Part 5: Other Information

Agency financial performance

The AOFM recorded an operating surplus on agency activities of $3.1 million for the 2019–20 financial year, comprising total revenue of $14.4 million and expenses of$11.3 million. The surplus in 2019–20 was due to lower than anticipated operating costs.

The AOFM reported a sound net worth and liquidity position as at 30 June 2020, with net assets of $26.9 million, which was represented by total assets of $34.8 million and total liabilities of$7.9 million.

As at 30 June 2020, the AOFM had unspent appropriations totalling $28.5 million. Of this amount, $1.0 million was repealed on 1 July 2020. Unspent appropriations are available to settle liabilities as and when they fall due and for future asset replacements and improvements.

Agency resource statement and resources for outcomes

Table 14: Expenses and resources for Outcome 1

Outcome 1: The advancement of macroeconomic growth and stability and the effective operation of financial markets, through issuing debt, investing in financial assets and managing debt, investments and cash for the Australian Government	Budget (a) 2019‑20	Actual Expenses 2019‑20	Variation
	$’000	$’000	$’000
Program 1.1: Australian Office of Financial Management
Departmental expenses
Departmental appropriation and other receipts	14,190	10,343	3,847
Expenses not requiring appropriation in the Budget year	870	986	(116)
Administered expenses before re‑measurements
Expenses not requiring appropriation (b)	786,746	543,062	243,684
Special appropriations expenses
Commonwealth Inscribed Stock Act 1911	17,031,587	16,773,803	257,784
Australian Business Securitisation Fund Act 2019	325	—	325
Structured Finance Support (Coronavirus Economic Response Package) Act 2020	—	—	—
Financial Agreement Act 1994	8	8	—
Total expenses for program 1.1	17,833,726	17,328,202	505,524
	2019‑20	2019‑20
Average staffing level (number)	47	40	7

(a) The Budget figure for 2019–20 is the estimated expenses reported in Table 2.1 of the2019–20 Portfolio Budget Statements.

(b) Expenses not requiring an appropriation for 2019‑20 include accounting losses on write‑off of Tasmanian Government housing advances and debt repurchases.

Table 15: AOFM Resource statement

		Actual available 2019-20	Net Payments made 2019-20	Appropriations extinguished 2019-20	=	2019-20
		$'000	$'000	$'000		$'000
Ordinary annual services
Departmental appropriation(a)(b)		42,208	11,053	3,038		28,117
Receipts from other sources (s74)(c)		384	-	-		384
Total departmental		42,592	11,053	3,038		28,501
Administered expenses
Total administered		-	-	-		-
Total ordinary annual services	A	42,592	11,053	3,038		28,501
Other services
Departmental non-operating		-	-	-		-
Total other services	B	-	-	-		-
Total available annual appropriations (A+B)		42,592	11,053	3,038		28,501
Special appropriations - operating
Commonwealth Inscribed Stock Act 1911		19,201,734	19,201,734	-		-
Financial Agreement Act 1994		8	8	-		-
Financial Management and Accountability Act 1997		-	-			-
Subtotal		19,201,742	19,201,742	-		-
Special appropriations - investing and financing
Commonwealth Inscribed Stock Act 1911		77,785,341	77,785,341	-		-
Public Governance, Performance and Accountability Act 2013		1,816,365,550	1,816,365,550	-		-
Subtotal		1,894,150,891	1,894,150,891	-		-
Total special appropriations	C	1,913,352,633	1,913,352,633	-		-
Total appropriations excluding special accounts (A + B + C)		1,913,395,225	1,913,363,686	3,038		28,501
Special Accounts
Debt Retirement Reserve Trust		45	-	-		45
Structured Finance Support Fund(d)		15,000,000	1,683,985	-		13,316,015
Australian Business Securitisation Fund (e)		250,000	14,686	-		235,314
Total Special Account	D	15,250,045	1,698,671	-	-	13,551,374
Total net resourcing and payments for AOFM (A + B + C + D)		1,928,645,270	1,915,062,357	3,038	-	13,579,875

(a) Actual available appropriation comprises Appropriation Bill (No.1) 2019‑20 plus carried forward appropriation balances as at 1 July 2019.

(b) Includes capital budget appropriation for 2019‑20 of $0.359 million.

(d) Structured Finance Support Fund Special Account was established in March 2020. The special account received its statutory funding of $15 billion on 25 March 2020.

(e) Australian Business Securitisation Fund Special Account was established in April 2019. The special account received its first credit of funding of $250 million on 1 July 2019.

