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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 Of this amount, $1.0 million was repealed on 1 July 2020.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.

(c) Receipts received under section 74 of the Public Governance, Performance and Accountability Act 2013.

(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

$

$

$

$

$

$

$

$

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 at https://www.aofm.gov.au/about/access‑information/information‑publication‑scheme

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

5.75% 15‑May‑2021

202

0.9878

‑0.12

0.25

15‑Jul‑19

1.75% 21‑Nov‑2020

50

1.0050

0.23

0.50

3.20

5.75% 15‑May‑2021

350

0.9961

0.21

0.50

12‑Aug‑19

1.75% 21‑Nov‑2020

50

0.7938

0.53

0.25

6.27

5.75% 15‑May‑2021

350

0.7354

0.59

0.25

19‑Aug‑19

1.75% 21‑Nov‑2020

304

0.8157

0.75

0.50

2.77

5.75% 15‑May‑2021

296

0.7489

0.44

0.50

26‑Aug‑19

1.75% 21‑Nov‑2020

168

0.7578

0.73

0.50

3.12

5.75% 15‑May‑2021

232

0.6953

0.61

0.50

2‑Sep‑19

1.75% 21‑Nov‑2020

299

0.7799

0.04

0.50

3.81

5.75% 15‑May‑2021

101

0.7185

‑0.07

0.50

9‑Sep‑19

1.75% 21‑Nov‑2020

115

0.8911

0.66

0.25

4.98

5.75% 15‑May‑2021

385

0.8523

0.74

0.50

18‑Sep‑19

1.75% 21‑Nov‑2020

322

0.9001

0.56

1.00

3.14

5.75% 15‑May‑2021

78

0.8621

0.26

0.25

23‑Sep‑19

1.75% 21‑Nov‑2020

397

0.7984

0.74

0.75

3.25

5.75% 15‑May‑2021

103

0.7594

1.02

0.50

30‑Sep‑19

1.75% 21‑Nov‑2020

307

0.7827

0.67

0.25

3.83

5.75% 15‑May‑2021

93

0.7363

0.73

0.25

14‑Oct‑19

1.75% 21‑Nov‑2020

300

0.7541

1.24

0.25

3.47

5.75% 15‑May‑2021

0

0.0000

0.00

0.00

4‑Nov‑19

1.75% 21‑Nov‑2020

400

0.8850

1.00

0.00

4.01

5.75% 15‑May‑2021

0

     

11‑Nov‑19

1.75% 21‑Nov‑2020

469

0.9000

0.35

0.00

4.52

5.75% 15‑May‑2021

31

0.8949

0.37

0.75

18‑Nov‑19

1.75% 21‑Nov‑2020

189

0.8475

0.48

0.00

3.72

5.75% 15‑May‑2021

311

0.8015

0.50

0.25

2‑Dec‑19

1.75% 21‑Nov‑2020

300

0.7643

1.33

0.25

3.55

5.75% 15‑May‑2021

0

     

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

2.00% 21‑Dec‑2021

261

0.7525

0.50

0.00

24‑Feb‑20

5.75% 15‑May‑2021

50

0.6900

0.45

0.00

3.11

2.00% 21‑Dec‑2021

350

0.6400

0.88

3.75

4‑Mar‑20

5.75% 15‑May‑2021

150

0.4100

1.45

0.00

2.23

2.00% 21‑Dec‑2021

350

0.3977

1.24

1.00

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