12 May 2004
TREASURY BOND ISSUANCE CALENDAR
This notice provides details of intended Treasury bond issuance for the remainder of the 2003-04 financial year and for the 2004-05 financial year. Treasury bond issuance is targeted at maintaining liquid and efficient Commonwealth Government Securities and Treasury bond futures markets.
It should be noted that the dates indicated below for Treasury bond tenders are indicative only and the Commonwealth reserves the right to amend these dates at any time. Tenders will be confirmed at midday on the day prior to a scheduled tender.
Issuance in remainder of 2003-04
To date, in the 2003-04 financial year there have been five tenders of Treasury bonds at which approximately $1.5 billion of the 6.25 per cent 15 April 2015 bond has been issued. It is intended to conduct a further tender for $300 million of the April 2015 bond line on 18 May 2004, at which time this bond line will have a total of $5 billion on issue. This will complete the planned issuance of this bond line.
As indicated in the 2004-05 Budget, it is planned to issue an additional $600 million of the 8.75 per cent 15 August 2008 bond prior to 30 June 2004. This issuance will bring the amount on issue in the August 2008 bond line to around $5 billion, consistent with the amount on issue targeted for benchmark lines of Treasury bonds. It is intended to conduct two tenders for the issue of the August 2008 bond, each for $300 million, on the following dates:
25 May 2004; and
1 June 2004.
It is also planned to issue a new long-dated bond with a maturity date of 15 February 2017. It is intended to conduct an initial tender for between $800 million and $1 billion of this new bond line on 8 June 2004.
Issuance in 2004-05
As indicated in the 2004-05 Budget, between $5 billion and $6 billion of Treasury
bonds are expected to be issued in the 2004-05 financial year.
In the first half of 2004-05 it is intended to conduct six tenders, totalling around $2½ billion, for the issue of the February 2017 bond. The tenders are expected to be held on the following dates:
13 July 2004;
27 July 2004;
17 August 2004;
21 September 2004;
12 October 2004; and
16 November 2004.
In the second half of 2004-05 it is intended to conduct seven tenders, totalling around $3 billion, for the issue of a new Treasury bond with a maturity date of 15 August 2010. The tenders are expected to be held on the following dates:
18 January 2005;
8 February 2005;
22 February 2005;
8 March 2005;
12 April 2005;
17 May 2005; and
21 June 2005.
It is expected that by 30 June 2005, the February 2017 and August 2010 bond
lines will each have around $3 billion on issue. It is planned for the amount
on issue in each of these bond lines to be increased to around $5 billion by
further issuance during the first half of the 2005-06 financial year.