Part 5: Other Information

Funding

Table 1 places the AOFM’s asset and liability management activities in 2012‑13 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
2012-13
($billion)
Use of funds Actual
2012-13
($billion)
Headline budget balance 21.0
Debt issuance(a) Debt redemption(a)
Treasury Bonds 58.0 Maturing Treasury Bonds 25.6
Treasury Indexed Bonds 2.9 Treasury Notes (net) 7.4
Total 60.9 Total 33.0
Other sources of funds Financial assets
Other general government sector borrowings (net) 0.1 Change in AOFM term deposits 5.7
Change in other general government sector investments 0.5
Total 0.1 Total 6.2
Other applications of funds
Other financing (net)(b) 0.8
Total 0.8
Total 61.0 Total 61.0

(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
Actual available appropriation 2012-13
$’000
Payments made 2012-13
$’000
= Balance 2012-13
$’000
Ordinary annual services (b)(d) (a)
Departmental appropriation(c) 37,351 8,891 28,460
Receipts from other sources (s31)(e) 584 584
Total departmental 37,935 9,475 28,460
Administered expenses
Outcome 1 10 10
Total administered 10 10
Total ordinary annual services A 37,945 9,475 28,470
Other services
Departmental non-operating 162 162
Total other services B 162 162
Total available annual appropriations (A + B) 38,107 9,475 28,632
Special appropriations non-capital
Commonwealth Inscribed Stock Act 1911 13,167,994 13,167,994
Financial Agreement Act 1994 283 283
Loans Securities Act 1919 432 432
Subtotal 13,168,709 13,168,709
Special appropriations capital
Commonwealth Inscribed Stock Act 1911 85,576,765 85,576,765
Financial Management and Accountability Act 1997 837,160,000 837,160,000
Subtotal 922,736,765 922,736,765
Total special appropriations C 935,905,474 935,905,474
Total appropriations excluding special accounts (A + B + C) 935,943,581 935,914,949 28,632
Special Accounts
Debt Retirement Reserve Trust Account
Opening balance 657
Appropriation receipts 21
Non-appropriation receipts to special account
Interest amount credited 21
State and Territory contributions 62
Payments made 19
Total Special Account D 761 19 742
Total net resourcing and payments for AOFM (A + B + C + D) 935,944,342 935,914,968 29,374

(a) Amounts presented in this table exclude GST where the GST is recoverable from the ATO.

(b) Appropriation Bill (No. 1) 2011‑12 plus carried forward cash balances as at 1 July 2012.

(c) Includes capital budget appropriation.

(d) In June 2013 the AOFM transferred $500,500 from Appropriation Act 2 2000‑01, which is shown under Departmental non‑operating above, to Appropriation Act 1 2011‑12 which is shown under ordinary annual services. These funds are expected to be spent in 2013‑14 to meet capital expenditures on the AOFM’s debt management system.

(e) 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 macroeconomicgrowth and stability and the effective operationof financial markets, through issuing debt, investing infinancial assets and managing debt, investments and cashfor the Australian Government Budget(a) 2012-13 $’000 Actual Expenses
2012-13 $’000
Variation $’000
Program 1.1: Australian Office of Financial Management
Departmental expenses
Departmental appropriation 10,237 9,091 1,146
Expenses not requiring appropriation in the Budget year 803 685 118
Administered expenses before re-measurements
Ordinary annual services (Appropriation Bill No.1) 10 10
Special appropriations expenses
Commonwealth Inscribed Stock Act 1911 12,209,424 12,236,589 (27,165)
Loans Securities Act 1919 806 439 367
Financial Agreement Act 1994 22 281 (259)
Total for Program 1.1 12,221,302 12,247,085 (25,783)
Table 3: Expenses and resources for Outcome 1 (continued)
2011-12 2012-13
Average staffing level (number) 40 40

(a) The Budget figure for 2012‑13 is the estimated actual 2012‑13 expenses, reported in table 2.1 of the Portfolio Budget Statements 2013‑14.

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 2012‑13, the AOFM made no payments to market research organisations, polling organisations or direct mail organisations.

The AOFM incurred expenditure of $13,746 in campaign advertising to promote Australian Government debt to investors. This was paid to Haymarket Media Limited for the placement of an advertisement.

In addition, the AOFM incurred expenditure of $18,044 during 2012‑13 to media advertising organisations for staff recruitment. No advertising expenditure on an individual position was over $12,100.

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 and all documents disclosed in response to FOI requests (other than personal or business information that would be unreasonable to publish) are published on the Disclosure Log of the Treasury website. 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. In 2012‑13, the AOFM received two FOI requests.

