Summary: Semi-government bond spreads 1bp tighter on average; WA credit rating upgraded to Aaa.
Semi-government spreads finished the week 1bp tighter on average as semi-government yields slightly outpaced the falls of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -1bps to +2bps and the only notable exceptions came from short-dated lines.
In ratings news, Moody’s upgraded Western Australia’s credit rating from Aa1 to Aaa.
AUSTRALIAN SEMI GOVT BONDS
| ISSUER | MATURITY | COUPON (%) | ISSUE SIZE | CLOSING YIELD | Δ WEEK | Δ MONTH | WEEK HIGH | WEEK LOW |
|---|---|---|---|---|---|---|---|---|
| QTC | 21-Jul-23 | 6.00 | 7,549 | 3.95 | -0.12 | -0.05 | 4.07 | 3.95 |
| WATC | 16-Oct-23 | 4.25 | 3,577 | 4.19 | -0.10 | 0.00 | 4.30 | 4.19 |
| SAFA | 20-Nov-23 | 6.00 | 1,520 | 4.23 | -0.06 | -0.04 | 4.26 | 4.23 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 4.29 | -0.08 | 0.03 | 4.34 | 4.29 |
| NSWTC | 8-Feb-24 | 5.25 | 4,542 | 4.34 | -0.21 | -0.01 | 4.51 | 4.34 |
| NTTC | 15-Mar-24 | 4.25 | 650 | 4.28 | -0.16 | -0.03 | 4.40 | 4.28 |
| QTC | 22-Jul-24 | 4.00 | 7,574 | 4.39 | -0.25 | 0.09 | 4.58 | 4.39 |
| WATC | 23-Jul-24 | 5.75 | 4,191 | 4.40 | -0.22 | 0.08 | 4.56 | 4.40 |
| SAFA | 15-Aug-24 | 2.50 | 2,628 | 4.36 | -0.24 | 0.06 | 4.54 | 4.36 |
| NSWTC | 20-Aug-24 | 2.25 | 4,324 | 4.37 | -0.25 | 0.05 | 4.55 | 4.37 |
| TCV | 17-Dec-24 | 5.00 | 5,840 | 4.34 | -0.30 | 0.07 | 4.58 | 4.34 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 4.36 | -0.35 | 0.09 | 4.68 | 4.36 |
| SAFA | 16-Apr-25 | 5.50 | 1,250 | 4.32 | -0.34 | 0.11 | 4.64 | 4.32 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 4.36 | -0.37 | 0.04 | 4.68 | 4.36 |
| QTC | 21-Jul-25 | 2.75 | 8,581 | 4.33 | -0.34 | 0.13 | 4.64 | 4.33 |
| WATC | 23-Jul-25 | 4.75 | 5,578 | 4.31 | -0.34 | 0.11 | 4.63 | 4.31 |
| TASCORP | 19-Feb-26 | 5.00 | 1,229 | 4.27 | -0.33 | 0.10 | 4.57 | 4.27 |
| NTTC | 15-Mar-26 | 3.25 | 650 | 4.30 | -0.33 | 0.10 | 4.60 | 4.30 |
| NSWTC | 20-May-26 | 6.00 | 5,473 | 4.24 | -0.35 | 0.11 | 4.56 | 4.24 |
| SAFA | 20-Jul-26 | 4.00 | 3,540 | 4.21 | -0.33 | 0.10 | 4.52 | 4.21 |
| QTC | 21-Jul-26 | 3.00 | 8,610 | 4.21 | -0.34 | 0.13 | 4.53 | 4.21 |
| WATC | 21-Oct-26 | 3.00 | 5,147 | 4.17 | -0.34 | 0.11 | 4.49 | 4.17 |
| TCV | 17-Nov-26 | 3.25 | 10,795 | 4.28 | -0.34 | 0.11 | 4.60 | 4.28 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 4.23 | -0.33 | 0.07 | 4.55 | 4.23 |
| NSWTC | 20-May-27 | 2.75 | 9,111 | 4.19 | -0.33 | 0.09 | 4.51 | 4.19 |
