Summary: Semi-government bond spreads 2bps narrower on average.
Semi-government spreads finished the week 2bps narrower on average as semi-government yields lagged the rises of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -6bps to +2bps and all the notable exceptions came from semis with maturities in 2023.
TCV tapped its September 2023s for $2.25 billion at ACGB + 67bps on Thursday.
| ISSUER | MATURITY | COUPON (%) | ISSUE SIZE | WEEK HIGH | WEEK LOW | CLOSING YIELD | Δ WEEK | Δ MONTH |
|---|---|---|---|---|---|---|---|---|
| SAFA | 22-Sep-22 | 1.50 | 2,062 | 1.86 | 1.84 | 1.85 | 0.03 | 0.22 |
| TCV | 17-Oct-22 | 6.00 | 3,713 | 2.02 | 2.01 | 2.02 | 0.02 | 0.11 |
| WATC | 20-Oct-22 | 2.75 | 2,891 | 1.95 | 1.91 | 1.95 | 0.08 | 0.32 |
| NTTC | 21-Nov-22 | 2.50 | 600 | 2.17 | 2.11 | 2.17 | 0.07 | 0.37 |
| NSWTC | 20-Apr-23 | 4.00 | 4,011 | 2.58 | 2.44 | 2.58 | 0.15 | 0.11 |
| NSWTC | 1-May-23 | 6.00 | 337 | 2.70 | 2.52 | 2.70 | 0.17 | 0.16 |
| QTC | 21-Jul-23 | 4.25 | 8,744 | 2.89 | 2.71 | 2.89 | 0.18 | 0.16 |
| WATC | 16-Oct-23 | 6.00 | 4,281 | 3.02 | 2.84 | 3.02 | 0.19 | 0.12 |
| SAFA | 20-Nov-23 | 4.25 | 1,520 | 3.09 | 2.91 | 3.09 | 0.20 | 0.07 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 2.98 | 2.79 | 2.98 | 0.19 | -0.05 |
| NSWTC | 8-Feb-24 | 5.25 | 4,692 | 2.90 | 2.69 | 2.90 | 0.21 | -0.14 |
| NTTC | 15-Mar-24 | 6.00 | 650 | 3.21 | 3.08 | 3.21 | 0.17 | -0.14 |
| TASCORP | 11-Jun-24 | 4.00 | 1,176 | 3.18 | 3.04 | 3.18 | 0.16 | -0.07 |
| QTC | 22-Jul-24 | 5.75 | 8,249 | 2.95 | 2.79 | 2.95 | 0.19 | -0.11 |
| WATC | 23-Jul-24 | 2.50 | 5,129 | 2.97 | 2.80 | 2.97 | 0.20 | -0.09 |
| SAFA | 15-Aug-24 | 2.25 | 3,128 | 3.06 | 2.90 | 3.06 | 0.18 | -0.12 |
| NSWTC | 20-Aug-24 | 5.00 | 4,324 | 3.03 | 2.84 | 3.03 | 0.19 | -0.10 |
| TCV | 17-Dec-24 | 5.50 | 6,807 | 3.01 | 2.83 | 3.01 | 0.17 | -0.21 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 3.08 | 2.93 | 3.08 | 0.14 | -0.26 |
| SAFA | 16-Apr-25 | 2.75 | 1,250 | 3.15 | 3.00 | 3.15 | 0.14 | -0.26 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 3.19 | 3.06 | 3.19 | 0.13 | -0.16 |
| QTC | 21-Jul-25 | 4.75 | 8,581 | 3.12 | 2.99 | 3.12 | 0.12 | -0.27 |
| WATC | 23-Jul-25 | 5.00 | 5,528 | 3.12 | 2.99 | 3.12 | 0.13 | -0.27 |
| TASCORP | 19-Feb-26 | 3.25 | 1,107 | 3.22 | 3.10 | 3.22 | 0.11 | -0.35 |
| NTTC | 15-Mar-26 | 6.00 | 650 | 3.18 | 3.11 | 3.18 | 0.07 | -0.25 |
| NSWTC | 20-May-26 | 4.00 | 5,323 | 3.17 | 3.04 | 3.17 | 0.12 | -0.38 |
| SAFA | 20-Jul-26 | 3.00 | 3,540 | 3.21 | 3.08 | 3.21 | 0.11 | -0.39 |
