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RBA Glossary definition for offer

offer – Price offered to buyers.

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The Yield and Market Function Effects of the Reserve Bank of Australia's Bond Purchases

24 May 2022 RDP 2022-02
Richard Finlay, Dmitry Titkov and Michelle Xiang
We also find that such purchases led to lower yields as and when they were implemented, and that they supported market function by lowering bid-offer spreads.
https://www.rba.gov.au/publications/rdp/2022/2022-02.html

The Yield and Market Function Effects of the Reserve Bank of Australia's Bond Purchases

24 May 2022 RDP 2022-02
Richard Finlay, Dmitry Titkov and Michelle Xiang
However, the Reserve Bank did not adjust its purchases in this way: within a given auction, the purchase amount of each bond was determined based on the relative attractiveness of offers ... It is possible that counterparties adjusted the attractiveness
https://www.rba.gov.au/publications/rdp/2022/2022-02/full.html

Conclusion

24 May 2022 RDP 2022-02
Richard Finlay, Dmitry Titkov and Michelle Xiang
Yield target purchases led to wider bid-offer spreads and are likely to have contributed to some reduction in the functioning in the 3-year futures contract for a time. ... Purchases under the program were associated with a small widening in bid-offer
https://www.rba.gov.au/publications/rdp/2022/2022-02/conclusion.html

Effects on Market Functioning

24 May 2022 RDP 2022-02
Richard Finlay, Dmitry Titkov and Michelle Xiang
Figure 19: Bid-offer Spreads. Source: Yieldbroker. Figure 20: Yield Curve Fitting Errors. ... of bond holdings was associated with bid-offer spreads being 0.5 basis points wider.
https://www.rba.gov.au/publications/rdp/2022/2022-02/effects-on-market-functioning.html

Read me file

24 May 2022 RDP 2022-02
Richard Finlay, Dmitry Titkov and Michelle Xiang
Other data from Bloomberg are loaded by ‘load_tick_data.R’. Yieldbroker. Data from Yieldbroker on bid-offer spreads and turnover for government bonds are loaded by ‘load_yieldbroker_data.R’.
https://www.rba.gov.au/publications/rdp/2022/2022-02/read-me.html

Implementation Effects

24 May 2022 RDP 2022-02
Richard Finlay, Dmitry Titkov and Michelle Xiang
However, the Reserve Bank did not adjust its purchases in this way: within a given auction, the purchase amount of each bond was determined based on the relative attractiveness of offers ... It is possible that counterparties adjusted the attractiveness
https://www.rba.gov.au/publications/rdp/2022/2022-02/implementation-effects.html