Semi Government

Summary: Semi-government bond spreads 2bps wider on average; no new issues.

Semi-government spreads finished the week about 2bps wider on average as semi-government yields generally moved up a little while their Commonwealth counterparts remained largely stable. A majority of spreads in the sample varied within or quite close to a range from -1bps to +4bps. The most notable exception was TCV’s November 2023 bond (spread: 56bps, -11bps).

There were no issuers active in the primary market 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	0.58	0.36	0.58	0.18	0.37
SAFA	22-Sep-22	1.50	2,062	0.87	0.63	0.87	0.22	0.57
TCV	17-Oct-22	6.00	3,730	1.04	0.80	1.04	0.26	0.62
WATC	20-Oct-22	2.75	3,001	0.88	0.72	0.88	0.16	0.61
NTTC	21-Nov-22	2.50	600	1.15	0.97	1.15	0.14	0.81
NSWTC	20-Apr-23	4.00	4,119	1.79	1.54	1.79	0.21	0.80
NSWTC	1-May-23	6.00	339	1.81	1.60	1.81	0.20	0.86
QTC	21-Jul-23	4.25	8,744	2.16	2.00	2.16	0.14	0.80
WATC	16-Oct-23	6.00	4,376	2.38	2.20	2.38	0.16	0.86
SAFA	20-Nov-23	4.25	1,520	2.47	2.25	2.47	0.19	0.90
TCV	21-Nov-23	1.00	1,122	2.40	2.29	2.40	0.08	0.77
NSWTC	8-Feb-24	5.25	4,692	2.46	2.35	2.46	0.05	0.67
NTTC	15-Mar-24	6.00	650	2.75	2.67	2.75	0.06	0.69
TASCORP	11-Jun-24	4.00	1,151	2.90	2.79	2.90	0.08	0.70
QTC	22-Jul-24	5.75	8,249	2.74	2.64	2.74	0.06	0.69
WATC	23-Jul-24	2.50	5,089	2.75	2.63	2.75	0.09	0.73
SAFA	15-Aug-24	2.25	3,128	2.78	2.66	2.78	0.09	0.73
NSWTC	20-Aug-24	5.00	4,324	2.68	2.57	2.68	0.08	0.61
TCV	17-Dec-24	5.50	6,508	2.82	2.74	2.82	0.06	0.60
NSWTC	20-Mar-25	5.25	2,100	2.89	2.81	2.89	0.05	0.52
SAFA	16-Apr-25	2.75	1,250	2.97	2.90	2.97	0.04	0.54
ACTTREAS	22-May-25	5.25	1,000	2.89	2.83	2.89	0.01	0.49
QTC	21-Jul-25	4.75	8,581	3.00	2.92	3.00	0.04	0.52
WATC	23-Jul-25	5.00	5,483	2.98	2.90	2.98	0.03	0.52
TASCORP	19-Feb-26	3.25	1,094	3.21	3.14	3.21	0.03	0.46
NTTC	15-Mar-26	6.00	650	3.08	3.03	3.08	-0.01	0.42
NSWTC	20-May-26	4.00	5,323	3.09	3.03	3.09	0.02	0.46
SAFA	20-Jul-26	3.00	3,540	3.15	3.09	3.15	0.01	0.47
QTC	21-Jul-26	3.25	8,610	3.14	3.07	3.14	0.02	0.46
TCV	17-Nov-26	5.50	7,822	3.14	3.09	3.14	0.01	0.46
NTTC	21-Apr-27	5.50	600	3.23	3.20	3.23	-0.02	0.35
NSWTC	20-May-27	3.00	8,861	3.19	3.14	3.19	0.00	0.44
QTC	20-Aug-27	2.75	8,794	3.21	3.16	3.21	0.01	0.44
SAFA	20-Sep-27	3.00	1,500	3.24	3.19	3.24	0.01	0.45
WATC	21-Oct-27	3.00	3,566	3.22	3.17	3.22	0.01	0.45
NSWTC	20-Mar-28	3.00	9,328	3.27	3.21	3.27	0.01	0.45
SAFA	24-May-28	3.00	3,040	3.30	3.25	3.30	0.01	0.45
QTC	21-Jul-28	3.25	8,520	3.28	3.23	3.28	0.00	0.43
TCV	20-Oct-28	3.00	8,377	3.32	3.27	3.32	0.00	0.44
NSWTC	20-Apr-29	3.00	9,153	3.34	3.28	3.34	0.01	0.42
NTTC	21-May-29	2.00	600	3.45	3.40	3.45	-0.02	0.36
ACTTREAS	22-May-29	5.25	900	3.42	3.36	3.42	-0.01	0.40
WATC	24-Jul-29	2.75	3,316	3.36	3.30	3.36	0.01	0.43
QTC	21-Aug-29	3.25	7,535	3.36	3.30	3.36	0.02	0.43
TCV	22-Oct-29	2.50	8,577	3.38	3.32	3.38	0.01	0.41
NSWTC	20-Feb-30	3.00	10,141	3.39	3.33	3.39	0.01	0.40
NTTC	21-May-30	2.00	750	3.49	3.44	3.49	-0.01	0.34
SAFA	24-May-30	2.75	2,815	3.43	3.37	3.43	0.01	0.41
QTC	21-Aug-30	3.50	8,387	3.41	3.35	3.41	0.01	0.41
TCV	20-Nov-30	5.25	6,799	3.47	3.39	3.47	0.02	0.41
NSWTC	20-Mar-31	2.00	8,634	3.47	3.40	3.47	0.02	0.40
NTTC	21-Apr-31	5.25	750	3.65	3.59	3.65	0.00	0.33
QTC	21-Aug-31	1.75	7,257	3.49	3.42	3.49	0.03	0.41
ACTTREAS	23-Oct-31	5.25	1,000	3.56	3.49	3.56	0.01	0.38
SAFA	24-May-32	5.25	2,560	3.55	3.47	3.55	0.02	0.39
TCV	20-Dec-32	4.25	6,305	3.56	3.32	3.56	0.01	0.39
NSWTC	8-Mar-33	5.25	3,867	3.58	3.51	3.58	0.01	0.37
QTC	14-Mar-33	6.50	738	3.53	3.45	3.53	0.02	0.38
QTC	20-Jul-34	1.75	4,330	3.71	3.63	3.71	0.01	0.36
WATC	24-Oct-34	2.00	1,113	3.66	3.59	3.66	0.00	0.38
QTC	16-Apr-40	2.25	1,882	3.91	3.84	3.86	-0.06	0.28
NSWTC	7-May-41	2.25	2,293	3.99	3.92	3.94	-0.06	0.31
QTC	20-Nov-41	2.25	1,781	3.97	3.90	3.92	-0.06	0.28