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 2012‑13 were Commonwealth Government Securities (Treasury Bonds, Treasury Indexed Bonds, Treasury Notes and other securities), 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 Long‑Term Debt 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 payments and receipts. 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 2013 are shown in Table 4.

Table 4: AOFM’s RMBS investments up to 30 June 2013
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
2-Aug-12 09-Aug-12 FirstMac FirstMac Mortgage Funding Trust Series 1-2012 Class A2 6.1 1M BBSW + 2.1% 129.10
2-Aug-12 09-Aug-12 FirstMac FirstMac Mortgage Funding Trust Series 1-2012 Class AB 6.1 1M BBSW + 3.00% 13.40
24-Aug-12 30-Aug-12 AMP Bank Progress 2012-2 Trust^ 0.00
30-Aug-12 12-Sep-12 Suncorp Metway APOLLO Series 2012-1 Trust Class AB 5.9 1M BBSW + 3.00% 17.50
13-Sep-12 25-Sep-12 Members’ Equity Bank SMHL Securitisation Fund 2012-2^ 0.00
27-Sep-12 10-Oct-12 ING Bank (Australia) IDOL Trust Series 2012-2^ 0.00
02-Nov-12 15-Nov-12 People’s Choice Light Trust No. 4^ 0.00
12-Dec-12 18-Dec-12 FirstMac FirstMac Mortgage Funding Trust Series 3-2012^ 0.00
15462.61

