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 Of this amount, $1.0 million was repealed on 1 July 2020.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