Summary: Semi-government bond spreads 1bp tighter on average; SAFA taps May 2036s for $1 billion.
Semi-government spreads finished the week 1bp tighter on average as semi-government yields slightly outpaced the falls of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -6bps to +4bps and there were no particularly notable exceptions.
SAFA tapped its May 2036s for $1 billion on Thursday. Pricing was about 25bps more expensive than the initial issue of bonds back in July 2021.
| ISSUER | MATURITY | COUPON (%) | ISSUE SIZE | WEEK HIGH | WEEK LOW | CLOSING YIELD | Δ WEEK | Δ MONTH |
|---|---|---|---|---|---|---|---|---|
| QTC | 21-Jul-22 | 6.00 | 7,137 | 1.61 | 1.46 | 1.61 | 0.15 | 0.60 |
| SAFA | 22-Sep-22 | 1.50 | 2,062 | 1.95 | 1.85 | 1.85 | -0.03 | 0.40 |
| TCV | 17-Oct-22 | 6.00 | 3,713 | 2.07 | 2.00 | 2.07 | 0.08 | 0.41 |
| WATC | 20-Oct-22 | 2.75 | 3,001 | 2.09 | 1.90 | 2.09 | 0.21 | 0.58 |
| NTTC | 21-Nov-22 | 2.50 | 600 | 2.23 | 1.98 | 2.21 | 0.23 | 0.56 |
| NSWTC | 20-Apr-23 | 4.00 | 4,011 | 2.69 | 2.50 | 2.66 | 0.09 | 0.30 |
| NSWTC | 1-May-23 | 6.00 | 337 | 2.77 | 2.58 | 2.72 | 0.08 | 0.27 |
| QTC | 21-Jul-23 | 4.25 | 8,744 | 2.92 | 2.76 | 2.88 | 0.04 | 0.09 |
| WATC | 16-Oct-23 | 6.00 | 4,281 | 3.10 | 2.95 | 3.07 | 0.02 | 0.10 |
| SAFA | 20-Nov-23 | 4.25 | 1,520 | 3.19 | 3.04 | 3.16 | -0.01 | 0.14 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 3.14 | 3.01 | 3.11 | 0.00 | 0.10 |
| NSWTC | 8-Feb-24 | 5.25 | 4,692 | 3.04 | 2.94 | 3.02 | -0.02 | -0.06 |
| NTTC | 15-Mar-24 | 6.00 | 650 | 3.43 | 3.33 | 3.40 | 0.01 | 0.02 |
| TASCORP | 11-Jun-24 | 4.00 | 1,176 | 3.32 | 3.22 | 3.30 | -0.01 | -0.16 |
| QTC | 22-Jul-24 | 5.75 | 8,249 | 3.12 | 3.00 | 3.08 | -0.03 | -0.12 |
| WATC | 23-Jul-24 | 2.50 | 5,119 | 3.11 | 2.98 | 3.08 | -0.01 | -0.11 |
| SAFA | 15-Aug-24 | 2.25 | 3,128 | 3.24 | 3.15 | 3.20 | -0.04 | -0.10 |
| NSWTC | 20-Aug-24 | 5.00 | 4,324 | 3.18 | 3.02 | 3.10 | -0.07 | -0.10 |
| TCV | 17-Dec-24 | 5.50 | 6,532 | 3.20 | 3.08 | 3.14 | -0.06 | -0.18 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 3.37 | 3.29 | 3.36 | 0.01 | 0.04 |
| SAFA | 16-Apr-25 | 2.75 | 1,250 | 3.45 | 3.35 | 3.44 | 0.02 | 0.00 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 3.40 | 3.32 | 3.39 | 0.04 | 0.02 |
| QTC | 21-Jul-25 | 4.75 | 8,581 | 3.42 | 3.33 | 3.41 | 0.02 | -0.05 |
| WATC | 23-Jul-25 | 5.00 | 5,508 | 3.41 | 3.32 | 3.40 | 0.02 | -0.04 |
| TASCORP | 19-Feb-26 | 3.25 | 1,107 | 3.58 | 3.49 | 3.58 | 0.03 | -0.05 |
| NTTC | 15-Mar-26 | 6.00 | 650 | 3.49 | 3.42 | 3.49 | 0.02 | -0.05 |
| NSWTC | 20-May-26 | 4.00 | 5,323 | 3.56 | 3.47 | 3.52 | -0.01 | -0.04 |
| SAFA | 20-Jul-26 | 3.00 | 3,540 | 3.60 | 3.51 | 3.58 | 0.00 | -0.04 |
