Summary: Semi-government bond spreads 3bps tighter on average.
Semi-government spreads again finished the week 3bps tighter on average as semi-government yields lagged the rises of most of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -5bps to +3bps and the exceptions were limited to semis with maturities in 2024.
Western Australia released its 2023/24 Budget during the week. It forecasts a surplus of $3.3 billion 2023/24, a sixth consecutive surplus.
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 | 3.80 | -0.01 | #N/A | 3.81 | 3.79 |
| WATC | 16-Oct-23 | 4.25 | 3,625 | 3.80 | 0.00 | #N/A | 3.83 | 3.80 |
| SAFA | 20-Nov-23 | 6.00 | 1,520 | 3.78 | 0.02 | #N/A | 3.80 | 3.78 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 3.79 | -0.01 | #N/A | 3.82 | 3.79 |
| NSWTC | 8-Feb-24 | 5.25 | 4,542 | 3.77 | 0.01 | #N/A | 3.81 | 3.77 |
| NTTC | 15-Mar-24 | 4.25 | 650 | 3.66 | 0.01 | #N/A | 3.70 | 3.66 |
| QTC | 22-Jul-24 | 4.00 | 8,249 | 3.60 | 0.03 | #N/A | 3.66 | 3.60 |
| WATC | 23-Jul-24 | 5.75 | 4,727 | 3.60 | 0.03 | #N/A | 3.65 | 3.60 |
| SAFA | 15-Aug-24 | 2.50 | 2,628 | 3.58 | 0.02 | #N/A | 3.63 | 3.58 |
| NSWTC | 20-Aug-24 | 2.25 | 4,324 | 3.57 | 0.01 | #N/A | 3.63 | 3.57 |
| TCV | 17-Dec-24 | 5.00 | 6,151 | 3.50 | 0.02 | #N/A | 3.58 | 3.50 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 3.49 | 0.05 | #N/A | 3.58 | 3.49 |
| SAFA | 16-Apr-25 | 5.50 | 1,250 | 3.47 | 0.05 | #N/A | 3.56 | 3.47 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 3.57 | 0.07 | #N/A | 3.68 | 3.57 |
| QTC | 21-Jul-25 | 2.75 | 8,581 | 3.48 | 0.06 | #N/A | 3.57 | 3.48 |
| WATC | 23-Jul-25 | 4.75 | 5,578 | 3.46 | 0.04 | #N/A | 3.57 | 3.46 |
| TASCORP | 19-Feb-26 | 5.00 | 1,165 | 3.38 | 0.03 | #N/A | 3.49 | 3.38 |
| NTTC | 15-Mar-26 | 3.25 | 650 | 3.43 | 0.04 | #N/A | 3.54 | 3.43 |
| NSWTC | 20-May-26 | 6.00 | 5,473 | 3.37 | 0.02 | #N/A | 3.49 | 3.37 |
| SAFA | 20-Jul-26 | 4.00 | 3,540 | 3.38 | 0.03 | #N/A | 3.49 | 3.38 |
| QTC | 21-Jul-26 | 3.00 | 8,610 | 3.36 | 0.02 | #N/A | 3.48 | 3.36 |
| WATC | 21-Oct-26 | 3.00 | 5,022 | 3.33 | 0.01 | #N/A | 3.44 | 3.33 |
| TCV | 17-Nov-26 | 3.25 | 10,690 | 3.39 | 0.02 | #N/A | 3.50 | 3.39 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 3.47 | 0.03 | #N/A | 3.58 | 3.47 |
| NSWTC | 20-May-27 | 2.75 | 8,961 | 3.38 | 0.02 | #N/A | 3.50 | 3.38 |
| QTC | 20-Aug-27 | 3.00 | 8,794 | 3.38 | 0.01 | #N/A | 3.50 | 3.38 |
