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
RBA buying A$2B of Nov 2028-May 2032 at 1st QE
The RBA is buying A$2 billion of November 2028 to May 2032 government bonds (excluding December 2030 bonds) as p...
Published on : 05 Nov 2020 , 11:21 AMRBA re-opening media lockups?
It appears the RBA's media lock-ups will restart from Friday when the Statement on Monetary Policy will be publis...
Published on : 04 Nov 2020 , 04:16 PMHeadlines from RBA Lowe's Speech Tuesday
RBA Lowe: No Change in View Little To Be Gained from Negative Policy Rate
RBA Lowe: Negative Policy Rate Extra...
More Headlines from RBA Policy
Any bond-buying to support 3-yr target would be in addition to A$100B QE
Not expecting to raise cash rate f...
Published on : 03 Nov 2020 , 02:35 PMHeadline from RBA's November MonPol Decision
From the RBA's November Monetary Policy Decision statement:
-Cuts cash rate target to 0.1% from 0.25%
RBA TFF drawdown steady since Sep 30 as bks await rate cut
Total amount drawdown from the RBA's Term Funding Facility has been unchanged for three straight weeks...
Published on : 30 Oct 2020 , 04:13 PMAustralia Note yields continue declining on expectation of 1bp ES rate
Yields fell further to new record lows at the AOFM weekly T-Note tenders as market factors in the possibili...
Published on : 29 Oct 2020 , 10:42 AMAustralia Note yield drop to new low ahead of RBA cuts
As expected, the yield on near-term T-Note fell to a new record low at today's AOFM's auction. The weighted a...
Published on : 22 Oct 2020 , 10:40 AMCould Australia Note Yield Drop to New Low at Auction?
Looking forward to the AOFM's weekly T-Note auctions later this morning. The record low weighted average yield fo...
Published on : 22 Oct 2020 , 10:09 AMRBA Kent's speech title
The title of RBA assistant governor Chris Kent's speech on Tuesday is a very interesting one, "The Sta...
Published on : 19 Oct 2020 , 08:19 PM