Chart-3_Curve-extension-and-long-issuance-bias.jpg

Chart 3 shows changes to the average term-to-maturity of the nominal bond portfolio, together with lengthening of the yield curve that has occurred over the period following the GFC. It was around 2010-11 that we began to lengthen the yield curve, with staged maturity increases being to 15, 20 and then 30 years. The dark curve shows that the first 20-year benchmark line was established in 2014 and for the first 30-year benchmark bond line this was in late 2016. Having established these benchmarks we h

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