SYDNEY: The Australian government on Tuesday sold A$14 billion ($9.1 billion) of a new 2034 Treasury bond by a syndication that drew A$42.4 billion of bids.

The Australian Office of Financial Management (AOFM) which handles the government’s debt, said the 3.75% May 21, 2034 Treasury Bond was priced at a yield to maturity of 4.145%.

Initial price guidance had been for a spread of 6 to 9 basis points to the implied bid yield for the primary 10-year Treasury Bond futures contract.

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Joint-lead managers for the issue were Australia and New Zealand Banking Group; J.P. Morgan Securities Australia Limited; UBS AG, Australia Branch; and Westpac Banking Corporation.