Part 5: Other Information
Contents
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.
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
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.
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 |
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.
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
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 |
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 |
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