Summary: Semi-government bond spreads unchanged on average; TCV announces 2022/23 funding requirement; NSWTC, SAFA, TCV tap various existing lines.
Semi-government spreads finished the week unchanged on average as semi-government yields generally moved up in line with their Commonwealth counterparts. A majority of spreads in the sample varied within or quite close to a range from -3bps to +6bps. The more notable exceptions came from semis with maturity dates from mid-2023 to early 2024.
TCV announced its 2022/23 funding requirement on Wednesday. It plans to borrow $30 billion during that financial year, slightly higher than its 2021/22 requirement and $4 billion more than it estimated in its estimated funding requirement from May 2021.
There were three issuers active in the primary market during the week.
NSWTC raised a total of $600 million on Friday via taps of its February 2030, March 2031 and February 2032 lines.
SAFA also raised additional funds on Friday. It tapped its June 2025 FRNs for $100 million at AONIA + 21bps.
Additionally, TCV tapped its September 2035s for $375 million during the week.
| ISSUER | MATURITY | COUPON (%) | ISSUE SIZE | WEEK HIGH | WEEK LOW | CLOSING YIELD | Δ WEEK | Δ MONTH |
|---|---|---|---|---|---|---|---|---|
| QTC | 21-Jul-22 | 6.00 | 7,764 | 0.75 | 0.56 | 0.70 | 0.12 | 0.42 |
| SAFA | 22-Sep-22 | 1.50 | 2,062 | 1.23 | 0.98 | 1.19 | 0.32 | 0.87 |
| TCV | 17-Oct-22 | 6.00 | 3,730 | 1.33 | 1.12 | 1.29 | 0.25 | 0.77 |
| WATC | 20-Oct-22 | 2.75 | 3,001 | 1.22 | 1.01 | 1.15 | 0.27 | 0.85 |
| NTTC | 21-Nov-22 | 2.50 | 600 | 1.60 | 1.20 | 1.48 | 0.33 | 1.08 |
| NSWTC | 20-Apr-23 | 4.00 | 4,119 | 2.26 | 1.85 | 2.17 | 0.38 | 1.10 |
| NSWTC | 1-May-23 | 6.00 | 339 | 2.27 | 1.86 | 2.18 | 0.37 | 1.08 |
| QTC | 21-Jul-23 | 4.25 | 8,744 | 2.66 | 2.25 | 2.57 | 0.41 | 1.13 |
| WATC | 16-Oct-23 | 6.00 | 4,376 | 2.86 | 2.46 | 2.76 | 0.38 | 1.14 |
| SAFA | 20-Nov-23 | 4.25 | 1,520 | 2.94 | 2.54 | 2.85 | 0.38 | 1.10 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 2.92 | 2.51 | 2.83 | 0.43 | 1.11 |
| NSWTC | 8-Feb-24 | 5.25 | 4,692 | 2.95 | 2.57 | 2.84 | 0.38 | 0.90 |
| NTTC | 15-Mar-24 | 6.00 | 650 | 3.21 | 2.84 | 3.13 | 0.38 | 0.97 |
| TASCORP | 11-Jun-24 | 4.00 | 1,151 | 3.36 | 3.01 | 3.22 | 0.32 | 0.89 |
| QTC | 22-Jul-24 | 5.75 | 8,249 | 3.17 | 2.83 | 3.03 | 0.29 | 0.82 |
| WATC | 23-Jul-24 | 2.50 | 5,089 | 3.20 | 2.84 | 3.05 | 0.30 | 0.84 |
| SAFA | 15-Aug-24 | 2.25 | 3,128 | 3.23 | 2.89 | 3.09 | 0.31 | 0.85 |
| NSWTC | 20-Aug-24 | 5.00 | 4,324 | 3.13 | 2.78 | 2.99 | 0.31 | 0.75 |
| TCV | 17-Dec-24 | 5.50 | 6,508 | 3.26 | 2.93 | 3.12 | 0.30 | 0.75 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 3.32 | 3.01 | 3.20 | 0.31 | 0.67 |
| SAFA | 16-Apr-25 | 2.75 | 1,250 | 3.39 | 3.08 | 3.25 | 0.28 | 0.66 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 3.32 | 3.01 | 3.20 | 0.31 | 0.64 |
| QTC | 21-Jul-25 | 4.75 | 8,581 | 3.41 | 3.11 | 3.27 | 0.26 | 0.63 |