Grant programs

Under the Financial Agreement Act 1994, the Commonwealth is required to contribute to the Debt Retirement Reserve Trust Account to assist the New South Wales and Victorian 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.

Total amounts paid by the Commonwealth into the Debt Retirement Reserve Trust Account for 2019‑20 was $840.

Advertising and market research

The AOFM incurred expenditure of $5,247 in advertising to promote the AustralianGovernment Securities market to investors.

The AOFM incurred expenditure of $26,981 during 2019–20 to media advertising organisations for staff recruitment.

Remuneration

Table 16: Remuneration

Key Management Personnel

		Short‑term benefits			Post‑employment	Other long‑term benefits		Termination benefits
		Base salary and annual leave	Bonuses	Other benefits	Superannuation	Long service leave	Other	Termination benefits	Total
Name	Position	$	$	$	$	$	$	$	$
Rob Nicholl	CEO	371,478			52,985	11,258			435,721

The CEO’s remuneration conditions are established by the Secretary to the Treasury. AOFM does not have any SES staff other than Key Management Personnel.

Highly Paid Staff

		Short‑term benefits			Post‑employment	Other long‑term benefits		Termination benefits
	Number	Average base salary and annual leave	Average bonuses	Average other benefits	Average superannuation	Average long service leave	Average other	Average termination benefits	Average total
Remuneration Band	Number	$	$	$	$	$	$	$	$
225,000 — 250,000	1	192,372			33,245	5,364			230,981
275,000 — 300,000	3	233,000			40,986	8,087			282,073
300,000 — 325,000	1	246,002			46,069	8,476			300,547
375,000 — 400,000	1	329,251			58,522	10,410			398,183

Remuneration for Other Highly Paid Staff is established by the AOFM’s Enterprise Bargaining Agreement.

Freedom of information

Entities 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. Each agency must display on its website a plan showing what information it publishes in accordance with the IPS requirements. In 2019‑20, the AOFM worked with the Treasury on two FOI requests.

An agency plan showing what information is published in accordance with the IPS requirements, including material relevant to the AOFM, is accessible from the AOFM’s website.

Ecologically sustainable development

The AOFM’s operations have an impact on the environment typical of office operations generally. Facilities management services are provided to the AOFM by the Treasury under a Memorandum of Understanding. Information on the environmental impact of these services is published in the Treasury’s Annual Report.

Management structure of the AOFM’s debt and assets

The assets and liabilities managed by the AOFM and held on its administered balance sheet in 2019–20 were AGS (Treasury Bonds, Treasury Indexed Bonds and Treasury Notes), term deposits placed with the RBA, investments made through the Australian Business Securitisation Fund (ABSF) and Structured Finance Support Fund (SFSF), and loans to the States under various Commonwealth‑State Housing Agreements.

For financial and risk management purposes, these assets and liabilities are allocated into different portfolios: long‑term debt; cash management; and investments for policy purposes. This allocation recognises the different objectives, risks and management approaches required in each area.

The long‑term debt portfolio includes all Treasury Bonds and Treasury Indexed Bonds.

The cash management portfolio includes Treasury Notes and assets that are held to manage within‑year variability in the Australian Government’s financing requirements. This portfolio is used to fund differences in the timing of Government payments and receipts, as well as providing contingency liquidity.

The investments for policy purposes portfolio includes all receivables arising from policy programs including the ABSF, SFSF and housing advances portfolio.

The ABSF is a fund created to support the provision of finance to small to medium enterprises (SMEs) on more competitive terms.
The SFSF comprises investments in structured finance markets used by smaller lenders that provide consumer and business finance, investing in rated term securitisations and securitisation warehouses.
The housing advances portfolio comprises loans for public housing made 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.

