Summary: Semi-government bond spreads 2bps tighter on average; QTC taps various bonds, also makes some repurchases.
Semi-government spreads finished the week about 2bps wider on average as semi-government yields outpaced the rises of their Commonwealth counterparts. A majority of spreads in the sample varied within or quite close to a range from -3bps to +3bps. However, a swag of semis with maturities from April 2023 to August 2024 also experienced substantially larger increases.
There was one issuer present in the primary market during the week.
QTC raised $500 million in total via tenders over three tranches of August 2031s, August 2032s and August 2033s on Thursday.
It also tapped its July 2034s for $550 million and its February 2047s for $224 million elsewhere in the week. Repurchases of $210 million worth of March 2033s and $$300 million worth of November 2041s were also made.
| ISSUER | MATURITY | COUPON (%) | ISSUE SIZE | WEEK HIGH | WEEK LOW | CLOSING YIELD | Δ WEEK | Δ MONTH |
|---|---|---|---|---|---|---|---|---|
| ACT TREASURY | 11-Apr-22 | 4.25 | 550 | 0.21 | 0.20 | 0.20 | -0.01 | 0.06 |
| QTC | 21-Jul-22 | 6.00 | 7,785 | 0.23 | 0.20 | 0.20 | -0.02 | 0.08 |
| SAFA | 22-Sep-22 | 1.50 | 2,062 | 0.30 | 0.30 | 0.30 | 0.01 | 0.12 |
| TCV | 17-Oct-22 | 6.00 | 3,730 | 0.47 | 0.41 | 0.42 | 0.03 | 0.18 |
| WATC | 20-Oct-22 | 2.75 | 3,016 | 0.27 | 0.27 | 0.27 | 0.00 | 0.09 |
| NTTC | 21-Nov-22 | 2.50 | 600 | 0.35 | 0.34 | 0.34 | -0.01 | 0.07 |
| NSWTC | 20-Apr-23 | 4.00 | 4,355 | 0.99 | 0.84 | 0.99 | 0.16 | 0.32 |
| NSWTC | 1-May-23 | 6.00 | 339 | 0.95 | 0.79 | 0.95 | 0.17 | 0.34 |
| QTC | 21-Jul-23 | 4.25 | 8,744 | 1.36 | 1.14 | 1.36 | 0.24 | 0.42 |
| WATC | 16-Oct-23 | 6.00 | 4,454 | 1.52 | 1.28 | 1.52 | 0.25 | 0.44 |
| SAFA | 20-Nov-23 | 4.25 | 1,520 | 1.57 | 1.35 | 1.57 | 0.23 | 0.46 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 1.63 | 1.42 | 1.63 | 0.22 | 0.45 |
| NSWTC | 8-Feb-24 | 5.25 | 4,692 | 1.79 | 1.53 | 1.79 | 0.27 | 0.49 |
| NTTC | 15-Mar-24 | 6.00 | 650 | 2.05 | 1.78 | 2.05 | 0.29 | 0.56 |
| TASCORP | 11-Jun-24 | 4.00 | 1,151 | 2.20 | 1.94 | 2.20 | 0.27 | 0.52 |
| QTC | 22-Jul-24 | 5.75 | 8,249 | 2.04 | 1.80 | 2.04 | 0.25 | 0.51 |
| WATC | 23-Jul-24 | 2.50 | 5,079 | 2.02 | 1.78 | 2.02 | 0.26 | 0.50 |
| SAFA | 15-Aug-24 | 2.25 | 3,128 | 2.05 | 1.81 | 2.05 | 0.25 | 0.49 |
| NSWTC | 20-Aug-24 | 5.00 | 4,329 | 2.07 | 1.82 | 2.07 | 0.26 | 0.53 |
| TCV | 17-Dec-24 | 5.50 | 6,488 | 2.22 | 1.97 | 2.22 | 0.28 | 0.53 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 2.37 | 2.11 | 2.37 | 0.29 | 0.58 |
| SAFA | 16-Apr-25 | 2.75 | 1,250 | 2.43 | 2.16 | 2.43 | 0.28 | 0.58 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 2.40 | 2.14 | 2.40 | 0.29 | 0.58 |
| QTC | 21-Jul-25 | 4.75 | 8,581 | 2.48 | 2.21 | 2.48 | 0.29 | 0.57 |
| WATC | 23-Jul-25 | 5.00 | 5,473 | 2.47 | 2.20 | 2.47 | 0.28 | 0.57 |
