November 2015

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November saw spreads between semi government bonds and government bonds narrowed and at the 5 year maturity mark this amounted to around 5-9bps. The month was also another active month for semi issuance and, in a bit off a twist, there were two repurchase tenders.

SAFA completed a syndicated offering of $750 million of April 2025s which it flagged in October. The issue was priced at the lower end of the indicative pricing range, which was EFP plus 50-52bps, and funds raised represent about one third of SAFA’s $2.1 billion funding requirement for the 2015/2016 year

New South Wales Treasury Corporation (AAA/Aaa) repurchased $206 million of its April 2016 bonds in mid-November after offering to buy back up to $300 million at a yield not less than 2.15%. It then arranged a second buy-back of up to $600 million worth of bonds at the end of the month and ended up with $526 million worth. The repurchases were a consequence of the NSW Government’s 99 year lease of TransGrid for $10.3 billion, which is the owner of the NSW high-voltage transmission network.

QTC returned to the bond market towards the end of the month. It has been one of the more active bond issuers of the states in recent months and it returned to the bond market in November to issue a relatively modest $300 million of the July 2025s at EFP + 48bps after issuing $1.25 billion worth of the line in early August.

semi-government bonds-nov

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AUST SEMI GOVT BONDS

ISSUERMATURITYCOUPON
(%)
ISSUE SIZEMONTH
HIGH
MONTH
LOW
CLOSING
YIELD
Δ MONTHΔ 2 MONTH
NSWTC1-Apr-166.008122.162.022.120.130.06
QTC21-Apr-166.0040112.212.042.180.160.09
WATC8-Jun-163.0050262.192.032.170.150.07
TCV15-Nov-165.7529972.121.972.100.150.08
NTTC20-Nov-165.7526102.262.052.240.210.09
NSWTC20-Feb-174.005002.131.882.090.240.11
NSWTC1-Mar-175.5039412.071.812.030.240.12
WATC15-Jul-178.007582.291.972.250.290.22
QTC14-Sep-176.0056172.181.872.130.280.22
SAFA20-Sep-175.7512682.291.962.240.290.22
TASCORP20-Sep-175.0024032.311.992.260.280.21
QTC21-Sep-173.509802.301.992.260.280.22
NTTC17-Nov-174.7567022.342.022.290.290.22
TCV17-Nov-173.505002.251.932.210.290.22
NSWTC1-Feb-186.0029432.271.922.170.260.21
QTC21-Feb-186.0054252.372.022.270.260.21
ACTTREAS7-Jun-185.5063122.382.042.280.250.21
NTTC20-Sep-184.755502.482.132.380.250.21
WATC23-Oct-183.755002.482.132.370.250.18
TCV15-Nov-185.5042842.372.002.270.280.23
NSWTC20-Mar-193.5040682.412.052.280.240.19
NSWTC1-Apr-196.0048472.331.972.200.240.20
QTC14-Jun-196.259322.432.062.310.250.20
QTC21-Jun-194.0032712.572.212.450.250.20
SAFA6-Aug-194.7555512.562.192.440.250.20
WATC15-Oct-197.0020002.612.262.490.240.18
QTC21-Feb-206.2535932.702.342.570.230.20
NSWTC1-May-206.0096862.552.192.400.210.16
ACTTREAS22-May-204.2559032.682.352.520.190.16
NSWTC1-Jun-206.005702.422.072.260.170.15
TASCORP15-Jun-206.001942.702.362.580.220.18
TCV15-Jun-206.006542.572.222.440.230.17
NSWTC8-Apr-214.0062262.712.372.570.210.16
SAFA20-May-215.0029592.932.572.780.210.19
QTC14-Jun-216.0020452.742.412.610.210.18
QTC21-Jun-215.5016952.922.582.780.200.17
WATC15-Jul-217.0065252.952.622.810.200.14
NTTC20-Sep-214.2538342.952.492.860.180.62
NSWTC1-Mar-226.006502.842.492.700.220.15
TASCORP8-Mar-224.2561043.062.722.930.220.18
ACT TREAS11-Apr-224.256482.962.662.860.210.20
QTC21-Jul-226.005503.082.742.950.220.17
TCV17-Oct-226.0075582.932.572.790.220.16
NSWTC20-Apr-234.0060923.012.672.880.220.16
NSWTC1-May-236.0043692.892.552.760.210.16
QTC21-Jul-234.2513163.272.943.140.220.17
WATC16-Oct-236.0063673.333.003.180.190.15
SAFA20-Nov-234.2533423.292.973.170.210.18
NTTC15-Mar-246.0012703.363.053.210.180.17
TASCORP11-Jun-244.006503.363.043.220.190.17
QTC22-Jul-245.756063.393.063.230.190.17
NSWTC20-Aug-245.0078853.162.823.000.190.17
TCV17-Dec-245.5065073.192.843.040.210.19
SAFA16-Apr-252.7548283.533.193.400.250.23
QTC21-Jul-254.7547103.503.163.360.200.20
WATC23-Jul-255.0021233.553.233.400.180.17
TASCORP19-Feb-263.253003.563.233.410.200.20
NTTC15-Mar-266.006503.573.233.420.220.20
TCV17-Nov-265.5035793.363.013.200.200.18
NSWTC1-May-306.003493.593.243.460.230.22
TCV20-Dec-324.253323.803.463.670.230.22
QTC14-Mar-336.508403.983.663.840.230.22

Issues underlined are guaranteed by the Commonwealth Government

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