AGS issuance for 2019‑20

Table 17: Treasury Bond tender results — 2019–20

Tender date	Coupon and maturity	Face value amount allocated	Weighted average issue yield	Spread to secondary market yield	Range of bids accepted	Times covered
		($m)	(%)	(basis points)	(basis points)
3‑Jul‑19	1.50% 21‑Jun‑2031	800	1.3761	‑0.24	0.25	4.32
8‑Jul‑19	3.25% 21‑Apr‑2029	600	1.3334	0.01	0.75	3.51
10‑Jul‑19	2.50%21‑May‑2030	800	1.3661	‑0.09	0.50	2.67
15‑Jul‑19	2.75% 21‑May‑2041	400	1.9944	‑0.43	1.00	1.77
17‑Jul‑19	1.50% 21‑Jun‑2031	1,600	1.4845	0.00	0.75	1.93
2‑Aug‑19	3.25% 21‑Apr‑2029	800	1.0896	0.14	0.25	2.78
7‑Aug‑19	1.50% 21‑Jun‑2031	800	1.0560	‑0.17	0.50	3.38
12‑Aug‑19	3.25% 21‑Jun‑2039	400	1.4105	‑0.32	0.50	2.42
14‑Aug‑19	2.50%21‑May‑2030	800	0.9868	‑0.07	0.25	3.69
19‑Aug‑19	2.75% 21‑May‑2041	300	1.3820	0.33	1.00	1.38
21‑Aug‑19	1.50% 21‑Jun‑2031	800	0.9753	0.03	0.50	2.47
26‑Aug‑19	2.75% 21‑Nov‑2029	400	0.8841	‑0.64	1.50	3.95
28‑Aug‑19	2.50%21‑May‑2030	800	0.8989	0.04	0.25	2.70
2‑Sep‑19	3.25% 21‑Apr‑2029	400	0.8961	‑0.12	0.50	4.32
4‑Sep‑19	1.50% 21‑Jun‑2031	800	0.9640	‑0.35	0.50	4.09
9‑Sep‑19	2.75% 21‑Nov‑2029	500	1.0468	‑0.09	0.50	3.76
11‑Sep‑19	2.50%21‑May‑2030	800	1.1494	‑0.31	0.75	3.11
18‑Sep‑19	1.50% 21‑Jun‑2031	1,200	1.1779	‑0.28	0.50	2.04
23‑Sep‑19	2.75% 21‑Nov‑2029	500	1.0062	‑0.18	0.50	4.00
25‑Sep‑19	2.50%21‑May‑2030	800	0.9438	‑0.12	0.50	2.53
30‑Sep‑19	3.25% 21‑Apr‑2029	400	0.9509	‑0.16	0.25	4.54
2‑Oct‑19	1.50% 21‑Jun‑2031	1,200	1.0054	‑0.06	0.75	2.16
9‑Oct‑19	2.75% 21‑Nov‑2029	800	0.8759	‑0.26	0.50	2.28
14‑Oct‑19	2.75% 21‑May‑2041	300	1.5699	‑0.38	0.75	2.01
16‑Oct‑19	2.50%21‑May‑2030	800	1.0742	‑0.08	0.50	2.17
23‑Oct‑19	2.75% 21‑Nov‑2029	800	1.1289	‑0.09	0.50	3.10
1‑Nov‑19	1.50% 21‑Jun‑2031	800	1.1489	‑0.26	0.25	3.86
4‑Nov‑19	2.75% 21‑Apr‑2024	400	0.8567	‑0.08	0.25	4.44
6‑Nov‑19	2.50%21‑May‑2030	800	1.2603	‑0.17	0.50	3.56
11‑Nov‑19	2.75% 21‑Nov‑2029	500	1.3025	‑0.14	0.25	4.17
13‑Nov‑19	1.50% 21‑Jun‑2031	800	1.3249	‑0.21	0.50	3.74
18‑Nov‑19	2.25% 21‑May‑2028	500	1.1098	‑0.23	0.25	4.36
20‑Nov‑19	2.50%21‑May‑2030	800	1.1191	0.09	0.75	4.13
27‑Nov‑19	1.50% 21‑Jun‑2031	1,200	1.1042	‑0.15	0.50	2.42
2‑Dec‑19	3.00% 21‑Mar‑2047	300	1.6494	‑0.28	1.25	2.09
4‑Dec‑19	3.25% 21‑Apr‑2029	800	1.0867	0.09	1.00	2.71
9‑Dec‑19	1.50% 21‑Jun‑2031	1,200	1.1992	0.05	0.50	2.02
11‑Dec‑19	2.75% 21‑Apr‑2024	500	0.7492	‑0.32	0.25	3.54
13‑Jan‑20	2.75% 21‑Nov‑2029	800	1.2266	‑0.04	0.25	2.75
