SAFA launches A$1.5 billion open tap

Monday, 06 April 2020

On 6 April, South Australian Government Financing Authority (SAFA) (AA+/Aa1) launched a syndicated increase to its existing even-year benchmark lines for an aggregate total of up to A$1.5 billion (US$902.8 million). Pricing is expected on the day after launch, according to Citi, Commonwealth Bank of Australia, National Australia Bank and UBS.

Indicative price guidance for lines

Coupon (per cent)	Maturity	Indicative price guidance (bp/ACGB)	Indicative price guidance (bp/futures)
1.5	22 Sep 22	44-47 area/Jul 22	42-45 area/3 year
2.25	15 Aug 24	57.25-60.25 area/Apr 24	63.5-66.5 area/3 year
3	20 Jul 26	68.5-71.5 area/Apr 26	92-95 area/3 year
3	24 May 28	72.5-75.5 area/May 28	63-66 area/10 year
2.75	24 May 30	84.55-87.55 area/May 30	86-89 area/10 year
1.75	24 May 32	94.25-97.25 area/May 32	105-108 area/10 year

Source: Commonwealth Bank of Australia 6 April 2020