Summary: Semi-government bond spreads about 2bps wider on average; QTC taps August 2031s.
Semi-government spreads finished the week about 2bps 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 -2bps to +6bps and the exceptions were limited to a few semis with maturities in early-to-mid 2024.
New issuance was limited to a $100 million tap by QTC of its August 2031s.
| ISSUER | MATURITY | COUPON (%) | ISSUE SIZE | WEEK HIGH | WEEK LOW | CLOSING YIELD | Δ WEEK | Δ MONTH |
|---|---|---|---|---|---|---|---|---|
| QTC | 21-Jul-22 | 6.00 | 7,764 | 1.01 | 0.80 | 1.01 | 0.23 | 0.31 |
| SAFA | 22-Sep-22 | 1.50 | 2,062 | 1.45 | 1.24 | 1.45 | 0.24 | 0.26 |
| TCV | 17-Oct-22 | 6.00 | 3,730 | 1.66 | 1.41 | 1.66 | 0.28 | 0.37 |
| WATC | 20-Oct-22 | 2.75 | 3,001 | 1.52 | 1.29 | 1.51 | 0.25 | 0.37 |
| NTTC | 21-Nov-22 | 2.50 | 600 | 1.66 | 1.44 | 1.64 | 0.20 | 0.16 |
| NSWTC | 20-Apr-23 | 4.00 | 4,011 | 2.41 | 2.12 | 2.36 | 0.23 | 0.19 |
| NSWTC | 1-May-23 | 6.00 | 339 | 2.51 | 2.19 | 2.46 | 0.25 | 0.28 |
| QTC | 21-Jul-23 | 4.25 | 8,744 | 2.83 | 2.49 | 2.78 | 0.29 | 0.22 |
| WATC | 16-Oct-23 | 6.00 | 4,376 | 3.03 | 2.74 | 2.97 | 0.23 | 0.20 |
| SAFA | 20-Nov-23 | 4.25 | 1,520 | 3.10 | 2.85 | 3.02 | 0.19 | 0.18 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 3.10 | 2.81 | 3.01 | 0.22 | 0.18 |
| NSWTC | 8-Feb-24 | 5.25 | 4,692 | 3.16 | 2.83 | 3.08 | 0.26 | 0.24 |
| NTTC | 15-Mar-24 | 6.00 | 650 | 3.47 | 3.15 | 3.39 | 0.25 | 0.26 |
| TASCORP | 11-Jun-24 | 4.00 | 1,151 | 3.54 | 3.26 | 3.46 | 0.22 | 0.24 |
| QTC | 22-Jul-24 | 5.75 | 8,249 | 3.29 | 3.01 | 3.20 | 0.20 | 0.17 |
| WATC | 23-Jul-24 | 2.50 | 5,089 | 3.28 | 3.03 | 3.19 | 0.17 | 0.14 |
| SAFA | 15-Aug-24 | 2.25 | 3,128 | 3.38 | 3.10 | 3.30 | 0.22 | 0.21 |
| NSWTC | 20-Aug-24 | 5.00 | 4,324 | 3.27 | 2.99 | 3.20 | 0.22 | 0.21 |
| TCV | 17-Dec-24 | 5.50 | 6,518 | 3.39 | 3.14 | 3.32 | 0.20 | 0.20 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 3.33 | 3.18 | 3.32 | 0.16 | 0.12 |
| SAFA | 16-Apr-25 | 2.75 | 1,250 | 3.45 | 3.28 | 3.44 | 0.19 | 0.20 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 3.38 | 3.23 | 3.37 | 0.16 | 0.17 |
| QTC | 21-Jul-25 | 4.75 | 8,581 | 3.46 | 3.29 | 3.46 | 0.20 | 0.19 |
| WATC | 23-Jul-25 | 5.00 | 5,483 | 3.45 | 3.28 | 3.44 | 0.19 | 0.18 |
| TASCORP | 19-Feb-26 | 3.25 | 1,094 | 3.65 | 3.50 | 3.63 | 0.16 | 0.15 |
| NTTC | 15-Mar-26 | 6.00 | 650 | 3.54 | 3.39 | 3.54 | 0.18 | 0.15 |
| NSWTC | 20-May-26 | 4.00 | 5,323 | 3.57 | 3.41 | 3.56 | 0.19 | 0.21 |
| SAFA | 20-Jul-26 | 3.00 | 3,540 | 3.64 | 3.47 | 3.62 | 0.18 | 0.20 |