*Weighted average life

^The AOFM final allocation was zero

Tender results for debt issuance

Table 5: Treasury Bond tender results — 2012-13
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
4-Jul-12 4.25% 21-Jul-2017 800 2.6823 -0.52 1.00 4.13
11-Jul-12 2.75% 21-Apr-2024 1,000 3.1076 0.51 2.50 2.20
18-Jul-12 5.75% 15-Jul-2022 800 2.8528 -0.22 0.50 2.99
27-Jul-12 5.50% 21-Jan-2018 800 2.4936 0.36 2.00 2.42
1-Aug-12 5.50% 21-Apr-2023 1,000 3.0630 0.30 1.00 2.30
8-Aug-12 5.75% 15-Jul-2022 500 3.2539 -0.36 1.50 4.75
10-Aug-12 4.75% 21-Oct-2015 500 2.7942 -0.08 0.50 4.84
15-Aug-12 5.50% 21-Apr-2023 500 3.3357 -0.18 1.00 4.67
17-Aug-12 4.75% 15-Jun-2016 500 2.8934 -0.16 0.50 5.16
22-Aug-12 2.75% 21-Apr-2024 500 3.5250 0.75 1.00 3.15
24-Aug-12 4.75% 21-Oct-2015 500 2.6770 -0.05 0.50 5.15
29-Aug-12 5.75% 15-Jul-2022 500 3.1300 -0.25 0.00 4.21
31-Aug-12 4.25% 21-Jul-2017 500 2.5805 0.30 1.00 5.74
5-Sep-12 5.50% 21-Apr-2023 800 3.0742 0.17 1.00 2.98
12-Sep-12 5.25% 15-Mar-2019 500 2.7912 -0.13 1.00 4.62
14-Sep-12 4.75% 15-Jun-2016 500 2.6846 -0.29 1.50 4.95
19-Sep-12 2.75% 21-Apr-2024 800 3.4575 0.00 1.00 3.61
26-Sep-12 4.50% 15-Apr-2020 500 2.8324 0.49 1.00 2.81
28-Sep-12 5.50% 21-Jan-2018 500 2.6362 -0.38 1.50 3.26
3-Oct-12 4.25% 21-Jul-2017 500 2.4955 -0.20 1.00 4.96
5-Oct-12 4.75% 21-Oct-2015 500 2.4786 -0.64 0.50 6.14
17-Oct-12 5.50% 21-Apr-2023 500 3.1465 -0.85 0.50 5.02
19-Oct-12 5.50% 21-Jan-2018 500 2.7623 -0.27 1.00 4.95
26-Oct-12 2.75% 21-Apr-2024 800 3.4089 -0.11 1.50 3.56
31-Oct-12 4.75% 21-Apr-2027 600 3.4485 -0.15 0.50 4.59
2-Nov-12 4.25% 21-Jul-2017 600 2.7001 -0.74 0.50 6.45
7-Nov-12 5.75% 15-Jul-2022 600 3.1577 0.02 0.50 3.84
9-Nov-12 4.75% 21-Oct-2015 600 2.6033 -1.17 2.00 6.11
14-Nov-12 5.50% 21-Apr-2023 600 3.0535 -0.15 0.50 5.52
16-Nov-12 6.00% 15-Feb-2017 600 2.5375 -1.00 0.50 5.64
21-Nov-12 5.75% 15-Jul-2022 600 3.1364 -0.11 1.00 2.99
23-Nov-12 4.25% 21-Jul-2017 600 2.7947 -0.28 1.00 5.16
28-Nov-12 4.75% 21-Apr-2027 600 3.5429 0.00 0.50 3.91
30-Nov-12 4.75% 21-Oct-2015 600 2.5992 -0.33 0.50 4.72
5-Dec-12 5.50% 21-Apr-2023 600 3.1514 0.14 1.00 3.66
7-Dec-12 4.75% 15-Jun-2016 600 2.6337 -0.13 0.50 4.89
12-Dec-12 2.75% 21-Apr-2024 800 3.2905 -0.20 1.00 3.34
14-Dec-12 4.25% 21-Jul-2017 600 2.8407 -0.18 1.00 4.68
30-Jan-13 5.50% 21-Apr-2023 600 3.5045 -0.30 0.50 3.89
1-Feb-13 5.50% 21-Jan-2018 600 3.0309 -0.16 0.50 3.67
6-Feb-13 2.75% 21-Apr-2024 600 3.6792 0.17 0.50 3.15
8-Feb-13 4.25% 21-Jul-2017 600 2.9039 -0.36 0.50 4.27
13-Feb-13 5.50% 21-Apr-2023 600 3.5148 -0.27 1.00 3.50
15-Feb-13 4.75% 21-Oct-2015 600 2.8433 -0.67 0.50 5.56
20-Feb-13 2.75% 21-Apr-2024 600 3.7312 -0.13 0.50 3.92
22-Feb-13 5.50% 21-Jan-2018 600 3.0482 -0.68 1.00 4.76
27-Feb-13 4.75% 21-Apr-2027 600 3.7485 0.35 1.50 2.26
1-Mar-13 4.75% 15-Jun-2016 600 2.7301 0.01 1.00 4.39
6-Mar-13 4.75% 21-Oct-2015 600 2.7842 -0.20 0.50 3.32
8-Mar-13 5.50% 21-Apr-2023 600 3.5215 0.00 1.00 2.81
13-Mar-13 2.75% 21-Apr-2024 600 3.7002 -0.45 1.00 3.77
20-Mar-13 5.50% 21-Apr-2023 600 3.4870 0.00 1.00 3.18
22-Mar-13 4.25% 21-Jul-2017 600 3.0888 0.13 0.50 3.28
27-Mar-13 4.75% 21-Apr-2027 650 3.8881 -0.69 1.00 3.26
3-Apr-13 2.75% 21-Apr-2024 600 3.5405 0.30 1.00 2.63
5-Apr-13 5.50% 21-Jan-2018 600 3.0173 -0.14 0.50 3.91
10-Apr-13 3.25% 21-Apr-2029 640 3.7488 -0.24 0.50 3.05
12-Apr-13 4.75% 21-Oct-2015 600 2.8012 0.00 1.00 4.12
17-Apr-13 5.75% 15-Jul-2022 600 3.2391 0.16 1.00 3.18
19-Apr-13 4.75% 15-Jun-2016 600 2.6972 0.22 1.00 3.33
26-Apr-13 2.75% 21-Apr-2024 600 3.2799 -0.63 0.50 4.23
1-May-13 4.75% 21-Apr-2027 600 3.4348 -0.27 0.50 3.96
3-May-13 5.50% 21-Jan-2018 600 2.6835 -0.15 0.50 4.48
8-May-13 3.25% 21-Apr-2029 600 3.6036 0.29 1.00 3.10
10-May-13 2.75% 21-Apr-2024 600 3.2522 -0.58 0.50 3.02
15-May-13 4.75% 21-Apr-2027 600 3.6289 -0.09 1.00 3.18
17-May-13 4.75% 21-Oct-2015 600 2.4883 -0.17 0.50 2.77
29-May-13 4.75% 21-Apr-2027 700 3.7332 -0.43 0.50 2.45
31-May-13 5.50% 21-Jan-2018 700 2.8200 -0.30 0.00 4.93
5-Jun-13 5.50% 21-Apr-2023 700 3.4308 -0.21 0.50 3.09
7-Jun-13 4.25% 21-Jul-2017 700 2.6378 -0.14 0.50 4.34
12-Jun-13 5.75% 15-May-2021 700 3.2930 0.05 0.50 3.89
14-Jun-13 6.25% 15-Apr-2015 700 2.4850 0.02 0.00 5.36
19-Jun-13 3.25% 21-Apr-2029 700 3.9338 -0.19 0.50 3.04
21-Jun-13 5.50% 21-Jan-2018 700 3.0533 -0.17 0.50 4.03
Average over year to June 2013 -0.16 0.81 3.99
Average over 3 years to June 2013 -0.12 0.98 3.64
Average over 10 years to June 2013 0.05 1.11 3.48

