The new April 2014 benchmark bond listed via tender by Western Australian Treasury Corporation (WATC) (AAA/Aaa) on September 23 came to market with a margin slightly tighter than that predicted by analysts. The agency placed a face value of A$500 million (US$478.4 million) of the 5.5 per cent coupon bond with by tender, attracting a cover ratio of 2.42, and a further A$616 million in a subsequent consolidation offer.