18 Apr – 22 Apr 2016

Share

[private role=’subscriber’]

After mandating several investment banks to find suitable investors Tascorp has priced a new 30 year bond and has been reported to have issued $55 million of the May 2046’s. It was priced at ACGB April 2039 + 110bps and the April 2039s bond was used for comparative purposes as it is the longest-dated bond issued by the Commonwealth Government. It is still 7 years shorter than this latest bond from Tascorp and comparisons are open to interpretation. It was an interesting move by Tascorp that has significantly lengthened its debt profile and taken advantage of the demand for long dated yield.

WATC also was active in the semis market with the issue of $1.1billion of a new benchmark line of October 2022s. They were issued at ACGB + 55bps which is could be considered to be slightly more favourable than the ACGB + 54.25bps on $750 million worth of July 2020s issued in August.

Yields in the semis market followed their Commonwealth counterparts up and spreads were, by and large, maintained. Almost as many semi-spreads widened as contracted but the net effect was a very modest contraction.

semis-22apr-yieldreport
[/private]

[private role=’subscriber’]

AUST SEMI GOVT BOND

ISSUERMATURITYCOUPON
(%)
ISSUE
SIZE
WEEK
HIGH
WEEK
LOW
CLOSING
YIELD
Δ WEEKΔ MONTH
WATC8-Jun-163.0032432.172.162.170.01-0.01
TCV15-Nov-165.7533602.172.152.170.010.06
NTTC20-Nov-165.755002.292.282.290.010.00
NSWTC20-Feb-174.0045172.122.082.120.020.04
NSWTC1-Mar-175.507472.062.032.060.020.05
WATC15-Jul-178.0051022.242.192.240.030.08
QTC14-Sep-176.0012472.082.032.080.030.06
SAFA20-Sep-175.7524032.202.162.200.020.06
TASCORP20-Sep-175.009802.222.172.220.030.06
QTC21-Sep-173.5061092.202.152.200.030.06
NTTC17-Nov-174.755002.252.202.250.020.06
TCV17-Nov-173.5028172.162.112.160.030.06
NSWTC1-Feb-186.0056502.142.062.140.040.11
QTC21-Feb-186.0064772.222.162.220.020.07
ACTTREAS7-Jun-185.505502.242.172.240.030.09
NTTC20-Sep-184.755002.352.272.350.040.08
WATC23-Oct-183.7537472.332.232.330.050.07
TCV15-Nov-185.5043462.212.112.210.050.08
NSWTC20-Mar-193.5044022.182.072.180.060.06
NSWTC1-Apr-196.00n/a2.102.002.100.060.06
QTC14-Jun-196.25n/a2.192.092.190.060.05
QTC21-Jun-194.0055232.322.232.320.050.03
SAFA6-Aug-194.7520002.322.222.320.060.05
WATC15-Oct-197.0037542.382.292.380.050.02
QTC21-Feb-206.2596862.412.302.410.060.02
NSWTC1-May-206.0061312.262.142.260.070.06
ACTTREAS22-May-204.255702.402.292.400.060.04
NSWTC1-Jun-206.001942.162.052.160.070.06
TASCORP15-Jun-206.006022.442.332.440.060.04
TCV15-Jun-206.0061852.302.192.300.070.06
NSWTC8-Apr-214.0025672.382.272.380.060.06
SAFA20-May-215.0020442.552.432.550.050.01
QTC14-Jun-216.0016012.402.292.400.060.02
QTC21-Jun-215.5064162.552.452.550.050.01
WATC15-Jul-217.0035732.612.512.610.050.05
NTTC20-Sep-214.256502.312.212.31-0.26-0.33
NSWTC1-Mar-226.0062052.482.352.480.080.07
TASCORP8-Mar-224.255652.682.562.680.070.01
ACT TREAS11-Apr-224.255502.582.492.580.04-0.02
QTC21-Jul-226.0075582.692.562.690.070.01
TCV17-Oct-226.0059952.552.422.550.080.05
NSWTC20-Apr-234.0036782.632.492.630.080.06
NSWTC1-May-236.0011802.502.372.500.080.06
QTC21-Jul-234.2555682.862.722.860.080.02
WATC16-Oct-236.0024272.942.822.940.060.06
SAFA20-Nov-234.257702.872.722.870.080.05
NTTC15-Mar-246.006502.952.812.950.090.07
TASCORP11-Jun-244.005502.942.792.940.090.03
QTC22-Jul-245.7565852.952.812.950.090.04
NSWTC20-Aug-245.0061192.712.572.710.080.07
TCV17-Dec-245.5048712.752.612.750.080.05
SAFA16-Apr-252.7512503.042.893.040.100.03
QTC21-Jul-254.7520603.032.893.030.080.01
WATC23-Jul-255.0010413.122.983.120.070.03
TASCORP19-Feb-263.253003.112.973.110.080.01
NTTC15-Mar-266.006503.092.943.090.090.02
QTC21-Jul-263.2528503.133.003.130.08-0.01
TCV17-Nov-265.5033672.882.742.880.080.03
NSWTC1-May-306.003623.112.983.110.070.03
TCV20-Dec-324.253393.313.183.310.060.03
QTC14-Mar-336.507253.533.403.530.060.05

Issues underlined are guaranteed by the Commonwealth Government

[/private]