| QTC | 20-Aug-27 | 3.00 | 8,794 | 4.18 | -0.33 | 0.10 | 4.49 | 4.18 |
| SAFA | 20-Sep-27 | 2.75 | 1,500 | 4.21 | -0.32 | 0.11 | 4.52 | 4.21 |
| WATC | 21-Oct-27 | 3.00 | 4,199 | 4.16 | -0.33 | 0.10 | 4.48 | 4.16 |
| NSWTC | 20-Mar-28 | 3.00 | 10,293 | 4.24 | -0.33 | 0.10 | 4.56 | 4.24 |
| SAFA | 24-May-28 | 3.00 | 4,040 | 4.26 | -0.32 | 0.11 | 4.57 | 4.26 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 4.23 | -0.32 | 0.11 | 4.54 | 4.23 |
| TCV | 20-Oct-28 | 3.00 | 11,014 | 4.30 | -0.32 | 0.09 | 4.63 | 4.30 |
| NSWTC | 20-Apr-29 | 3.00 | 10,233 | 4.30 | -0.33 | 0.08 | 4.64 | 4.30 |
| NTTC | 21-May-29 | 2.00 | 600 | 4.39 | -0.32 | 0.08 | 4.71 | 4.39 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 4.34 | -0.32 | 0.07 | 4.66 | 4.34 |
| WATC | 24-Jul-29 | 2.75 | 3,661 | 4.28 | -0.33 | 0.09 | 4.61 | 4.28 |
| QTC | 21-Aug-29 | 3.25 | 7,635 | 4.30 | -0.32 | 0.10 | 4.63 | 4.30 |
| TCV | 22-Oct-29 | 2.50 | 10,355 | 4.39 | -0.32 | 0.09 | 4.72 | 4.39 |
| NSWTC | 20-Feb-30 | 3.00 | 10,841 | 4.38 | -0.31 | 0.08 | 4.70 | 4.38 |
| NTTC | 21-May-30 | 2.00 | 750 | 4.51 | -0.30 | 0.07 | 4.83 | 4.51 |
| SAFA | 24-May-30 | 2.75 | 3,865 | 4.39 | -0.30 | 0.09 | 4.71 | 4.39 |
| QTC | 21-Aug-30 | 3.50 | 8,962 | 4.37 | -0.31 | 0.09 | 4.68 | 4.37 |
| TCV | 20-Nov-30 | 5.25 | 8,401 | 4.47 | -0.31 | 0.06 | 4.80 | 4.47 |
| NSWTC | 20-Mar-31 | 2.00 | 10,353 | 4.51 | -0.28 | 0.08 | 4.81 | 4.51 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 4.60 | -0.28 | 0.06 | 4.90 | 4.60 |
| QTC | 21-Aug-31 | 1.75 | 7,357 | 4.46 | -0.28 | 0.08 | 4.77 | 4.46 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 4.54 | -0.28 | 0.04 | 4.84 | 4.54 |
| NSWTC | 20-Feb-32 | 2.00 | 12,211 | 4.64 | -0.27 | 0.08 | 4.93 | 4.64 |
| SAFA | 24-May-32 | 5.25 | 3,310 | 4.62 | -0.27 | 0.09 | 4.92 | 4.62 |
| TCV | 20-Dec-32 | 4.25 | 11,249 | 4.72 | -0.26 | 0.10 | 5.01 | 4.72 |
| NSWTC | 8-Mar-33 | 5.25 | 13,195 | 4.73 | -0.28 | 0.07 | 5.04 | 4.73 |
| QTC | 14-Mar-33 | 6.50 | 662 | 4.60 | -0.26 | 0.09 | 4.89 | 4.60 |
| NSWTC | 20-Mar-34 | 1.75 | 7,374 | 4.84 | -0.27 | 0.13 | 5.14 | 4.84 |
| QTC | 20-Jul-34 | 1.75 | 6,078 | 4.78 | -0.25 | 0.09 | 5.07 | 4.78 |
| WATC | 24-Oct-34 | 2.00 | 1,643 | 4.68 | -0.25 | 0.08 | 4.96 | 4.68 |
| QTC | 16-Apr-40 | 2.25 | 1,482 | 5.15 | -0.19 | 0.02 | 5.38 | 5.15 |
| NSWTC | 7-May-41 | 2.25 | 2,323 | 5.21 | -0.19 | -0.02 | 5.44 | 5.21 |
| QTC | 20-Nov-41 | 2.25 | 2,181 | 5.19 | -0.19 | -0.03 | 5.42 | 5.19 |