June 2015

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Our benchmark semis saw their yields rise in line with ACGBs and spreads relatively unchanged. There were no new issues of semis in June but a number of state’s tabled their 2015/16 budgets including NSW and SA. Tasmania’s budget was tabled in May and passed in June.

The NSW budget held the biggest interest and announced the borrowing requirement for 2015/16 would be $7.3bn, up from $4.3bn.
The state faces a large ongoing capital spending program and headline debt is forecast to grow significantly. Markets were comfortable with the result as asset sales proceeds have not been included in budget numbers. A leaked secret NSW Treasury memo was reported by the AFR as warning the proposed electricity asset sale would weaken the state’s rating by Moody’s but markets seemed unconcerned about the state’s AAA rating.

The S.A budget was also handed down with no new savings measures but there were some tax measures designed to stimulate growth. Economists were quoted as saying the forecasts were unlikely to be achieved and were optimistic.

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AUST SEMI GOVT BONDS

ISSUERMATURITYCOUPON
(%)
ISSUE
SIZE
MONTH
HIGH
MONTH
LOW
CLOSING
YIELD
Δ MONTHΔ 2 MONTHS
TCV17-Aug-158.00508n/an/a2.050.11-0.11
QTC14-Oct-156.006162.051.952.040.050.00
NTTC20-Oct-156.25n/a2.072.002.150.040.01
QTC21-Oct-156.0051282.172.112.110.03-0.01
TCV10-Nov-152.7512042.132.092.020.00-0.08
NSWTC1-Apr-166.0044312.052.022.030.04-0.02
QTC21-Apr-166.0052932.072.002.140.110.02
WATC8-Jun-163.0032312.152.042.140.090.02
TCV15-Nov-165.7531892.172.062.030.03-0.03
NTTC20-Nov-165.75n/a2.081.992.200.110.02
NSWTC20-Feb-174.0043652.212.102.080.100.00
NSWTC1-Mar-175.509072.121.972.000.09-0.01
WATC15-Jul-178.0052522.061.892.280.180.06
QTC14-Sep-176.0018472.312.082.150.170.10
SAFA20-Sep-175.7524032.191.972.270.160.09
TASCORP20-Sep-175.009802.312.092.280.160.09
QTC21-Sep-173.5062632.342.112.280.180.10
NTTC17-Nov-174.75n/a2.322.092.310.180.11
TCV17-Nov-173.5029542.352.112.210.170.09
NSWTC1-Feb-186.0055822.242.032.210.170.05
QTC21-Feb-186.0065522.282.032.350.210.11
ACTTREAS7-Jun-185.505502.412.132.300.170.06
NTTC20-Sep-184.755002.402.132.410.170.08
WATC23-Oct-183.7537982.502.232.480.200.11
TCV15-Nov-185.5042982.552.272.340.210.12
NSWTC20-Mar-193.5047142.392.112.380.190.13
NSWTC1-Apr-196.0010772.472.172.290.200.14
QTC14-Jun-196.2532832.382.072.420.220.16
QTC21-Jun-194.0055392.512.172.580.240.19
SAFA6-Aug-194.7520002.672.332.610.260.20
WATC15-Oct-197.0036892.672.332.650.220.18
QTC21-Feb-206.2596862.742.412.700.220.20
NSWTC1-May-206.0060352.812.462.550.190.17
ACTTREAS22-May-204.255702.652.342.660.210.19
NSWTC1-Jun-206.001942.772.432.400.150.12
TASCORP15-Jun-206.006542.532.232.710.220.21
TCV15-Jun-206.0062012.802.472.580.210.18
NSWTC8-Apr-214.0027112.662.352.740.190.20
SAFA20-May-215.0020452.872.532.970.240.28
QTC14-Jun-215.5017973.102.712.780.210.25
QTC21-Jun-216.0064222.922.552.960.210.26
WATC15-Jul-217.0035183.112.723.000.190.24
NTTC20-Sep-214.256503.172.793.010.180.32
NSWTC1-Mar-226.0061753.142.472.870.200.23
TASCORP8-Mar-224.255653.002.663.120.250.30
ACTTREAS11-Apr-224.255503.262.863.020.200.32
QTC21-Jul-226.0075583.152.823.150.240.30
TCV17-Oct-226.0060513.312.902.960.240.27
NSWTC20-Apr-234.0041413.062.703.080.240.29
NSWTC1-May-236.0013823.212.832.940.220.28
QTC21-Jul-234.25633173.102.723.360.260.34
WATC16-Oct-236.0024273.543.093.420.250.36
SAFA20-Nov-234.2512703.593.173.410.290.41
NTTC15-Mar-246.00n/a3.553.113.480.290.39
QTC22-Jul-245.7565853.653.193.500.290.39
NSWTC20-Aug-245.0062743.683.213.210.250.32
TCV17-Dec-245.5048333.362.953.240.270.34
QTC21-Jul-254.7534603.372.963.620.280.42
WATC23-Jul-255.0010823.803.333.670.280.43
NTTC15-Mar-266.00n/a3.843.393.650.280.42
TCV17-Nov-265.5033753.833.363.430.280.38
NSWTC1-May-306.003423.563.143.660.310.42
TCV20-Dec-324.253323.793.333.830.340.43
QTC14-Mar-336.508403.963.504.080.370.56

Issues underlined are guaranteed by the Commonwealth Government

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