15‑Jan‑20	2.75% 21‑Apr‑2024	400	0.8481	‑0.19	0.25	6.54
22‑Jan‑20	1.25% 21‑May‑2032	3,500	1.2394		1.75	3.29
5‑Feb‑20	1.25% 21‑May‑2032	2,500	1.0892	0.05	0.25	2.97
12‑Feb‑20	2.50%21‑May‑2030	1,300	1.0605	0.13	0.50	2.65
24‑Feb‑20	4.50% 21‑Apr‑2033	400	0.9832	‑0.08	0.50	4.15
26‑Feb‑20	1.50% 21‑Jun‑2031	800	0.9474	‑0.01	0.25	3.84
4‑Mar‑20	1.25% 21‑May‑2032	1,200	0.8185	‑0.12	1.00	2.70
11‑Mar‑20	1.50% 21‑Jun‑2031	1,000	0.7874	0.24	1.50	2.11
18‑Mar‑20	1.25% 21‑May‑2032	500	1.2852	0.57	0.75	3.60
30‑Mar‑20	2.25% 21‑Nov‑2022	1,000	0.2711	‑2.26	0.50	4.17
3‑Apr‑20	2.50%21‑May‑2030	600	0.8118	‑0.07	0.50	4.09
6‑Apr‑20	2.25% 21‑Nov‑2022	2,000	0.2450	‑1.00	0.00	4.73
7‑Apr‑20	1.50% 21‑Jun‑2031	1,000	0.8848	‑0.78	0.50	4.25
8‑Apr‑20	5.50% 21‑Apr‑2023	2,000	0.2489	‑0.98	0.50	4.90
17‑Apr‑20	1.25% 21‑May‑2032	1,000	0.9853	‑0.52	4.25	4.10
20‑Apr‑20	2.25% 21‑Nov‑2022	3,000	0.2544	‑1.06	0.75	4.19
22‑Apr‑20	2.50%21‑May‑2030	1,500	0.8460	‑0.35	0.50	4.29
24‑Apr‑20	5.50% 21‑Apr‑2023	1,500	0.2603	‑1.22	0.75	7.26
28‑Apr‑20	1.25% 21‑May‑2032	2,500	1.0722	‑0.43	0.75	3.20
1‑May‑20	0.25% 21‑Nov‑2024	3,000	0.3866	‑0.59	0.25	4.87
4‑May‑20	3.25% 21‑Apr‑2025	1,500	0.3888	‑0.94	1.00	5.43
6‑May‑20	1.50% 21‑Jun‑2031	2,500	0.9369	‑0.33	0.50	3.52
8‑May‑20	5.50% 21‑Apr‑2023	1,500	0.2348	‑0.70	0.75	6.82
15‑May‑20	2.75% 21‑Apr‑2024	2,000	0.2818	‑0.67	0.25	5.38
18‑May‑20	2.25% 21‑May‑2028	1,000	0.7711	‑0.02	0.25	3.96
20‑May‑20	1.25% 21‑May‑2032	2,000	1.0672	‑0.40	0.25	3.71
22‑May‑20	0.25% 21‑Nov‑2024	2,000	0.3576	‑0.64	0.50	4.62
25‑May‑20	2.25% 21‑Nov‑2022	2,000	0.2384	‑0.91	0.50	4.53
27‑May‑20	2.50%21‑May‑2030	2,000	0.8919	‑0.38	0.50	3.39
29‑May‑20	3.25% 21‑Apr‑2025	1,000	0.3859	‑0.86	0.50	5.69
2‑Jun‑20	2.75% 21‑Nov‑2029	2,000	0.8691	‑0.59	0.50	3.32
3‑Jun‑20	5.50% 21‑Apr‑2023	2,000	0.2496	‑0.52	0.25	4.61
5‑Jun‑20	1.25% 21‑May‑2032	1,000	1.1700	‑0.60	0.00	3.73
9‑Jun‑20	0.25% 21‑Nov‑2024	2,000	0.3865	‑0.32	0.25	4.04
10‑Jun‑20	1.00% 21‑Dec‑2030	2,000	1.0800	‑0.55	0.75	3.17
17‑Jun‑20	1.25% 21‑May‑2032	2,000	1.0098	‑0.09	0.75	2.72
19‑Jun‑20	3.25% 21‑Apr‑2025	2,000	0.3707	‑0.43	0.50	5.09
22‑Jun‑20	2.75% 21‑Apr‑2024	2,000	0.3003	‑0.47	0.50	4.47
24‑Jun‑20	3.25% 21‑Apr‑2029	2,000	0.8450	‑0.83	0.00	3.33
26‑Jun‑20	4.25% 21‑Apr‑2026	1,000	0.4790	‑0.50	0.25	5.92
Average over year to June 2020				‑0.32	0.59	3.67
Average over 3 years to June 2020				‑0.36	0.53	3.93
Average over 10 years to June 2020				‑0.32	0.76	3.64

