Part 5: Other Information

Funding

Table 1 places the AOFM’s asset and liability management activities in 2013‑14 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 purple.

Table 1: General Government Sector funding requirement and funding sources
Source of funds Actual
2013-14
($billion)
Use of funds Actual
2013-14
($billion)
Headline budget balance 52.5
Debt issuance(a) Debt redemption(a)
Treasury Bonds 82.1 Maturing Treasury Bonds 22.6
Treasury Indexed Bonds 7.5 Early CGS debt repurchases 3.7
  Treasury Notes (net)  0.6
Total 89.6 Total 27.0
Financial assets
Change in deposits at RBA 7.0
Change in other general government sector investments 0.8
Total 7.7
Other applications of funds
Other financing (net)(b) 2.4
Total 2.4
   
Total 89.6 Total 89.6

(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 2013-14
$’000
Payments made 2013-14
$’000
= Balance 2013-14
$’000
Ordinary annual services
Departmental appropriation(a)(b) 40,347 14,774 (c) 25,573
Receipts from other sources (s30 & s31)(d) 649 649
Total departmental 40,996 15,423 25,573
Administered expenses
Outcome 1 10 10
Total administered 10 10
Total ordinary annual services A 41,006 15,423 25,583
Other services
Departmental non-operating 162 162  (c)
Total other services B 162 162
Total available annual appropriations (A + B)  41,168  15,585  25,583
Special appropriations non-capital
Commonwealth Inscribed Stock Act 1911  15,889,716  15,889,716
Financial Agreement Act 1994  278  278
Financial Management and Accountability Act 1997  1,899 1,899
Loans Securities Act 1919  489  489
Subtotal  15,892,382  15,892,382
Special appropriations capital
Commonwealth Inscribed Stock Act 1911 44,842,317 44,842,317
Financial Management and Accountability Act 1997 676,000,000 676,000,000
Subtotal 720,842,317 720,842,317
Total special appropriations C 736,734,699 736,734,699
Total appropriations excluding special accounts (A + B + C) 736,775,867 736,750,284 25,583
Special Accounts
Debt Retirement Reserve Trust Account
Opening balance 742
Appropriation receipts 20
Non-appropriation receipts to special account
Interest amount credited 19
State and Territory contributions 62
Payments made
Total Special Account D 843 843
Total net resourcing and payments for AOFM (A + B + C + D) 736,776,710 736,750,284 26,426

(a) Actual available appropriation comprises Appropriation Bill (No.1) 2013‑14 plus carried forward appropriation balances as at 1 July 2013.

(b) Includes capital budget appropriation for 2013-14 of $0.408 million.

(c) Payments made include appropriations returned to Budget on 1 July 2013 of $3.447 million.

(d) Receipts received under sections 30 and 31 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 in financial assets and managing debt, investments and cashfor the Australian Government Budget(a) 2013-14 $’000 Actual Expenses
2013-14 $’000
Variation $’000
Programme 1.1: Australian Office of Financial Management
Departmental expenses
Departmental appropriation 10,807 10,055 752
Expenses not requiring appropriation in the Budget year 803 703 100
Administered expenses before re-measurements
Ordinary annual services (Appropriation Bill No.1) 10 10
Expenses not requiring appropriation 188,571 194,329 (5,758)
Special appropriations expenses
Commonwealth Inscribed Stock Act 1911 13,452,771 13,413,053 39,718
Loans Securities Act 1919 864 483 381
Financial Agreement Act 1994 20 278 (258)
Total for Programme 1.1 13,653,846 13,618,901 34,945
Table 3: Expenses and resources for Outcome 1 (continued)
2013-14 2013-14
Average staffing level (number) 42 42

(a) The Budget figure for 2013‑14 is the estimated actual 2013‑14 expenses, reported in Table 2.1 of the Portfolio Budget Statements 2014‑15.

Grant programmes

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 2013‑14, the AOFM made no payments to market research organisations, polling organisations or direct mail organisations.

The AOFM incurred expenditure of $5,991 in campaign advertising to promote Australian Government debt to investors. This was paid to Universal McCann (a division of Mediabrands Pty Ltd) for the placement of advertisements.

The AOFM incurred nil expenditure during 2013‑14 to media advertising organisations for staff recruitment.

