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Issuance and buyback arrangements

Australian Government Securities are issued and repurchased by competitive tender and occasionally via syndicated offerings. The tenders are conducted by the AOFM using the AOFM Tender System, which is accessed via Yieldbroker DEBTS. Bids and offers may only be submitted by parties that are registered with the AOFM.

Tender announcements provide full details of each tender. Results are announced as soon as possible after the close of the tender.

  • Notification of tender announcements and results can be obtained by subscribing to the AOFM email service.

Details of the AOFM's issuance and repurchase plans are outlined in the AOFM issuance program.

Erroneous Bids/Offers Policy

Treasury Bonds and Treasury Indexed Bonds

Bids (offers) submitted at yields more than five basis points below (above) the prevailing secondary market yield (as judged by the AOFM) will be judged to be erroneous, and amended to yields five basis points below (above) the secondary market yield, with allocations made accordingly. Where a Treasury Bond or Treasury Indexed Bond has no observable secondary market yield (for example at the first issue of the security), the AOFM will use judgement to determine a reasonable comparison yield for bids.

Treasury Notes

Bids submitted at yields more than twenty basis points below the prevailing secondary market yield (as judged by the AOFM) will be judged to be erroneous, and amended to yields twenty basis points below the secondary market yield, with allocations made accordingly. Where a Treasury Note has no observable secondary market yield (for example at the first issue of the security), the AOFM will use judgement to determine a reasonable comparison yield for bids.