Summary: Semi-government bond spreads about 2bps wider on average; $4 billion raised by NSWTC; WA credit rating upgraded.
Semi-government spreads finished the week about 2bps wider on average as semi-government yields lagged the falls of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -4bps to +4bps and the exceptions were limited to semis with maturities in 2023 and 2024.
NSWTC raised $4 billion on Tuesday via two new FRN lines. $1.5 billion worth of September 2029 FRNs and $2.5 billion worth of August 2031 FRNs were priced at BBSW + 8bps and BBSW + 16bps respectively.
S&P upgraded Western Australia’s credit rating from AA+ to AAA.
| ISSUER | MATURITY | COUPON (%) | ISSUE SIZE | WEEK HIGH | WEEK LOW | CLOSING YIELD | Δ WEEK | Δ MONTH |
|---|---|---|---|---|---|---|---|---|
| QTC | 21-Jul-22 | 6.00 | 7,177 | 1.18 | 1.09 | 1.09 | 0.07 | 0.37 |
| SAFA | 22-Sep-22 | 1.50 | 2,062 | 1.65 | 1.63 | 1.64 | -0.01 | 0.53 |
| TCV | 17-Oct-22 | 6.00 | 3,730 | 1.92 | 1.90 | 1.90 | 0.02 | 0.60 |
| WATC | 20-Oct-22 | 2.75 | 3,001 | 1.66 | 1.64 | 1.64 | -0.06 | 0.42 |
| NTTC | 21-Nov-22 | 2.50 | 600 | 2.01 | 1.80 | 1.80 | 0.03 | 0.49 |
| NSWTC | 20-Apr-23 | 4.00 | 4,011 | 2.75 | 2.46 | 2.46 | -0.15 | 0.56 |
| NSWTC | 1-May-23 | 6.00 | 337 | 2.82 | 2.53 | 2.53 | -0.12 | 0.54 |
| QTC | 21-Jul-23 | 4.25 | 8,744 | 3.09 | 2.73 | 2.73 | -0.15 | 0.46 |
| WATC | 16-Oct-23 | 6.00 | 4,281 | 3.29 | 2.91 | 2.91 | -0.17 | 0.43 |
| SAFA | 20-Nov-23 | 4.25 | 1,520 | 3.43 | 3.02 | 3.02 | -0.18 | 0.46 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 3.60 | 3.03 | 3.03 | -0.15 | 0.47 |
| NSWTC | 8-Feb-24 | 5.25 | 4,692 | 3.65 | 3.03 | 3.03 | -0.19 | 0.49 |
| NTTC | 15-Mar-24 | 6.00 | 650 | 3.98 | 3.35 | 3.35 | -0.17 | 0.48 |
| TASCORP | 11-Jun-24 | 4.00 | 1,176 | 3.77 | 3.25 | 3.25 | -0.35 | 0.31 |
| QTC | 22-Jul-24 | 5.75 | 8,249 | 3.54 | 3.06 | 3.06 | -0.24 | 0.34 |
| WATC | 23-Jul-24 | 2.50 | 5,119 | 3.55 | 3.05 | 3.05 | -0.27 | 0.30 |
| SAFA | 15-Aug-24 | 2.25 | 3,128 | 3.66 | 3.18 | 3.18 | -0.23 | 0.39 |
| NSWTC | 20-Aug-24 | 5.00 | 4,324 | 3.59 | 3.12 | 3.12 | -0.23 | 0.43 |
| TCV | 17-Dec-24 | 5.50 | 6,532 | 3.67 | 3.21 | 3.21 | -0.21 | 0.35 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 3.91 | 3.34 | 3.34 | -0.19 | 0.40 |
| SAFA | 16-Apr-25 | 2.75 | 1,250 | 3.88 | 3.41 | 3.41 | -0.25 | 0.41 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 3.95 | 3.34 | 3.34 | -0.24 | 0.40 |
| QTC | 21-Jul-25 | 4.75 | 8,581 | 3.87 | 3.39 | 3.39 | -0.23 | 0.38 |
| WATC | 23-Jul-25 | 5.00 | 5,508 | 3.86 | 3.39 | 3.39 | -0.23 | 0.39 |
| TASCORP | 19-Feb-26 | 3.25 | 1,107 | 4.01 | 3.58 | 3.58 | -0.22 | 0.35 |
| NTTC | 15-Mar-26 | 6.00 | 650 | 4.02 | 3.43 | 3.43 | -0.22 | 0.29 |