Table 18: Treasury Bond syndication results — 2019–20

Syndication	Coupon	Face value amount	Issue yield
Syndication date	Coupon and maturity	Face value amount allocated ($m)	Issue yield(%)	Joint Lead Managers
19‑Feb‑20	2.75% 21‑May 2041	2,000	1.5350	Commonwealth Bank of Australia, J.P. Morgan Securities Australia, UBS AG, Australia Branch
15‑Apr‑20	0.25% 21‑Nov‑2024	13,000	0.4700	ANZ, Deutsche Bank, UBS AG, Australia Branch, Westpac Institutional Bank
13‑May‑20	1.00% 21‑Dec‑2030	19,000	1.0250	ANZ, Commonwealth Bank of Australia, Citi, UBS AG, Australia Branch

Table 19: Treasury Bond buyback tender results — 2019–20

Tender date	Coupon and maturity	Face value amount repurchased	Weighted average accepted yield	Spread to market yield	Range of offers accepted	Times covered
		($m)	(%)	(basis points)	(basis points)
8‑Jul‑19	1.75% 21‑Nov‑2020	398	1.0042	0.27	1.00	3.03
8‑Jul‑19	5.75% 15‑May‑2021	202	0.9878	‑0.12	0.25	3.03
15‑Jul‑19	1.75% 21‑Nov‑2020	50	1.0050	0.23	0.50	3.20
15‑Jul‑19	5.75% 15‑May‑2021	350	0.9961	0.21	0.50	3.20
12‑Aug‑19	1.75% 21‑Nov‑2020	50	0.7938	0.53	0.25	6.27
12‑Aug‑19	5.75% 15‑May‑2021	350	0.7354	0.59	0.25	6.27
19‑Aug‑19	1.75% 21‑Nov‑2020	304	0.8157	0.75	0.50	2.77
19‑Aug‑19	5.75% 15‑May‑2021	296	0.7489	0.44	0.50	2.77
26‑Aug‑19	1.75% 21‑Nov‑2020	168	0.7578	0.73	0.50	3.12
26‑Aug‑19	5.75% 15‑May‑2021	232	0.6953	0.61	0.50	3.12
2‑Sep‑19	1.75% 21‑Nov‑2020	299	0.7799	0.04	0.50	3.81
2‑Sep‑19	5.75% 15‑May‑2021	101	0.7185	‑0.07	0.50	3.81
9‑Sep‑19	1.75% 21‑Nov‑2020	115	0.8911	0.66	0.25	4.98
9‑Sep‑19	5.75% 15‑May‑2021	385	0.8523	0.74	0.50	4.98
18‑Sep‑19	1.75% 21‑Nov‑2020	322	0.9001	0.56	1.00	3.14
18‑Sep‑19	5.75% 15‑May‑2021	78	0.8621	0.26	0.25	3.14
23‑Sep‑19	1.75% 21‑Nov‑2020	397	0.7984	0.74	0.75	3.25
23‑Sep‑19	5.75% 15‑May‑2021	103	0.7594	1.02	0.50	3.25
30‑Sep‑19	1.75% 21‑Nov‑2020	307	0.7827	0.67	0.25	3.83
30‑Sep‑19	5.75% 15‑May‑2021	93	0.7363	0.73	0.25	3.83
14‑Oct‑19	1.75% 21‑Nov‑2020	300	0.7541	1.24	0.25	3.47
14‑Oct‑19	5.75% 15‑May‑2021	0	0.0000	0.00	0.00	3.47
4‑Nov‑19	1.75% 21‑Nov‑2020	400	0.8850	1.00	0.00	4.01
4‑Nov‑19	5.75% 15‑May‑2021	0				4.01
11‑Nov‑19	1.75% 21‑Nov‑2020	469	0.9000	0.35	0.00	4.52
11‑Nov‑19	5.75% 15‑May‑2021	31	0.8949	0.37	0.75	4.52
18‑Nov‑19	1.75% 21‑Nov‑2020	189	0.8475	0.48	0.00	3.72
18‑Nov‑19	5.75% 15‑May‑2021	311	0.8015	0.50	0.25	3.72
2‑Dec‑19	1.75% 21‑Nov‑2020	300	0.7643	1.33	0.25	3.55
2‑Dec‑19	5.75% 15‑May‑2021	0				3.55
22‑Jan‑20	1.75% 21‑Nov‑2020	100	0.8075	1.23	0.00	2.67
	5.75% 15‑May‑2021	101	0.7525	0.78	0.00
	2.00% 21‑Dec‑2021	299	0.7312	0.76	0.25
12‑Feb‑20	5.75% 15‑May‑2021	239	0.7817	0.70	0.25	2.14
12‑Feb‑20	2.00% 21‑Dec‑2021	261	0.7525	0.50	0.00	2.14
24‑Feb‑20	5.75% 15‑May‑2021	50	0.6900	0.45	0.00	3.11
24‑Feb‑20	2.00% 21‑Dec‑2021	350	0.6400	0.88	3.75	3.11
4‑Mar‑20	5.75% 15‑May‑2021	150	0.4100	1.45	0.00	2.23
4‑Mar‑20	2.00% 21‑Dec‑2021	350	0.3977	1.24	1.00	2.23
18‑Mar‑20	5.75% 15‑May‑2021	121	0.5566	1.01	3.00	4.26
	2.00% 21‑Dec‑2021	142	0.5378	2.58	3.75
	5.75% 15‑Jul‑2022	237	0.5124	1.29	1.50
Average over year to June 2020				0.69	0.61	3.55

