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Issuance Program Update

Updated 28 June 2019

The Australian Office of Financial Management (AOFM) announced its planned issuance program following the release of the Australian Government’s 2019-20 Budget. This page reflects that announcement and changes since that time. The issuance program is indicative only because a range of factors will influence the actual amount of issuance.

Details of each week’s transactions will be announced at midday on the preceding Friday.

Treasury Bonds

Issuance of Treasury Bonds in 2018-19 totalled $55 billion. New June 2031 and May 2041 bond lines were established.

Issuance of around $58 billion of Treasury Bonds is planned for 2019-20. It is planned to establish a new bond line maturing in May 2032.

Regular tenders will continue to underpin the issuance program. Larger tenders of newly established bond lines will occasionally be undertaken. Syndicated taps of existing long-dated bond lines will be considered.

Treasury Bond Buybacks

The AOFM repurchases short-dated Treasury Bonds via buyback tenders, in conjunction with some syndicated issues, and bilaterally with the Reserve Bank of Australia. On buyback tender days, a tender for the issuance of the same volume of longer-dated Treasury Bonds will usually be held.

Bonds shorter than those comprising the primary three year Treasury Bond futures contract are eligible for repurchase. The November 2020 and May 2021 bond lines are currently in the repurchase window.

$16.7 billion of short-dated Treasury Bonds maturing in future financial years were repurchased in 2018-19.

Buybacks of around $15-20 billion for short-dated bonds maturing after 30 June 2020 are expected in 2019‑20.

Treasury Indexed Bonds

Issuance of Treasury Indexed Bonds (TIBs) in 2018-19 totalled $5.9 billion (in face value terms). A new February 2050 bond line was established, and $3.1 billion of the August 2020 TIB was repurchased.

TIB issuance in 2019-20 is expected to be around $2.5 billion (in face value terms). Two tenders will be conducted in most months.

Treasury Notes

Treasury Notes are a short-term discount security primarily used for within-year financing. The volume of Treasury Notes on issue varies depending on the flows of Australian Government receipts and expenditures.

There is expected to be more issuance of Treasury Notes in 2019-20 than in recent years.