The australian office of financial.Management smashed numerous records last Wednesday with a giant fundraising that showed the Commonwealth government has no problems plugging the country's budget deficit. The syndicated sale of new November 2.75% 21 2028 Treasury bonds raised A$11.0bn (US$8.47bn), eclipsing the previous biggest A$9.3bn print of 2.00% December 21 2021s on January 18, after attracting a record A$20.9bn order book. The resounding response put in perspective talk of reduced investor appetite as a result of sovereign downgrade fears, the narrowing absolute yield pick-up over US Treasuries and the poor secondary performance of recent issues, including the 3.00% March 21 2047s, which have slumped to a cash price of 85.50 since pricing on October 12 last year.
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