Summary: Semi-government bond spreads 1bp wider on average.
Semi-government spreads finished the week 1bp wider on average as semi-government yields almost kept pace with the falls of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -1bp to +3bps and the only notable exception apart from some short-dated lines came from QTC’s March 2033 line (spread: 63bps, -5bps).
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 | 7,725 | 3.91 | 0.11 | 0.29 | 3.91 | 3.81 |
| WATC | 16-Oct-23 | 4.25 | 3,625 | 4.03 | 0.13 | 0.38 | 4.03 | 3.92 |
| SAFA | 20-Nov-23 | 6.00 | 1,520 | 4.07 | 0.15 | 0.45 | 4.07 | 3.93 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 4.07 | 0.15 | 0.43 | 4.07 | 3.93 |
| NSWTC | 8-Feb-24 | 5.25 | 4,542 | 4.08 | 0.16 | 0.43 | 4.08 | 3.95 |
| NTTC | 15-Mar-24 | 4.25 | 650 | 4.05 | 0.17 | 0.51 | 4.05 | 3.88 |
| QTC | 22-Jul-24 | 4.00 | 7,824 | 4.00 | 0.10 | 0.48 | 4.00 | 3.90 |
| WATC | 23-Jul-24 | 5.75 | 4,227 | 4.00 | 0.11 | 0.48 | 4.00 | 3.89 |
| SAFA | 15-Aug-24 | 2.50 | 2,628 | 4.00 | 0.10 | 0.51 | 4.00 | 3.90 |
| NSWTC | 20-Aug-24 | 2.25 | 4,324 | 4.01 | 0.11 | 0.48 | 4.01 | 3.91 |
| TCV | 17-Dec-24 | 5.00 | 6,151 | 3.99 | 0.12 | 0.52 | 3.99 | 3.85 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 3.95 | 0.06 | 0.53 | 3.95 | 3.83 |
| SAFA | 16-Apr-25 | 5.50 | 1,250 | 3.90 | 0.06 | 0.49 | 3.90 | 3.79 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 4.00 | 0.06 | 0.54 | 4.00 | 3.89 |
| QTC | 21-Jul-25 | 2.75 | 8,581 | 3.89 | 0.05 | 0.47 | 3.89 | 3.78 |
| WATC | 23-Jul-25 | 4.75 | 5,578 | 3.90 | 0.05 | 0.47 | 3.90 | 3.80 |
| TASCORP | 19-Feb-26 | 5.00 | 1,200 | 3.77 | -0.01 | 0.36 | 3.77 | 3.71 |
| NTTC | 15-Mar-26 | 3.25 | 650 | 3.81 | -0.05 | 0.36 | 3.84 | 3.76 |
| NSWTC | 20-May-26 | 6.00 | 5,473 | 3.77 | -0.01 | 0.37 | 3.77 | 3.71 |
| SAFA | 20-Jul-26 | 4.00 | 3,540 | 3.76 | -0.01 | 0.36 | 3.76 | 3.70 |
| QTC | 21-Jul-26 | 3.00 | 8,610 | 3.75 | -0.02 | 0.35 | 3.76 | 3.69 |
| WATC | 21-Oct-26 | 3.00 | 5,022 | 3.71 | -0.01 | 0.35 | 3.72 | 3.66 |
| TCV | 17-Nov-26 | 3.25 | 10,690 | 3.83 | 0.00 | 0.40 | 3.83 | 3.77 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 3.85 | -0.03 | 0.35 | 3.86 | 3.80 |
| NSWTC | 20-May-27 | 2.75 | 9,011 | 3.77 | -0.02 | 0.36 | 3.77 | 3.71 |
| QTC | 20-Aug-27 | 3.00 | 8,794 | 3.76 | -0.01 | 0.35 | 3.76 | 3.70 |
