22 Feb – 26 Feb 2016

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After a dearth of semi-government issues since the beginning of 2016, QTC has gone some way to remedying this situation by issuing bonds via tender in a three tranche deal worth $450 million. The tranches were split into $250 million worth of July 2023s sold at EFP + 30.625bps, $81 million worth of July 2024s sold at EFP + 38.1759bps and $119 million worth of July 2025s sold at EFP + 49.3739bps. For the purposes of comparison, QTC sold $500 million worth of July 2025s in November at EFP + 48bps

semi-gov-26feb

Semi spreads to ACGBs generally contracted again over the week, by 1-2bps for bonds with 2020 maturities and by 1-3bps for bonds with 2024 maturities, although there were smattering of semis from both AAA and non AAA-rated states where the spread increased.

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AUST SEMI GOVT BOND

ISSUERMATURITYCOUPON
(%)
ISSUE
SIZE
WEEK
HIGH
WEEK
LOW
CLOSING
YIELD
Δ WEEKΔ MONTH
NSWTC1-Apr-166.0043802.112.092.09-0.02-0.03
QTC21-Apr-166.0052932.231.752.20-0.02-0.03
WATC8-Jun-163.0032432.172.142.14-0.02-0.07
TCV15-Nov-165.7533602.112.082.08-0.02-0.03
NTTC20-Nov-165.755002.282.262.26-0.02-0.01
NSWTC20-Feb-174.0045172.032.002.00-0.02-0.03
NSWTC1-Mar-175.507471.971.941.94-0.02-0.03
WATC15-Jul-178.0051022.102.032.03-0.06-0.13
QTC14-Sep-176.0012471.971.891.89-0.06-0.12
SAFA20-Sep-175.7524032.102.002.00-0.07-0.11
TASCORP20-Sep-175.009802.102.022.02-0.06-0.12
QTC21-Sep-173.5061092.092.012.01-0.06-0.12
NTTC17-Nov-174.755002.132.052.05-0.07-0.12
TCV17-Nov-173.5028172.041.961.96-0.06-0.10
NSWTC1-Feb-186.0056501.941.861.86-0.05-0.21
QTC21-Feb-186.0064772.051.961.96-0.07-0.20
ACTTREAS7-Jun-185.505502.061.971.97-0.07-0.20
NTTC20-Sep-184.755002.152.062.06-0.08-0.23
WATC23-Oct-183.7537472.152.072.07-0.06-0.19
TCV15-Nov-185.5043462.031.951.95-0.05-0.20
NSWTC20-Mar-193.5044021.971.881.88-0.05-0.26
NSWTC1-Apr-196.00n/a1.881.801.80-0.06-0.26
QTC14-Jun-196.25n/a2.021.931.93-0.07-0.24
QTC21-Jun-194.0055232.162.062.06-0.07-0.24
SAFA6-Aug-194.7520002.142.052.05-0.06-0.22
WATC15-Oct-197.0037542.242.152.15-0.07-0.24
QTC21-Feb-206.2596862.252.152.15-0.08-0.28
NSWTC1-May-206.0061312.041.951.95-0.06-0.30
ACTTREAS22-May-204.255702.232.102.10-0.09-0.29
NSWTC1-Jun-206.001941.911.821.82-0.06-0.32
TASCORP15-Jun-206.006022.262.162.16-0.07-0.24
TCV15-Jun-206.0061852.122.032.03-0.07-0.27
NSWTC8-Apr-214.0025672.182.102.10-0.06-0.30
SAFA20-May-215.0020442.462.352.35-0.08-0.30
QTC14-Jun-216.0016012.292.182.18-0.09-0.30
QTC21-Jun-215.5064162.452.342.34-0.09-0.30
WATC15-Jul-217.0035732.522.412.41-0.09-0.30
NTTC20-Sep-214.256502.472.142.42-0.07-0.29
NSWTC1-Mar-226.0062052.312.232.23-0.06-0.30
TASCORP8-Mar-224.255652.602.502.50-0.07-0.27
ACT TREAS11-Apr-224.255502.502.432.43-0.10-0.27
QTC21-Jul-226.0075582.622.512.51-0.08-0.30
TCV17-Oct-226.0059952.432.352.35-0.06-0.29
NSWTC20-Apr-234.0036782.462.382.38-0.06-0.33
NSWTC1-May-236.0011802.342.262.26-0.06-0.33
QTC21-Jul-234.2555682.792.692.69-0.08-0.31
WATC16-Oct-236.0024272.872.772.77-0.08-0.32
SAFA20-Nov-234.257702.802.702.70-0.08-0.32
NTTC15-Mar-246.006502.842.742.74-0.09-0.35
TASCORP11-Jun-244.005502.862.772.77-0.07-0.30
QTC22-Jul-245.7565852.862.772.77-0.08-0.35
NSWTC20-Aug-245.0061192.552.472.47-0.05-0.36
TCV17-Dec-245.5048712.622.542.54-0.05-0.35
SAFA16-Apr-252.7512502.962.872.87-0.07-0.35
QTC21-Jul-254.7520602.972.872.87-0.08-0.38
WATC23-Jul-255.0010413.062.952.95-0.08-0.37
TASCORP19-Feb-263.253003.062.962.96-0.07-0.31
NTTC15-Mar-266.006503.012.912.91-0.08-0.37
QTC21-Jul-263.2528503.123.013.01-0.08-0.37
TCV17-Nov-265.5033672.772.692.69-0.05-0.36
NSWTC1-May-306.003622.992.922.92-0.05-0.36
TCV20-Dec-324.253393.213.133.13-0.05-0.37
QTC14-Mar-336.507253.433.353.35-0.06-0.33

Issues underlined are guaranteed by the Commonwealth Government

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