Summary: Semi-government bond spreads about 1bp tighter on average; SAFA taps June 2025 FRNs, QTC raises $475 million through three taps, TCV taps/repurchases worth $585 million in net terms.
Semi-government spreads finished the week about 1bp tighter on average as semi-government yields again mostly tracked the falls of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -1bp to +2bps, although several semis with maturities from November 2023 to March 2024 experienced notably higher spreads.
There were three issuers present in the primary market during the week.
SAFA tapped its June 2025 FRNs for $400 million at BBSW + 16bps, 1bp less than its coupon rate.
QTC raised a total of $475 million via taps of three existing bond lines.
TCV raised about $585 million in net terms through a series of taps and repurchases during the week. The four taps totalled approximately $610 million and maturities ranged from November 2027 to November 2034. $25 million worth of September 2035s were repurchased.
| ISSUER | MATURITY | COUPON (%) | ISSUE SIZE | WEEK HIGH | WEEK LOW | CLOSING YIELD | Δ WEEK | Δ MONTH |
|---|---|---|---|---|---|---|---|---|
| TASCORP | 8-Mar-22 | 4.25 | 1,299 | 0.06 | 0.04 | 0.05 | -0.02 | -0.12 |
| ACT TREASURY | 11-Apr-22 | 4.25 | 550 | 0.15 | 0.12 | 0.15 | 0.03 | -0.07 |
| QTC | 21-Jul-22 | 6.00 | 7,785 | 0.13 | 0.11 | 0.13 | 0.02 | -0.02 |
| SAFA | 22-Sep-22 | 1.50 | 2,062 | 0.19 | 0.16 | 0.19 | 0.02 | -0.01 |
| TCV | 17-Oct-22 | 6.00 | 3,730 | 0.23 | 0.21 | 0.23 | 0.00 | -0.02 |
| WATC | 20-Oct-22 | 2.75 | 3,016 | 0.17 | 0.15 | 0.16 | 0.01 | -0.05 |
| NTTC | 21-Nov-22 | 2.50 | 600 | 0.27 | 0.23 | 0.27 | 0.04 | 0.00 |
| NSWTC | 20-Apr-23 | 4.00 | 4,792 | 0.60 | 0.57 | 0.60 | -0.05 | -0.01 |
| NSWTC | 1-May-23 | 6.00 | n/a | 0.50 | 0.49 | 0.50 | -0.09 | -0.03 |
| QTC | 21-Jul-23 | 4.25 | 8,744 | 0.84 | 0.81 | 0.83 | -0.08 | 0.01 |
| WATC | 16-Oct-23 | 6.00 | 4,454 | 1.00 | 0.97 | 1.00 | -0.07 | 0.08 |
| SAFA | 20-Nov-23 | 4.25 | 1,520 | 1.06 | 1.00 | 1.06 | -0.03 | 0.03 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 1.16 | 1.09 | 1.16 | -0.02 | 0.14 |
| NSWTC | 8-Feb-24 | 5.25 | 4,692 | 1.24 | 1.19 | 1.24 | -0.05 | 0.12 |
| NTTC | 15-Mar-24 | 6.00 | 650 | 1.46 | 1.39 | 1.46 | -0.03 | 0.19 |
| TASCORP | 11-Jun-24 | 4.00 | 1,151 | 1.59 | 1.56 | 1.59 | -0.09 | 0.19 |
| QTC | 22-Jul-24 | 5.75 | 8,249 | 1.45 | 1.42 | 1.45 | -0.09 | 0.16 |
| WATC | 23-Jul-24 | 2.50 | 5,079 | 1.43 | 1.40 | 1.43 | -0.10 | 0.14 |
| SAFA | 15-Aug-24 | 2.25 | 3,128 | 1.44 | 1.41 | 1.44 | -0.10 | 0.14 |
| NSWTC | 20-Aug-24 | 5.00 | 4,329 | 1.46 | 1.42 | 1.46 | -0.10 | 0.18 |
| TCV | 17-Dec-24 | 5.50 | 6,488 | 1.61 | 1.58 | 1.61 | -0.09 | 0.20 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 1.72 | 1.70 | 1.72 | -0.11 | 0.16 |
| SAFA | 16-Apr-25 | 2.75 | 1,250 | 1.77 | 1.76 | 1.77 | -0.11 | 0.17 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 1.75 | 1.73 | 1.75 | -0.12 | 0.17 |
| QTC | 21-Jul-25 | 4.75 | 8,581 | 1.83 | 1.82 | 1.83 | -0.11 | 0.16 |