| QTC | 21-Jul-26 | 3.25 | 8,610 | 3.53 | 3.45 | 3.51 | 0.00 | -0.08 |
| TCV | 17-Nov-26 | 5.50 | 8,476 | 3.58 | 3.50 | 3.55 | -0.02 | -0.10 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 3.61 | 3.55 | 3.59 | 0.00 | -0.11 |
| NSWTC | 20-May-27 | 3.00 | 8,861 | 3.63 | 3.56 | 3.59 | -0.02 | -0.07 |
| QTC | 20-Aug-27 | 2.75 | 8,794 | 3.62 | 3.54 | 3.57 | -0.03 | -0.12 |
| SAFA | 20-Sep-27 | 3.00 | 1,500 | 3.69 | 3.62 | 3.67 | 0.00 | -0.05 |
| WATC | 21-Oct-27 | 3.00 | 3,731 | 3.64 | 3.55 | 3.58 | -0.03 | -0.13 |
| NSWTC | 20-Mar-28 | 3.00 | 9,283 | 3.73 | 3.65 | 3.67 | -0.04 | -0.09 |
| SAFA | 24-May-28 | 3.00 | 3,040 | 3.77 | 3.69 | 3.74 | -0.01 | -0.09 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 3.69 | 3.61 | 3.63 | -0.04 | -0.16 |
| TCV | 20-Oct-28 | 3.00 | 8,639 | 3.80 | 3.72 | 3.72 | -0.06 | -0.14 |
| NSWTC | 20-Apr-29 | 3.00 | 9,153 | 3.84 | 3.76 | 3.77 | -0.05 | -0.12 |
| NTTC | 21-May-29 | 2.00 | 600 | 3.85 | 3.81 | 3.81 | -0.03 | -0.17 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 3.84 | 3.81 | 3.81 | -0.03 | -0.15 |
| WATC | 24-Jul-29 | 2.75 | 3,521 | 3.77 | 3.73 | 3.74 | -0.03 | -0.16 |
| QTC | 21-Aug-29 | 3.25 | 7,535 | 3.78 | 3.72 | 3.72 | -0.06 | -0.18 |
| TCV | 22-Oct-29 | 2.50 | 9,284 | 3.88 | 3.81 | 3.81 | -0.07 | -0.16 |
| NSWTC | 20-Feb-30 | 3.00 | 10,441 | 3.92 | 3.83 | 3.83 | -0.07 | -0.13 |
| NTTC | 21-May-30 | 2.00 | 750 | 3.97 | 3.93 | 3.93 | -0.04 | -0.16 |
| SAFA | 24-May-30 | 2.75 | 2,815 | 3.95 | 3.91 | 3.91 | -0.04 | -0.11 |
| QTC | 21-Aug-30 | 3.50 | 8,587 | 3.89 | 3.80 | 3.80 | -0.06 | -0.18 |
| TCV | 20-Nov-30 | 5.25 | 7,232 | 3.98 | 3.90 | 3.90 | -0.08 | -0.16 |
| NSWTC | 20-Mar-31 | 2.00 | 8,862 | 4.02 | 3.95 | 3.95 | -0.07 | -0.10 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 4.12 | 4.07 | 4.07 | -0.05 | -0.15 |
| QTC | 21-Aug-31 | 1.75 | 7,357 | 3.98 | 3.91 | 3.91 | -0.07 | -0.16 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 4.06 | 4.03 | 4.03 | -0.03 | -0.12 |
| SAFA | 24-May-32 | 5.25 | 2,560 | 4.11 | 4.06 | 4.06 | -0.05 | -0.09 |
| TCV | 20-Dec-32 | 4.25 | 6,776 | 4.14 | 4.04 | 4.04 | -0.08 | -0.11 |
| NSWTC | 8-Mar-33 | 5.25 | 4,567 | 4.19 | 4.11 | 4.11 | -0.08 | -0.08 |
| QTC | 14-Mar-33 | 6.50 | 726 | 4.10 | 4.00 | 4.00 | -0.08 | -0.12 |
| QTC | 20-Jul-34 | 1.75 | 4,330 | 4.24 | 4.14 | 4.14 | -0.09 | -0.15 |
| WATC | 24-Oct-34 | 2.00 | 1,143 | 4.18 | 4.10 | 4.10 | -0.07 | -0.12 |
| QTC | 16-Apr-40 | 2.25 | 1,882 | 4.30 | 4.21 | 4.21 | -0.09 | -0.16 |
| NSWTC | 7-May-41 | 2.25 | 2,293 | 4.35 | 4.28 | 4.28 | -0.06 | -0.18 |
| QTC | 20-Nov-41 | 2.25 | 1,781 | 4.33 | 4.25 | 4.25 | -0.08 | -0.19 |