Freedom of information

Agencies subject to the Freedom of Information Act 1982 (FOI Act) are required to publish information to the public as part of the Information Publication Scheme (IPS). This requirement is in Part II of the FOI Act and has replaced the former requirement to publish a section 8 statement in an annual report. Freedom of Information (FOI) matters in respect of 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 FOI Disclosure Log of the Treasury website. The Treasury reports on AOFM’s FOI requests in an annual submission to the Office of the Australian Information Commissioner (OAIC) for inclusion in the OAIC’s annual report. In 2013‑14, the AOFM received one FOI request.

An agency plan showing what information is published in accordance with the IPS requirements, including material relevant to the AOFM, is accessible from the 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 the 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 2013‑14 were Commonwealth Government Securities (Treasury Bonds, Treasury Indexed Bonds, Treasury Notes and other securities), term deposits placed with the Reserve Bank of Australia, 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 2014 are shown in Table 4.

Table 4: AOFM’s RMBS investments up to 30 June 2014
Pricing date Settlement date Issuer Issue name Tranche Expected WAL* at closing (years) Coupon (per cent) Original face value ($m)
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
09-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
05-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 09-Jun-10 Suncorp Metway APOLLO Series 2010-1 Trust Class A2 6.0 1M BBSW + 1.10% 300.00
02-Jul-10 14-Jul-10 Members’ Equity Bank SMHL Securitisation Fund 2010-2E Class A3 5.7 1M BBSW + 1.10% 250.00
08-Jul-10 20-Jul-10 Bendigo and Adelaide Bank TORRENS Series 2010-2 Trust Class A3 3.0 1M BBSW + 1.10% 19.50
08-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 04-Aug-10 MyState Financial ConQuest 2010-2 Trust Class A2 1.5 1M BBSW + 1.40% 20.00
23-Jul-10 04-Aug-10 MyState Financial ConQuest 2010-2 Trust Class A3 5.0 1M BBSW + 1.30% 139.25
23-Jul-10 04-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 02-Sep-10 Macquarie Bank PUMA Masterfund P-16 Class A3 6.3 1M BBSW + 1.15% 247.50
06-Sep-10 09-Sep-10 FirstMac FirstMac Mortgage Funding Trust Series 1-2010 Class A3 4.7 1M BBSW + 1.30% 164.00
06-Sep-10 09-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 03-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 03-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
07-Apr-11 14-Apr-11 Community CPS Barton Series 2011-1 Trust Class A2 6.5 1M BBSW + 1.25% 90.90
