Summary: Semi-government bond spreads about 1bp wider on average; WATC issues new FRN, TCV taps/repurchases worth $1.793 billion in net terms.
Semi-government spreads finished the week about 1bp wider on average as semi-government yields almost tracked the increases of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -2bps to +2bps; NSWTC May 2041 bonds (spread: 50bps, -10bps) again was the one notable exception, essentially reversing the previous week’s 11bps rise.
There were two issuers present in the primary market during the week.
WATC issued a new FRN in the middle of the week, raising $1 billion via February 2027s at BBSW + 2bps.
TCV raised $1.793 billion in net terms through a series of taps and repurchases during the week. The seven taps totalled just over $2 billion and maturities ranged from December 2024 to September 2035. $235 million worth of bonds were purchased over three lines.
| ISSUER | MATURITY | COUPON (%) | ISSUE SIZE | WEEK HIGH | WEEK LOW | CLOSING YIELD | Δ WEEK | Δ MONTH |
|---|---|---|---|---|---|---|---|---|
| NSWTC | 1-Mar-22 | 6.00 | 4,257 | 0.09 | 0.08 | 0.08 | -0.01 | 0.00 |
| TASCORP | 8-Mar-22 | 4.25 | 1,299 | 0.11 | 0.09 | 0.11 | 0.00 | -0.08 |
| ACT TREASURY | 11-Apr-22 | 4.25 | 550 | 0.14 | 0.12 | 0.14 | -0.01 | -0.08 |
| QTC | 21-Jul-22 | 6.00 | 7,785 | 0.13 | 0.11 | 0.13 | -0.01 | -0.04 |
| SAFA | 22-Sep-22 | 1.50 | 2,062 | 0.18 | 0.16 | 0.18 | 0.00 | -0.05 |
| TCV | 17-Oct-22 | 6.00 | 3,770 | 0.25 | 0.21 | 0.24 | -0.01 | -0.02 |
| WATC | 20-Oct-22 | 2.75 | 3,423 | 0.18 | 0.16 | 0.18 | 0.00 | -0.03 |
| NTTC | 21-Nov-22 | 2.50 | 600 | 0.27 | 0.22 | 0.27 | 0.01 | 0.00 |
| NSWTC | 20-Apr-23 | 4.00 | 4,792 | 0.72 | 0.67 | 0.68 | -0.07 | 0.13 |
| NSWTC | 1-May-23 | 6.00 | 0.65 | 0.61 | 0.61 | -0.05 | 0.11 | |
| QTC | 21-Jul-23 | 4.25 | 8,744 | 0.99 | 0.94 | 0.94 | -0.05 | 0.20 |
| WATC | 16-Oct-23 | 6.00 | 4,600 | 1.13 | 1.07 | 1.08 | -0.04 | 0.23 |
| SAFA | 20-Nov-23 | 4.25 | 1,520 | 1.16 | 1.11 | 1.11 | -0.05 | 0.16 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 1.21 | 1.16 | 1.17 | -0.05 | 0.24 |
| NSWTC | 8-Feb-24 | 5.25 | 4,877 | 1.33 | 1.28 | 1.30 | -0.04 | 0.28 |
| NTTC | 15-Mar-24 | 6.00 | 650 | 1.54 | 1.49 | 1.50 | -0.05 | 0.32 |
| TASCORP | 11-Jun-24 | 4.00 | 1,151 | 1.70 | 1.64 | 1.68 | 0.00 | 0.40 |
| QTC | 22-Jul-24 | 5.75 | 8,249 | 1.55 | 1.49 | 1.53 | -0.02 | 0.37 |
| WATC | 23-Jul-24 | 2.50 | 5,079 | 1.56 | 1.51 | 1.53 | -0.03 | 0.34 |
| SAFA | 15-Aug-24 | 2.25 | 3,128 | 1.58 | 1.52 | 1.56 | -0.02 | 0.36 |
| NSWTC | 20-Aug-24 | 5.00 | 4,329 | 1.55 | 1.49 | 1.54 | -0.02 | 0.35 |
| TCV | 17-Dec-24 | 5.50 | 6,408 | 1.71 | 1.65 | 1.69 | -0.01 | 0.38 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 1.81 | 1.75 | 1.80 | -0.02 | 0.35 |
| SAFA | 16-Apr-25 | 2.75 | 1,250 | 1.86 | 1.79 | 1.85 | 0.00 | 0.37 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 1.83 | 1.76 | 1.82 | -0.01 | 0.36 |
| QTC | 21-Jul-25 | 4.75 | 8,581 | 1.92 | 1.86 | 1.91 | -0.01 | 0.36 |
