Australian Government, the Australian Office of Financial Management

OPERATIONAL NOTICE

No: 6/2005
11 May 2005

DEBT ISSUANCE CALENDAR

This notice provides details of expected debt issuance by the Australian Office of Financial Management (AOFM) on behalf of the Australian Government during the remainder of the 2004-05 financial year (remaining period to 30 June 2005) and during the 2005-06 financial year (1 July 2005 to 30 June 2006).

Treasury Bonds

Treasury bond issuance is targeted at maintaining liquid and efficient Treasury bond and Treasury bond futures markets. The volume and timing of Treasury bond issuance accordingly takes account of the need to have an appropriate range of Treasury bonds available for inclusion in Treasury bond futures baskets.

It should be noted that all the details in respect of Treasury bond tenders provided below are indicative only and the AOFM reserves the right to amend any of these details at any time. Tenders will be confirmed at midday on the day prior to a scheduled tender.

Issuance in remainder of 2004-05

To date in 2004-05, eleven tenders of Treasury bonds have been held at which approximately $2.6 billion of the 5.25 per cent 15 August 2010 bond and $2.4 billion of the 6 per cent 15 February 2017 bond have been issued.

During the remainder of the 2004-05 financial year, it is intended to conduct two further tenders for the issue of the August 2010 bond, each for $300 million, on the following dates:

  • 17 May 2005; and
  • 21 June 2005.

Issuance in 2005-06

In the 2005-06 financial year Treasury bond issuance is expected to total $6.2 billion. This consists of $1.8 billion of issuance for each of the August 2010 and February 2017 bond lines (bringing the volume on issue for each of these bond lines up to $5 billion) and $2.6 billion of issuance of a new March 2019 Treasury bond.

The following table outlines expected tender dates, bond lines and face value amounts to be offered:

Date

Treasury Bond

Face Value Amount
($ million)

12 July 2005 August 2010
February 2017
400
400
26 July 2005 August 2010
400
9 August 2005 August 2010
400
23 August 2005 February 2017
400
20 September 2005 August 2010
300
18 October 2005 February 2017
400
15 November 2005 August 2010
300
29 November 2005 February 2017
300
13 December 2005 February 2017
300
17 January 2006 March 2019
800
14 February 2006 March 2019
600
21 March 2006 March 2019
400
11 April 2006 March 2019
400
16 May 2006 March 2019
400

 

Treasury Notes

Issuance of Treasury notes occurs on an ‘as required basis’ and is dependent on short-term funding needs. Treasury notes were last issued in October 2003.

No issuance of Treasury notes is expected to be required during the remainder of 2004-05.

Treasury notes may need to be issued in 2005-06. The magnitude of this issuance will depend in part on the size and timing of the transfer of monies to the Future Fund. (The Future Fund is a dedicated financial asset fund the Australian Government has decided to establish to offset unfunded Government superannuation liabilities).

As there has been no Treasury note issuance for an extended period it has been decided to cease publication of the monthly Treasury note issuance calendar. This calendar was updated at the start of each month to provide an indication of when tenders for the issue of Treasury notes were expected to be conducted over the forthcoming two months. Consideration will be given to recommencing publication of this calendar should there be a return to more regular issuance of Treasury notes.

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