Table 20: Treasury Indexed Bond tender results — 2019–20

Tender date	Coupon and maturity	Face value amount allocated	Weighted average issue yield	Spread to secondary market yield	Range of bids accepted	Times covered
		($m)	(%)	(basis points)	(basis points)
16‑Jul‑19	1.25% 21‑Feb‑2022	150	‑0.2118	‑0.92	1.25	4.93
13‑Aug‑19	0.75% 21‑Nov‑2027	150	‑0.2072	1.78	5.25	1.83
10‑Sep‑19	1.25% 21‑Feb‑2022	150	‑0.3250	‑3.70	0.00	9.47
24‑Sep‑19	0.75% 21‑Nov‑2027	100	‑0.3160	‑0.75	2.00	4.84
15‑Oct‑19	1.25% 21‑Feb‑2022	100	‑0.4912	‑1.98	0.25	6.67
12‑Nov‑19	1.00% 21‑Feb‑2050	100	0.3075	‑1.72	0.00	3.31
26‑Nov‑19	2.50% 20‑Sep‑2030	100	‑0.2372	‑0.47	1.25	3.20
10‑Dec‑19	0.75% 21‑Nov‑2027	150	‑0.3127	‑0.36	0.50	3.13
11‑Feb‑20	2.50% 20‑Sep‑2030	100	‑0.3200	‑0.75	0.00	8.40
25‑Feb‑20	0.75% 21‑Nov‑2027	100	‑0.4045	‑0.20	1.00	4.55
10‑Mar‑20	2.50% 20‑Sep‑2030	100	‑0.3336	‑1.64	2.50	3.65
26‑May‑20	2.50% 20‑Sep‑2030	100	0.0094	‑1.06	1.00	4.14
9‑Jun‑20	2.00% 21‑Aug‑2035	150	0.2197	‑0.24	1.50	4.37
23‑Jun‑20	1.25% 21‑Aug‑2040	100	0.2184	‑2.14	3.75	3.28
Average over year to June 2020				‑1.01	1.45	4.70
Average over 3 years to June 2020				‑1.24	1.46	4.17

