Semi Government

Summary: Semi-government bond spreads unchanged on average; QTC taps two lines for $555 million.

Semi-government spreads finished the week unchanged on average as semi-government yields tracked the rises of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -2bps to +4bps, although a few short-dated semis experienced notably higher spreads.

There was only one issuer present in the primary market during the week. QTC raised $555 million via taps of its August 2027 and August 2033 lines. It also repurchased $142 million worth of March 2033s.

ISSUER	MATURITY	COUPON (%)	ISSUE SIZE	WEEK HIGH	WEEK LOW	CLOSING YIELD	Δ WEEK	Δ MONTH
ACT TREASURY	11-Apr-22	4.25	550	0.19	0.17	0.18	0.03	0.04
QTC	21-Jul-22	6.00	7,785	0.21	0.13	0.21	0.08	0.11
SAFA	22-Sep-22	1.50	2,062	0.26	0.21	0.26	0.07	0.11
TCV	17-Oct-22	6.00	3,730	0.39	0.28	0.39	0.16	0.20
WATC	20-Oct-22	2.75	3,016	0.25	0.18	0.25	0.09	0.10
NTTC	21-Nov-22	2.50	600	0.34	0.28	0.34	0.08	0.11
NSWTC	20-Apr-23	4.00	4,792	0.78	0.63	0.78	0.18	0.22
NSWTC	1-May-23	6.00	#REF!	0.72	0.58	0.72	0.22	0.23
QTC	21-Jul-23	4.25	8,744	1.06	0.90	1.06	0.23	0.29
WATC	16-Oct-23	6.00	4,454	1.20	1.04	1.20	0.20	0.30
SAFA	20-Nov-23	4.25	1,520	1.25	1.08	1.25	0.19	0.32
TCV	21-Nov-23	1.00	1,122	1.34	1.17	1.34	0.18	0.37
NSWTC	8-Feb-24	5.25	4,692	1.44	1.25	1.44	0.21	0.37
NTTC	15-Mar-24	6.00	650	1.69	1.49	1.69	0.22	0.41
TASCORP	11-Jun-24	4.00	1,151	1.83	1.63	1.83	0.24	0.45
QTC	22-Jul-24	5.75	8,249	1.69	1.48	1.69	0.24	0.43
WATC	23-Jul-24	2.50	5,079	1.67	1.46	1.67	0.24	0.40
SAFA	15-Aug-24	2.25	3,128	1.70	1.49	1.70	0.25	0.41
NSWTC	20-Aug-24	5.00	4,329	1.69	1.48	1.69	0.23	0.43
TCV	17-Dec-24	5.50	6,488	1.84	1.63	1.84	0.23	0.43
NSWTC	20-Mar-25	5.25	2,100	1.98	1.73	1.98	0.26	0.44
SAFA	16-Apr-25	2.75	1,250	2.02	1.79	2.02	0.25	0.45
ACTTREAS	22-May-25	5.25	1,000	2.00	1.76	2.00	0.25	0.44
QTC	21-Jul-25	4.75	8,581	2.07	1.85	2.07	0.24	0.43
WATC	23-Jul-25	5.00	5,473	2.06	1.83	2.06	0.25	0.43
TASCORP	19-Feb-26	3.25	1,087	2.34	2.10	2.34	0.26	0.46
NTTC	15-Mar-26	6.00	650	2.26	1.99	2.26	0.27	0.49
NSWTC	20-May-26	4.00	5,323	2.24	1.99	2.24	0.27	0.46
SAFA	20-Jul-26	3.00	3,540	2.28	2.03	2.28	0.27	0.46
QTC	21-Jul-26	3.25	8,610	2.27	2.03	2.27	0.26	0.45
TCV	17-Nov-26	5.50	7,372	2.29	2.05	2.29	0.25	0.45
NTTC	21-Apr-27	5.50	600	2.50	2.23	2.50	0.26	0.50
NSWTC	20-May-27	3.00	8,861	2.37	2.15	2.37	0.23	0.45
QTC	20-Aug-27	2.75	8,544	2.38	2.17	2.38	0.21	0.44
SAFA	20-Sep-27	3.00	1,500	2.41	2.17	2.41	0.24	0.45
WATC	21-Oct-27	3.00	3,466	2.38	2.15	2.38	0.23	0.45
NSWTC	20-Mar-28	3.00	9,208	2.47	2.23	2.47	0.25	0.45
SAFA	24-May-28	3.00	3,040	2.50	2.27	2.50	0.24	0.45
QTC	21-Jul-28	3.25	8,520	2.49	2.26	2.49	0.24	0.45
TCV	20-Oct-28	3.00	8,077	2.52	2.30	2.52	0.23	0.44
NSWTC	20-Apr-29	3.00	9,153	2.55	2.31	2.55	0.24	0.44
NTTC	21-May-29	2.00	600	2.72	2.46	2.72	0.26	0.48
ACTTREAS	22-May-29	5.25	900	2.67	2.40	2.67	0.26	0.47
WATC	24-Jul-29	2.75	3,221	2.58	2.33	2.58	0.24	0.44
QTC	21-Aug-29	3.25	7,535	2.59	2.34	2.59	0.25	0.45
TCV	22-Oct-29	2.50	8,505	2.63	2.38	2.63	0.24	0.44
NSWTC	20-Feb-30	3.00	9,901	2.62	2.38	2.62	0.23	0.43
NTTC	21-May-30	2.00	750	2.78	2.52	2.78	0.26	0.48
SAFA	24-May-30	2.75	2,515	2.68	2.43	2.68	0.25	0.45
QTC	21-Aug-30	3.50	8,228	2.64	2.40	2.64	0.23	0.43
TCV	20-Nov-30	5.25	6,571	2.71	2.46	2.71	0.24	0.43
NSWTC	20-Mar-31	2.00	8,598	2.72	2.47	2.72	0.24	0.44
NTTC	21-Apr-31	5.25	750	2.95	2.69	2.95	0.25	0.48
QTC	21-Aug-31	1.75	7,167	2.74	2.49	2.74	0.25	0.44
ACTTREAS	23-Oct-31	5.25	1,000	2.84	2.58	2.84	0.25	0.49
SAFA	24-May-32	5.25	2,560	2.81	2.57	2.81	0.23	0.41
TCV	20-Dec-32	4.25	6,257	2.79	2.55	2.79	0.22	0.40
NSWTC	8-Mar-33	5.25	3,640	2.85	2.60	2.85	0.25	0.41
QTC	14-Mar-33	6.50	1,210	2.78	2.54	2.78	0.22	0.41
QTC	20-Jul-34	1.75	2,780	2.99	2.73	2.99	0.25	0.45
WATC	24-Oct-34	2.00	1,098	2.93	2.69	2.93	0.23	0.47
QTC	16-Apr-40	2.25	1,832	3.23	3.01	3.23	0.22	0.42
NSWTC	7-May-41	2.25	2,293	3.30	3.09	3.30	0.20	0.39
QTC	20-Nov-41	2.25	2,211	3.29	3.07	3.29	0.22	0.42