| SAFA | 20-Sep-27 | 2.75 | 1,500 | 3.78 | -0.02 | 0.32 | 3.78 | 3.72 |
| WATC | 21-Oct-27 | 3.00 | 4,164 | 3.73 | -0.02 | 0.35 | 3.74 | 3.68 |
| NSWTC | 20-Mar-28 | 3.00 | 9,643 | 3.82 | -0.02 | 0.35 | 3.83 | 3.77 |
| SAFA | 24-May-28 | 3.00 | 4,040 | 3.85 | -0.03 | 0.33 | 3.86 | 3.80 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 3.80 | -0.03 | 0.34 | 3.81 | 3.74 |
| TCV | 20-Oct-28 | 3.00 | 10,636 | 3.91 | -0.02 | 0.37 | 3.92 | 3.86 |
| NSWTC | 20-Apr-29 | 3.00 | 10,233 | 3.93 | -0.03 | 0.35 | 3.93 | 3.87 |
| NTTC | 21-May-29 | 2.00 | 600 | 4.00 | -0.06 | 0.30 | 4.03 | 3.95 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 3.95 | -0.06 | 0.32 | 3.98 | 3.90 |
| WATC | 24-Jul-29 | 2.75 | 3,591 | 3.89 | -0.05 | 0.33 | 3.91 | 3.84 |
| QTC | 21-Aug-29 | 3.25 | 7,635 | 3.92 | -0.04 | 0.34 | 3.93 | 3.86 |
| TCV | 22-Oct-29 | 2.50 | 10,132 | 4.02 | -0.03 | 0.39 | 4.02 | 3.96 |
| NSWTC | 20-Feb-30 | 3.00 | 10,841 | 4.02 | -0.04 | 0.32 | 4.03 | 3.96 |
| NTTC | 21-May-30 | 2.00 | 750 | 4.15 | -0.07 | 0.29 | 4.19 | 4.10 |
| SAFA | 24-May-30 | 2.75 | 3,865 | 4.02 | -0.06 | 0.31 | 4.05 | 3.97 |
| QTC | 21-Aug-30 | 3.50 | 8,962 | 4.00 | -0.05 | 0.31 | 4.02 | 3.94 |
| TCV | 20-Nov-30 | 5.25 | 8,501 | 4.13 | -0.04 | 0.36 | 4.15 | 4.08 |
| NSWTC | 20-Mar-31 | 2.00 | 10,353 | 4.16 | -0.04 | 0.32 | 4.18 | 4.11 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 4.25 | -0.07 | 0.28 | 4.30 | 4.21 |
| QTC | 21-Aug-31 | 1.75 | 7,357 | 4.12 | -0.03 | 0.31 | 4.15 | 4.07 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 4.21 | -0.07 | 0.30 | 4.25 | 4.16 |
| NSWTC | 20-Feb-32 | 2.00 | 11,611 | 4.29 | -0.05 | 0.33 | 4.32 | 4.24 |
| SAFA | 24-May-32 | 5.25 | 3,310 | 4.27 | -0.07 | 0.29 | 4.31 | 4.23 |
| TCV | 20-Dec-32 | 4.25 | 10,774 | 4.37 | -0.04 | 0.39 | 4.39 | 4.32 |
| NSWTC | 8-Mar-33 | 5.25 | 12,595 | 4.41 | -0.06 | 0.33 | 4.43 | 4.36 |
| QTC | 14-Mar-33 | 6.50 | 662 | 4.27 | -0.14 | 0.32 | 4.31 | 4.22 |
| NSWTC | 20-Mar-34 | 1.75 | 6,574 | 4.53 | -0.05 | 0.32 | 4.54 | 4.48 |
| QTC | 20-Jul-34 | 1.75 | 5,358 | 4.45 | -0.07 | 0.29 | 4.49 | 4.40 |
| WATC | 24-Oct-34 | 2.00 | 1,633 | 4.38 | -0.08 | 0.28 | 4.43 | 4.34 |
| QTC | 16-Apr-40 | 2.25 | 1,482 | 4.94 | -0.07 | 0.26 | 4.98 | 4.92 |
| NSWTC | 7-May-41 | 2.25 | 2,323 | 5.01 | -0.09 | 0.21 | 5.07 | 4.99 |
| QTC | 20-Nov-41 | 2.25 | 2,181 | 5.00 | -0.08 | 0.26 | 5.04 | 4.98 |