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AOFM auction fizzes once more

The Australian Office of Financial Management held its fifth and least successful auction of some its mortgage-backed bond holdings.The manager of the Government's finances sold absolutely none of the stock offered.In original face value terms, AOFM offered for sale A$247.5 million of Class A3 Puma P-16 notes and $129.1 million of Class A2 Firstmac 1-2012 notes and received no bids at all. It also offered $500 million of Class A2 SMHL 2009-1 notes and $123 million of Class A Torrens 2010-1 notes and received bids totalling $750 million and A$125 million respectively, none of which were accepted.A sixth auction is scheduled for the same time next month and a seventh will follow in December.

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