Table 21: Treasury Note tender results — 2019–20

Tender date	Maturity	Face value amount allocated	Weighted average issue yield	Spread to OIS	Range of bids accepted	Times covered
		($m)	(%)	(basis points)	(basis points)
4‑Jul‑19	25‑Oct‑19	500	1.101	16.46	8	4.99
18‑Jul‑19	25‑Oct‑19	500	1.1035	18.29	4	3.23
25‑Jul‑19	25‑Oct‑19	500	1.0592	17.02	2	3.9
1‑Aug‑19	25‑Oct‑19	500	1.0313	10.21	15	4.96
8‑Aug‑19	22‑Nov‑19	500	1.0031	19.17	7	4.04
8‑Aug‑19	21‑Feb‑20	500	0.9184	22.83	7	4.28
15‑Aug‑19	22‑Nov‑19	1,000	0.9875	17.74	6	3.31
22‑Aug‑19	22‑Nov‑19	500	1.006	11.88	4	3.79
22‑Aug‑19	21‑Feb‑20	500	0.957	19.57	6	3.37
29‑Aug‑19	22‑Nov‑19	1,000	1.0011	14.11	8	2.22
5‑Sep‑19	22‑Nov‑19	500	1.02	12.31	0	3.04
5‑Sep‑19	21‑Feb‑20	500	1.0204	25.62	5	2.49
12‑Sep‑19	22‑Nov‑19	1,000	1.0666	14.58	8	2.91
19‑Sep‑19	22‑Nov‑19	500	1.067	21.35	13	2.21
19‑Sep‑19	21‑Feb‑20	500	1.0059	25.96	7	4.06
26‑Sep‑19	22‑Nov‑19	500	1.0635	26.13	9	3.16
26‑Sep‑19	21‑Feb‑20	500	1.019	31.66	4	3.4
3‑Oct‑19	22‑Nov‑19	750	0.9223	20.47	7	2.81
3‑Oct‑19	21‑Feb‑20	750	0.9122	30.44	9	4.59
10‑Oct‑19	24‑Jan‑20	1,000	0.8825	27	8	2.54
10‑Oct‑19	24‑Apr‑20	500	0.9004	36.6	2	4.33
17‑Oct‑19	24‑Jan‑20	500	0.8655	24.25	2	3.9
17‑Oct‑19	24‑Apr‑20	500	0.8844	32.51	5	4.92
24‑Oct‑19	24‑Jan‑20	936	0.9263	26.73	11	0.94
24‑Oct‑19	24‑Apr‑20	500	0.8766	27.9	5	5.03
31‑Oct‑19	21‑Feb‑20	500	0.9297	23.99	10	4.65
31‑Oct‑19	24‑Apr‑20	500	0.9408	28.48	6	3.35
7‑Nov‑19	21‑Feb‑20	500	0.9458	23.66	6	4.02
7‑Nov‑19	24‑Apr‑20	500	0.9646	28.75	8	3.35
14‑Nov‑19	21‑Feb‑20	500	0.957	24.79	5	3.9
14‑Nov‑19	22‑May‑20	500	0.9863	32.89	5	4.77
21‑Nov‑19	21‑Feb‑20	500	0.9	22.25	0	5.86
21‑Nov‑19	22‑May‑20	500	0.9338	32.08	5	5.47
28‑Nov‑19	21‑Feb‑20	500	0.9313	23.89	5	3.81
28‑Nov‑19	22‑May‑20	500	0.9158	31.65	4	4.86
5‑Dec‑19	21‑Feb‑20	750	0.96	23.73	3	3.57
5‑Dec‑19	22‑May‑20	750	0.9356	31.61	6	3.89
12‑Dec‑19	24‑Apr‑20	750	0.971	32.89	8	2.93
12‑Dec‑19	26‑Jun‑20	750	0.9802	39	7	3.01
19‑Dec‑19	24‑Apr‑20	500	0.9911	34.7	4	2.71
19‑Dec‑19	26‑Jun‑20	500	1.0059	41.37	6	3.94
16‑Jan‑20	24‑Apr‑20	750	0.9227	30.15	6	3.5
16‑Jan‑20	26‑Jun‑20	750	0.9467	36.34	2	4.46
23‑Jan‑20	24‑Apr‑20	750	0.8955	29.65	6	3.71
23‑Jan‑20	24‑Jul‑20	750	0.9012	36.02	2	5.32
30‑Jan‑20	24‑Apr‑20	750	0.9187	24.77	5	3.84
30‑Jan‑20	24‑Jul‑20	750	0.9103	32.67	5	4.94
6‑Feb‑20	22‑May‑20	500	0.9536	25.29	6	3.35
6‑Feb‑20	24‑Jul‑20	500	0.9563	29.77	7	4
13‑Feb‑20	22‑May‑20	500	0.9626	24.31	4	4.88
13‑Feb‑20	21‑Aug‑20	500	0.9601	29.54	3	5.18
