Treasury Notes are a short-term discount security redeemable at face value on maturity. Terms are less than twelve months. Treasury Notes are issued to assist with the Australian government’s short-term funding requirements.
The AOFM acknowledges that a secondary market for Treasury Notes remains under-developed relative to that of other Australian Government Securities. This makes it difficult to identify market makers in the same way as for Treasury Bonds and Treasury Indexed Bonds.
For the benefit of wholesale investors, the AOFM has listed (alphabetically) the names and contact details of institutions who are regular participants in Treasury Note tenders. Of this group, four institutions can be distinguished from the remainder based on the consistent level of their activity in the primary market. They are (in alphabetical order):
- Australia and New Zealand Banking Group Limited;
- Commonwealth Bank of Australia;
- TD Securities; and
- Westpac Banking Corporation.
As the market evolves the AOFM will update this information accordingly.