Summary: Semi-government bond spreads another 2bps tighter.
Semi-government spreads finished the week around 2bps tighter on average as semi-government yields outpaced the falls of their Commonwealth Government counterparts. The majority of spreads in the sample varied within or quite close to a range from -3bps to zero and the only notable exception came from TCV December 2024(spread: 24bps, +5bps).
AUSTRALIAN SEMI GOVT BONDS
| ISSUER | MATURITY | COUPON (%) | ISSUE SIZE | CLOSING YIELD | Δ WEEK | Δ MONTH | WEEK HIGH | WEEK LOW |
|---|---|---|---|---|---|---|---|---|
| WATC | 16-Oct-23 | 4.25 | 3,571 | 4.11 | 0.08 | -0.19 | 4.11 | 4.02 |
| SAFA | 20-Nov-23 | 6.00 | 1,520 | 4.14 | 0.01 | -0.16 | 4.14 | 4.11 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 4.16 | -0.04 | -0.21 | 4.19 | 4.16 |
| NSWTC | 8-Feb-24 | 5.25 | 4,542 | 4.20 | -0.01 | -0.35 | 4.21 | 4.17 |
| NTTC | 15-Mar-24 | 4.25 | 650 | 4.11 | -0.03 | -0.33 | 4.14 | 4.09 |
| QTC | 22-Jul-24 | 4.00 | 7,490 | 4.20 | -0.02 | -0.44 | 4.22 | 4.17 |
| WATC | 23-Jul-24 | 5.75 | 4,191 | 4.18 | -0.04 | -0.44 | 4.22 | 4.17 |
| SAFA | 15-Aug-24 | 2.50 | 2,628 | 4.19 | -0.03 | -0.42 | 4.22 | 4.16 |
| NSWTC | 20-Aug-24 | 2.25 | 4,324 | 4.21 | -0.02 | -0.41 | 4.23 | 4.17 |
| TCV | 17-Dec-24 | 5.00 | 5,111 | 4.18 | 0.00 | -0.47 | 4.18 | 4.11 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 4.19 | -0.05 | -0.51 | 4.25 | 4.11 |
| SAFA | 16-Apr-25 | 5.50 | 1,250 | 4.19 | -0.07 | -0.47 | 4.26 | 4.11 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 4.21 | -0.07 | -0.51 | 4.29 | 4.14 |
| QTC | 21-Jul-25 | 2.75 | 8,581 | 4.18 | -0.05 | -0.48 | 4.23 | 4.09 |
| WATC | 23-Jul-25 | 4.75 | 5,573 | 4.16 | -0.05 | -0.49 | 4.21 | 4.07 |
| TASCORP | 19-Feb-26 | 5.00 | 1,229 | 4.17 | -0.06 | -0.43 | 4.23 | 4.08 |
| NTTC | 15-Mar-26 | 3.25 | 650 | 4.19 | -0.07 | -0.43 | 4.26 | 4.12 |
| NSWTC | 20-May-26 | 6.00 | 5,473 | 4.11 | -0.06 | -0.48 | 4.16 | 4.02 |
| SAFA | 20-Jul-26 | 4.00 | 3,540 | 4.07 | -0.07 | -0.47 | 4.14 | 3.99 |
| QTC | 21-Jul-26 | 3.00 | 8,610 | 4.08 | -0.06 | -0.47 | 4.14 | 3.99 |
| WATC | 21-Oct-26 | 3.00 | 5,147 | 4.05 | -0.06 | -0.47 | 4.11 | 3.96 |
| TCV | 17-Nov-26 | 3.25 | 11,223 | 4.13 | -0.07 | -0.49 | 4.20 | 4.05 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 4.12 | -0.07 | -0.44 | 4.19 | 4.04 |
| NSWTC | 20-May-27 | 2.75 | 9,111 | 4.07 | -0.06 | -0.46 | 4.13 | 3.98 |
| QTC | 20-Aug-27 | 3.00 | 8,794 | 4.06 | -0.06 | -0.44 | 4.12 | 3.97 |
