ANZ analysts see total A$300B AGS issuance now to June 2021
By Sophia Rodrigues
Published On 20 May 2020 , 10:21 AMANZ analysts expect total issuance of Australian government securities to exceed A$300 billion between now and June 30, 2021.
Current total outstanding government bonds, including this week's activities, is around A$650 billion, and this would reach A$850 billion by the end of next year, they say. This would mean new money requirement of A$200 billion in addition to at least A$93 billion between now and June 30, and thus total issuance across bonds, linkers and Treasury notes to be over A$300 billion, they say.
Most new issuance would be concentrated in the 3y-6y and 10y-12y parts of the curve, and likely new bond lines will December 2025, December 2031 and March 2051, they forecast.
Total T-notes issuance would be around A$212 billion between now and end-June next year, taking the outstanding at the end of that period to A$89 billion from A$46.8 billion currently. Net linker issuance would be between A$5 billion to A$10 billion, with A$45.5 billion outstanding by end-June 2021, but there's a risk it would be lower because of volatile CPI, ANZ analysts estimate.
LATEST SNIPPETS
AOFM sells Dec 2030 at 1.08% vs May 13 syndication yield 1.025%
The AOFM has sold A$2.0 billion of 1.0% December 2030 government bond at a weighted average issue yield of...
Published on : 10 Jun 2020 , 11:04 AMWill RBA announce bond-buying today?
All eyes on the RBA at 11:15am this morning for any announcement on bond-buying given three-year government bond yiel...
Published on : 10 Jun 2020 , 10:45 AMAOFM sells Nov 2024 bond, Yld up vs last tender
The AOFM has sold A$2.0 billion of 0.25% November 2024 government bond at a weighted average issue yield of 0.38...
Published on : 09 Jun 2020 , 11:05 AMAOFM cuts bond tenders next week; T-Note intact
The AOFM has announced tenders for next week, totaling A$4.0 billion of bonds and A$3.0 billion o...
Published on : 05 Jun 2020 , 12:18 PMAOFM sells 2032 bond at 1.17% vs March record 0.8185%
The AOFM has sold A$1.0 billion of 1.25% May 2032 government bond at a weighted average issue yield of 1.17%, hi...
Published on : 05 Jun 2020 , 11:06 AMAOFM sells April 2023 bond at 0.2496%
The AOFM has sold A$2.0 billion of 5.5% April 2023 government bond at a weighted average issue yield of 0.2496%,...
Published on : 03 Jun 2020 , 11:04 AMAustralia Q1 GDP seen -0.3%q/q but don't rush to declare recession
Based on forecasts from the big four banks, the median for Q1 GDP is -0.3% q/q (ANZ -0.2%, CBA -0.3%, NAB -0.1%, West...
Published on : 02 Jun 2020 , 10:39 PMAOFM sells A$2.0B of Nov 2029 at 0.8691%
The AOFM has sold A$2.0 billion of 2.75% November 2029 government bond at a weighted average issue yield of...
Published on : 02 Jun 2020 , 11:05 AMAOFM sells 2025 bond at record low yield, record high coverage
The AOFM has sold A$1.0 billion of 3.25% April 2025 government bond at a weighted average issue yield...
Published on : 29 May 2020 , 11:05 AMAOFM sells May 2030 bond at 0.8919%, up from 0.8118% on April 6
The AOFM has sold A$2.0 billion of 2.5% May 2030 government bond at a weighted average issue yield of 0.891...
Published on : 26 May 2020 , 11:05 AM