08-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 04-Nov-11 Bendigo and Adelaide Bank TORRENS Series 2011-2 Trust Class A2 6.3 1M BBSW + 1.50% 163.75
28-Oct-11 04-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 08-Dec-11 Suncorp Metway APOLLO Series 2011-1 Trust Class A2 5.9 1M BBSW + 1.50% 250.00
23-Nov-11 08-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
01-Jun-12 14-Jun-12 RESIMAC RESIMAC Premier Series 2012-1 Class A2 2.4 1M BBSW + 1.65% 137.00
02-Aug-12 09-Aug-12 FirstMac FirstMac Mortgage Funding Trust Series 1-2012 Class A2 6.1 1M BBSW + 2.10% 129.10
02-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 — 2013-14
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
03-Jul-13 4.75% 21-Apr-2027 700 4.1034 -0.03 0.50 3.06
05-Jul-13 4.75% 15-Jun-2016 700 2.8000 -1.21 0.00 5.73
10-Jul-13 3.25% 21-Apr-2029 700 4.3592 -0.08 1.50 1.54
12-Jul-13 5.50% 21-Jan-2018 700 3.0150 -1.50 0.00 3.34
17-Jul-13 2.75% 21-Apr-2024 700 3.8634 -0.50 1.00 3.59
19-Jul-13 4.75% 15-Jun-2016 700 2.6643 -1.00 0.50 4.84
26-Jul-13 5.50% 21-Apr-2023 700 3.7607 -0.18 0.50 3.30
31-Jul-13 4.75% 21-Apr-2027 700 4.0550 -0.95 0.00 3.15
02-Aug-13 4.25% 21-Jul-2017 700 2.8100 -1.02 0.00 5.20
07-Aug-13 3.25% 21-Apr-2025 1,000 3.9026 0.81 2.00 2.69
09-Aug-13 4.75% 21-Oct-2015 700 2.4218 -0.32 1.00 3.16
14-Aug-13 5.50% 21-Apr-2023 800 3.8382 -0.18 1.00 3.21
16-Aug-13 6.00% 15-Feb-2017 800 2.8700 -0.50 0.00 3.40
21-Aug-13 3.25% 21-Apr-2025 800 4.1682 0.20 1.50 2.27
23-Aug-13 5.50% 21-Jan-2018 800 3.1984 -0.34 0.50 3.74
28-Aug-13 2.75% 21-Apr-2024 800 3.9792 0.92 2.00 1.71
30-Aug-13 4.25% 21-Jul-2017 800 2.9680 -0.24 0.50 3.94
04-Sep-13 4.75% 21-Oct-2015 800 2.7138 -0.36 1.50 3.89
06-Sep-13 5.75% 15-May-2021 800 3.9592 0.22 1.00 2.50
11-Sep-13 5.50% 21-Apr-2023 800 4.1828 0.78 1.50 1.94
13-Sep-13 4.75% 15-Jun-2016 800 2.9085 0.15 0.50 4.39
18-Sep-13 4.75% 21-Oct-2015 800 2.7867 0.16 1.00 3.39
20-Sep-13 5.50% 21-Jan-2018 800 3.1923 0.19 1.50 4.15
25-Sep-13 4.75% 15-Jun-2016 800 2.7614 0.64 1.50 4.02
27-Sep-13 3.25% 21-Apr-2025 800 4.0866 0.22 1.50 2.46
02-Oct-13 5.50% 21-Apr-2023 800 3.9018 0.18 2.00 2.52
04-Oct-13 4.25% 21-Jul-2017 800 3.0694 -0.31 0.50 4.14
09-Oct-13 2.75% 21-Apr-2024 800 4.0683 0.07 1.00 4.36
11-Oct-13 4.75% 15-Jun-2016 800 2.9456 -0.69 1.00 4.28
16-Oct-13 4.50% 15-Apr-2020 800 3.7951 -0.22 1.00 3.01
18-Oct-13 5.75% 15-Jul-2022 800 3.9728 -0.47 0.50 3.59
25-Oct-13 2.75% 21-Apr-2024 800 4.0137 0.37 1.00 2.88
30-Oct-13 3.25% 21-Apr-2025 800 4.0754 0.29 1.50 2.59
01-Nov-13 5.75% 15-May-2021 800 3.8000 -1.49 1.00 4.27
06-Nov-13 3.25% 21-Apr-2029 600 4.6000 -0.36 0.00 4.53
08-Nov-13 4.25% 21-Jul-2017 1,000 3.1431 -3.94 2.50 3.58
13-Nov-13 5.50% 21-Apr-2023 800 4.1965 0.31 1.00 4.73
15-Nov-13 6.00% 15-Feb-2017 800 3.0545 -0.05 1.50 3.89
22-Nov-13 4.75% 15-Jun-2016 800 2.9681 -0.19 0.50 5.40
