New Government benchmark 10 year bond issued

21 January 2016

 

Just before Christmas the AOFM published its 2015/2016 borrowing programme and its intention to issue a new benchmark 2.75% November 2027 bond in mid-January. Initial price guidance for the issue was 13.5bps to 17.5 bps over the implied yield for the primary 10 year Treasury bond futures contract. The $4.6 billion (face value) offer was sold at a yield to maturity of 2.865% which, given the guidance, was much as...

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