The continuing global appetite for safe haven, long-dated paper was seen again last week with significant demand for the Australian Office of Financial Management's AOFM latest syndicated issue.
Even though it was the fourth benchmark issue from Australia since the outbreak of the Covid-19 pandemic, the office, which sells debt securities on behalf of the Australian government, saw books of A$36.8 billion $26.2 billion for its A$15 billion 30-year benchmark issue and which went mostly to international investors.
Previously, in mid-April, it sold A$13 billion 0.25% four-year paper a A$19 billion 1% 10-year bond in mid-May and a A$17 billion of November 2025s in mid-July with...
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