| TASCORP | 19-Feb-26 | 3.25 | 1,087 | 2.75 | 2.48 | 2.75 | 0.28 | 0.59 |
| NTTC | 15-Mar-26 | 6.00 | 650 | 2.66 | 2.39 | 2.66 | 0.29 | 0.61 |
| NSWTC | 20-May-26 | 4.00 | 5,323 | 2.63 | 2.37 | 2.63 | 0.28 | 0.56 |
| SAFA | 20-Jul-26 | 3.00 | 3,540 | 2.67 | 2.41 | 2.67 | 0.28 | 0.56 |
| QTC | 21-Jul-26 | 3.25 | 8,610 | 2.67 | 2.42 | 2.67 | 0.28 | 0.56 |
| TCV | 17-Nov-26 | 5.50 | 7,372 | 2.69 | 2.43 | 2.69 | 0.27 | 0.55 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 2.88 | 2.64 | 2.88 | 0.26 | 0.59 |
| NSWTC | 20-May-27 | 3.00 | 8,861 | 2.75 | 2.51 | 2.75 | 0.26 | 0.52 |
| QTC | 20-Aug-27 | 2.75 | 8,794 | 2.77 | 2.53 | 2.77 | 0.27 | 0.52 |
| SAFA | 20-Sep-27 | 3.00 | 1,500 | 2.79 | 2.55 | 2.79 | 0.26 | 0.52 |
| WATC | 21-Oct-27 | 3.00 | 3,466 | 2.77 | 2.52 | 2.77 | 0.25 | 0.52 |
| NSWTC | 20-Mar-28 | 3.00 | 9,358 | 2.82 | 2.60 | 2.82 | 0.22 | 0.49 |
| SAFA | 24-May-28 | 3.00 | 3,040 | 2.85 | 2.63 | 2.85 | 0.23 | 0.48 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 2.85 | 2.63 | 2.85 | 0.23 | 0.49 |
| TCV | 20-Oct-28 | 3.00 | 8,077 | 2.89 | 2.67 | 2.89 | 0.23 | 0.49 |
| NSWTC | 20-Apr-29 | 3.00 | 9,153 | 2.92 | 2.71 | 2.92 | 0.22 | 0.48 |
| NTTC | 21-May-29 | 2.00 | 600 | 3.09 | 2.88 | 3.09 | 0.22 | 0.55 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 3.02 | 2.81 | 3.02 | 0.22 | 0.52 |
| WATC | 24-Jul-29 | 2.75 | 3,221 | 2.93 | 2.72 | 2.93 | 0.22 | 0.48 |
| QTC | 21-Aug-29 | 3.25 | 7,535 | 2.93 | 2.72 | 2.93 | 0.22 | 0.47 |
| TCV | 22-Oct-29 | 2.50 | 8,505 | 2.98 | 2.77 | 2.98 | 0.21 | 0.47 |
| NSWTC | 20-Feb-30 | 3.00 | 9,901 | 2.99 | 2.79 | 2.99 | 0.21 | 0.47 |
| NTTC | 21-May-30 | 2.00 | 750 | 3.16 | 2.95 | 3.16 | 0.21 | 0.55 |
| SAFA | 24-May-30 | 2.75 | 2,515 | 3.03 | 2.82 | 3.03 | 0.21 | 0.48 |
| QTC | 21-Aug-30 | 3.50 | 8,228 | 3.00 | 2.79 | 3.00 | 0.21 | 0.46 |
| TCV | 20-Nov-30 | 5.25 | 6,571 | 3.06 | 2.87 | 3.06 | 0.20 | 0.47 |
| NSWTC | 20-Mar-31 | 2.00 | 8,764 | 3.08 | 2.88 | 3.08 | 0.20 | 0.48 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 3.33 | 3.13 | 3.33 | 0.20 | 0.55 |
| QTC | 21-Aug-31 | 1.75 | 7,167 | 3.09 | 2.89 | 3.09 | 0.21 | 0.47 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 3.19 | 2.99 | 3.19 | 0.20 | 0.50 |
| SAFA | 24-May-32 | 5.25 | 2,560 | 3.16 | 2.97 | 3.16 | 0.20 | 0.46 |
| TCV | 20-Dec-32 | 4.25 | 6,257 | 3.16 | 2.97 | 3.16 | 0.20 | 0.47 |
| NSWTC | 8-Mar-33 | 5.25 | 3,717 | 3.21 | 3.02 | 3.21 | 0.20 | 0.48 |
| QTC | 14-Mar-33 | 6.50 | 948 | 3.15 | 2.95 | 3.15 | 0.20 | 0.48 |
| QTC | 20-Jul-34 | 1.75 | 2,780 | 3.34 | 3.15 | 3.34 | 0.20 | 0.48 |
| WATC | 24-Oct-34 | 2.00 | 1,098 | 3.28 | 3.09 | 3.28 | 0.20 | 0.51 |
| QTC | 16-Apr-40 | 2.25 | 1,832 | 3.58 | 3.38 | 3.58 | 0.19 | 0.44 |
| NSWTC | 7-May-41 | 2.25 | 2,293 | 3.63 | 3.44 | 3.63 | 0.18 | 0.41 |
| QTC | 20-Nov-41 | 2.25 | 2,211 | 3.64 | 3.44 | 3.64 | 0.19 | 0.45 |