On 16 October, the Australian Office of Financial Management (AOFM) (AAA/Aaa/AAA) launched a syndicated tap of its March 2047 benchmark bond. Indicative price guidance is 75-77 basis points area over the implied bid yield for the 10-year treasury bond futures contract, according to joint lead managers Citi, Deutsche Bank and TD Securities. The forthcoming tap will be of ‘modest’ volume and the AOFM will be mindful of the performance of the bond when considering the timing of future issuance.