14 Jun – 17 Jun 2016

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There were no new issues from the states’ financing bodies during the week even though Tascorp had been expected to issue a new February 2028 line. Given the scarcity of new issues in the corporate sector perhaps it would seem that some issuers have temporarily suspended fund raising activities until the UK Brexit vote is out of the way. In any case, as ACGB yields make new record lows, any delay simply makes the issue less more attractive from Tascorp’s point of view although semi spreads have generally increased a little over the week.

Queensland tabled its 2016/2017 budget and QTC subsequently announced its funding requirement for the year. While the raiding of the public service defined benefit plan surplus to the tune of $4 billion and the transfer of $750 million from government-owned corporations had not been well-received, ANZ thought spreads are likely to contract on the basis of lack of supply and the current level of spreads and Westpac views QTC as one of its preferred AA issuers.  QTC will have a funding requirement of $7.3 billion for 2016/2017, down from $10.6 billion estimated in December 2015. $5.4 billion will be used to refinance existing debt and $1.9 billion will be for new debt.

semis-17jun

AUST SEMI GOVT BOND

ISSUERMATURITYCOUPON
(%)
ISSUE
SIZE
WEEK
HIGH
WEEK
LOW
CLOSING
YIELD
Δ WEEKΔ MONTH
TCV15-Nov-165.7533601.851.831.83-0.010.01
NTTC20-Nov-165.755001.991.941.95-0.04-0.02
NSWTC20-Feb-174.0045171.761.751.76-0.030.00
NSWTC1-Mar-175.507471.701.681.70-0.030.00
WATC15-Jul-178.0051021.821.791.82-0.010.01
QTC14-Sep-176.0012471.661.661.66-0.040.01
SAFA20-Sep-175.7524031.761.751.76-0.03-0.02
TASCORP20-Sep-175.009801.771.751.77-0.04-0.06
QTC21-Sep-173.5061091.761.751.76-0.030.00
NTTC17-Nov-174.755001.791.781.78-0.07-0.06
TCV17-Nov-173.5028171.751.731.75-0.010.00
NSWTC1-Feb-186.0056501.731.661.71-0.060.02
QTC21-Feb-186.0064771.791.721.77-0.060.02
ACTTREAS7-Jun-185.505501.841.771.84-0.040.03
NTTC20-Sep-184.755001.901.851.90-0.040.01
WATC23-Oct-183.7537471.871.821.87-0.020.02
TCV15-Nov-185.5043461.741.691.73-0.040.00
NSWTC20-Mar-193.5044021.751.701.75-0.020.03
NSWTC1-Apr-196.00n/a1.671.621.67-0.030.03
QTC14-Jun-196.25n/a1.721.671.72-0.020.01
QTC21-Jun-194.0055231.851.801.85-0.010.01
SAFA6-Aug-194.7520001.861.811.86-0.010.02
WATC15-Oct-197.0037541.941.891.94-0.010.03
QTC21-Feb-206.2596861.901.851.90-0.03-0.04
NSWTC1-May-206.0061311.791.741.78-0.03-0.01
ACTTREAS22-May-204.255701.901.841.90-0.03-0.04
NSWTC1-Jun-206.001941.701.651.69-0.03-0.01
TASCORP15-Jun-206.006021.931.881.93-0.04-0.05
TCV15-Jun-206.0061851.801.741.79-0.03-0.02
NSWTC8-Apr-214.0025671.881.831.87-0.05-0.07
SAFA20-May-215.0020442.052.002.05-0.04-0.03
QTC14-Jun-216.0016011.871.821.86-0.04-0.09
QTC21-Jun-215.5064162.021.972.01-0.04-0.10
WATC15-Jul-217.0035732.132.072.13-0.01-0.04
NTTC20-Sep-214.256502.112.062.11-0.04-0.10
NSWTC1-Mar-226.0062051.971.911.95-0.04-0.10
TASCORP8-Mar-224.255652.142.082.14-0.02-0.11
ACT TREAS11-Apr-224.255502.092.032.09-0.02-0.14
QTC21-Jul-226.0075582.162.112.16-0.02-0.10
TCV17-Oct-226.0059952.021.962.01-0.03-0.10
NSWTC20-Apr-234.0036782.112.052.10-0.04-0.12
NSWTC1-May-236.0011801.991.931.98-0.04-0.12
QTC21-Jul-234.2555682.292.252.29-0.03-0.14
WATC16-Oct-236.0024272.422.362.42-0.02-0.09
SAFA20-Nov-234.257702.332.272.33-0.02-0.12
NTTC15-Mar-246.006502.382.322.38-0.03-0.18
TASCORP11-Jun-244.005502.372.312.37-0.02-0.17
QTC22-Jul-245.7565852.382.322.38-0.01-0.16
NSWTC20-Aug-245.0061192.192.132.19-0.03-0.13
TCV17-Dec-245.5048712.202.142.20-0.03-0.14
SAFA16-Apr-252.7512502.522.462.52-0.02-0.15
QTC21-Jul-254.7520602.482.432.48-0.03-0.19
WATC23-Jul-255.0010412.622.552.62-0.02-0.15
TASCORP19-Feb-263.253002.582.502.58-0.02-0.20
NTTC15-Mar-266.006502.522.452.52-0.03-0.20
QTC21-Jul-263.2528502.582.542.58-0.03-0.20
TCV17-Nov-265.5033672.312.262.31-0.04-0.17
WATC21-Oct-273.007002.842.772.84-0.032.84
NSWTC1-May-306.003622.572.502.57-0.03-0.20
TCV20-Dec-324.253392.812.742.81-0.03-0.17
QTC14-Mar-336.507252.972.902.97-0.02-0.20
Issues underlined are guaranteed by the Commonwealth Government