 

Table 6: Treasury Indexed Bond tender results — 2012-13
Tender date Coupon and maturity Face value amount allocated ($m) Weighted average issue yield (%) Spread to secondary market yield (basis points) Times covered
17-Jul-12 3.00% 20-Sep-2025  200  0.5900  4.00  3.40
21-Aug-12 1.25% 21-Feb-2022  250  0.7500  2.00  2.96
18-Sep-12 2.50% 20-Sep-2030  200  1.0400  6.00  3.72
 16-Oct-12 1.25% 21-Feb-2022  250  0.3250  0.00  3.06
 20-Nov-12 2.50% 20-Sep-2030  150  0.8950  1.50  3.50
 19-Feb-13 1.25% 21-Feb-2022  250  0.7500  1.00  4.14
 26-Mar-13 4.00% 20-Aug-2020  250  0.6900  1.50  3.50
 16-Apr-13 2.50% 20-Sep-2030  250  0.9300  -1.50  2.86
 21-May-13 1.25% 21-Feb-2022  250  0.5950  3.50  3.84
 18-Jun-13 3.00% 20-Sep-2025  200  1.1600  2.00  3.29
Average over year to June 2013 2.00 3.43
Average over 3 years to June 2013 0.83 3.66

 

Table 7: Treasury Note tender results — 2012-13
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-Jul-12 07-Sep-12 500 3.4738 8.0 7.23 4.63 -9.60
12-Jul-12 26-Oct-12 500 3.3565 5.0 5.82 6.31 -22.64
19-Jul-12 26-Oct-12 500 3.3338 2.0 8.83 3.35 -18.53
26-Jul-12 26-Oct-12 1,000 3.1810 1.0 5.65 -10.84 -36.99
26-Jul-12 09-Nov-12 1,000 3.2283 6.0 4.14 -2.14 -31.16
2-Aug-12 26-Oct-12 1,000 3.3215 25.0 4.20 -3.27 -27.17
2-Aug-12 09-Nov-12 1,000 3.3057 14.0 4.42 -1.57 -28.48
9-Aug-12 26-Oct-12 1,000 3.4008 11.0 3.47 0.47 -21.52
9-Aug-12 14-Dec-12 1,000 3.3586 7.0 2.62 6.63 -25.31
16-Aug-12 26-Oct-12 1,000 3.4932 3.0 4.57 5.41 -14.50
23-Aug-12 09-Nov-12 1,000 3.4867 2.0 3.75 7.58 -13.42
30-Aug-12 09-Nov-12 500 3.4881 1.0 6.49 7.61 -15.19
30-Aug-12 14-Dec-12 500 3.4160 2.0 7.08 8.21 -22.17
6-Sep-12 09-Nov-12 1,000 3.4205 9.0 4.38 2.65 -13.12
6-Sep-12 25-Jan-13 1,000 3.2820 5.0 4.33 10.68 -22.75
13-Sep-12 14-Dec-12 500 3.3957 9.0 7.09 3.57 -17.43
13-Sep-12 25-Jan-13 500 3.3380 2.0 5.23 5.57 -20.85
20-Sep-12 14-Dec-12 500 3.3542 2.0 2.51 9.55 -4.21
20-Sep-12 25-Jan-13 500 3.2788 3.0 3.98 10.53 -9.43
27-Sep-12 25-Jan-13 500 3.2171 7.0 4.62 9.23 -11.48
27-Sep-12 08-Feb-13 500 3.2197 4.0 3.65 12.10 -10.32
4-Oct-12 14-Dec-12 500 3.1880 3.0 5.66 4.25 -3.75
4-Oct-12 25-Jan-13 500 3.1482 4.0 6.23 9.30 -1.18
11-Oct-12 25-Jan-13 500 3.0960 3.0 5.77 6.12 -9.02
11-Oct-12 08-Feb-13 500 3.1117 2.0 5.57 9.62 -6.97
18-Oct-12 25-Jan-13 1,000 3.1101 3.0 4.10 6.56 -4.16
