Summary: Semi-government bond spreads 1bps tighter on average; QTC, TCV tap various bonds, also make some repurchases.
Semi-government spreads finished the week about 1bp 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 -5bps to +2bps. In somewhat of a reversal of the previous week’s action, a handful of semis with maturities in 2024 experienced substantial declines.
There were two issuers active in the primary market during the week.
QTC tapped a couple of non-benchmark lines for a total of $192 million and repurchased $130 million November 2041s and $21 million July 2022s.
TCV raised a little over $400 million in net terms through a series of taps and repurchases during the week. The four taps totalled approximately $735 million and maturities ranged from November 2025 to May 2033. $117 million worth of May 2023s and $200 million worth of December 2032s were repurchased.
| ISSUER | MATURITY | COUPON (%) | ISSUE SIZE | WEEK HIGH | WEEK LOW | CLOSING YIELD | Δ WEEK | Δ MONTH |
|---|---|---|---|---|---|---|---|---|
| ACT TREASURY | 11-Apr-22 | 4.25 | 550 | 0.23 | 0.21 | 0.23 | 0.03 | 0.11 |
| QTC | 21-Jul-22 | 6.00 | 7,785 | 0.28 | 0.23 | 0.28 | 0.08 | 0.17 |
| SAFA | 22-Sep-22 | 1.50 | 2,062 | 0.33 | 0.31 | 0.33 | 0.03 | 0.16 |
| TCV | 17-Oct-22 | 6.00 | 3,730 | 0.53 | 0.51 | 0.52 | 0.10 | 0.28 |
| WATC | 20-Oct-22 | 2.75 | 3,001 | 0.30 | 0.28 | 0.30 | 0.03 | 0.14 |
| NTTC | 21-Nov-22 | 2.50 | 600 | 0.40 | 0.35 | 0.40 | 0.06 | 0.17 |
| NSWTC | 20-Apr-23 | 4.00 | 4,269 | 1.15 | 1.06 | 1.07 | 0.08 | 0.42 |
| NSWTC | 1-May-23 | 6.00 | 339 | 1.17 | 1.09 | 1.11 | 0.16 | 0.52 |
| QTC | 21-Jul-23 | 4.25 | 8,744 | 1.54 | 1.44 | 1.44 | 0.08 | 0.53 |
| WATC | 16-Oct-23 | 6.00 | 4,376 | 1.74 | 1.61 | 1.62 | 0.10 | 0.55 |
| SAFA | 20-Nov-23 | 4.25 | 1,520 | 1.85 | 1.71 | 1.74 | 0.17 | 0.65 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 1.85 | 1.70 | 1.72 | 0.09 | 0.54 |
| NSWTC | 8-Feb-24 | 5.25 | 4,692 | 2.06 | 1.93 | 1.93 | 0.14 | 0.64 |
| NTTC | 15-Mar-24 | 6.00 | 650 | 2.31 | 2.16 | 2.17 | 0.11 | 0.67 |
| TASCORP | 11-Jun-24 | 4.00 | 1,151 | 2.46 | 2.32 | 2.34 | 0.14 | 0.66 |
| QTC | 22-Jul-24 | 5.75 | 8,249 | 2.32 | 2.20 | 2.21 | 0.17 | 0.68 |
| WATC | 23-Jul-24 | 2.50 | 5,089 | 2.30 | 2.18 | 2.21 | 0.19 | 0.68 |
| SAFA | 15-Aug-24 | 2.25 | 3,128 | 2.34 | 2.23 | 2.24 | 0.19 | 0.69 |
| NSWTC | 20-Aug-24 | 5.00 | 4,324 | 2.33 | 2.22 | 2.24 | 0.17 | 0.69 |
| TCV | 17-Dec-24 | 5.50 | 6,488 | 2.50 | 2.35 | 2.38 | 0.15 | 0.67 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 2.63 | 2.49 | 2.53 | 0.16 | 0.71 |
| SAFA | 16-Apr-25 | 2.75 | 1,250 | 2.69 | 2.55 | 2.59 | 0.16 | 0.71 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 2.66 | 2.52 | 2.56 | 0.16 | 0.70 |
| QTC | 21-Jul-25 | 4.75 | 8,581 | 2.74 | 2.60 | 2.64 | 0.16 | 0.70 |
| WATC | 23-Jul-25 | 5.00 | 5,483 | 2.73 | 2.58 | 2.62 | 0.16 | 0.70 |
