Semi Government

Summary: Semi-government bond spreads 1.5bps tighter on average; QTC taps August 2033, repurchases some March 2033; TCV taps November 2042s, repurchases some November 2040s.

Semi-government spreads finished the week about 1.5bps tighter on average as semi-government yields slightly lagged the rises of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -3bps to zero and the exceptions were only a basis point or two further outside of this band.

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

QTC raised $54 million in net terms after it tapped its August 2033 line for $174 million and repurchased $120 million of its March 2033s.

TCV took a similar route and raised $112 million in net terms with a $242 million tap of its November 2042 line and a $130 million repurchase of its November 2040s.

In ratings news, S&P affirmed Victoria’s AA rating on Wednesday. TCV’s outlook is “stable”.

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	0.21	0.03	0.06
QTC	21-Jul-22	6.00	7,785	0.22	0.22	0.22	0.01	0.08
SAFA	22-Sep-22	1.50	2,062	0.29	0.27	0.29	0.03	0.11
TCV	17-Oct-22	6.00	3,730	0.39	0.37	0.39	0.00	0.15
WATC	20-Oct-22	2.75	3,016	0.27	0.26	0.26	0.01	0.08
NTTC	21-Nov-22	2.50	600	0.36	0.35	0.35	0.00	0.09
NSWTC	20-Apr-23	4.00	4,792	0.83	0.76	0.83	0.05	0.09
NSWTC	1-May-23	6.00	n/a	0.79	0.67	0.79	0.06	0.13
QTC	21-Jul-23	4.25	8,744	1.12	1.04	1.12	0.05	0.13
WATC	16-Oct-23	6.00	4,454	1.27	1.18	1.27	0.06	0.15
SAFA	20-Nov-23	4.25	1,520	1.34	1.26	1.34	0.09	0.18
TCV	21-Nov-23	1.00	1,122	1.41	1.33	1.41	0.06	0.19
NSWTC	8-Feb-24	5.25	4,692	1.52	1.43	1.52	0.07	0.18
NTTC	15-Mar-24	6.00	650	1.76	1.68	1.76	0.08	0.22
TASCORP	11-Jun-24	4.00	1,151	1.93	1.84	1.93	0.10	0.25
QTC	22-Jul-24	5.75	8,249	1.79	1.69	1.79	0.10	0.24
WATC	23-Jul-24	2.50	5,079	1.77	1.68	1.77	0.10	0.21
SAFA	15-Aug-24	2.25	3,128	1.80	1.70	1.80	0.10	0.22
NSWTC	20-Aug-24	5.00	4,329	1.80	1.69	1.80	0.12	0.25
TCV	17-Dec-24	5.50	6,488	1.95	1.84	1.95	0.11	0.24
NSWTC	20-Mar-25	5.25	2,100	2.09	1.97	2.09	0.11	0.27
SAFA	16-Apr-25	2.75	1,250	2.14	2.03	2.14	0.12	0.29
ACTTREAS	22-May-25	5.25	1,000	2.12	2.00	2.12	0.12	0.28
QTC	21-Jul-25	4.75	8,581	2.19	2.08	2.19	0.12	0.27
WATC	23-Jul-25	5.00	5,473	2.18	2.07	2.18	0.13	0.28
TASCORP	19-Feb-26	3.25	1,087	2.46	2.35	2.46	0.13	0.31
NTTC	15-Mar-26	6.00	650	2.38	2.26	2.38	0.12	0.32
NSWTC	20-May-26	4.00	5,323	2.35	2.25	2.35	0.11	0.28
SAFA	20-Jul-26	3.00	3,540	2.39	2.29	2.39	0.12	0.28
QTC	21-Jul-26	3.25	8,610	2.40	2.28	2.40	0.13	0.29
TCV	17-Nov-26	5.50	7,372	2.41	2.31	2.41	0.12	0.29
NTTC	21-Apr-27	5.50	600	2.62	2.52	2.62	0.13	0.35
NSWTC	20-May-27	3.00	8,861	2.49	2.40	2.49	0.12	0.29
QTC	20-Aug-27	2.75	8,794	2.51	2.41	2.51	0.13	0.28
SAFA	20-Sep-27	3.00	1,500	2.53	2.44	2.53	0.12	0.29
WATC	21-Oct-27	3.00	3,466	2.51	2.41	2.51	0.13	0.30
NSWTC	20-Mar-28	3.00	9,208	2.60	2.52	2.60	0.13	0.30
SAFA	24-May-28	3.00	3,040	2.62	2.54	2.62	0.12	0.29
QTC	21-Jul-28	3.25	8,520	2.62	2.54	2.62	0.13	0.29
TCV	20-Oct-28	3.00	8,077	2.66	2.58	2.66	0.14	0.29
NSWTC	20-Apr-29	3.00	9,153	2.70	2.62	2.70	0.15	0.31
NTTC	21-May-29	2.00	600	2.87	2.78	2.87	0.15	0.36
ACTTREAS	22-May-29	5.25	900	2.80	2.72	2.80	0.13	0.33
WATC	24-Jul-29	2.75	3,221	2.71	2.63	2.71	0.13	0.30
QTC	21-Aug-29	3.25	7,535	2.71	2.64	2.71	0.12	0.29
TCV	22-Oct-29	2.50	8,505	2.77	2.67	2.77	0.14	0.30
NSWTC	20-Feb-30	3.00	9,901	2.78	2.69	2.78	0.16	0.31
NTTC	21-May-30	2.00	750	2.94	2.84	2.94	0.17	0.38
SAFA	24-May-30	2.75	2,515	2.81	2.73	2.81	0.14	0.31
QTC	21-Aug-30	3.50	8,228	2.79	2.70	2.79	0.15	0.30
TCV	20-Nov-30	5.25	6,571	2.86	2.75	2.86	0.15	0.33
NSWTC	20-Mar-31	2.00	8,764	2.88	2.77	2.88	0.15	0.33
NTTC	21-Apr-31	5.25	750	3.13	3.01	3.13	0.17	0.40
QTC	21-Aug-31	1.75	7,167	2.88	2.79	2.88	0.14	0.32
ACTTREAS	23-Oct-31	5.25	1,000	2.99	2.90	2.99	0.14	0.35
SAFA	24-May-32	5.25	2,560	2.96	2.87	2.96	0.16	0.31
TCV	20-Dec-32	4.25	6,257	2.96	2.85	2.96	0.17	0.32
NSWTC	8-Mar-33	5.25	3,767	3.02	2.90	3.02	0.17	0.33
QTC	14-Mar-33	6.50	1,068	2.94	2.85	2.94	0.17	0.32
QTC	20-Jul-34	1.75	2,780	3.14	3.03	3.14	0.16	0.34
WATC	24-Oct-34	2.00	1,098	3.09	2.98	3.09	0.16	0.36
QTC	16-Apr-40	2.25	1,832	3.39	3.28	3.39	0.16	0.33
NSWTC	7-May-41	2.25	2,293	3.45	3.35	3.45	0.16	0.21
QTC	20-Nov-41	2.25	2,211	3.45	3.34	3.45	0.16	0.33