16 May – 20 May 2016

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The WA Government tabled its 2016/2017 budget last week and now its financing arm, WATC, has announced its funding requirement for this coming year. The total funding requirement for the year will be $8 billion, of which $650 million has already been raised. Of this $8 billion, nearly $3 billion is to refinance existing maturing debt. WATC currently has about $40 billion of debt, which is expected to rise to $42.1bn over the 2016/2017 year. ANZ said, “We remain cautious on WATC’s credit given the underlying weakness of the budget balance and net debt position.” However, it did not expect spreads to widen significantly due to the limited supply of semi-government debt in aggregate.

Yields rose in every sector of the bond market and semi-government bonds were not exempt. Spreads rose marginally, although the change was small and not linked to any particular issuer or an end of the curve.
semis-yield-20may
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AUST SEMI GOVT BOND

ISSUERMATURITYCOUPON
(%)
ISSUE
SIZE
WEEK
HIGH
WEEK
LOW
CLOSING
YIELD
Δ WEEKΔ MONTH
WATC8-Jun-163.0032431.801.751.800.00-0.35
TCV15-Nov-165.7533601.831.811.830.01-0.33
NTTC20-Nov-165.755001.961.941.960.00-0.32
NSWTC20-Feb-174.0045171.771.751.770.01-0.33
NSWTC1-Mar-175.507471.711.691.710.01-0.33
WATC15-Jul-178.0051021.831.801.820.02-0.39
QTC14-Sep-176.0012471.671.651.660.01-0.39
SAFA20-Sep-175.7524031.791.771.790.01-0.39
TASCORP20-Sep-175.009801.851.791.840.02-0.35
QTC21-Sep-173.5061091.771.751.760.01-0.41
NTTC17-Nov-174.755001.861.821.850.01-0.38
TCV17-Nov-173.5028171.761.731.750.01-0.38
NSWTC1-Feb-186.0056501.741.671.720.03-0.38
QTC21-Feb-186.0064771.811.741.790.05-0.41
ACTTREAS7-Jun-185.505501.861.761.840.04-0.36
NTTC20-Sep-184.755001.951.861.930.04-0.38
WATC23-Oct-183.7537471.911.831.900.05-0.38
TCV15-Nov-185.5043461.791.711.770.04-0.39
NSWTC20-Mar-193.5044021.771.691.750.04-0.37
NSWTC1-Apr-196.00n/a1.691.621.670.03-0.38
QTC14-Jun-196.25n/a1.761.691.740.03-0.40
QTC21-Jun-194.0055231.891.821.870.03-0.40
SAFA6-Aug-194.7520001.901.821.870.03-0.39
WATC15-Oct-197.0037541.961.901.950.04-0.39
QTC21-Feb-206.2596861.991.911.960.02-0.39
NSWTC1-May-206.0061311.851.781.830.03-0.37
ACTTREAS22-May-204.255702.001.911.970.03-0.37
NSWTC1-Jun-206.001941.761.681.730.03-0.36
TASCORP15-Jun-206.006022.041.952.010.03-0.37
TCV15-Jun-206.0061851.871.801.840.03-0.39
NSWTC8-Apr-214.0025672.011.921.980.04-0.34
SAFA20-May-215.0020442.152.062.120.04-0.37
QTC14-Jun-216.0016012.021.941.990.03-0.35
QTC21-Jun-215.5064162.172.092.140.03-0.36
WATC15-Jul-217.0035732.242.152.210.04-0.36
NTTC20-Sep-214.256502.272.172.240.04-0.32
NSWTC1-Mar-226.0062052.112.012.070.03-0.32
TASCORP8-Mar-224.255652.332.212.290.03-0.32
ACT TREAS11-Apr-224.255502.292.172.250.02-0.29
QTC21-Jul-226.0075582.322.222.280.03-0.33
TCV17-Oct-226.0059952.182.072.140.03-0.34
NSWTC20-Apr-234.0036782.282.182.240.02-0.31
NSWTC1-May-236.0011802.162.062.120.02-0.31
QTC21-Jul-234.2555682.502.402.470.03-0.31
WATC16-Oct-236.0024272.582.482.540.03-0.33
SAFA20-Nov-234.257702.522.412.480.03-0.30
NTTC15-Mar-246.006502.632.512.590.03-0.28
TASCORP11-Jun-244.005502.612.492.570.03-0.28
QTC22-Jul-245.7565852.602.502.560.02-0.30
NSWTC20-Aug-245.0061192.392.282.350.04-0.28
TCV17-Dec-245.5048712.402.302.360.03-0.31
SAFA16-Apr-252.7512502.742.632.700.03-0.24
QTC21-Jul-254.7520602.742.632.700.03-0.25
WATC23-Jul-255.0010412.832.712.790.03-0.25
TASCORP19-Feb-263.253002.842.712.800.03-0.23
NTTC15-Mar-266.006502.792.672.740.03-0.26
QTC21-Jul-263.2528502.862.742.820.03-0.24
TCV17-Nov-265.5033672.552.442.510.03-0.29
NSWTC1-May-306.003622.852.722.810.03-0.24
TCV20-Dec-324.253393.052.933.010.02-0.24
QTC14-Mar-336.507253.253.143.200.03-0.26

Issues underlined are guaranteed by the Commonwealth Government

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