| QTC | 21-Jul-26 | 3.25 | 8,610 | 3.62 | 3.45 | 3.60 | 0.18 | 0.19 |
| TCV | 17-Nov-26 | 5.50 | 7,897 | 3.65 | 3.48 | 3.64 | 0.19 | 0.23 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 3.70 | 3.56 | 3.70 | 0.18 | 0.15 |
| NSWTC | 20-May-27 | 3.00 | 8,861 | 3.66 | 3.52 | 3.66 | 0.18 | 0.21 |
| QTC | 20-Aug-27 | 2.75 | 8,794 | 3.70 | 3.55 | 3.69 | 0.17 | 0.21 |
| SAFA | 20-Sep-27 | 3.00 | 1,500 | 3.73 | 3.58 | 3.72 | 0.17 | 0.21 |
| WATC | 21-Oct-27 | 3.00 | 3,636 | 3.72 | 3.57 | 3.71 | 0.17 | 0.21 |
| NSWTC | 20-Mar-28 | 3.00 | 9,283 | 3.76 | 3.60 | 3.76 | 0.18 | 0.23 |
| SAFA | 24-May-28 | 3.00 | 3,040 | 3.82 | 3.66 | 3.82 | 0.19 | 0.25 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 3.79 | 3.63 | 3.79 | 0.18 | 0.23 |
| TCV | 20-Oct-28 | 3.00 | 8,639 | 3.86 | 3.69 | 3.86 | 0.18 | 0.27 |
| NSWTC | 20-Apr-29 | 3.00 | 9,153 | 3.88 | 3.71 | 3.88 | 0.19 | 0.26 |
| NTTC | 21-May-29 | 2.00 | 600 | 3.98 | 3.80 | 3.98 | 0.20 | 0.20 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 3.96 | 3.77 | 3.96 | 0.21 | 0.21 |
| WATC | 24-Jul-29 | 2.75 | 3,396 | 3.89 | 3.73 | 3.89 | 0.18 | 0.21 |
| QTC | 21-Aug-29 | 3.25 | 7,535 | 3.90 | 3.73 | 3.90 | 0.19 | 0.22 |
| TCV | 22-Oct-29 | 2.50 | 9,134 | 3.97 | 3.80 | 3.97 | 0.19 | 0.26 |
| NSWTC | 20-Feb-30 | 3.00 | 10,366 | 3.96 | 3.78 | 3.96 | 0.19 | 0.27 |
| NTTC | 21-May-30 | 2.00 | 750 | 4.09 | 3.89 | 4.09 | 0.21 | 0.22 |
| SAFA | 24-May-30 | 2.75 | 2,815 | 4.02 | 3.85 | 4.02 | 0.18 | 0.24 |
| QTC | 21-Aug-30 | 3.50 | 8,587 | 3.97 | 3.80 | 3.97 | 0.18 | 0.28 |
| TCV | 20-Nov-30 | 5.25 | 7,212 | 4.06 | 3.89 | 4.06 | 0.18 | 0.26 |
| NSWTC | 20-Mar-31 | 2.00 | 8,862 | 4.05 | 3.88 | 4.05 | 0.19 | 0.24 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 4.22 | 4.03 | 4.22 | 0.21 | 0.22 |
| QTC | 21-Aug-31 | 1.75 | 7,257 | 4.07 | 3.89 | 4.07 | 0.19 | 0.24 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 4.15 | 3.95 | 4.15 | 0.21 | 0.24 |
| SAFA | 24-May-32 | 5.25 | 2,560 | 4.15 | 3.97 | 4.15 | 0.19 | 0.26 |
| TCV | 20-Dec-32 | 4.25 | 6,205 | 4.15 | 3.98 | 4.15 | 0.18 | 0.30 |
| NSWTC | 8-Mar-33 | 5.25 | 4,392 | 4.18 | 4.01 | 4.18 | 0.18 | 0.26 |
| QTC | 14-Mar-33 | 6.50 | 726 | 4.12 | 3.95 | 4.12 | 0.18 | 0.29 |
| QTC | 20-Jul-34 | 1.75 | 4,330 | 4.29 | 4.13 | 4.29 | 0.17 | 0.25 |
| WATC | 24-Oct-34 | 2.00 | 1,113 | 4.23 | 4.08 | 4.23 | 0.16 | 0.21 |
| QTC | 16-Apr-40 | 2.25 | 1,882 | 4.37 | 4.21 | 4.37 | 0.16 | 0.12 |
| NSWTC | 7-May-41 | 2.25 | 2,293 | 4.47 | 4.30 | 4.47 | 0.16 | 0.16 |
| QTC | 20-Nov-41 | 2.25 | 1,781 | 4.44 | 4.27 | 4.44 | 0.17 | 0.15 |