Semi Government

Summary: Semi-government bond spreads 4bps wider on average; QTC taps August 2033s.

Semi-government spreads finished the week about 4bps wider on average as semi-government yields generally outpaced the rises of their Commonwealth counterparts. A majority of spreads in the sample varied within or quite close to a range from -2bps to +4bps. The most notable exception was NTTC’s April 2031 (spread: 62bps, -6bps).

The only issuer active in the primary market during the week appears to be QTC, which tapped its August 2033s for $212 million.

ISSUER	MATURITY	COUPON (%)	ISSUE SIZE	WEEK HIGH	WEEK LOW	CLOSING YIELD	Δ WEEK	Δ MONTH
QTC	21-Jul-22	6.00	7,764	0.39	0.30	0.39	0.10	0.17
SAFA	22-Sep-22	1.50	2,062	0.65	0.52	0.65	0.19	0.36
TCV	17-Oct-22	6.00	3,730	0.78	0.64	0.78	0.15	0.39
WATC	20-Oct-22	2.75	3,001	0.72	0.56	0.72	0.17	0.46
NTTC	21-Nov-22	2.50	600	1.01	0.58	1.01	0.60	0.66
NSWTC	20-Apr-23	4.00	4,119	1.57	1.27	1.57	0.33	0.75
NSWTC	1-May-23	6.00	339	1.62	1.30	1.62	0.35	0.83
QTC	21-Jul-23	4.25	8,744	2.02	1.65	2.02	0.41	0.90
WATC	16-Oct-23	6.00	4,376	2.22	1.84	2.22	0.41	0.95
SAFA	20-Nov-23	4.25	1,520	2.28	1.93	2.28	0.38	0.94
TCV	21-Nov-23	1.00	1,122	2.31	1.98	2.31	0.41	0.91
NSWTC	8-Feb-24	5.25	4,692	2.41	2.11	2.41	0.36	0.89
NTTC	15-Mar-24	6.00	650	2.69	2.35	2.69	0.41	0.93
TASCORP	11-Jun-24	4.00	1,151	2.83	2.48	2.83	0.38	0.90
QTC	22-Jul-24	5.75	8,249	2.67	2.32	2.67	0.39	0.88
WATC	23-Jul-24	2.50	5,089	2.66	2.30	2.66	0.39	0.89
SAFA	15-Aug-24	2.25	3,128	2.69	2.33	2.69	0.39	0.89
NSWTC	20-Aug-24	5.00	4,324	2.60	2.30	2.60	0.33	0.80
TCV	17-Dec-24	5.50	6,488	2.76	2.44	2.76	0.37	0.81
NSWTC	20-Mar-25	5.25	2,100	2.85	2.62	2.85	0.33	0.76
SAFA	16-Apr-25	2.75	1,250	2.93	2.62	2.93	0.36	0.78
ACTTREAS	22-May-25	5.25	1,000	2.88	2.66	2.88	0.32	0.77
QTC	21-Jul-25	4.75	8,581	2.96	2.67	2.96	0.34	0.77
WATC	23-Jul-25	5.00	5,483	2.95	2.66	2.95	0.34	0.77
TASCORP	19-Feb-26	3.25	1,087	3.18	2.90	3.18	0.33	0.72
NTTC	15-Mar-26	6.00	650	3.08	2.88	3.08	0.30	0.71
NSWTC	20-May-26	4.00	5,323	3.08	2.78	3.08	0.34	0.73
SAFA	20-Jul-26	3.00	3,540	3.13	2.84	3.13	0.34	0.74
QTC	21-Jul-26	3.25	8,610	3.11	2.82	3.11	0.34	0.72
TCV	17-Nov-26	5.50	7,472	3.13	2.84	3.13	0.34	0.72
NTTC	21-Apr-27	5.50	600	3.26	3.06	3.26	0.29	0.63
NSWTC	20-May-27	3.00	8,861	3.19	2.91	3.19	0.32	0.70
QTC	20-Aug-27	2.75	8,794	3.21	2.93	3.21	0.32	0.70
SAFA	20-Sep-27	3.00	1,500	3.23	2.96	3.23	0.31	0.70
WATC	21-Oct-27	3.00	3,516	3.21	2.94	3.21	0.32	0.70
NSWTC	20-Mar-28	3.00	9,358	3.26	3.03	3.26	0.28	0.66
SAFA	24-May-28	3.00	3,040	3.29	3.05	3.29	0.28	0.66
QTC	21-Jul-28	3.25	8,520	3.28	3.05	3.28	0.27	0.66
TCV	20-Oct-28	3.00	8,327	3.32	3.09	3.32	0.28	0.66
NSWTC	20-Apr-29	3.00	9,153	3.33	3.13	3.33	0.25	0.63
NTTC	21-May-29	2.00	600	3.46	3.33	3.46	0.23	0.59
ACTTREAS	22-May-29	5.25	900	3.42	3.28	3.42	0.24	0.62
WATC	24-Jul-29	2.75	3,296	3.34	3.19	3.34	0.25	0.64
QTC	21-Aug-29	3.25	7,535	3.34	3.18	3.34	0.26	0.63
TCV	22-Oct-29	2.50	8,555	3.38	3.23	3.38	0.24	0.61
NSWTC	20-Feb-30	3.00	10,141	3.38	3.21	3.38	0.22	0.60
NTTC	21-May-30	2.00	750	3.50	3.41	3.50	0.19	0.56
SAFA	24-May-30	2.75	2,815	3.42	3.30	3.42	0.21	0.61
QTC	21-Aug-30	3.50	8,387	3.40	3.22	3.40	0.23	0.61
TCV	20-Nov-30	5.25	6,627	3.45	3.34	3.45	0.20	0.59
NSWTC	20-Mar-31	2.00	8,604	3.45	3.36	3.45	0.19	0.57
NTTC	21-Apr-31	5.25	750	3.66	3.59	3.66	0.17	0.53
QTC	21-Aug-31	1.75	7,257	3.46	3.37	3.46	0.19	0.58
ACTTREAS	23-Oct-31	5.25	1,000	3.56	3.48	3.56	0.18	0.57
SAFA	24-May-32	5.25	2,560	3.53	3.45	3.53	0.18	0.57
TCV	20-Dec-32	4.25	6,257	3.54	3.40	3.54	0.19	0.58
NSWTC	8-Mar-33	5.25	3,817	3.57	3.48	3.57	0.18	0.55
QTC	14-Mar-33	6.50	738	3.51	3.37	3.51	0.19	0.57
QTC	20-Jul-34	1.75	4,130	3.70	3.63	3.70	0.16	0.56
WATC	24-Oct-34	2.00	1,113	3.66	3.59	3.66	0.17	0.58
QTC	16-Apr-40	2.25	1,882	3.94	3.89	3.92	0.12	0.53
NSWTC	7-May-41	2.25	2,293	4.00	3.95	4.00	0.14	0.55
QTC	20-Nov-41	2.25	1,781	4.00	3.95	3.98	0.12	0.53