Summary: Semi-government bond spreads 5bps wider on average; QTC issues new FRN, SAFA taps May 2028s.
Semi-government spreads finished the week 5bps wider on average as semi-government yields largely outpaced the rises of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -1bp to +8bps, the most notable exception being NSWTC’s May 2041s (spread: 81bps, +14bps).
There were a couple of primary market issuers active during the week. On Tuesday, QTC issued a new line of February 2028 FRNs at 3m BBSW + 2.5bps.
On Thursday, SAFA tapped its May 2028s for $1 billion at ACGB + 50bps.
| ISSUER | MATURITY | COUPON (%) | ISSUE SIZE | WEEK HIGH | WEEK LOW | CLOSING YIELD | Δ WEEK | Δ MONTH |
|---|---|---|---|---|---|---|---|---|
| SAFA | 22-Sep-22 | 1.50 | 2,062 | 1.92 | 1.88 | 1.91 | 0.01 | 0.01 |
| TCV | 17-Oct-22 | 6.00 | 3,713 | 2.16 | 2.14 | 2.16 | 0.01 | 0.02 |
| WATC | 20-Oct-22 | 2.75 | 2,891 | 2.05 | 2.02 | 2.05 | 0.05 | -0.09 |
| NTTC | 21-Nov-22 | 2.50 | 600 | 2.26 | 2.23 | 2.26 | 0.06 | -0.01 |
| NSWTC | 20-Apr-23 | 4.00 | 4,011 | 2.94 | 2.89 | 2.94 | 0.11 | 0.14 |
| NSWTC | 1-May-23 | 6.00 | 337 | 2.87 | 2.82 | 2.87 | 0.11 | -0.03 |
| QTC | 21-Jul-23 | 4.25 | 8,744 | 3.17 | 3.12 | 3.12 | 0.04 | 0.09 |
| WATC | 16-Oct-23 | 6.00 | 4,281 | 3.29 | 3.26 | 3.28 | 0.10 | 0.05 |
| SAFA | 20-Nov-23 | 4.25 | 1,520 | 3.34 | 3.30 | 3.32 | 0.07 | -0.02 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 3.38 | 3.29 | 3.35 | 0.15 | 0.15 |
| NSWTC | 8-Feb-24 | 5.25 | 4,692 | 3.45 | 3.37 | 3.44 | 0.19 | 0.37 |
| NTTC | 15-Mar-24 | 6.00 | 650 | 3.49 | 3.45 | 3.49 | 0.14 | 0.01 |
| TASCORP | 11-Jun-24 | 4.00 | 1,176 | 3.56 | 3.51 | 3.55 | 0.14 | 0.08 |
| QTC | 22-Jul-24 | 5.75 | 8,249 | 3.45 | 3.42 | 3.44 | 0.15 | 0.20 |
| WATC | 23-Jul-24 | 2.50 | 5,129 | 3.44 | 3.39 | 3.44 | 0.16 | 0.20 |
| SAFA | 15-Aug-24 | 2.25 | 3,128 | 3.49 | 3.45 | 3.49 | 0.12 | 0.11 |
| NSWTC | 20-Aug-24 | 5.00 | 4,324 | 3.49 | 3.41 | 3.47 | 0.17 | 0.19 |
| TCV | 17-Dec-24 | 5.50 | 6,807 | 3.47 | 3.43 | 3.46 | 0.14 | 0.17 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 3.60 | 3.49 | 3.60 | 0.21 | 0.15 |
| SAFA | 16-Apr-25 | 2.75 | 1,250 | 3.63 | 3.57 | 3.63 | 0.16 | 0.05 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 3.60 | 3.50 | 3.60 | 0.20 | 0.09 |
| QTC | 21-Jul-25 | 4.75 | 8,581 | 3.61 | 3.56 | 3.61 | 0.16 | 0.06 |
| WATC | 23-Jul-25 | 5.00 | 5,528 | 3.61 | 3.55 | 3.61 | 0.17 | 0.07 |
| TASCORP | 19-Feb-26 | 3.25 | 1,107 | 3.70 | 3.65 | 3.70 | 0.16 | -0.01 |
| NTTC | 15-Mar-26 | 6.00 | 650 | 3.66 | 3.61 | 3.66 | 0.16 | 0.08 |
| NSWTC | 20-May-26 | 4.00 | 5,323 | 3.71 | 3.60 | 3.71 | 0.23 | 0.06 |
