Semi Government

Summary: Semi-government bond spreads about 9bps wider on average; TCV taps October 2028s, December 2032s.

Semi-government spreads finished the week about 9bps wider on average as semi-government yields 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 +13bps and the exceptions were limited to a few short-dated semis.

New issuance was limited to a $50 million tap by TCV of its October 2028s and a $100 million tap of its December 2032s. It also made around $137 million worth of repurchases.

S&P affirmed Victoria’s and the TCV’s AA ratings. Both have “stable” outlooks.

ISSUER	MATURITY	COUPON (%)	ISSUE SIZE	WEEK HIGH	WEEK LOW	CLOSING YIELD	Δ WEEK	Δ MONTH
QTC	21-Jul-22	6.00	7,177	1.22	1.13	1.21	0.20	0.55
SAFA	22-Sep-22	1.50	2,062	1.62	1.51	1.62	0.17	0.44
TCV	17-Oct-22	6.00	3,730	1.97	1.80	1.97	0.30	0.74
WATC	20-Oct-22	2.75	3,001	1.76	1.69	1.71	0.19	0.55
NTTC	21-Nov-22	2.50	600	2.00	1.82	2.00	0.36	0.71
NSWTC	20-Apr-23	4.00	4,011	2.95	2.67	2.95	0.59	1.00
NSWTC	1-May-23	6.00	339	3.02	2.77	3.02	0.56	1.01
QTC	21-Jul-23	4.25	8,744	3.32	3.07	3.32	0.53	1.01
WATC	16-Oct-23	6.00	4,376	3.52	3.31	3.52	0.55	0.96
SAFA	20-Nov-23	4.25	1,520	3.62	3.40	3.62	0.60	0.99
TCV	21-Nov-23	1.00	1,122	3.64	3.40	3.64	0.63	1.04
NSWTC	8-Feb-24	5.25	4,692	3.70	3.46	3.70	0.62	1.11
NTTC	15-Mar-24	6.00	650	4.04	3.82	4.03	0.65	1.13
TASCORP	11-Jun-24	4.00	1,151	4.06	3.83	4.06	0.60	1.03
QTC	22-Jul-24	5.75	8,249	3.84	3.56	3.84	0.63	1.01
WATC	23-Jul-24	2.50	5,089	3.84	3.55	3.84	0.65	1.00
SAFA	15-Aug-24	2.25	3,128	3.91	3.67	3.91	0.61	1.00
NSWTC	20-Aug-24	5.00	4,324	3.81	3.57	3.81	0.61	1.04
TCV	17-Dec-24	5.50	6,518	3.90	3.67	3.90	0.58	0.98
NSWTC	20-Mar-25	5.25	2,100	3.94	3.67	3.94	0.62	0.93
SAFA	16-Apr-25	2.75	1,250	4.04	3.78	4.04	0.60	0.97
ACTTREAS	22-May-25	5.25	1,000	3.95	3.72	3.94	0.56	0.93
QTC	21-Jul-25	4.75	8,581	4.06	3.79	4.05	0.59	0.95
WATC	23-Jul-25	5.00	5,483	4.04	3.77	4.04	0.60	0.96
TASCORP	19-Feb-26	3.25	1,094	4.22	3.96	4.20	0.57	0.89
NTTC	15-Mar-26	6.00	650	4.11	3.88	4.04	0.50	0.84
NSWTC	20-May-26	4.00	5,323	4.16	3.89	4.14	0.58	0.96
SAFA	20-Jul-26	3.00	3,540	4.21	3.95	4.20	0.58	0.95
QTC	21-Jul-26	3.25	8,610	4.19	3.93	4.18	0.58	0.94
TCV	17-Nov-26	5.50	7,897	4.23	3.97	4.22	0.58	0.96
NTTC	21-Apr-27	5.50	600	4.27	4.04	4.21	0.51	0.83
NSWTC	20-May-27	3.00	8,861	4.25	4.00	4.25	0.58	0.92
QTC	20-Aug-27	2.75	8,794	4.28	4.02	4.28	0.59	0.94
SAFA	20-Sep-27	3.00	1,500	4.32	4.07	4.31	0.59	0.93
WATC	21-Oct-27	3.00	3,636	4.30	4.05	4.30	0.59	0.93
NSWTC	20-Mar-28	3.00	9,283	4.33	4.07	4.32	0.56	0.89
SAFA	24-May-28	3.00	3,040	4.39	4.13	4.37	0.54	0.89
QTC	21-Jul-28	3.25	8,520	4.36	4.10	4.34	0.55	0.88
TCV	20-Oct-28	3.00	8,639	4.43	4.17	4.41	0.55	0.90
NSWTC	20-Apr-29	3.00	9,153	4.44	4.18	4.41	0.53	0.87
NTTC	21-May-29	2.00	600	4.52	4.27	4.44	0.46	0.78
ACTTREAS	22-May-29	5.25	900	4.50	4.25	4.45	0.49	0.81
WATC	24-Jul-29	2.75	3,396	4.46	4.19	4.43	0.54	0.87
QTC	21-Aug-29	3.25	7,535	4.46	4.20	4.43	0.53	0.86
TCV	22-Oct-29	2.50	9,134	4.53	4.26	4.48	0.50	0.86
NSWTC	20-Feb-30	3.00	10,366	4.52	4.25	4.50	0.54	0.87
NTTC	21-May-30	2.00	750	4.63	4.38	4.55	0.47	0.78
SAFA	24-May-30	2.75	2,815	4.58	4.31	4.57	0.55	0.88
QTC	21-Aug-30	3.50	8,587	4.53	4.27	4.51	0.53	0.86
TCV	20-Nov-30	5.25	7,212	4.62	4.36	4.60	0.54	0.89
NSWTC	20-Mar-31	2.00	8,862	4.61	4.34	4.60	0.55	0.87
NTTC	21-Apr-31	5.25	750	4.75	4.50	4.69	0.47	0.76
QTC	21-Aug-31	1.75	7,357	4.63	4.36	4.61	0.55	0.86
ACTTREAS	23-Oct-31	5.25	1,000	4.68	4.43	4.64	0.50	0.81
SAFA	24-May-32	5.25	2,560	4.71	4.44	4.70	0.55	0.87
TCV	20-Dec-32	4.25	6,205	4.71	4.44	4.70	0.55	0.86
NSWTC	8-Mar-33	5.25	4,392	4.74	4.47	4.74	0.56	0.88
QTC	14-Mar-33	6.50	726	4.68	4.41	4.68	0.55	0.86
QTC	20-Jul-34	1.75	4,330	4.84	4.55	4.84	0.55	0.85
WATC	24-Oct-34	2.00	1,113	4.78	4.49	4.78	0.55	0.82
QTC	16-Apr-40	2.25	1,882	4.86	4.58	4.86	0.49	0.68
NSWTC	7-May-41	2.25	2,293	4.91	4.67	4.91	0.44	0.65
QTC	20-Nov-41	2.25	1,781	4.90	4.64	4.90	0.45	0.66