20‑Feb‑20	22‑May‑20	500	0.9315	22.31	5	4.51
20‑Feb‑20	21‑Aug‑20	500	0.9298	27.58	4	5.53
27‑Feb‑20	21‑Aug‑20	500	0.867	28.36	8	7.59
5‑Mar‑20	21‑Aug‑20	1,000	0.5776	26.76	3	5.81
12‑Mar‑20	26‑Jun‑20	500	0.5841	29.36	15	2.75
12‑Mar‑20	21‑Aug‑20	1,000	0.6177	35.49	9	3.31
19‑Mar‑20	26‑Jun‑20	750	0.6057	41.36	23	2.93
19‑Mar‑20	25‑Sep‑20	750	0.6395	45.98	20	3.35
26‑Mar‑20	26‑Jun‑20	1,000	0.4362	29.1	6	4.88
26‑Mar‑20	25‑Sep‑20	1,000	0.4488	31.07	5	5.94
2‑Apr‑20	24‑Jul‑20	1,000	0.255	11.33	6	5.1
2‑Apr‑20	25‑Sep‑20	1,000	0.2846	14.22	9	4.51
2‑Apr‑20	11‑Dec‑20	500	0.3066	16.58	16	4.67
9‑Apr‑20	24‑Jul‑20	1,250	0.182	3.25	4	3.73
9‑Apr‑20	25‑Sep‑20	1,500	0.2357	8.35	7	2.69
9‑Apr‑20	11‑Dec‑20	750	0.2795	12.73	6	3.83
9‑Apr‑20	26‑Mar‑21	500	0.3172	17.74	7	4.86
16‑Apr‑20	24‑Jul‑20	1,750	0.1781	3.11	11	2.91
16‑Apr‑20	23‑Oct‑20	1,750	0.2217	7.46	9	2.6
16‑Apr‑20	11‑Dec‑20	1,500	0.2486	10.04	11	2.89
23‑Apr‑20	24‑Jul‑20	2,000	0.173	4.5	5	3.6
23‑Apr‑20	23‑Oct‑20	1,500	0.23	10	7	3.18
23‑Apr‑20	11‑Dec‑20	750	0.2439	11.28	4	5.81
23‑Apr‑20	26‑Mar‑21	750	0.2726	14.27	5	5.68
30‑Apr‑20	24‑Jul‑20	2,000	0.1719	5.32	2	3.2
30‑Apr‑20	23‑Oct‑20	2,000	0.2187	9.8	4	3.24
30‑Apr‑20	26‑Feb‑21	1,000	0.257	13.59	4	3.67
7‑May‑20	21‑Aug‑20	2,500	0.183	5.45	3	2.62
7‑May‑20	23‑Oct‑20	1,500	0.2203	9.05	3	3.59
7‑May‑20	26‑Feb‑21	1,000	0.2678	13.68	5	3.12
14‑May‑20	21‑Aug‑20	1,500	0.1965	7.4	5	2.82
14‑May‑20	25‑Sep‑20	1,500	0.2073	8.67	5	2.62
14‑May‑20	27‑Nov‑20	1,000	0.2326	11.37	5	2.72
14‑May‑20	26‑Mar‑21	1,000	0.2972	17.96	8	1.97
21‑May‑20	21‑Aug‑20	1,500	0.1939	6.49	3	3.7
21‑May‑20	25‑Sep‑20	1,500	0.206	7.7	4	3.43
21‑May‑20	27‑Nov‑20	1,000	0.228	10.01	3	4.49
28‑May‑20	21‑Aug‑20	1,500	0.1891	4.94	3	3.58
28‑May‑20	27‑Nov‑20	1,500	0.2202	8.02	3	2.82
28‑May‑20	26‑Feb‑21	1,000	0.2616	11.87	3	3.87
4‑Jun‑20	25‑Sep‑20	1,500	0.191	4.34	2	4.41
4‑Jun‑20	27‑Nov‑20	1,000	0.2108	6.3	3	3.91
4‑Jun‑20	26‑Mar‑21	500	0.257	10.63	1	7.2
11‑Jun‑20	25‑Sep‑20	1,500	0.1923	4.11	2	3.63
11‑Jun‑20	23‑Oct‑20	1,000	0.2024	4.97	2	4.22
11‑Jun‑20	23‑Apr‑21	500	0.2595	9.86	2	5.74
18‑Jun‑20	25‑Sep‑20	1,500	0.1927	5.37	2	3.49
18‑Jun‑20	11‑Dec‑20	1,000	0.216	7.7	2	4.71
18‑Jun‑20	23‑Apr‑21	500	0.2542	11.35	2	5.77
25‑Jun‑20	25‑Sep‑20	1,500	0.1895	5.05	2	4.06
25‑Jun‑20	27‑Nov‑20	1,000	0.2049	6.78	1	4.89
25‑Jun‑20	23‑Apr‑21	500	0.2532	11.16	2	6.32
Average over year to June 2020				19.67	5.7	3.96
Average over 3 years to June 2020				23.12	5.8	4.12