20 Jun – 24 Jun 2016

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There were no new issues from the states’ financing bodies during the week and Tascorp still has not issued its new February 2028 line which it mandated in the first week of June.

NSW released its expected funding requirements for the forward estimates period but given long term leases for AusGrid and Endeavour have not been made part of the forecasts, readers may be forgiven for not relying on the numbers published. Not that investors will worry too much. NSW’s finances are exceptionally robust with close to no net debt and a budget surplus.

Spreads were more inclined to widen at the long end and contract at the short end. There were no consistent widening or contracting of spreads from particular states, which indicates changes in spreads are most likely to be the result of the large changes in the underlying benchmark yields rather than some concerted strategy by investors to move exposures.

semis-jun24

AUST SEMI GOVT BOND

ISSUERMATURITYCOUPON
(%)
ISSUE
SIZE
WEEK
HIGH
WEEK
LOW
CLOSING
YIELD
Δ WEEKΔ MONTH
TCV15-Nov-165.7532661.841.811.81-0.02-0.02
NTTC20-Nov-165.755001.971.861.86-0.08-0.10
NSWTC20-Feb-174.0036301.771.701.70-0.05-0.06
NSWTC1-Mar-175.506871.711.641.64-0.06-0.07
WATC15-Jul-178.0054591.861.771.77-0.05-0.06
QTC14-Sep-176.0010381.741.621.62-0.03-0.04
SAFA20-Sep-175.7524031.821.731.73-0.03-0.06
TASCORP20-Sep-175.009801.841.741.74-0.02-0.10
QTC21-Sep-173.5048231.821.711.71-0.05-0.05
NTTC17-Nov-174.755001.861.751.75-0.03-0.10
TCV17-Nov-173.5028251.811.701.70-0.04-0.05
NSWTC1-Feb-186.0046701.811.651.65-0.05-0.07
QTC21-Feb-186.0055621.851.691.69-0.07-0.10
ACTTREAS7-Jun-185.505501.931.761.76-0.07-0.08
NTTC20-Sep-184.755002.021.841.84-0.05-0.09
WATC23-Oct-183.7550701.991.821.82-0.04-0.08
TCV15-Nov-185.5040131.871.691.69-0.05-0.09
NSWTC20-Mar-193.5046721.861.671.67-0.07-0.08
NSWTC1-Apr-196.005491.781.591.59-0.08-0.08
QTC14-Jun-196.2530401.841.671.67-0.05-0.07
QTC21-Jun-194.0057831.971.801.80-0.05-0.07
SAFA6-Aug-194.7520001.971.801.80-0.06-0.07
WATC15-Oct-197.0041732.061.881.88-0.06-0.06
QTC21-Feb-206.2596862.031.841.84-0.05-0.12
NSWTC1-May-206.0062081.901.721.72-0.07-0.11
ACTTREAS22-May-204.255702.031.831.83-0.07-0.14
NSWTC1-Jun-206.001061.811.611.61-0.08-0.12
TASCORP15-Jun-206.006542.071.871.87-0.06-0.14
TCV15-Jun-206.0062081.921.731.73-0.06-0.11
NSWTC8-Apr-214.0034312.001.811.81-0.06-0.17
SAFA20-May-215.0020442.171.981.98-0.07-0.14
QTC14-Jun-216.0015432.001.821.82-0.04-0.17
QTC21-Jun-215.5069782.151.961.96-0.05-0.18
WATC15-Jul-217.0034112.252.062.06-0.06-0.14
NTTC20-Sep-214.256502.262.042.04-0.07-0.20
NSWTC1-Mar-226.0058042.091.891.89-0.06-0.19
TASCORP8-Mar-224.257132.292.092.09-0.05-0.20
ACT TREAS11-Apr-224.255502.252.022.02-0.07-0.23
QTC21-Jul-226.0082082.302.112.11-0.05-0.18
TCV17-Oct-226.0061352.151.941.94-0.06-0.19
NSWTC20-Apr-234.0042232.242.032.03-0.07-0.21
NSWTC1-May-236.0010182.121.911.91-0.07-0.21
QTC21-Jul-234.2578932.452.252.25-0.04-0.22
WATC16-Oct-236.0036772.582.372.37-0.05-0.17
SAFA20-Nov-234.2515202.482.272.27-0.06-0.21
NTTC15-Mar-246.006502.552.332.33-0.05-0.26
TASCORP11-Jun-244.006672.542.332.33-0.04-0.24
QTC22-Jul-245.7579662.552.342.34-0.04-0.22
NSWTC20-Aug-245.0063232.342.122.12-0.07-0.23
TCV17-Dec-245.5048892.372.152.15-0.05-0.21
SAFA16-Apr-252.7512502.682.472.47-0.05-0.23
QTC21-Jul-254.7559342.652.452.45-0.03-0.25
WATC23-Jul-255.0030592.782.572.57-0.05-0.23
TASCORP19-Feb-263.254452.732.512.51-0.07-0.29
NTTC15-Mar-266.006502.692.482.48-0.04-0.26
QTC21-Jul-263.2536002.742.542.54-0.04-0.28
TCV17-Nov-265.5037182.482.262.26-0.05-0.25
WATC21-Oct-273.007002.992.782.78-0.062.78
NSWTC21-Jul-283.2510002.912.702.70-0.052.70
TCV1-May-306.003822.712.492.49-0.08-0.32
QTC20-Dec-324.253612.952.722.72-0.09-0.29
14-Mar-336.5012103.142.922.92-0.06-0.29
Issues underlined are guaranteed by the Commonwealth Government