COVID19 had a significant impact on the bond market. It is impossible to issue Australian Government Securities (AGS), such as Treasury Bonds, during the pandemic. Unique Government Bond Fund asked us to provide an explanation of why this occurred. The explanation needs to include (i) a description of the role played by the AOFM in issuing Treasury Bonds; (ii) reasons behind the inability to issue AGS; and (iii) the Treasury Bond issues in 2019-2020.