Australia sells AUD 100mln in 2.0% August 2035 Treasury Index bonds, b/c 4.89, avg. yield 2.759%

A bid-to-cover approaching five is firm by the standards of these tenders, where coverage in the low-to-mid single digits has been the norm and where thin secondary liquidity in linkers means books are often carried rather than turned over. Demand of this kind has historically come from domestic balance sheets hedging real liabilities, with offshore participation a smaller and more variable share than in the nominal curve. The transmission is through breakevens rather than nominals: a well-absorbed linker tap tends to leave the real yield anchored and shifts the burden of any inflation repricing onto the nominal leg. The follow-ons are the AOFM's subsequent tender schedule, whether this line is reopened, and how breakevens at the 10-year point trade against the realised inflation prints that linker pricing references. On size alone, the result is a sentiment datapoint, not a supply event.