06 Jun – 10 Jun 2016

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There were no new issues from the states’ financing bodies during the week, although

Tascorp mandated a new syndicated February 2028 transaction which should be finalised in the next few days. The 12 year bond issue continues a recent practise of issuing bonds with maturities in excess of 10 years, which investors seem keen to buy in order to invest in bonds with the highest yield available in a low-yield world.

Spreads, with a few exception, increased at the start of the week, as semi government bonds lagged their Commonwealth counterparts, although most of the change was at the start of the week when ACGB yields fell significantly to a (then) new record low.

semi-yield-10jun

AUST SEMI GOVT BOND

ISSUERMATURITYCOUPON
(%)
ISSUE
SIZE
WEEK
HIGH
WEEK
LOW
CLOSING
YIELD
Δ WEEKΔ MONTH
TCV15-Nov-165.7533601.861.821.840.030.02
NTTC20-Nov-165.755001.991.941.990.010.03
NSWTC20-Feb-174.0045171.831.781.78-0.040.05
NSWTC1-Mar-175.507471.771.721.72-0.040.04
WATC15-Jul-178.0051021.891.821.82-0.040.02
QTC14-Sep-176.0012471.721.671.70-0.010.05
SAFA20-Sep-175.7524031.851.791.79-0.030.02
TASCORP20-Sep-175.009801.881.811.81-0.040.02
QTC21-Sep-173.5061091.821.771.79-0.010.03
NTTC17-Nov-174.755001.901.841.84-0.050.02
TCV17-Nov-173.5028171.811.751.76-0.020.02
NSWTC1-Feb-186.0056501.791.721.760.020.09
QTC21-Feb-186.0064771.851.781.820.010.08
ACTTREAS7-Jun-185.505501.891.811.880.000.10
NTTC20-Sep-184.755001.961.891.940.020.07
WATC23-Oct-183.7537471.901.831.890.010.04
TCV15-Nov-185.5043461.791.721.770.020.04
NSWTC20-Mar-193.5044021.791.711.770.020.06
NSWTC1-Apr-196.00n/a1.701.631.690.020.06
QTC14-Jun-196.25n/a1.761.691.740.010.02
QTC21-Jun-194.0055231.891.821.860.010.02
SAFA6-Aug-194.7520001.891.821.880.020.04
WATC15-Oct-197.0037541.971.901.960.020.05
QTC21-Feb-206.2596861.971.901.930.00-0.02
NSWTC1-May-206.0061311.851.781.820.000.01
ACTTREAS22-May-204.255701.951.901.92-0.04-0.02
NSWTC1-Jun-206.001941.751.691.730.000.02
TASCORP15-Jun-206.006022.001.941.97-0.01-0.01
TCV15-Jun-206.0061851.861.791.82-0.01-0.01
NSWTC8-Apr-214.0025671.971.901.92-0.01-0.03
SAFA20-May-215.0020442.112.042.090.01-0.01
QTC14-Jun-216.0016011.951.891.91-0.01-0.07
QTC21-Jun-215.5064162.112.042.06-0.01-0.07
WATC15-Jul-217.0035732.192.122.14-0.01-0.04
NTTC20-Sep-214.256502.192.132.15-0.04-0.06
NSWTC1-Mar-226.0062052.041.981.99-0.05-0.07
TASCORP8-Mar-224.255652.232.152.17-0.07-0.10
ACT TREAS11-Apr-224.255502.182.102.12-0.10-0.11
QTC21-Jul-226.0075582.242.162.18-0.05-0.10
TCV17-Oct-226.0059952.102.032.04-0.05-0.09
NSWTC20-Apr-234.0036782.192.122.14-0.06-0.09
NSWTC1-May-236.0011802.072.002.02-0.06-0.09
QTC21-Jul-234.2555682.382.302.32-0.07-0.14
WATC16-Oct-236.0024272.492.432.44-0.05-0.10
SAFA20-Nov-234.257702.412.332.35-0.06-0.12
NTTC15-Mar-246.006502.482.402.41-0.11-0.16
TASCORP11-Jun-244.005502.482.382.39-0.10-0.16
QTC22-Jul-245.7565852.472.382.39-0.10-0.17
NSWTC20-Aug-245.0061192.292.212.21-0.09-0.11
TCV17-Dec-245.5048712.312.212.22-0.09-0.13
SAFA16-Apr-252.7512502.612.522.54-0.08-0.15
QTC21-Jul-254.7520602.582.492.50-0.09-0.18
WATC23-Jul-255.0010412.712.622.63-0.08-0.13
TASCORP19-Feb-263.253002.692.582.59-0.13-0.17
NTTC15-Mar-266.006502.652.532.54-0.13-0.20
QTC21-Jul-263.2528502.712.612.61-0.12-0.18
TCV17-Nov-265.5033672.432.342.35-0.10-0.16
WATC21-Oct-273.007002.962.862.862.862.86
NSWTC1-May-306.003622.702.602.60-0.13-0.17
TCV20-Dec-324.253392.932.832.83-0.10-0.14
QTC14-Mar-336.507253.092.992.99-0.11-0.19
Issues underlined are guaranteed by the Commonwealth Government