The Australian government extended its debt profile with a heavily oversubscribed $8 billion 2054 bond sold at home and overseas.
The federal government sold $8 billion of 31-year bonds in a heavily oversubscribed deal capitalising on Australia’s top credit rating and improved fiscal position at a time when the US is rapidly gearing up to finance a widening budget deficit.The fortunes of the Australian economy were further bolstered by news the Chinese economy, the world’s top importer of iron ore,, beating forecasts of 4.4 per cent.
The Australian Office of Financial Management, the government’s financing arm, received more than $28 billion of bids, meaning it scaled back about $20 billion of interest. “I think this will start to make people pay attention to the fact that you can lock in some pretty attractive rates.” Last week, a US Treasury sale of 30-year bonds had to be sweetened by 3.7 basis points as investors demanded a better premium.AOFM chief executive Anna Hughes said the plan was to keep the offer under $10 billion because the 2023-24 funding task was not “particularly big”.
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