Semi Government

Summary: Semi-government bond spreads 2bps tighter on average; QTC, SAFA tap existing lines.

Semi-government spreads finished the week about 2bps tighter on average as semi-government yields lagged the rises of their Commonwealth counterparts. A majority of spreads in the sample varied within or quite close to a range from -8bps to +2bps. The exceptions were almost all semis with maturities in 2022.

There were two issuers active in the primary market during the week.

QTC tapped its July 2034s for $525 million at the start of the week while SAFA tapped its June 2025 FRNs for $100 million at the end of the week.

ISSUER	MATURITY	COUPON (%)	ISSUE SIZE	WEEK HIGH	WEEK LOW	CLOSING YIELD	Δ WEEK	Δ MONTH
ACT TREASURY	11-Apr-22	4.25	550	0.25	0.22	0.25	0.02	0.11
QTC	21-Jul-22	6.00	7,764	0.28	0.27	0.28	0.00	0.15
SAFA	22-Sep-22	1.50	2,062	0.41	0.31	0.41	0.08	0.22
TCV	17-Oct-22	6.00	3,730	0.58	0.51	0.57	0.06	0.34
WATC	20-Oct-22	2.75	3,001	0.33	0.29	0.33	0.03	0.17
NTTC	21-Nov-22	2.50	600	0.40	0.37	0.38	-0.02	0.11
NSWTC	20-Apr-23	4.00	4,169	1.30	1.08	1.29	0.22	0.70
NSWTC	1-May-23	6.00	339	1.36	1.11	1.29	0.19	0.80
QTC	21-Jul-23	4.25	8,744	1.72	1.45	1.71	0.27	0.88
WATC	16-Oct-23	6.00	4,376	1.92	1.64	1.91	0.29	0.91
SAFA	20-Nov-23	4.25	1,520	2.03	1.76	2.00	0.26	0.94
TCV	21-Nov-23	1.00	1,122	2.01	1.73	2.01	0.30	0.86
NSWTC	8-Feb-24	5.25	4,692	2.24	1.97	2.19	0.26	0.96
NTTC	15-Mar-24	6.00	650	2.47	2.19	2.43	0.26	0.97
TASCORP	11-Jun-24	4.00	1,151	2.66	2.35	2.61	0.27	1.02
QTC	22-Jul-24	5.75	8,249	2.49	2.24	2.45	0.24	1.00
WATC	23-Jul-24	2.50	5,089	2.47	2.23	2.42	0.21	0.99
SAFA	15-Aug-24	2.25	3,128	2.50	2.26	2.47	0.23	1.03
NSWTC	20-Aug-24	5.00	4,324	2.50	2.26	2.47	0.23	1.01
TCV	17-Dec-24	5.50	6,488	2.61	2.39	2.57	0.20	0.96
NSWTC	20-Mar-25	5.25	2,100	2.71	2.53	2.67	0.14	0.96
SAFA	16-Apr-25	2.75	1,250	2.76	2.59	2.74	0.15	0.97
ACTTREAS	22-May-25	5.25	1,000	2.74	2.57	2.71	0.14	0.96
QTC	21-Jul-25	4.75	8,581	2.81	2.64	2.79	0.15	0.96
WATC	23-Jul-25	5.00	5,483	2.80	2.63	2.77	0.15	0.97
TASCORP	19-Feb-26	3.25	1,087	3.04	2.89	3.01	0.12	0.93
NTTC	15-Mar-26	6.00	650	2.96	2.80	2.93	0.12	0.94
NSWTC	20-May-26	4.00	5,323	2.94	2.77	2.90	0.13	0.93
SAFA	20-Jul-26	3.00	3,540	2.99	2.83	2.95	0.12	0.94
QTC	21-Jul-26	3.25	8,610	2.97	2.82	2.93	0.11	0.93
TCV	17-Nov-26	5.50	7,472	2.99	2.83	2.96	0.12	0.92
NTTC	21-Apr-27	5.50	600	3.13	2.97	3.09	0.11	0.85
NSWTC	20-May-27	3.00	8,861	3.03	2.88	3.00	0.11	0.86
QTC	20-Aug-27	2.75	8,794	3.04	2.89	3.01	0.11	0.84
SAFA	20-Sep-27	3.00	1,500	3.07	2.92	3.03	0.11	0.86
WATC	21-Oct-27	3.00	3,516	3.04	2.89	3.01	0.12	0.86
NSWTC	20-Mar-28	3.00	9,358	3.07	2.94	3.05	0.11	0.82
SAFA	24-May-28	3.00	3,040	3.10	2.96	3.08	0.12	0.81
QTC	21-Jul-28	3.25	8,520	3.09	2.97	3.07	0.11	0.81
TCV	20-Oct-28	3.00	8,327	3.13	3.00	3.11	0.11	0.82
NSWTC	20-Apr-29	3.00	9,153	3.14	3.02	3.12	0.11	0.81
NTTC	21-May-29	2.00	600	3.29	3.17	3.26	0.10	0.80
ACTTREAS	22-May-29	5.25	900	3.24	3.12	3.21	0.10	0.80
WATC	24-Jul-29	2.75	3,296	3.16	3.04	3.12	0.10	0.78
QTC	21-Aug-29	3.25	7,535	3.15	3.03	3.12	0.09	0.78
TCV	22-Oct-29	2.50	8,555	3.19	3.07	3.16	0.09	0.78
NSWTC	20-Feb-30	3.00	10,141	3.18	3.07	3.18	0.11	0.78
NTTC	21-May-30	2.00	750	3.32	3.21	3.30	0.10	0.78
SAFA	24-May-30	2.75	2,515	3.21	3.10	3.20	0.10	0.76
QTC	21-Aug-30	3.50	8,387	3.19	3.08	3.18	0.11	0.77
TCV	20-Nov-30	5.25	6,627	3.25	3.14	3.22	0.09	0.75
NSWTC	20-Mar-31	2.00	8,604	3.24	3.14	3.22	0.08	0.74
NTTC	21-Apr-31	5.25	750	3.46	3.36	3.44	0.09	0.74
QTC	21-Aug-31	1.75	7,257	3.25	3.15	3.23	0.08	0.73
ACTTREAS	23-Oct-31	5.25	1,000	3.35	3.25	3.33	0.09	0.74
SAFA	24-May-32	5.25	2,560	3.32	3.23	3.30	0.07	0.72
TCV	20-Dec-32	4.25	6,257	3.33	3.23	3.33	0.10	0.76
NSWTC	8-Mar-33	5.25	3,817	3.36	3.27	3.34	0.07	0.74
QTC	14-Mar-33	6.50	738	3.30	3.21	3.30	0.10	0.74
QTC	20-Jul-34	1.75	3,855	3.48	3.38	3.46	0.07	0.73
WATC	24-Oct-34	2.00	1,113	3.44	3.34	3.42	0.08	0.73
QTC	16-Apr-40	2.25	1,882	3.67	3.62	3.66	0.04	0.65
NSWTC	7-May-41	2.25	2,293	3.73	3.68	3.72	0.04	0.63
QTC	20-Nov-41	2.25	1,781	3.73	3.68	3.72	0.04	0.65