Semi Government

Summary: Semi-government bond spreads 2bps tighter on average; NSWTC taps March 2033s for $1.5 billion.

Semi-government spreads finished the week 2bps tighter on average as semi-government yields slightly lagged the rises of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -8bps to +1bp, with TCV’s December 2032s (spread: 67bps, +6bps) and QTC’s March 2033s (spread: 64bps, +7bps) the most notable exceptions.

NSWTC tapped its March 2033s for $1.5 billion via a syndicated issue on  Wednesday. Pricing was about 8bps more expensive than the previous tap back in September 2021.

ISSUER	MATURITY	COUPON (%)	ISSUE SIZE	WEEK HIGH	WEEK LOW	CLOSING YIELD	Δ WEEK	Δ MONTH
SAFA	22-Sep-22	1.50	2,062	1.90	1.87	1.90	0.05	0.28
TCV	17-Oct-22	6.00	3,713	2.14	2.09	2.13	0.06	0.17
WATC	20-Oct-22	2.75	3,001	2.15	2.10	2.14	0.04	0.43
NTTC	21-Nov-22	2.50	600	2.29	2.18	2.27	0.06	0.27
NSWTC	20-Apr-23	4.00	4,011	2.83	2.69	2.80	0.14	-0.15
NSWTC	1-May-23	6.00	337	2.93	2.78	2.90	0.17	-0.12
QTC	21-Jul-23	4.25	8,744	3.07	2.90	3.03	0.15	-0.28
WATC	16-Oct-23	6.00	4,281	3.27	3.09	3.23	0.16	-0.29
SAFA	20-Nov-23	4.25	1,520	3.39	3.19	3.34	0.18	-0.28
TCV	21-Nov-23	1.00	1,122	3.29	3.11	3.19	0.09	-0.44
NSWTC	8-Feb-24	5.25	4,692	3.18	3.02	3.07	0.06	-0.62
NTTC	15-Mar-24	6.00	650	3.58	3.40	3.48	0.08	-0.55
TASCORP	11-Jun-24	4.00	1,176	3.53	3.35	3.47	0.17	-0.59
QTC	22-Jul-24	5.75	8,249	3.30	3.13	3.24	0.16	-0.59
WATC	23-Jul-24	2.50	5,119	3.29	3.13	3.24	0.15	-0.61
SAFA	15-Aug-24	2.25	3,128	3.43	3.25	3.38	0.17	-0.54
NSWTC	20-Aug-24	5.00	4,324	3.33	3.15	3.27	0.17	-0.54
TCV	17-Dec-24	5.50	6,807	3.34	3.19	3.29	0.15	-0.61
NSWTC	20-Mar-25	5.25	2,100	3.55	3.36	3.45	0.09	-0.49
SAFA	16-Apr-25	2.75	1,250	3.63	3.47	3.58	0.14	-0.46
ACTTREAS	22-May-25	5.25	1,000	3.61	3.39	3.51	0.12	-0.43
QTC	21-Jul-25	4.75	8,581	3.61	3.44	3.56	0.15	-0.49
WATC	23-Jul-25	5.00	5,508	3.59	3.43	3.54	0.15	-0.49
TASCORP	19-Feb-26	3.25	1,107	3.77	3.61	3.71	0.13	-0.49
NTTC	15-Mar-26	6.00	650	3.69	3.49	3.58	0.09	-0.47
NSWTC	20-May-26	4.00	5,323	3.70	3.55	3.65	0.13	-0.49
SAFA	20-Jul-26	3.00	3,540	3.76	3.61	3.69	0.12	-0.51
QTC	21-Jul-26	3.25	8,610	3.69	3.55	3.64	0.12	-0.54
TCV	17-Nov-26	5.50	8,376	3.72	3.58	3.66	0.11	-0.56
NTTC	21-Apr-27	5.50	600	3.79	3.59	3.69	0.09	-0.52
NSWTC	20-May-27	3.00	8,861	3.78	3.62	3.73	0.14	-0.52
QTC	20-Aug-27	2.75	8,794	3.76	3.60	3.71	0.14	-0.57
SAFA	20-Sep-27	3.00	1,500	3.85	3.70	3.79	0.12	-0.52
WATC	21-Oct-27	3.00	3,731	3.76	3.61	3.71	0.13	-0.59
NSWTC	20-Mar-28	3.00	9,283	3.85	3.69	3.79	0.12	-0.53
SAFA	24-May-28	3.00	3,040	3.92	3.76	3.86	0.12	-0.51
QTC	21-Jul-28	3.25	8,520	3.82	3.66	3.76	0.13	-0.58
TCV	20-Oct-28	3.00	8,639	3.89	3.74	3.83	0.11	-0.58
NSWTC	20-Apr-29	3.00	9,153	3.93	3.79	3.87	0.11	-0.54
NTTC	21-May-29	2.00	600	3.99	3.81	3.87	0.05	-0.58
ACTTREAS	22-May-29	5.25	900	3.98	3.81	3.86	0.05	-0.59
WATC	24-Jul-29	2.75	3,521	3.91	3.74	3.79	0.05	-0.64
QTC	21-Aug-29	3.25	7,535	3.90	3.72	3.78	0.05	-0.65
TCV	22-Oct-29	2.50	9,278	3.98	3.81	3.85	0.04	-0.62
NSWTC	20-Feb-30	3.00	10,441	3.99	3.85	3.93	0.09	-0.57
NTTC	21-May-30	2.00	750	4.09	3.93	3.96	0.03	-0.59
SAFA	24-May-30	2.75	2,815	4.05	3.91	3.92	0.01	-0.65
QTC	21-Aug-30	3.50	8,587	3.96	3.81	3.89	0.10	-0.61
TCV	20-Nov-30	5.25	7,332	4.06	3.90	3.93	0.04	-0.66
NSWTC	20-Mar-31	2.00	8,862	4.11	3.95	3.98	0.03	-0.62
NTTC	21-Apr-31	5.25	750	4.23	4.07	4.10	0.03	-0.59
QTC	21-Aug-31	1.75	7,357	4.07	3.91	3.93	0.03	-0.68
ACTTREAS	23-Oct-31	5.25	1,000	4.19	4.03	4.05	0.03	-0.59
SAFA	24-May-32	5.25	2,560	4.23	4.06	4.10	0.04	-0.60
TCV	20-Dec-32	4.25	6,826	4.21	4.06	4.14	0.10	-0.56
NSWTC	8-Mar-33	5.25	6,067	4.29	4.11	4.15	0.05	-0.59
QTC	14-Mar-33	6.50	726	4.17	4.02	4.11	0.11	-0.57
QTC	20-Jul-34	1.75	4,330	4.31	4.14	4.18	0.04	-0.66
WATC	24-Oct-34	2.00	1,143	4.28	4.10	4.16	0.05	-0.62
QTC	16-Apr-40	2.25	1,882	4.38	4.21	4.28	0.07	-0.58
NSWTC	7-May-41	2.25	2,293	4.46	4.28	4.36	0.07	-0.55
QTC	20-Nov-41	2.25	1,781	4.42	4.25	4.32	0.06	-0.58