| TASCORP | 19-Feb-26 | 3.25 | 1,087 | 2.99 | 2.85 | 2.89 | 0.15 | 0.70 |
| NTTC | 15-Mar-26 | 6.00 | 650 | 2.90 | 2.76 | 2.80 | 0.14 | 0.71 |
| NSWTC | 20-May-26 | 4.00 | 5,323 | 2.88 | 2.74 | 2.78 | 0.14 | 0.68 |
| SAFA | 20-Jul-26 | 3.00 | 3,540 | 2.92 | 2.79 | 2.83 | 0.15 | 0.70 |
| QTC | 21-Jul-26 | 3.25 | 8,610 | 2.92 | 2.79 | 2.82 | 0.15 | 0.70 |
| TCV | 17-Nov-26 | 5.50 | 7,472 | 2.93 | 2.80 | 2.83 | 0.15 | 0.69 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 3.11 | 2.95 | 2.97 | 0.09 | 0.64 |
| NSWTC | 20-May-27 | 3.00 | 8,861 | 2.98 | 2.86 | 2.88 | 0.13 | 0.64 |
| QTC | 20-Aug-27 | 2.75 | 8,794 | 2.99 | 2.87 | 2.90 | 0.12 | 0.63 |
| SAFA | 20-Sep-27 | 3.00 | 1,500 | 3.00 | 2.89 | 2.92 | 0.14 | 0.65 |
| WATC | 21-Oct-27 | 3.00 | 3,516 | 2.97 | 2.86 | 2.90 | 0.13 | 0.64 |
| NSWTC | 20-Mar-28 | 3.00 | 9,358 | 3.01 | 2.90 | 2.93 | 0.11 | 0.61 |
| SAFA | 24-May-28 | 3.00 | 3,040 | 3.04 | 2.93 | 2.95 | 0.10 | 0.59 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 3.04 | 2.94 | 2.96 | 0.11 | 0.60 |
| TCV | 20-Oct-28 | 3.00 | 8,327 | 3.06 | 2.97 | 2.99 | 0.11 | 0.60 |
| NSWTC | 20-Apr-29 | 3.00 | 9,153 | 3.08 | 2.98 | 3.01 | 0.09 | 0.60 |
| NTTC | 21-May-29 | 2.00 | 600 | 3.26 | 3.15 | 3.17 | 0.07 | 0.61 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 3.19 | 3.08 | 3.12 | 0.09 | 0.61 |
| WATC | 24-Jul-29 | 2.75 | 3,296 | 3.10 | 2.99 | 3.03 | 0.10 | 0.60 |
| QTC | 21-Aug-29 | 3.25 | 7,535 | 3.10 | 3.00 | 3.03 | 0.10 | 0.59 |
| TCV | 22-Oct-29 | 2.50 | 8,555 | 3.12 | 3.03 | 3.06 | 0.08 | 0.58 |
| NSWTC | 20-Feb-30 | 3.00 | 10,091 | 3.13 | 3.03 | 3.07 | 0.08 | 0.58 |
| NTTC | 21-May-30 | 2.00 | 750 | 3.29 | 3.18 | 3.20 | 0.04 | 0.59 |
| SAFA | 24-May-30 | 2.75 | 2,515 | 3.16 | 3.06 | 3.09 | 0.07 | 0.57 |
| QTC | 21-Aug-30 | 3.50 | 8,387 | 3.13 | 3.04 | 3.07 | 0.07 | 0.56 |
| TCV | 20-Nov-30 | 5.25 | 6,627 | 3.19 | 3.09 | 3.13 | 0.07 | 0.58 |
| NSWTC | 20-Mar-31 | 2.00 | 8,764 | 3.20 | 3.10 | 3.14 | 0.06 | 0.58 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 3.45 | 3.35 | 3.35 | 0.02 | 0.57 |
| QTC | 21-Aug-31 | 1.75 | 7,257 | 3.21 | 3.11 | 3.15 | 0.06 | 0.57 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 3.31 | 3.21 | 3.24 | 0.05 | 0.56 |
| SAFA | 24-May-32 | 5.25 | 2,560 | 3.29 | 3.19 | 3.22 | 0.06 | 0.55 |
| TCV | 20-Dec-32 | 4.25 | 6,257 | 3.29 | 3.20 | 3.23 | 0.06 | 0.57 |
| NSWTC | 8-Mar-33 | 5.25 | 3,717 | 3.34 | 3.24 | 3.27 | 0.06 | 0.59 |
| QTC | 14-Mar-33 | 6.50 | 738 | 3.27 | 3.17 | 3.20 | 0.06 | 0.58 |
| QTC | 20-Jul-34 | 1.75 | 3,330 | 3.46 | 3.36 | 3.39 | 0.04 | 0.57 |
| WATC | 24-Oct-34 | 2.00 | 1,113 | 3.40 | 3.30 | 3.34 | 0.06 | 0.60 |
| QTC | 16-Apr-40 | 2.25 | 1,832 | 3.68 | 3.57 | 3.63 | 0.05 | 0.57 |
| NSWTC | 7-May-41 | 2.25 | 2,293 | 3.73 | 3.63 | 3.69 | 0.06 | 0.56 |
| QTC | 20-Nov-41 | 2.25 | 1,911 | 3.74 | 3.63 | 3.69 | 0.05 | 0.58 |