| QTC | 21-Jul-26 | 3.25 | 8,610 | 3.16 | 3.04 | 3.16 | 0.11 | -0.38 |
| TCV | 17-Nov-26 | 5.50 | 8,601 | 3.19 | 3.07 | 3.19 | 0.10 | -0.41 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 3.33 | 3.22 | 3.33 | 0.10 | -0.30 |
| NSWTC | 20-May-27 | 3.00 | 8,861 | 3.25 | 3.13 | 3.25 | 0.08 | -0.42 |
| QTC | 20-Aug-27 | 2.75 | 8,794 | 3.24 | 3.12 | 3.24 | 0.09 | -0.40 |
| SAFA | 20-Sep-27 | 3.00 | 1,500 | 3.30 | 3.19 | 3.30 | 0.08 | -0.42 |
| WATC | 21-Oct-27 | 3.00 | 3,756 | 3.22 | 3.12 | 3.22 | 0.08 | -0.43 |
| NSWTC | 20-Mar-28 | 3.00 | 9,283 | 3.31 | 3.22 | 3.31 | 0.06 | -0.47 |
| SAFA | 24-May-28 | 3.00 | 3,040 | 3.37 | 3.28 | 3.37 | 0.06 | -0.44 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 3.30 | 3.20 | 3.30 | 0.06 | -0.45 |
| TCV | 20-Oct-28 | 3.00 | 8,728 | 3.35 | 3.28 | 3.35 | 0.05 | -0.51 |
| NSWTC | 20-Apr-29 | 3.00 | 9,153 | 3.39 | 3.33 | 3.39 | 0.02 | -0.51 |
| NTTC | 21-May-29 | 2.00 | 600 | 3.50 | 3.45 | 3.50 | 0.05 | -0.42 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 3.45 | 3.42 | 3.45 | 0.03 | -0.46 |
| WATC | 24-Jul-29 | 2.75 | 3,556 | 3.37 | 3.34 | 3.37 | 0.03 | -0.48 |
| QTC | 21-Aug-29 | 3.25 | 7,535 | 3.36 | 3.32 | 3.36 | 0.04 | -0.50 |
| TCV | 22-Oct-29 | 2.50 | 9,278 | 3.44 | 3.42 | 3.44 | 0.02 | -0.54 |
| NSWTC | 20-Feb-30 | 3.00 | 10,241 | 3.46 | 3.40 | 3.46 | 0.03 | -0.54 |
| NTTC | 21-May-30 | 2.00 | 750 | 3.60 | 3.55 | 3.60 | 0.04 | -0.46 |
| SAFA | 24-May-30 | 2.75 | 3,115 | 3.51 | 3.48 | 3.51 | 0.03 | -0.53 |
| QTC | 21-Aug-30 | 3.50 | 8,587 | 3.43 | 3.37 | 3.43 | 0.03 | -0.53 |
| TCV | 20-Nov-30 | 5.25 | 7,453 | 3.52 | 3.51 | 3.52 | 0.01 | -0.56 |
| NSWTC | 20-Mar-31 | 2.00 | 9,212 | 3.57 | 3.55 | 3.57 | 0.02 | -0.54 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 3.74 | 3.70 | 3.74 | 0.04 | -0.46 |
| QTC | 21-Aug-31 | 1.75 | 7,357 | 3.53 | 3.52 | 3.53 | 0.01 | -0.54 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 3.66 | 3.64 | 3.66 | 0.02 | -0.49 |
| SAFA | 24-May-32 | 5.25 | 2,560 | 3.69 | 3.65 | 3.69 | 0.04 | -0.52 |
| TCV | 20-Dec-32 | 4.25 | 6,956 | 3.66 | 3.61 | 3.66 | 0.01 | -0.57 |
| NSWTC | 8-Mar-33 | 5.25 | 6,330 | 3.75 | 3.74 | 3.75 | 0.01 | -0.54 |
| QTC | 14-Mar-33 | 6.50 | 726 | 3.66 | 3.60 | 3.66 | 0.02 | -0.51 |
| QTC | 20-Jul-34 | 1.75 | 4,330 | 3.82 | 3.79 | 3.82 | 0.02 | -0.51 |
| WATC | 24-Oct-34 | 2.00 | 1,143 | 3.78 | 3.76 | 3.78 | 0.02 | -0.48 |
| QTC | 16-Apr-40 | 2.25 | 1,882 | 4.05 | 4.01 | 4.05 | 0.04 | -0.29 |
| NSWTC | 7-May-41 | 2.25 | 2,303 | 4.11 | 4.10 | 4.11 | 0.01 | -0.30 |
| QTC | 20-Nov-41 | 2.25 | 1,781 | 4.07 | 4.04 | 4.07 | 0.03 | -0.31 |