Semi Government

Summary: Semi-government bond spreads 1bp wider on average.

Semi-government spreads again finished the week 1bp wider on average as semi-government yields slightly outpaced the rises of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -3bps to +2bps and the exceptions were limited to a few short-dated lines.

Western Australia released its 2023/24 Budget during the week. It forecasts a surplus of $3.3 billion 2023/24, the state’s sixth consecutive surplus.

ISSUER	MATURITY	COUPON (%)	ISSUE SIZE	CLOSING YIELD	Δ WEEK	Δ MONTH	WEEK HIGH	WEEK LOW
QTC	21-Jul-23	6.00	7,725	3.81	0.01	0.18	3.81	3.80
WATC	16-Oct-23	4.25	3,625	3.91	0.10	0.25	3.91	3.80
SAFA	20-Nov-23	6.00	1,520	3.91	0.13	0.28	3.91	3.78
TCV	21-Nov-23	1.00	1,122	3.90	0.11	0.31	3.90	3.79
NSWTC	8-Feb-24	5.25	4,542	3.91	0.13	0.35	3.91	3.71
NTTC	15-Mar-24	4.25	650	3.86	0.20	0.37	3.86	3.66
QTC	22-Jul-24	4.00	8,249	3.88	0.28	0.43	3.88	3.60
WATC	23-Jul-24	5.75	4,727	3.85	0.25	0.41	3.85	3.60
SAFA	15-Aug-24	2.50	2,628	3.84	0.26	0.42	3.84	3.58
NSWTC	20-Aug-24	2.25	4,324	3.86	0.29	0.43	3.86	3.57
TCV	17-Dec-24	5.00	6,151	3.82	0.31	0.43	3.82	3.50
NSWTC	20-Mar-25	5.25	2,100	3.78	0.30	0.41	3.78	3.49
SAFA	16-Apr-25	5.50	1,250	3.75	0.28	0.37	3.75	3.47
ACTTREAS	22-May-25	5.25	1,000	3.90	0.33	0.51	3.90	3.57
QTC	21-Jul-25	2.75	8,581	3.76	0.28	0.36	3.76	3.48
WATC	23-Jul-25	4.75	5,578	3.76	0.30	0.34	3.76	3.46
TASCORP	19-Feb-26	5.00	1,165	3.66	0.28	0.29	3.66	3.38
NTTC	15-Mar-26	3.25	650	3.73	0.30	0.30	3.73	3.43
NSWTC	20-May-26	6.00	5,473	3.67	0.30	0.31	3.67	3.37
SAFA	20-Jul-26	4.00	3,540	3.65	0.28	0.27	3.65	3.38
QTC	21-Jul-26	3.00	8,610	3.66	0.30	0.29	3.66	3.36
WATC	21-Oct-26	3.00	5,022	3.62	0.29	0.28	3.62	3.33
TCV	17-Nov-26	3.25	10,690	3.71	0.31	0.31	3.71	3.39
NTTC	21-Apr-27	5.50	600	3.76	0.29	0.30	3.76	3.47
NSWTC	20-May-27	2.75	8,961	3.68	0.30	0.28	3.68	3.38
QTC	20-Aug-27	3.00	8,794	3.67	0.29	0.28	3.67	3.38
SAFA	20-Sep-27	2.75	1,500	3.69	0.27	0.26	3.69	3.42
WATC	21-Oct-27	3.00	4,164	3.65	0.30	0.28	3.65	3.35
NSWTC	20-Mar-28	3.00	9,643	3.72	0.29	0.27	3.72	3.43
SAFA	24-May-28	3.00	4,040	3.76	0.28	0.26	3.76	3.48
QTC	21-Jul-28	3.25	8,520	3.71	0.28	0.26	3.71	3.42
TCV	20-Oct-28	3.00	10,496	3.80	0.30	0.29	3.80	3.50
NSWTC	20-Apr-29	3.00	9,933	3.83	0.28	0.25	3.83	3.55
NTTC	21-May-29	2.00	600	3.92	0.28	0.23	3.92	3.64
ACTTREAS	22-May-29	5.25	900	3.87	0.28	0.24	3.87	3.59
WATC	24-Jul-29	2.75	3,591	3.80	0.28	0.24	3.80	3.52
QTC	21-Aug-29	3.25	7,535	3.83	0.28	0.26	3.83	3.55
TCV	22-Oct-29	2.50	10,132	3.91	0.30	0.27	3.91	3.60
NSWTC	20-Feb-30	3.00	10,666	3.92	0.28	0.24	3.92	3.65
NTTC	21-May-30	2.00	750	4.08	0.28	0.23	4.08	3.80
SAFA	24-May-30	2.75	3,865	3.94	0.29	0.24	3.94	3.65
QTC	21-Aug-30	3.50	8,587	3.92	0.28	0.24	3.92	3.64
TCV	20-Nov-30	5.25	8,501	4.02	0.29	0.25	4.02	3.73
NSWTC	20-Mar-31	2.00	10,353	4.08	0.28	0.24	4.08	3.80
NTTC	21-Apr-31	5.25	750	4.19	0.28	0.22	4.19	3.91
QTC	21-Aug-31	1.75	7,357	4.05	0.28	0.24	4.05	3.77
ACTTREAS	23-Oct-31	5.25	1,000	4.14	0.28	0.23	4.14	3.87
NSWTC	20-Feb-32	2.00	11,361	4.21	0.28	0.25	4.21	3.93
SAFA	24-May-32	5.25	3,310	4.21	0.27	0.23	4.21	3.93
TCV	20-Dec-32	4.25	10,544	4.26	0.29	0.27	4.26	3.97
NSWTC	8-Mar-33	5.25	11,970	4.33	0.28	0.27	4.33	4.06
QTC	14-Mar-33	6.50	662	4.21	0.28	0.27	4.21	3.93
NSWTC	20-Mar-34	1.75	6,574	4.45	0.27	0.28	4.45	4.18
QTC	20-Jul-34	1.75	5,258	4.40	0.26	0.28	4.40	4.13
WATC	24-Oct-34	2.00	1,223	4.32	0.25	0.24	4.32	4.07
QTC	16-Apr-40	2.25	1,482	4.93	0.24	0.29	4.93	4.69
NSWTC	7-May-41	2.25	2,323	5.02	0.21	0.25	5.02	4.81
QTC	20-Nov-41	2.25	2,181	4.99	0.24	0.28	4.99	4.75