| WATC | 23-Jul-25 | 5.00 | 5,468 | 1.91 | 1.84 | 1.90 | 0.00 | 0.37 |
| TASCORP | 19-Feb-26 | 3.25 | 1,070 | 2.17 | 2.10 | 2.15 | 0.00 | 0.37 |
| NTTC | 15-Mar-26 | 6.00 | 650 | 2.06 | 1.98 | 2.05 | -0.01 | 0.36 |
| NSWTC | 20-May-26 | 4.00 | 5,323 | 2.07 | 2.00 | 2.07 | 0.00 | 0.37 |
| SAFA | 20-Jul-26 | 3.00 | 3,540 | 2.12 | 2.05 | 2.11 | 0.00 | 0.39 |
| QTC | 21-Jul-26 | 3.25 | 8,610 | 2.11 | 2.04 | 2.11 | 0.01 | 0.38 |
| TCV | 17-Nov-26 | 5.50 | 7,030 | 2.14 | 2.07 | 2.13 | 0.01 | 0.38 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 2.30 | 2.20 | 2.29 | 0.02 | 0.36 |
| NSWTC | 20-May-27 | 3.00 | 8,861 | 2.23 | 2.14 | 2.23 | 0.02 | 0.39 |
| QTC | 20-Aug-27 | 2.75 | 8,544 | 2.26 | 2.17 | 2.26 | 0.03 | 0.39 |
| SAFA | 20-Sep-27 | 3.00 | 1,500 | 2.27 | 2.18 | 2.27 | 0.03 | 0.39 |
| WATC | 21-Oct-27 | 3.00 | 3,461 | 2.25 | 2.15 | 2.25 | 0.04 | 0.39 |
| NSWTC | 20-Mar-28 | 3.00 | 9,108 | 2.33 | 2.24 | 2.33 | 0.03 | 0.40 |
| SAFA | 24-May-28 | 3.00 | 3,040 | 2.37 | 2.28 | 2.37 | 0.03 | 0.40 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 2.36 | 2.27 | 2.36 | 0.03 | 0.39 |
| TCV | 20-Oct-28 | 3.00 | 7,927 | 2.40 | 2.30 | 2.40 | 0.03 | 0.39 |
| NSWTC | 20-Apr-29 | 3.00 | 9,153 | 2.44 | 2.33 | 2.44 | 0.04 | 0.39 |
| NTTC | 21-May-29 | 2.00 | 600 | 2.54 | 2.44 | 2.54 | 0.03 | 0.36 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 2.50 | 2.40 | 2.50 | 0.03 | 0.36 |
| WATC | 24-Jul-29 | 2.75 | 3,221 | 2.45 | 2.34 | 2.45 | 0.04 | 0.38 |
| QTC | 21-Aug-29 | 3.25 | 7,535 | 2.46 | 2.35 | 2.46 | 0.04 | 0.37 |
| TCV | 22-Oct-29 | 2.50 | 8,420 | 2.51 | 2.39 | 2.51 | 0.04 | 0.40 |
| NSWTC | 20-Feb-30 | 3.00 | 9,851 | 2.52 | 2.41 | 2.52 | 0.05 | 0.37 |
| NTTC | 21-May-30 | 2.00 | 750 | 2.60 | 2.49 | 2.60 | 0.04 | 0.34 |
| SAFA | 24-May-30 | 2.75 | 2,515 | 2.55 | 2.43 | 2.55 | 0.05 | 0.38 |
| QTC | 21-Aug-30 | 3.50 | 8,228 | 2.53 | 2.42 | 2.53 | 0.05 | 0.36 |
| TCV | 20-Nov-30 | 5.25 | 6,571 | 2.59 | 2.47 | 2.59 | 0.06 | 0.37 |
| NSWTC | 20-Mar-31 | 2.00 | 8,478 | 2.60 | 2.48 | 2.60 | 0.05 | 0.37 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 2.78 | 2.66 | 2.78 | 0.05 | 0.33 |
| QTC | 21-Aug-31 | 1.75 | 7,167 | 2.62 | 2.49 | 2.62 | 0.06 | 0.35 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 2.69 | 2.57 | 2.69 | 0.05 | 0.35 |
| SAFA | 24-May-32 | 5.25 | 2,560 | 2.70 | 2.59 | 2.70 | 0.04 | 0.38 |
| TCV | 20-Dec-32 | 4.25 | 5,602 | 2.69 | 2.58 | 2.69 | 0.05 | 0.35 |
| NSWTC | 8-Mar-33 | 5.25 | 3,640 | 2.74 | 2.62 | 2.74 | 0.05 | 0.35 |
| QTC | 14-Mar-33 | 6.50 | 1,210 | 2.66 | 2.56 | 2.66 | 0.04 | 0.34 |
| QTC | 20-Jul-34 | 1.75 | 2,570 | 2.86 | 2.74 | 2.86 | 0.06 | 0.35 |
| WATC | 24-Oct-34 | 2.00 | 1,098 | 2.78 | 2.66 | 2.78 | 0.05 | 0.38 |
| QTC | 16-Apr-40 | 2.25 | 2,071 | 3.14 | 3.02 | 3.14 | 0.07 | 0.34 |
| NSWTC | 7-May-41 | 2.25 | 2,293 | 3.22 | 3.10 | 3.22 | -0.03 | 0.33 |
| QTC | 20-Nov-41 | 2.25 | 1,888 | 3.19 | 3.07 | 3.19 | 0.07 | 0.30 |