Semi Government

Summary: Semi-government bond spreads 4bps tighter on average; QTC taps July 2034s.

Semi-government spreads finished the week about 4bps tighter on average as semi-government yields generally fell, outpacing the falls of their Commonwealth counterparts at the front of the curve or not rising as much at the ultra-long end. A majority of spreads in the sample varied within or quite close to a range from -5bps to +6bps. The most notable exception was NSWTC’s August 2024 (spread: 25bps, -9bps).

The only issuer active in the primary market during the week appears to be QTC, which tapped its July 2034s for $200 million.

ISSUER	MATURITY	COUPON (%)	ISSUE SIZE	WEEK HIGH	WEEK LOW	CLOSING YIELD	Δ WEEK	Δ MONTH
QTC	21-Jul-22	6.00	7,764	0.29	0.27	0.29	0.01	0.08
SAFA	22-Sep-22	1.50	2,062	0.46	0.42	0.46	0.05	0.20
TCV	17-Oct-22	6.00	3,730	0.63	0.57	0.63	0.06	0.25
WATC	20-Oct-22	2.75	3,001	0.55	0.33	0.55	0.22	0.30
NTTC	21-Nov-22	2.50	600	0.41	0.38	0.41	0.03	0.07
NSWTC	20-Apr-23	4.00	4,119	1.32	1.24	1.24	-0.05	0.47
NSWTC	1-May-23	6.00	339	1.32	1.27	1.27	-0.02	0.55
QTC	21-Jul-23	4.25	8,744	1.71	1.61	1.61	-0.09	0.55
WATC	16-Oct-23	6.00	4,376	1.91	1.81	1.81	-0.10	0.60
SAFA	20-Nov-23	4.25	1,520	2.01	1.90	1.90	-0.10	0.65
TCV	21-Nov-23	1.00	1,122	2.01	1.91	1.91	-0.11	0.57
NSWTC	8-Feb-24	5.25	4,692	2.19	2.05	2.05	-0.15	0.60
NTTC	15-Mar-24	6.00	650	2.41	2.28	2.28	-0.15	0.60
TASCORP	11-Jun-24	4.00	1,151	2.60	2.45	2.45	-0.16	0.62
QTC	22-Jul-24	5.75	8,249	2.44	2.28	2.28	-0.16	0.60
WATC	23-Jul-24	2.50	5,089	2.42	2.27	2.27	-0.15	0.60
SAFA	15-Aug-24	2.25	3,128	2.46	2.30	2.30	-0.17	0.60
NSWTC	20-Aug-24	5.00	4,324	2.44	2.27	2.27	-0.20	0.58
TCV	17-Dec-24	5.50	6,488	2.57	2.39	2.39	-0.18	0.55
NSWTC	20-Mar-25	5.25	2,100	2.70	2.52	2.52	-0.15	0.54
SAFA	16-Apr-25	2.75	1,250	2.76	2.57	2.57	-0.16	0.55
ACTTREAS	22-May-25	5.25	1,000	2.74	2.56	2.56	-0.15	0.56
QTC	21-Jul-25	4.75	8,581	2.81	2.62	2.62	-0.16	0.56
WATC	23-Jul-25	5.00	5,483	2.79	2.61	2.61	-0.17	0.55
TASCORP	19-Feb-26	3.25	1,087	3.03	2.85	2.85	-0.16	0.51
NTTC	15-Mar-26	6.00	650	2.96	2.78	2.78	-0.15	0.52
NSWTC	20-May-26	4.00	5,323	2.92	2.73	2.73	-0.17	0.49
SAFA	20-Jul-26	3.00	3,540	2.97	2.79	2.79	-0.16	0.51
QTC	21-Jul-26	3.25	8,610	2.95	2.77	2.77	-0.16	0.50
TCV	17-Nov-26	5.50	7,472	2.98	2.80	2.80	-0.16	0.50
NTTC	21-Apr-27	5.50	600	3.14	2.96	2.96	-0.12	0.47
NSWTC	20-May-27	3.00	8,861	3.04	2.86	2.86	-0.13	0.49
QTC	20-Aug-27	2.75	8,794	3.05	2.88	2.88	-0.12	0.50
SAFA	20-Sep-27	3.00	1,500	3.09	2.92	2.92	-0.12	0.51
WATC	21-Oct-27	3.00	3,516	3.06	2.89	2.89	-0.12	0.51
NSWTC	20-Mar-28	3.00	9,358	3.13	2.98	2.98	-0.06	0.51
SAFA	24-May-28	3.00	3,040	3.15	3.01	3.01	-0.07	0.50
QTC	21-Jul-28	3.25	8,520	3.15	3.01	3.01	-0.07	0.51
TCV	20-Oct-28	3.00	8,327	3.18	3.04	3.04	-0.06	0.52
NSWTC	20-Apr-29	3.00	9,153	3.22	3.08	3.08	-0.04	0.52
NTTC	21-May-29	2.00	600	3.38	3.24	3.24	-0.02	0.52
ACTTREAS	22-May-29	5.25	900	3.33	3.19	3.19	-0.02	0.52
WATC	24-Jul-29	2.75	3,296	3.24	3.09	3.09	-0.03	0.51
QTC	21-Aug-29	3.25	7,535	3.23	3.09	3.09	-0.03	0.50
TCV	22-Oct-29	2.50	8,555	3.28	3.14	3.14	-0.02	0.51
NSWTC	20-Feb-30	3.00	10,141	3.29	3.16	3.16	-0.02	0.54
NTTC	21-May-30	2.00	750	3.45	3.32	3.32	0.02	0.54
SAFA	24-May-30	2.75	2,815	3.34	3.21	3.21	0.01	0.53
QTC	21-Aug-30	3.50	8,387	3.30	3.17	3.17	-0.02	0.53
TCV	20-Nov-30	5.25	6,627	3.37	3.24	3.24	0.02	0.53
NSWTC	20-Mar-31	2.00	8,604	3.38	3.26	3.26	0.04	0.54
NTTC	21-Apr-31	5.25	750	3.61	3.49	3.49	0.05	0.54
QTC	21-Aug-31	1.75	7,257	3.39	3.27	3.27	0.04	0.53
ACTTREAS	23-Oct-31	5.25	1,000	3.50	3.38	3.38	0.05	0.54
SAFA	24-May-32	5.25	2,560	3.47	3.35	3.35	0.06	0.55
TCV	20-Dec-32	4.25	6,257	3.47	3.35	3.35	0.02	0.56
NSWTC	8-Mar-33	5.25	3,817	3.50	3.39	3.39	0.05	0.54
QTC	14-Mar-33	6.50	738	3.43	3.32	3.32	0.02	0.54
QTC	20-Jul-34	1.75	4,130	3.63	3.54	3.54	0.08	0.56
WATC	24-Oct-34	2.00	1,113	3.59	3.50	3.50	0.08	0.57
QTC	16-Apr-40	2.25	1,882	3.84	3.76	3.80	0.14	0.57
NSWTC	7-May-41	2.25	2,293	3.90	3.82	3.86	0.14	0.56
QTC	20-Nov-41	2.25	1,781	3.90	3.82	3.86	0.14	0.57