Semi Government

Summary: Semi-government bond spreads 3bps tighter on average.

Semi-government spreads finished the week 3bps tighter on average as semi-government yields generally lagged the rises of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -5bps to +4bps and the exceptions were not particularly notable.

There was one primary market issuer active during the week. NSWTC tapped its March 2034 benchmark line for $1.5 billion at ACGB + 76bps.

ISSUER	MATURITY	COUPON (%)	ISSUE SIZE	WEEK HIGH	WEEK LOW	CLOSING YIELD	Δ WEEK	Δ MONTH
SAFA	22-Sep-22	6.00	2,062	1.88	1.81	1.87	-0.04	0.05
TCV	17-Oct-22	1.50	3,713	2.28	2.16	2.28	0.12	0.28
WATC	20-Oct-22	6.00	2,891	2.20	2.05	2.20	0.14	0.32
NTTC	21-Nov-22	2.75	600	2.43	2.39	2.42	0.17	0.32
NSWTC	20-Apr-23	2.50	4,011	3.00	2.91	2.96	0.02	0.53
NSWTC	1-May-23	4.00	337	2.93	2.85	2.88	0.02	0.36
QTC	21-Jul-23	6.00	8,744	3.14	3.04	3.08	-0.04	0.37
WATC	16-Oct-23	4.25	4,281	3.40	3.24	3.28	0.00	0.45
SAFA	20-Nov-23	6.00	1,520	3.43	3.27	3.31	-0.01	0.42
TCV	21-Nov-23	1.00	1,122	3.41	3.28	3.32	-0.02	0.53
NSWTC	8-Feb-24	5.25	4,692	3.51	3.37	3.41	-0.02	0.72
NTTC	15-Mar-24	4.25	650	3.64	3.50	3.54	0.05	0.50
TASCORP	11-Jun-24	6.00	1,176	3.70	3.55	3.59	0.03	0.57
QTC	22-Jul-24	4.00	8,249	3.57	3.41	3.45	0.00	0.68
WATC	23-Jul-24	5.75	5,129	3.54	3.39	3.43	-0.01	0.67
SAFA	15-Aug-24	2.50	3,128	3.62	3.47	3.50	0.02	0.63
NSWTC	20-Aug-24	2.25	4,324	3.56	3.41	3.46	-0.01	0.62
TCV	17-Dec-24	5.00	6,857	3.58	3.42	3.45	-0.01	0.62
NSWTC	20-Mar-25	5.25	2,100	3.66	3.53	3.57	-0.03	0.64
SAFA	16-Apr-25	5.50	1,250	3.74	3.60	3.65	0.02	0.63
ACTTREAS	22-May-25	5.25	1,000	3.66	3.53	3.57	-0.03	0.51
QTC	21-Jul-25	2.75	8,581	3.72	3.59	3.63	0.02	0.63
WATC	23-Jul-25	4.75	5,538	3.73	3.59	3.64	0.02	0.65
TASCORP	19-Feb-26	5.00	1,107	3.80	3.66	3.71	0.01	0.60
NTTC	15-Mar-26	3.25	650	3.79	3.65	3.70	0.04	0.59
NSWTC	20-May-26	6.00	5,323	3.78	3.64	3.69	-0.02	0.63
SAFA	20-Jul-26	4.00	3,540	3.83	3.69	3.74	0.03	0.64
QTC	21-Jul-26	3.00	8,610	3.79	3.65	3.70	0.03	0.65
TCV	17-Nov-26	3.25	8,951	3.80	3.67	3.71	0.02	0.62
NTTC	21-Apr-27	5.50	600	3.89	3.76	3.80	-0.04	0.58
NSWTC	20-May-27	2.75	8,861	3.87	3.74	3.77	-0.05	0.61
QTC	20-Aug-27	3.00	8,794	3.86	3.72	3.77	0.02	0.62
SAFA	20-Sep-27	2.75	1,500	3.93	3.81	3.83	0.01	0.61
WATC	21-Oct-27	3.00	4,021	3.87	3.74	3.78	0.02	0.63
NSWTC	20-Mar-28	3.00	9,283	3.94	3.84	3.87	-0.05	0.61
SAFA	24-May-28	3.00	4,040	4.00	3.89	3.93	0.04	0.62
QTC	21-Jul-28	3.25	8,520	3.94	3.83	3.87	0.04	0.64
TCV	20-Oct-28	3.00	8,858	3.98	3.88	3.91	0.03	0.61
NSWTC	20-Apr-29	3.00	9,153	4.02	3.93	3.97	0.05	0.60
NTTC	21-May-29	2.00	600	4.08	3.99	4.03	-0.03	0.58
ACTTREAS	22-May-29	5.25	900	4.05	3.97	4.01	-0.02	0.59
WATC	24-Jul-29	2.75	3,556	4.02	3.93	3.97	-0.03	0.64
QTC	21-Aug-29	3.25	7,535	4.01	3.92	3.96	-0.04	0.63
TCV	22-Oct-29	2.50	9,328	4.06	3.98	4.02	-0.03	0.60
NSWTC	20-Feb-30	3.00	10,316	4.09	4.00	4.05	0.05	0.61
NTTC	21-May-30	2.00	750	4.18	4.10	4.14	-0.02	0.59
SAFA	24-May-30	2.75	3,115	4.16	4.07	4.12	-0.03	0.63
QTC	21-Aug-30	3.50	8,587	4.08	3.99	4.03	0.05	0.63
TCV	20-Nov-30	5.25	7,479	4.17	4.08	4.13	-0.03	0.62
NSWTC	20-Mar-31	2.00	8,962	4.20	4.11	4.15	-0.04	0.60
NTTC	21-Apr-31	5.25	750	4.33	4.24	4.29	-0.03	0.59
QTC	21-Aug-31	1.75	7,357	4.17	4.08	4.13	-0.04	0.61
ACTTREAS	23-Oct-31	5.25	1,000	4.28	4.19	4.24	-0.03	0.61
SAFA	24-May-32	5.25	3,310	4.33	4.24	4.29	-0.05	0.64
TCV	20-Dec-32	4.25	7,212	4.30	4.21	4.26	0.05	0.61
NSWTC	8-Mar-33	5.25	7,430	4.38	4.29	4.33	-0.05	0.60
QTC	14-Mar-33	6.50	726	4.28	4.19	4.24	0.05	0.60
QTC	20-Jul-34	1.75	4,330	4.45	4.35	4.41	-0.02	0.62
WATC	24-Oct-34	2.00	1,143	4.40	4.31	4.37	-0.03	0.60
QTC	16-Apr-40	2.25	1,482	4.68	4.57	4.66	-0.01	0.65
NSWTC	7-May-41	2.25	2,323	4.73	4.63	4.71	-0.02	0.61
QTC	20-Nov-41	2.25	2,181	4.67	4.57	4.64	-0.02	0.60