15 June – 19 June 2015

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Our benchmark semis saw their yields fall significantly although not as much as the benchmark ACGB. Investors are digesting the various state budgets and spreads to ACGBs are quite volatile. Last week the South Australian government released its budget with very positive surplus forecasts. These were largely dismissed by markets and SAFA spreads widened as shown in the chart on the right.
There were no new semis issued during the week.

SA Budget
The South Australian budget was handed down with the budget projected to return to a $43m surplus in 2015/16 rising to $961m by 2018/19.
semi-gov-19jun

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AUST SEMI GOVT BONDS

ISSUERMATURITYCOUPON
(%)
ISSUE
SIZE
WEEK HIGHWEEK LOWCLOSING
YIELD
Δ WEEKΔ MONTH
TCVAug-17-20158.008142.022.002.020.03-0.14
QTCOct-14-20156.006532.072.042.070.030.09
NTTCOct-20-20156.255002.172.162.160.000.13
QTCOct-21-20156.0050752.132.122.120.000.11
TCVNov-10-20152.7511902.052.042.040.000.13
NSWTCApr-01-20166.0043802.062.012.01-0.050.14
QTCApr-21-20166.0052932.142.102.10-0.040.16
WATCJun-08-20163.0032432.162.112.11-0.050.19
TCVNov-15-20165.7533602.062.012.01-0.060.14
NTTCNov-20-20165.755002.202.162.16-0.040.16
NSWTCFeb-20-20174.0045172.082.012.01-0.10.12
NSWTCMar-01-20175.50n/a2.001.941.94-0.080.12
WATCJul-15-20178.0051022.262.142.14-0.130.17
QTCSep-14-20176.00n/a2.152.032.03-0.130.18
SAFASep-20-20175.7524032.262.142.14-0.130.16
TASCORPSep-20-20175.009802.292.162.16-0.130.18
QTCSep-21-20173.5061092.272.162.16-0.130.17
NTTCNov-17-20174.755002.302.182.18-0.130.18
TCVNov-17-20173.5028172.192.112.11-0.110.18
NSWTCFeb-01-20186.0056502.202.062.06-0.160.14
QTCFeb-21-20186.0064772.352.22.2-0.160.18
ACTTREASJun-07-20185.505502.322.172.17-0.170.16
NTTCSep-20-20184.755002.432.282.28-0.160.17
WATCOct-23-20183.7537472.482.332.33-0.170.24
TCVNov-15-20185.5043462.312.172.17-0.160.18
NSWTCMar-20-20193.5044022.382.242.24-0.150.22
NSWTCApr-01-20196.00n/a2.292.162.16-0.150.24
QTCJun-14-20196.25n/a2.432.292.29-0.150.26
QTCJun-21-20194.0055232.602.462.46-0.160.28
SAFAAug-06-20194.7520002.602.472.47-0.140.3
WATCOct-15-20197.0037542.672.522.52-0.160.35
QTCFeb-21-20206.2596862.742.592.59-0.160.34
NSWTCMay-01-20206.0061312.562.442.44-0.140.29
ACTTREASMay-22-20204.255702.682.552.55-0.150.33
NSWTCJun-01-20206.00n/a2.452.322.32-0.140.28
TASCORPJun-15-20206.006022.722.592.59-0.150.33
TCVJun-15-20206.0061852.582.472.47-0.130.30
NSWTCApr-08-20214.0025672.752.632.63-0.130.36
SAFAMay-20-20215.0020443.002.882.88-0.140.47
QTCJun-14-20216.00n/a2.842.712.71-0.140.44
QTCJun-21-20215.5064163.022.882.88-0.150.44
WATCJul-15-20217.0035733.062.922.92-0.150.53
NTTCSep-20-20214.256503.082.952.95-0.100.53
NSWTCMar-01-20226.0062052.902.772.78-0.120.41
TASCORPMar-08-20224.255653.173.033.05-0.120.5
ACTTREASApr-11-20224.255503.082.962.98-0.080.57
QTCJul-21-20226.0075583.233.083.09-0.130.51
TCVOct-17-20226.0059952.962.842.85-0.110.44
NSWTCApr-20-20234.0036783.102.982.99-0.110.49
NSWTCMay-01-20236.00n/a2.992.862.88-0.110.50
QTCJul-21-20234.2555683.463.313.32-0.120.61
WATCOct-16-20236.0024273.493.353.36-0.140.68
SAFANov-20-20234.257703.473.333.35-0.110.65
NTTCMar-15-20246.006503.573.413.43-0.120.68
QTCJul-22-20245.7565853.603.433.46-0.120.67
NSWTCAug-20-20245.0061193.253.123.14-0.100.54
TCVDec-17-20245.5048713.263.133.16-0.090.57
QTCJul-21-20254.7520603.723.563.58-0.110.72
WATCJul-23-20255.0010413.743.593.61-0.110.79
NTTCMar-15-20266.006503.753.603.62-0.110.72
TCVNov-17-20265.5033673.453.323.36-0.080.61
NSWTCMay-01-19306.003623.663.533.57-0.090.65
TCVDec-20-19324.25n/a3.843.723.76-0.070.69
QTCMar-14-19336.507254.123.984.02-0.070.81

Issues underlined are guaranteed by the Commonwealth Government

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