18-Oct-12 08-Feb-13 500 3.1041 3.0 6.21 7.89 -4.20
25-Oct-12 08-Feb-13 1,000 3.0419 6.0 5.04 -2.29 -15.05
25-Oct-12 22-Mar-13 1,000 3.0202 7.0 5.30 2.31 -14.32
1-Nov-12 25-Jan-13 500 3.0401 5.0 7.06 -0.60 -9.72
8-Nov-12 08-Feb-13 1,000 3.1219 6.0 5.50 -1.08 -12.99
8-Nov-12 12-Apr-13 1,000 3.0500 8.0 5.68 1.67 -15.67
15-Nov-12 25-Jan-13 500 3.1166 14.0 5.43 -2.25 -17.79
15-Nov-12 22-Mar-13 500 3.0413 10.0 7.01 -2.32 -21.12
22-Nov-12 22-Mar-13 1,000 3.0784 5.0 4.23 1.41 -17.92
22-Nov-12 12-Apr-13 1,000 3.0608 6.0 4.03 1.94 -19.17
29-Nov-12 08-Feb-13 1,000 3.1390 9.0 4.00 4.14 -15.44
29-Nov-12 22-Mar-13 1,000 3.0955 8.0 4.46 4.61 -18.76
6-Dec-12 08-Feb-13 1,000 3.0620 2.0 3.44 6.34 -6.76
6-Dec-12 12-Apr-13 1,000 2.9580 4.0 5.02 4.21 -13.35
13-Dec-12 08-Feb-13 1,000 3.0524 6.0 2.19 6.85 -6.76
13-Dec-12 22-Mar-13 1,000 2.9963 8.0 2.73 6.63 -13.12
13-Dec-12 24-May-13 1,000 2.9440 8.0 2.83 9.37 -16.38
20-Dec-12 12-Apr-13 1,000 2.9744 2.0 4.94 8.88 -16.65
10-Jan-13 22-Mar-13 500 2.9630 5.0 6.20 3.72 -9.24
17-Jan-13 12-Apr-13 1,000 2.9614 4.0 5.76 4.44 -7.17
24-Jan-13 12-Apr-13 1,000 2.8957 4.0 6.58 3.47 -8.85
24-Jan-13 24-May-13 1,000 2.8763 9.0 4.52 7.25 -8.63
31-Jan-13 24-May-13 1,000 2.8980 5.0 5.41 6.59 -5.20
7-Feb-13 24-May-13 1,000 2.8770 5.0 6.47 2.12 -5.77
7-Feb-13 07-Jun-13 500 2.8802 5.0 5.85 4.57 -5.20
14-Feb-13 24-May-13 1,000 2.9172 5.0 5.60 2.54 -2.70
21-Feb-13 24-May-13 1,000 2.9055 1.0 6.49 1.73 -3.37
28-Feb-13 07-Jun-13 1,000 2.8675 5.0 5.24 2.18 -10.22
7-Mar-13 07-Jun-13 1,000 2.9422 4.0 3.81 0.86 -4.19
14-Mar-13 07-Jun-13 1,000 2.9701 6.0 4.13 1.40 -8.05
21-Mar-13 24-May-13 500 2.9540 5.0 5.10 -1.48 -8.04
21-Mar-13 07-Jun-13 1,000 2.9430 4.0 4.78 -1.73 -9.28
4-Apr-13 07-Jun-13 1,000 2.9474 3.0 7.87 -3.13 -11.33
11-Apr-13 26-Jul-13 1,000 2.8977 4.0 6.50 -5.78 -19.23
11-Apr-13 23-Aug-13 500 2.8940 6.0 8.03 -4.89 -19.63
18-Apr-13 26-Jul-13 1,000 2.8441 2.0 5.54 -4.91 -14.36
2-May-13 26-Jul-13 500 2.7891 1.0 5.76 -3.61 -12.30
9-May-13 26-Jul-13 500 2.6320 3.0 6.54 -3.38 -16.32
16-May-13 26-Jul-13 500 2.5935 8.0 7.20 -9.56 -19.59
23-May-13 23-Aug-13 500 2.5249 6.0 7.91 -15.69 -28.56
6-Jun-13 27-Sep-13 1,000 2.4944 10.0 5.82 -11.99 -29.24
Average over year to June 2013 5.52 5.28 2.46 -14.06
Average over 3 years to June 2013 6.74 5.25 1.63 -20.70

Last updated: 21 March 2014