Issuance Program
Updated 5 November 2009
It should be noted that the issuance program is indicative only and the AOFM reserves the right to amend details for any reason.
Treasury Bonds
Treasury Bond issuance in 2009-10 (that is 1 July 2009 to 30 June 2010) is expected to be between $50 billion to $54 billion.
- Tenders will be held on most Wednesdays and Fridays with details of the bond lines and amounts to be offered in a particular week announced at noon on the Friday of the preceding week.
- No Treasury Bond tenders will be held between mid-December 2009 and mid January 2010.
It is planned to issue a new Treasury Bond line maturing in 2022 in the last quarter of the financial year.
Treasury Notes
During 2009-10 it is planned to conduct a tender for the issue Treasury Notes most weeks. Treasury Note tenders will be held on Thursdays, with details of the tenors and amounts to be offered announced the previous day at 4.00 pm.
The volume of Treasury Notes to be on issue at end-June 2010 is expected to be similar to that on issue at end-June 2009 (around $17 billion). Treasury Notes will therefore make no major contribution to overall funding for the financial year as a whole. However, the volume of Treasury Notes on issue will vary over the course of the year, depending on the flows of Australian Government receipts and expenditures. It is currently estimated that the volume of Treasury Notes on issue could peak at between $20 billion to $25 billion during 2009-10.
It is planned to keep at least $10 billion of Treasury Notes on issue at all times so as to maintain a liquid market.
Treasury Indexed Bonds
In September 2009 issuance of TIBs was resumed after a period of six years with the syndicated issue of $4 billion of a new 3% 20 September 2025 TIB.
Further issuance of TIBs will be undertaken by tender over the remainder of 2009-10. TIBs issuance over the remainder of 2009-10 is expected to total between $1.5 billion to $2.0 billion in nominal face value terms.
- Tenders are planned to be held in each remaining month of the current financial year, with the exception of December 2009.
- Tenders will be held on Tuesdays with details of the bond lines and amounts to be offered announced at noon ten calendar days prior to the tender.
- In deciding upon the bond lines and amounts to be offered at tender the AOFM will take into account feedback from financial market participants.