27-Nov-13 4.50% 15-Apr-2020 800 3.7061 -0.24 1.00 4.29
29-Nov-13 5.25% 15-Mar-2019 800 3.5060 -0.40 0.50 4.15
04-Dec-13 5.75% 15-Jul-2022 800 4.1615 -0.10 1.00 2.25
06-Dec-13 3.25% 21-Oct-2018 1,500 3.5738 N/A 3.00 3.13
11-Dec-13 3.25% 21-Apr-2025 800 4.4572 0.07 1.00 2.47
13-Dec-13 6.00% 15-Feb-2017 700 3.0148 -0.27 0.50 4.79
15-Jan-14 5.75% 15-May-2021 800 3.8919 -0.37 1.00 3.86
17-Jan-14 3.25% 21-Oct-2018 1,500 3.3257 -0.04 1.50 1.98
24-Jan-14 4.75% 21-Apr-2027 800 4.3331 0.19 1.50 2.12
29-Jan-14 2.75% 21-Apr-2024 800 4.0912 0.24 1.00 2.60
31-Jan-14 5.25% 15-Mar-2019 800 3.3288 -0.19 1.00 3.66
05-Feb-14 3.25% 21-Apr-2025 800 4.1550 -0.26 0.00 5.06
07-Feb-14 6.00% 15-Feb-2017 800 2.9785 -0.40 0.50 4.79
12-Feb-14 2.75% 21-Apr-2024 800 4.2041 -0.34 0.50 4.41
14-Feb-14 5.50% 21-Jan-2018 800 3.2157 -0.68 1.00 4.56
19-Feb-14 3.25% 21-Apr-2025 800 4.2344 -0.31 0.50 4.63
21-Feb-14 5.25% 15-Mar-2019 800 3.4661 -0.64 1.00 3.94
26-Feb-14 5.75% 15-May-2021 800 3.7850 -0.76 0.50 4.80
28-Feb-14 4.25% 21-Jul-2017 800 2.9647 -0.58 1.00 5.16
05-Mar-14 5.50% 21-Apr-2023 800 3.9609 -0.66 0.50 4.55
07-Mar-14 3.25% 21-Oct-2018 800 3.3869 -0.99 1.00 4.58
14-Mar-14 6.00% 15-Feb-2017 800 2.8861 -0.77 1.00 4.82
19-Mar-14 2.75% 21-Apr-2024 700 4.0891 -0.64 1.00 3.88
21-Mar-14 3.25% 21-Oct-2018 700 3.3988 -1.25 0.50 5.20
26-Mar-14 3.25% 21-Apr-2025 700 4.2036 -0.39 0.50 2.73
28-Mar-14 4.25% 21-Jul-2017 700 3.1050 -0.45 0.00 4.19
02-Apr-14 4.50% 21-Apr-2033 700 4.7100 -0.92 0.00 4.85
04-Apr-14 4.75% 15-Jun-2016 700 2.8621 -1.04 0.50 5.79
09-Apr-14 4.75% 21-Apr-2027 700 4.2885 -0.15 1.00 3.49
11-Apr-14 5.75% 15-May-2021 700 3.6982 -0.52 0.50 4.08
16-Apr-14 3.25% 21-Oct-2018 1,000 3.2885 -0.40 0.50 3.12
30-Apr-14 3.25% 21-Apr-2025 700 4.0311 -0.07 1.00 4.87
02-May-14 5.25% 15-Mar-2019 700 3.2795 -0.85 0.50 5.08
07-May-14 4.25% 21-Apr-2026 700 4.0050 -0.31 1.00 4.88
09-May-14 4.50% 15-Apr-2020 700 3.3622 -0.38 0.50 3.95
14-May-14 2.75% 21-Apr-2024 700 3.8081 -0.43 0.50 4.12
16-May-14 3.25% 21-Oct-2018 700 3.1196 -0.54 1.00 4.62
21-May-14 4.25% 21-Apr-2026 700 3.8257 -0.18 0.50 2.87
23-May-14 4.25% 21-Jul-2017 700 2.8800 -0.67 0.00 4.54
28-May-14 4.75% 21-Apr-2027 700 3.9479 -0.11 1.00 3.02
30-May-14 3.25% 21-Oct-2018 700 3.0600 -0.74 0.50 5.93
04-Jun-14 4.50% 21-Apr-2033 700 4.3157 -0.97 2.00 3.53
06-Jun-14 3.25% 21-Apr-2025 700 3.8594 -0.56 0.50 4.28
11-Jun-14 3.25% 21-Apr-2029 700 4.2055 -0.47 1.00 2.61
13-Jun-14 3.25% 21-Oct-2018 700 3.1114 -0.51 0.50 4.26
18-Jun-14 2.75% 21-Apr-2024 700 3.7393 -0.40 0.50 3.17
20-Jun-14 5.25% 15-Mar-2019 700 3.0436 -0.79 0.50 4.35
Average over year to June 2014 -0.37 0.86 3.82
Average over 3 years to June 2014 -0.24 0.99 3.62
Average over 10 years to June 2014 -0.06 1.07 3.71

