08 Feb – 12 Feb 2016

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There were no bonds issues from the state governments during the week.

At the start of the week, Moody’s downgraded Western Australia’s credit rating from Aa1 to Aa2. W.A’s debt is now at a concerning level and the government has begun an assets sales programme as a result. The first sale worth $135.5 million, of Perth’s fruit and vegetable wholesale market, was agreed upon during the week. The proceeds from this sale will be used to reduce state debt (see below) which is forecast to rise further and peak in 2017/18. Other assets up for sale include the Kwinana Bulk Handling Terminal, the Utah Point port in Port Hedland.

wa

Semi spreads to ACGB’s were higher this week, typically by 2-3bps for bonds with 2020 maturities and by 2-4bps for bonds with 2024 maturities, although non AAA-rated states fared a little worse than their AAA rated counterparts.

semi-gov-bonds-12feb
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AUST SEMI GOVT BOND

ISSUERMATURITYCOUPON
(%)
ISSUE
SIZE
WEEK
HIGH
WEEK
LOW
CLOSING
YIELD
Δ WEEKΔ MONTH
NSWTC1-Apr-166.0043802.132.112.130.000.01
QTC21-Apr-166.0052932.242.232.240.010.03
WATC8-Jun-163.0032432.172.152.170.02-0.05
TCV15-Nov-165.7533602.122.102.11-0.010.00
NTTC20-Nov-165.755002.282.272.27-0.010.01
NSWTC20-Feb-174.0045172.042.002.01-0.02-0.12
NSWTC1-Mar-175.507471.971.941.95-0.01-0.11
WATC15-Jul-178.0051022.102.042.09-0.01-0.17
QTC14-Sep-176.0012471.981.911.95-0.02-0.17
SAFA20-Sep-175.7524032.112.032.08-0.02-0.15
TASCORP20-Sep-175.009802.112.042.08-0.01-0.17
QTC21-Sep-173.5061092.102.032.07-0.02-0.17
NTTC17-Nov-174.755002.152.082.10-0.04-0.18
TCV17-Nov-173.5028172.031.962.01-0.02-0.20
NSWTC1-Feb-186.0056501.971.861.90-0.04-0.23
QTC21-Feb-186.0064772.091.972.03-0.04-0.22
ACTTREAS7-Jun-185.505502.081.982.03-0.04-0.21
NTTC20-Sep-184.755002.192.082.13-0.03-0.21
WATC23-Oct-183.7537472.172.052.11-0.03-0.24
TCV15-Nov-185.5043462.061.951.99-0.05-0.21
NSWTC20-Mar-193.5044022.031.901.94-0.08-0.27
NSWTC1-Apr-196.00n/a1.941.811.86-0.08-0.26
QTC14-Jun-196.25n/a2.051.942.00-0.04-0.24
QTC21-Jun-194.0055232.192.082.14-0.04-0.23
SAFA6-Aug-194.7520002.182.062.11-0.04-0.24
WATC15-Oct-197.0037542.252.162.21-0.02-0.25
QTC21-Feb-206.2596862.292.182.25-0.02-0.24
NSWTC1-May-206.0061312.111.982.02-0.07-0.29
ACTTREAS22-May-204.255702.232.112.20-0.05-0.26
NSWTC1-Jun-206.001941.971.851.93-0.04-0.25
TASCORP15-Jun-206.006022.302.182.22-0.06-0.26
TCV15-Jun-206.0061852.182.062.10-0.06-0.27
NSWTC8-Apr-214.0025672.272.132.16-0.09-0.29
SAFA20-May-215.0020442.522.392.45-0.05-0.26
QTC14-Jun-216.0016012.352.222.26-0.06-0.28
QTC21-Jun-215.5064162.512.382.43-0.05-0.27
WATC15-Jul-217.0035732.582.472.52-0.03-0.26
NTTC20-Sep-214.256502.592.462.49-0.07-0.28
NSWTC1-Mar-226.0062052.392.252.28-0.08-0.30
TASCORP8-Mar-224.255652.652.522.56-0.06-0.27
ACT TREAS11-Apr-224.255502.572.452.45-0.13-0.33
QTC21-Jul-226.0075582.672.552.60-0.05-0.26
TCV17-Oct-226.0059952.502.362.40-0.08-0.29
NSWTC20-Apr-234.0036782.542.392.42-0.09-0.34
NSWTC1-May-236.0011802.422.262.31-0.09-0.34
QTC21-Jul-234.2555682.832.712.76-0.04-0.29
WATC16-Oct-236.0024272.932.812.86-0.03-0.28
SAFA20-Nov-234.257702.852.722.76-0.06-0.32
NTTC15-Mar-246.006502.902.772.79-0.09-0.34
TASCORP11-Jun-244.005502.922.772.80-0.08-0.32
QTC22-Jul-245.7565852.932.802.84-0.06-0.31
NSWTC20-Aug-245.0061192.652.482.52-0.10-0.37
TCV17-Dec-245.5048712.712.532.59-0.09-0.36
SAFA16-Apr-252.7512503.032.882.93-0.07-0.34
QTC21-Jul-254.7520603.042.912.95-0.06-0.32
WATC23-Jul-255.0010413.132.993.04-0.05-0.31
TASCORP19-Feb-263.253003.082.973.03-0.01-0.27
NTTC15-Mar-266.006503.082.952.95-0.10-0.38
QTC21-Jul-263.2528503.203.053.10-0.06-0.31
TCV17-Nov-265.5033672.872.702.74-0.10-0.37
NSWTC1-May-306.003623.112.922.95-0.13-0.39
TCV20-Dec-324.253393.333.143.19-0.11-0.35
QTC14-Mar-336.507253.523.363.39-0.10-0.35

Issues underlined are guaranteed by the Commonwealth Government

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