| SAFA | 20-Sep-27 | 2.75 | 1,500 | 3.42 | 0.02 | #N/A | 3.54 | 3.42 |
| WATC | 21-Oct-27 | 3.00 | 4,164 | 3.35 | 0.01 | #N/A | 3.47 | 3.35 |
| NSWTC | 20-Mar-28 | 3.00 | 9,643 | 3.43 | 0.01 | #N/A | 3.56 | 3.43 |
| SAFA | 24-May-28 | 3.00 | 4,040 | 3.48 | 0.01 | #N/A | 3.60 | 3.48 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 3.42 | 0.02 | #N/A | 3.54 | 3.42 |
| TCV | 20-Oct-28 | 3.00 | 10,446 | 3.50 | 0.00 | #N/A | 3.63 | 3.50 |
| NSWTC | 20-Apr-29 | 3.00 | 9,933 | 3.55 | 0.02 | #N/A | 3.66 | 3.55 |
| NTTC | 21-May-29 | 2.00 | 600 | 3.64 | 0.00 | #N/A | 3.76 | 3.64 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 3.59 | 0.00 | #N/A | 3.71 | 3.59 |
| WATC | 24-Jul-29 | 2.75 | 3,591 | 3.52 | 0.01 | #N/A | 3.65 | 3.52 |
| QTC | 21-Aug-29 | 3.25 | 7,535 | 3.55 | 0.01 | #N/A | 3.67 | 3.55 |
| TCV | 22-Oct-29 | 2.50 | 10,132 | 3.60 | 0.00 | #N/A | 3.73 | 3.60 |
| NSWTC | 20-Feb-30 | 3.00 | 10,766 | 3.65 | -0.02 | #N/A | 3.78 | 3.65 |
| NTTC | 21-May-30 | 2.00 | 750 | 3.80 | -0.01 | #N/A | 3.93 | 3.80 |
| SAFA | 24-May-30 | 2.75 | 3,865 | 3.65 | -0.02 | #N/A | 3.79 | 3.65 |
| QTC | 21-Aug-30 | 3.50 | 8,587 | 3.64 | -0.01 | #N/A | 3.78 | 3.64 |
| TCV | 20-Nov-30 | 5.25 | 8,501 | 3.73 | -0.02 | #N/A | 3.86 | 3.73 |
| NSWTC | 20-Mar-31 | 2.00 | 10,353 | 3.80 | -0.02 | #N/A | 3.94 | 3.80 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 3.91 | -0.02 | #N/A | 4.04 | 3.91 |
| QTC | 21-Aug-31 | 1.75 | 7,357 | 3.77 | -0.01 | #N/A | 3.90 | 3.77 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 3.87 | -0.02 | #N/A | 4.00 | 3.87 |
| NSWTC | 20-Feb-32 | 2.00 | 11,211 | 3.93 | -0.02 | #N/A | 4.06 | 3.93 |
| SAFA | 24-May-32 | 5.25 | 3,310 | 3.93 | -0.02 | #N/A | 4.07 | 3.93 |
| TCV | 20-Dec-32 | 4.25 | 10,544 | 3.97 | -0.01 | #N/A | 4.10 | 3.97 |
| NSWTC | 8-Mar-33 | 5.25 | 11,970 | 4.06 | -0.01 | #N/A | 4.18 | 4.06 |
| QTC | 14-Mar-33 | 6.50 | 662 | 3.93 | -0.01 | #N/A | 4.06 | 3.93 |
| NSWTC | 20-Mar-34 | 1.75 | 6,274 | 4.18 | -0.01 | #N/A | 4.31 | 4.18 |
| QTC | 20-Jul-34 | 1.75 | 5,258 | 4.13 | -0.01 | #N/A | 4.26 | 4.13 |
| WATC | 24-Oct-34 | 2.00 | 1,223 | 4.07 | -0.01 | #N/A | 4.20 | 4.07 |
| QTC | 16-Apr-40 | 2.25 | 1,482 | 4.69 | 0.00 | #N/A | 4.80 | 4.69 |
| NSWTC | 7-May-41 | 2.25 | 2,323 | 4.81 | 0.00 | #N/A | 4.93 | 4.81 |
| QTC | 20-Nov-41 | 2.25 | 2,181 | 4.75 | 0.00 | #N/A | 4.86 | 4.75 |