| SAFA | 20-Sep-27 | 2.75 | 1,500 | 4.10 | -0.06 | -0.43 | 4.16 | 4.02 |
| WATC | 21-Oct-27 | 3.00 | 4,199 | 4.05 | -0.06 | -0.44 | 4.11 | 3.96 |
| NSWTC | 20-Mar-28 | 3.00 | 11,293 | 4.13 | -0.08 | -0.43 | 4.21 | 4.05 |
| SAFA | 24-May-28 | 3.00 | 4,040 | 4.16 | -0.07 | -0.42 | 4.22 | 4.07 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 4.12 | -0.09 | -0.43 | 4.21 | 4.04 |
| TCV | 20-Oct-28 | 3.00 | 11,144 | 4.20 | -0.08 | -0.42 | 4.28 | 4.12 |
| NSWTC | 20-Apr-29 | 3.00 | 10,233 | 4.24 | -0.07 | -0.39 | 4.31 | 4.15 |
| NTTC | 21-May-29 | 2.00 | 600 | 4.34 | -0.07 | -0.36 | 4.41 | 4.25 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 4.28 | -0.07 | -0.37 | 4.35 | 4.19 |
| WATC | 24-Jul-29 | 2.75 | 3,661 | 4.21 | -0.07 | -0.39 | 4.28 | 4.12 |
| QTC | 21-Aug-29 | 3.25 | 7,635 | 4.24 | -0.07 | -0.39 | 4.31 | 4.15 |
| TCV | 22-Oct-29 | 2.50 | 10,712 | 4.32 | -0.07 | -0.38 | 4.39 | 4.24 |
| NSWTC | 20-Feb-30 | 3.00 | 11,041 | 4.35 | -0.08 | -0.33 | 4.43 | 4.27 |
| NTTC | 21-May-30 | 2.00 | 750 | 4.50 | -0.08 | -0.31 | 4.58 | 4.42 |
| SAFA | 24-May-30 | 2.75 | 3,865 | 4.39 | -0.08 | -0.31 | 4.47 | 4.30 |
| QTC | 21-Aug-30 | 3.50 | 8,962 | 4.35 | -0.08 | -0.33 | 4.43 | 4.26 |
| TCV | 20-Nov-30 | 5.25 | 8,551 | 4.47 | -0.08 | -0.32 | 4.55 | 4.37 |
| NSWTC | 20-Mar-31 | 2.00 | 10,603 | 4.51 | -0.09 | -0.28 | 4.60 | 4.42 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 4.62 | -0.09 | -0.26 | 4.71 | 4.53 |
| QTC | 21-Aug-31 | 1.75 | 7,357 | 4.48 | -0.09 | -0.27 | 4.57 | 4.39 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 4.56 | -0.08 | -0.25 | 4.64 | 4.46 |
| NSWTC | 20-Feb-32 | 2.00 | 12,611 | 4.65 | -0.09 | -0.26 | 4.74 | 4.56 |
| SAFA | 24-May-32 | 5.25 | 3,310 | 4.67 | -0.09 | -0.22 | 4.76 | 4.58 |
| TCV | 20-Dec-32 | 4.25 | 11,349 | 4.73 | -0.10 | -0.26 | 4.82 | 4.63 |
| NSWTC | 8-Mar-33 | 5.25 | 13,195 | 4.76 | -0.10 | -0.25 | 4.85 | 4.66 |
| QTC | 14-Mar-33 | 6.50 | 662 | 4.62 | -0.10 | -0.25 | 4.71 | 4.52 |
| NSWTC | 20-Mar-34 | 1.75 | 2 | 4.87 | -0.09 | -0.24 | 4.97 | 4.78 |
| QTC | 20-Jul-34 | 1.75 | 6,078 | 4.82 | -0.09 | -0.22 | 4.91 | 4.72 |
| WATC | 24-Oct-34 | 2.00 | 1,649 | 4.71 | -0.10 | -0.22 | 4.82 | 4.62 |
| QTC | 16-Apr-40 | 2.25 | 1,482 | 5.22 | -0.10 | -0.13 | 5.31 | 5.14 |
| NSWTC | 7-May-41 | 2.25 | 2,318 | 5.32 | -0.11 | -0.08 | 5.43 | 5.24 |
| QTC | 20-Nov-41 | 2.25 | 2,181 | 5.24 | -0.11 | -0.14 | 5.35 | 5.17 |