| WATC | 23-Jul-25 | 5.00 | 5,483 | 3.39 | 3.09 | 3.25 | 0.27 | 0.63 |
| TASCORP | 19-Feb-26 | 3.25 | 1,094 | 3.62 | 3.32 | 3.48 | 0.27 | 0.58 |
| NTTC | 15-Mar-26 | 6.00 | 650 | 3.50 | 3.20 | 3.39 | 0.31 | 0.59 |
| NSWTC | 20-May-26 | 4.00 | 5,323 | 3.49 | 3.20 | 3.36 | 0.26 | 0.58 |
| SAFA | 20-Jul-26 | 3.00 | 3,540 | 3.55 | 3.25 | 3.41 | 0.27 | 0.59 |
| QTC | 21-Jul-26 | 3.25 | 8,610 | 3.54 | 3.24 | 3.41 | 0.27 | 0.59 |
| TCV | 17-Nov-26 | 5.50 | 7,822 | 3.54 | 3.25 | 3.41 | 0.27 | 0.58 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 3.65 | 3.36 | 3.55 | 0.32 | 0.58 |
| NSWTC | 20-May-27 | 3.00 | 8,861 | 3.59 | 3.30 | 3.46 | 0.27 | 0.57 |
| QTC | 20-Aug-27 | 2.75 | 8,794 | 3.62 | 3.33 | 3.48 | 0.27 | 0.58 |
| SAFA | 20-Sep-27 | 3.00 | 1,500 | 3.64 | 3.35 | 3.51 | 0.27 | 0.58 |
| WATC | 21-Oct-27 | 3.00 | 3,566 | 3.62 | 3.34 | 3.49 | 0.27 | 0.60 |
| NSWTC | 20-Mar-28 | 3.00 | 9,328 | 3.67 | 3.38 | 3.54 | 0.27 | 0.60 |
| SAFA | 24-May-28 | 3.00 | 3,040 | 3.71 | 3.41 | 3.57 | 0.27 | 0.62 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 3.69 | 3.40 | 3.56 | 0.28 | 0.60 |
| TCV | 20-Oct-28 | 3.00 | 8,377 | 3.72 | 3.43 | 3.59 | 0.27 | 0.60 |
| NSWTC | 20-Apr-29 | 3.00 | 9,153 | 3.75 | 3.46 | 3.62 | 0.28 | 0.61 |
| NTTC | 21-May-29 | 2.00 | 600 | 3.87 | 3.58 | 3.78 | 0.33 | 0.62 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 3.84 | 3.55 | 3.75 | 0.33 | 0.64 |
| WATC | 24-Jul-29 | 2.75 | 3,316 | 3.77 | 3.48 | 3.68 | 0.33 | 0.66 |
| QTC | 21-Aug-29 | 3.25 | 7,535 | 3.77 | 3.48 | 3.68 | 0.32 | 0.65 |
| TCV | 22-Oct-29 | 2.50 | 8,577 | 3.80 | 3.51 | 3.71 | 0.33 | 0.65 |
| NSWTC | 20-Feb-30 | 3.00 | 10,141 | 3.80 | 3.52 | 3.68 | 0.29 | 0.62 |
| NTTC | 21-May-30 | 2.00 | 750 | 3.91 | 3.62 | 3.86 | 0.37 | 0.67 |
| SAFA | 24-May-30 | 2.75 | 2,815 | 3.85 | 3.56 | 3.77 | 0.34 | 0.68 |
| QTC | 21-Aug-30 | 3.50 | 8,387 | 3.82 | 3.54 | 3.70 | 0.29 | 0.63 |
| TCV | 20-Nov-30 | 5.25 | 6,799 | 3.87 | 3.59 | 3.79 | 0.33 | 0.67 |
| NSWTC | 20-Mar-31 | 2.00 | 8,634 | 3.88 | 3.60 | 3.81 | 0.34 | 0.67 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 4.07 | 3.79 | 4.00 | 0.35 | 0.65 |
| QTC | 21-Aug-31 | 1.75 | 7,257 | 3.91 | 3.63 | 3.83 | 0.33 | 0.68 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 3.98 | 3.70 | 3.91 | 0.35 | 0.67 |
| SAFA | 24-May-32 | 5.25 | 2,560 | 3.97 | 3.68 | 3.89 | 0.34 | 0.67 |
| TCV | 20-Dec-32 | 4.25 | 6,305 | 3.97 | 3.69 | 3.85 | 0.30 | 0.63 |
| NSWTC | 8-Mar-33 | 5.25 | 3,867 | 3.99 | 3.71 | 3.92 | 0.34 | 0.65 |
| QTC | 14-Mar-33 | 6.50 | 738 | 3.94 | 3.66 | 3.83 | 0.30 | 0.63 |
| QTC | 20-Jul-34 | 1.75 | 4,330 | 4.11 | 3.85 | 4.04 | 0.34 | 0.65 |
| WATC | 24-Oct-34 | 2.00 | 1,113 | 4.08 | 3.80 | 4.02 | 0.36 | 0.67 |
| QTC | 16-Apr-40 | 2.25 | 1,882 | 4.30 | 3.99 | 4.25 | 0.39 | 0.63 |
| NSWTC | 7-May-41 | 2.25 | 2,293 | 4.36 | 4.07 | 4.31 | 0.37 | 0.63 |
| QTC | 20-Nov-41 | 2.25 | 1,781 | 4.34 | 4.05 | 4.29 | 0.37 | 0.61 |