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The first sign of trouble for ANZ in the embarrassing government bond trading scandal began at 3.07pm on Wednesday, April 19, 2023. Just over an hour earlier the Australian Office of Financial Management, the federal government’s debt agency, had set the terms on one of the Commonwealth’s largest fund raisings: a $14 billion bond issue.
In the moments that follow a deal of that size, there’s a moment of euphoria as bankers cut the numbers, analyse the order book and draft press releases. But over at the AOFM’s offices inside the Treasury Building in Canberra, there was no celebration. Instead, there were serious concerns about what had just happened.
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