Treasury Notes


Maturity	Outstanding (face value, AUD million)	ISIN
13 June 2025	8,500	AU2CLT130650
27 June 2025	8,000	AU2CLT270654
11 July 2025	4,000	AU2CLT110751
25 July 2025	6,000	AU2CLT250755
08 August 2025	5,000	AU2CLT080855
22 August 2025	2,000	AU2CLT220857
12 September 2025	4,000	AU2CLT120958
26 September 2025	2,000	AU2CLT260952

Treasury Notes on issue as at 30 May 2025. This table is updated weekly.

The Information Memorandum for Treasury Notes (PDF) provides detailed information about Treasury Notes including the terms and conditions of their issue.

Treasury Notes are quoted and traded on a yield to maturity basis rather than on a price basis. This means that the price is calculated by inputting the yield into the pricing formula.

The price per $100 face value is calculated using the following pricing formula:

$\Large P = \frac{100}{1 + \LARGE\left(\frac{f}{365}\right) i}$

In this formula:

$\large P = $ the price per $100 face value.

$\large f = $ the number of days from the date of settlement to the maturity date.

$ \large i = $ the annual yield to maturity (per cent) divided by 100.

Worked Example

Consider a Treasury Note maturing on 21 February 2020, with settlement on 12 September 2019 and a yield to maturity of 1.00 per cent.

$\Large P = \Large \frac{100}{1 + \LARGE \left(\frac{f}{365}\right) i}$

where:

$ f = 162$, the number of days from 12 September 2019 to 21 February 2020

$ \large i=\Large \frac{1.00}{100}= $ $ 0.01 $

$\Large P = \Large \frac{100}{1 + \LARGE\left( \frac{f}{365}\right) i} = \frac{100}{1 + \LARGE\left( \frac{162}{365}\right) \times 0.01} $

$\Large P = 99.558125580$

Market makers

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, five institutions can be distinguished from the remainder based on the consistent level of their activity in the primary market (see first row, in alphabetical order). As the market evolves the AOFM will update this information accordingly.