.3769 12.0 2.23 -13.81 -46.69
15-Sep-11 11-Nov-11 1,000 4.5494 34.0 1.92 5.87 -30.41
22-Sep-11 16-Dec-11 500 4.4679 31.0 6.10 2.99 -28.81
29-Sep-11 16-Dec-11 500 4.5940 31.0 4.86 13.33 -21.71
6-Oct-11 16-Dec-11 500 4.6459 3.0 4.23 15.07 -8.70
6-Oct-11 3-Feb-12 500 4.5152 13.0 3.94 19.84 -13.75
13-Oct-11 16-Dec-11 500 4.6726 8.0 4.53 16.42 -9.30
13-Oct-11 3-Feb-12 500 4.5785 10.0 4.55 22.59 -13.56
20-Oct-11 3-Feb-12 1,000 4.5699 8.0 5.42 13.15 -14.11
20-Oct-11 9-Mar-12 1,000 4.5228 11.0 5.42 17.87 -16.99
27-Oct-11 3-Feb-12 1,000 4.4691 18.0 4.27 12.72 -22.39
3-Nov-11 3-Feb-12 1,000 4.3820 4.0 5.83 2.20 -26.63
10-Nov-11 24-Feb-12 1,000 4.2191 14.0 3.56 6.88 -37.30
10-Nov-11 9-Mar-12 1,000 4.1684 11.0 3.05 6.78 -40.41
17-Nov-11 24-Feb-12 500 4.1860 1.0 8.20 1.31 -38.63
24-Nov-11 9-Mar-12 500 4.0352 4.0 6.37 -1.98 -52.92
1-Dec-11 24-Feb-12 500 4.1227 9.0 5.22 -7.90 -42.85
8-Dec-11 9-Mar-12 1,000 4.0286 8.0 3.47 -5.14 -49.14
15-Dec-11 24-Feb-12 1,000 4.0656 15.0 3.12 -4.41 -44.08
15-Dec-11 9-Mar-12 1,000 4.0332 15.0 2.42 -2.34 -49.89
15-Dec-11 27-Apr-12 1,000 3.8631 16.0 2.30 1.71 -58.87
2-Feb-12 27-Apr-12 1,000 3.9319 8.0 3.58 -1.41 -37.65
2-Feb-12 11-May-12 1,000 3.8970 13.0 3.86 -1.55 -40.80
9-Feb-12 11-May-12 1,000 4.1316 15.0 2.29 1.81 -23.92
9-Feb-12 8-Jun-12 600 4.1260 10.0 3.30 5.36 -26.82
16-Feb-12 27-Apr-12 1,000 4.1736 8.0 2.23 5.36 -17.97
16-Feb-12 11-May-12 1,000 4.1598 7.0 2.99 6.78 -19.82
23-Feb-12 27-Apr-12 1,000 4.1976 5.0 2.56 2.16 -17.99
23-Feb-12 11-May-12 1,000 4.1738 6.0 3.50 1.65 -21.54
23-Feb-12 8-Jun-12 1,000 4.1839 5.0 2.95 6.26 -22.55
1-Mar-12 11-May-12 1,000 4.2308 8.0 2.72 4.17 -16.18
1-Mar-12 8-Jun-12 1,000 4.2162 11.0 3.34 6.05 -19.59
8-Mar-12 11-May-12 1,000 4.2074 5.0 3.14 1.98 -20.87
8-Mar-12 27-Jul-12 1,000 4.1649 7.0 4.15 7.23 -32.02
15-Mar-12 8-Jun-12 500 4.2181 1.0 6.54 3.90 -23.68
22-Mar-12 8-Jun-12 500 4.1964 2.0 6.58 2.58 -22.30
29-Mar-12 8-Jun-12 500 4.1530 1.0 6.21 4.39 -20.08
29-Mar-12 27-Jul-12 500 4.0650 1.0 7.49 2.96 -29.60
12-Apr-12 27-Jul-12 500 4.0172 8.0 6.43 3.88 -21.73
19-Apr-12 27-Jul-12 500 3.9420 5.0 7.40 -0.22 -21.31
26-Apr-12 27-Jul-12 1,000 3.8134 10.0 2.96 0.34 -31.16
26-Apr-12 10-Aug-12 1,000 3.8125 11.0 3.15 3.41 -29.90
3-May-12 27-Jul-12 1,000 3.6403 5.0 5.58 -0.09 -25.57
10-May-12 27-Jul-12 1,000 3.4768 10.0 4.52 -7.47 -25.88
10-May-12 7-Sep-12 1,000 3.4123 5.0 5.39 -1.01 -29.00
17-May-12 27-Jul-12 500 3.4732 2.0 7.25 -9.23 -27.47
24-May-12 10-Aug-12 500 3.2508 8.0 6.73 -0.65 -27.16
31-May-12 10-Aug-12 500 3.1660 11.0 6.64 -0.76 -34.73
7-Jun-12 7-Sep-12 1,000 3.1702 7.0 3.62 -0.43 -33.10
7-Jun-12 26-Oct-12 1,000 3.0304 8.0 3.61 2.27 -40.07
14-Jun-12 7-Sep-12 500 3.2197 5.0 5.22 -1.27 -34.65
21-Jun-12 7-Sep-12 500 3.3530 11.0 3.96 2.63 -21.28
28-Jun-12 7-Sep-12 500 3.3895 7.0 6.81 4.68 -16.96
Average over year to June 2012 9.59 4.58 0.23 -31.55
Average over 3 years to June 2012 7.34 5.14 1.36 -23.28

Last updated: 12 November 2013