| SAFA | 20-Jul-26 | 3.00 | 3,540 | 3.71 | 3.65 | 3.71 | 0.18 | 0.02 |
| QTC | 21-Jul-26 | 3.25 | 8,610 | 3.67 | 3.61 | 3.67 | 0.17 | 0.03 |
| TCV | 17-Nov-26 | 5.50 | 8,851 | 3.69 | 3.63 | 3.69 | 0.17 | 0.03 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 3.84 | 3.73 | 3.84 | 0.22 | 0.16 |
| NSWTC | 20-May-27 | 3.00 | 8,861 | 3.82 | 3.68 | 3.82 | 0.25 | 0.10 |
| QTC | 20-Aug-27 | 2.75 | 8,794 | 3.74 | 3.68 | 3.74 | 0.18 | 0.04 |
| SAFA | 20-Sep-27 | 3.00 | 1,500 | 3.82 | 3.75 | 3.82 | 0.20 | 0.03 |
| WATC | 21-Oct-27 | 3.00 | 3,756 | 3.76 | 3.68 | 3.76 | 0.19 | 0.05 |
| NSWTC | 20-Mar-28 | 3.00 | 9,283 | 3.92 | 3.75 | 3.92 | 0.28 | 0.13 |
| SAFA | 24-May-28 | 3.00 | 4,040 | 3.89 | 3.81 | 3.89 | 0.20 | 0.03 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 3.83 | 3.74 | 3.83 | 0.20 | 0.07 |
| TCV | 20-Oct-28 | 3.00 | 8,728 | 3.88 | 3.80 | 3.88 | 0.20 | 0.05 |
| NSWTC | 20-Apr-29 | 3.00 | 9,153 | 3.92 | 3.84 | 3.92 | 0.20 | 0.05 |
| NTTC | 21-May-29 | 2.00 | 600 | 4.06 | 3.92 | 4.06 | 0.25 | 0.19 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 4.04 | 3.88 | 4.04 | 0.28 | 0.18 |
| WATC | 24-Jul-29 | 2.75 | 3,556 | 4.00 | 3.83 | 4.00 | 0.29 | 0.21 |
| QTC | 21-Aug-29 | 3.25 | 7,535 | 4.00 | 3.83 | 4.00 | 0.30 | 0.22 |
| TCV | 22-Oct-29 | 2.50 | 9,328 | 4.05 | 3.89 | 4.05 | 0.27 | 0.19 |
| NSWTC | 20-Feb-30 | 3.00 | 10,316 | 4.00 | 3.92 | 4.00 | 0.20 | 0.07 |
| NTTC | 21-May-30 | 2.00 | 750 | 4.17 | 4.02 | 4.17 | 0.26 | 0.21 |
| SAFA | 24-May-30 | 2.75 | 3,115 | 4.15 | 3.98 | 4.15 | 0.29 | 0.23 |
| QTC | 21-Aug-30 | 3.50 | 8,587 | 3.98 | 3.90 | 3.98 | 0.21 | 0.09 |
| TCV | 20-Nov-30 | 5.25 | 7,479 | 4.16 | 3.99 | 4.16 | 0.29 | 0.23 |
| NSWTC | 20-Mar-31 | 2.00 | 8,962 | 4.19 | 4.02 | 4.19 | 0.30 | 0.21 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 4.32 | 4.17 | 4.32 | 0.27 | 0.22 |
| QTC | 21-Aug-31 | 1.75 | 7,357 | 4.17 | 4.00 | 4.17 | 0.30 | 0.24 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 4.27 | 4.11 | 4.27 | 0.29 | 0.22 |
| SAFA | 24-May-32 | 5.25 | 3,310 | 4.34 | 4.17 | 4.34 | 0.30 | 0.24 |
| TCV | 20-Dec-32 | 4.25 | 6,971 | 4.22 | 4.13 | 4.22 | 0.22 | 0.08 |
| NSWTC | 8-Mar-33 | 5.25 | 7,380 | 4.38 | 4.20 | 4.38 | 0.32 | 0.23 |
| QTC | 14-Mar-33 | 6.50 | 726 | 4.19 | 4.11 | 4.19 | 0.21 | 0.08 |
| QTC | 20-Jul-34 | 1.75 | 4,330 | 4.43 | 4.26 | 4.43 | 0.29 | 0.25 |
| WATC | 24-Oct-34 | 2.00 | 1,143 | 4.39 | 4.22 | 4.39 | 0.30 | 0.24 |
| QTC | 16-Apr-40 | 2.25 | 1,482 | 4.66 | 4.51 | 4.66 | 0.26 | 0.39 |
| NSWTC | 7-May-41 | 2.25 | 2,323 | 4.72 | 4.54 | 4.72 | 0.29 | 0.37 |
| QTC | 20-Nov-41 | 2.25 | 2,181 | 4.66 | 4.52 | 4.66 | 0.23 | 0.34 |