 

Table 6: Treasury Indexed Bond tender results — 2013-14
Tender date Coupon and maturity Face value amount allocated ($m) Weighted average issue yield (%) Spread to secondary market yield (basis points) Times covered
16-Jul-13 1.25% 21-Feb-2022 200 1.2550 -3.00 8.98
20-Aug-13 2.50% 20-Sep-2030 200 1.9539 -1.11 3.08
10-Sep-13 1.25% 21-Feb-2022 200 1.5989 -2.11 3.72
29-Oct-13 1.25% 21-Feb-2022 200 1.3483 -0.67 3.38
12-Nov-13 2.50% 20-Sep-2030 150 2.0900 -1.50 3.51
26-Nov-13 1.25% 21-Feb-2022 200 1.6139 -2.61 5.22
10-Dec-13 2.50% 20-Sep-2030 100 2.0690 -1.10 4.92
11-Feb-14 2.00% 21-Aug-2035 200 2.1635 -1.65 3.74
25-Feb-14 1.25% 21-Feb-2022 200 1.4460 -2.40 5.36
11-Mar-14 4.00% 20-Aug-2020 200 1.2667 -2.33 4.51
25-Mar-14 1.25% 21-Feb-2022 200 1.4017 -1.83 3.45
08-Apr-14 2.00% 21-Aug-2035 100 2.0712 -2.38 3.69
29-Apr-14 1.00% 21-Nov-2018 500 0.9530 N/A 3.96
20-May-14 1.25% 21-Feb-2022 200 1.0660 -1.90 4.36
10-Jun-14 1.00% 21-Nov-2018 200 0.7363 -3.37 5.34
24-Jun-14 2.00% 21-Aug-2035 100 1.6138 -2.62 5.77
Average over year to June 2014 -2.04 4.56
Average over 3 years to June 2014 -0.38 3.92

 

Table 7: Treasury Note tender results — 2013-14
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)
18-Jul-13 25-Oct-13 1,000 2.4824 6.0 6.27 -11.35 -25.69
25-Jul-13 25-Oct-13 1,000 2.3805 3.0 5.30 -17.33 -35.42
25-Jul-13 08-Nov-13 1,000 2.3969 3.0 4.41 -13.79 -32.97
1-Aug-13 25-Oct-13 500 2.3413 4.0 4.51 -13.39 -28.75
8-Aug-13 08-Nov-13 500 2.3460 4.0 3.66 -9.67 -25.44
15-Aug-13 25-Oct-13 500 2.3539 6.0 4.71 -11.06 -26.75
22-Aug-13 08-Nov-13 1,000 2.3483 5.0 4.74 -11.72 -24.87
26-Sep-13 24-Jan-14 500 2.3539 10.0 5.41 -7.71 -22.67
26-Sep-13 21-Feb-14 500 2.3506 8.0 6.21 -6.33 -23.22
3-Oct-13 24-Jan-14 500 2.3856 4.0 3.88 -6.82 -18.82
10-Oct-13 24-Jan-14 500 2.4086 7.0 3.88 -4.76 -17.83
17-Oct-13 21-Feb-14 1,000 2.4602 4.0 2.94 0.02 -13.64
24-Oct-13 24-Jan-14 1,000 2.4484 7.0 3.13 -3.16 -15.02
24-Oct-13 21-Feb-14 500 2.4599 6.0 4.62 -2.01 -14.87
31-Oct-13 24-Jan-14 1,000 2.4688 2.0 2.99 -1.12 -12.47
7-Nov-13 24-Jan-14 1,000 2.4755 6.0 2.90 -1.45 -10.47
7-Nov-13 07-Mar-14 500 2.4831 5.0 3.56 -0.69 -11.42
14-Nov-13 24-Jan-14 500 2.4799 4.0 2.28 -1.01 -10.24
14-Nov-13 07-Mar-14 500 2.4765 3.0 2.93 -0.71 -11.46
21-Nov-13 24-Jan-14 500 2.5110 3.0 2.50 2.10 -7.34
21-Nov-13 07-Mar-14 500 2.4996 3.0 2.93 1.35 -8.52
8-May-14 08-Aug-14 500 2.4814 5.0 5.03 -1.86 -20.16
8-May-14 24-Oct-14 500 2.4709 19.0 4.09 -2.91 -23.80
15-May-14 08-Aug-14 500 2.5104 4.0 2.92 1.04 -17.19
15-May-14 24-Oct-14 500 2.5107 4.0 2.61 1.07 -19.64
22-May-14 08-Aug-14 500 2.5302 4.0 3.05 3.02 -15.14
22-May-14 24-Oct-14 500 2.5367 4.0 2.85 3.67 -16.86
29-May-14 08-Aug-14 500 2.5588 2.0 2.46 6.88 -12.21
29-May-14 24-Oct-14 500 2.5622 2.0 2.34 7.22 -14.08
12-Jun-14 08-Aug-14 500 2.4706 12.0 5.69 -2.94 -19.77
26-Jun-14 24-Oct-14 500 2.4979 7.0 4.68 0.68 -22.60
Average over year to June 2014 5.35 3.85 -3.38 -18.69
Average over 3 years to June 2014 7.17 4.72 0.47 -22.13

 

Last updated: 31 October 2014