| NSWTC | 20-May-26 | 4.00 | 5,323 | 3.98 | 3.55 | 3.55 | -0.21 | 0.44 |
| SAFA | 20-Jul-26 | 3.00 | 3,540 | 4.03 | 3.60 | 3.60 | -0.21 | 0.42 |
| QTC | 21-Jul-26 | 3.25 | 8,610 | 3.99 | 3.54 | 3.54 | -0.22 | 0.39 |
| TCV | 17-Nov-26 | 5.50 | 7,911 | 4.04 | 3.60 | 3.60 | -0.21 | 0.42 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 4.18 | 3.62 | 3.62 | -0.20 | 0.31 |
| NSWTC | 20-May-27 | 3.00 | 8,861 | 4.07 | 3.66 | 3.66 | -0.19 | 0.43 |
| QTC | 20-Aug-27 | 2.75 | 8,794 | 4.07 | 3.64 | 3.64 | -0.19 | 0.39 |
| SAFA | 20-Sep-27 | 3.00 | 1,500 | 4.12 | 3.72 | 3.72 | -0.19 | 0.43 |
| WATC | 21-Oct-27 | 3.00 | 3,731 | 4.09 | 3.66 | 3.66 | -0.22 | 0.39 |
| NSWTC | 20-Mar-28 | 3.00 | 9,283 | 4.15 | 3.78 | 3.78 | -0.16 | 0.46 |
| SAFA | 24-May-28 | 3.00 | 3,040 | 4.20 | 3.81 | 3.81 | -0.17 | 0.45 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 4.14 | 3.74 | 3.74 | -0.18 | 0.40 |
| TCV | 20-Oct-28 | 3.00 | 8,639 | 4.23 | 3.86 | 3.86 | -0.17 | 0.47 |
| NSWTC | 20-Apr-29 | 3.00 | 9,153 | 4.25 | 3.90 | 3.90 | -0.14 | 0.49 |
| NTTC | 21-May-29 | 2.00 | 600 | 4.40 | 3.91 | 3.91 | -0.16 | 0.36 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 4.40 | 3.91 | 3.91 | -0.16 | 0.39 |
| WATC | 24-Jul-29 | 2.75 | 3,521 | 4.39 | 3.85 | 3.85 | -0.18 | 0.40 |
| QTC | 21-Aug-29 | 3.25 | 7,535 | 4.38 | 3.86 | 3.86 | -0.16 | 0.40 |
| TCV | 22-Oct-29 | 2.50 | 9,284 | 4.43 | 3.98 | 3.98 | -0.15 | 0.47 |
| NSWTC | 20-Feb-30 | 3.00 | 10,366 | 4.32 | 4.00 | 4.00 | -0.13 | 0.52 |
| NTTC | 21-May-30 | 2.00 | 750 | 4.49 | 4.05 | 4.05 | -0.15 | 0.41 |
| SAFA | 24-May-30 | 2.75 | 2,815 | 4.49 | 4.04 | 4.04 | -0.14 | 0.48 |
| QTC | 21-Aug-30 | 3.50 | 8,587 | 4.31 | 3.95 | 3.95 | -0.14 | 0.45 |
| TCV | 20-Nov-30 | 5.25 | 7,132 | 4.54 | 4.09 | 4.09 | -0.13 | 0.49 |
| NSWTC | 20-Mar-31 | 2.00 | 8,862 | 4.54 | 4.11 | 4.11 | -0.12 | 0.52 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 4.63 | 4.20 | 4.20 | -0.13 | 0.42 |
| QTC | 21-Aug-31 | 1.75 | 7,357 | 4.56 | 4.08 | 4.08 | -0.13 | 0.46 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 4.58 | 4.15 | 4.15 | -0.11 | 0.44 |
| SAFA | 24-May-32 | 5.25 | 2,560 | 4.64 | 4.21 | 4.21 | -0.12 | 0.52 |
| TCV | 20-Dec-32 | 4.25 | 6,710 | 4.53 | 4.23 | 4.23 | -0.13 | 0.56 |
| NSWTC | 8-Mar-33 | 5.25 | 4,392 | 4.68 | 4.28 | 4.28 | -0.11 | 0.55 |
| QTC | 14-Mar-33 | 6.50 | 726 | 4.49 | 4.17 | 4.17 | -0.11 | 0.52 |
| QTC | 20-Jul-34 | 1.75 | 4,330 | 4.78 | 4.33 | 4.33 | -0.13 | 0.48 |
| WATC | 24-Oct-34 | 2.00 | 1,143 | 4.71 | 4.27 | 4.27 | -0.12 | 0.46 |
| QTC | 16-Apr-40 | 2.25 | 1,882 | 4.77 | 4.33 | 4.33 | -0.11 | 0.32 |
| NSWTC | 7-May-41 | 2.25 | 2,293 | 4.82 | 4.40 | 4.40 | -0.11 | 0.30 |
| QTC | 20-Nov-41 | 2.25 | 1,781 | 4.81 | 4.38 | 4.38 | -0.11 | 0.31 |