| WATC | 23-Jul-25 | 5.00 | 5,473 | 1.81 | 1.80 | 1.80 | -0.12 | 0.16 |
| TASCORP | 19-Feb-26 | 3.25 | 1,070 | 2.08 | 2.07 | 2.08 | -0.12 | 0.19 |
| NTTC | 15-Mar-26 | 6.00 | 650 | 1.99 | 1.98 | 1.99 | -0.11 | 0.21 |
| NSWTC | 20-May-26 | 4.00 | 5,323 | 1.99 | 1.97 | 1.97 | -0.12 | 0.17 |
| SAFA | 20-Jul-26 | 3.00 | 3,540 | 2.02 | 2.01 | 2.01 | -0.11 | 0.17 |
| QTC | 21-Jul-26 | 3.25 | 8,610 | 2.02 | 2.00 | 2.01 | -0.12 | 0.16 |
| TCV | 17-Nov-26 | 5.50 | 7,372 | 2.04 | 2.03 | 2.04 | -0.11 | 0.17 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 2.23 | 2.22 | 2.23 | -0.09 | 0.23 |
| NSWTC | 20-May-27 | 3.00 | 8,861 | 2.15 | 2.13 | 2.14 | -0.10 | 0.20 |
| QTC | 20-Aug-27 | 2.75 | 8,544 | 2.18 | 2.16 | 2.17 | -0.10 | 0.20 |
| SAFA | 20-Sep-27 | 3.00 | 1,500 | 2.18 | 2.17 | 2.17 | -0.10 | 0.19 |
| WATC | 21-Oct-27 | 3.00 | 3,466 | 2.16 | 2.15 | 2.16 | -0.10 | 0.20 |
| NSWTC | 20-Mar-28 | 3.00 | 9,108 | 2.24 | 2.22 | 2.22 | -0.10 | 0.20 |
| SAFA | 24-May-28 | 3.00 | 3,040 | 2.28 | 2.26 | 2.26 | -0.11 | 0.19 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 2.27 | 2.25 | 2.26 | -0.10 | 0.20 |
| TCV | 20-Oct-28 | 3.00 | 8,077 | 2.31 | 2.29 | 2.29 | -0.10 | 0.20 |
| NSWTC | 20-Apr-29 | 3.00 | 9,153 | 2.34 | 2.31 | 2.31 | -0.10 | 0.20 |
| NTTC | 21-May-29 | 2.00 | 600 | 2.47 | 2.45 | 2.46 | -0.09 | 0.24 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 2.41 | 2.41 | 2.41 | -0.10 | 0.23 |
| WATC | 24-Jul-29 | 2.75 | 3,221 | 2.34 | 2.33 | 2.34 | -0.09 | 0.21 |
| QTC | 21-Aug-29 | 3.25 | 7,535 | 2.34 | 2.34 | 2.34 | -0.10 | 0.18 |
| TCV | 22-Oct-29 | 2.50 | 8,505 | 2.39 | 2.38 | 2.38 | -0.10 | 0.20 |
| NSWTC | 20-Feb-30 | 3.00 | 9,901 | 2.42 | 2.39 | 2.39 | -0.09 | 0.19 |
| NTTC | 21-May-30 | 2.00 | 750 | 2.53 | 2.51 | 2.52 | -0.09 | 0.24 |
| SAFA | 24-May-30 | 2.75 | 2,515 | 2.44 | 2.43 | 2.43 | -0.09 | 0.19 |
| QTC | 21-Aug-30 | 3.50 | 8,228 | 2.44 | 2.41 | 2.42 | -0.09 | 0.19 |
| TCV | 20-Nov-30 | 5.25 | 6,571 | 2.47 | 2.46 | 2.47 | -0.08 | 0.18 |
| NSWTC | 20-Mar-31 | 2.00 | 8,598 | 2.49 | 2.47 | 2.48 | -0.08 | 0.20 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 2.72 | 2.69 | 2.70 | -0.08 | 0.24 |
| QTC | 21-Aug-31 | 1.75 | 7,167 | 2.51 | 2.49 | 2.50 | -0.08 | 0.18 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 2.61 | 2.59 | 2.59 | -0.09 | 0.25 |
| SAFA | 24-May-32 | 5.25 | 2,560 | 2.59 | 2.58 | 2.58 | -0.09 | 0.17 |
| TCV | 20-Dec-32 | 4.25 | 6,257 | 2.59 | 2.57 | 2.57 | -0.09 | 0.17 |
| NSWTC | 8-Mar-33 | 5.25 | 3,640 | 2.62 | 2.60 | 2.60 | -0.09 | 0.18 |
| QTC | 14-Mar-33 | 6.50 | 1,210 | 2.56 | 2.54 | 2.56 | -0.07 | 0.19 |
| QTC | 20-Jul-34 | 1.75 | 2,570 | 2.74 | 2.73 | 2.73 | -0.09 | 0.19 |
| WATC | 24-Oct-34 | 2.00 | 1,098 | 2.69 | 2.65 | 2.69 | -0.05 | 0.24 |
| QTC | 16-Apr-40 | 2.25 | 1,792 | 3.01 | 2.96 | 3.01 | -0.05 | 0.20 |
| NSWTC | 7-May-41 | 2.25 | 2,293 | 3.09 | 3.03 | 3.09 | -0.04 | 0.22 |
| QTC | 20-Nov-41 | 2.25 | 2,211 | 3.07 | 3.01 | 3.07 | -0.03 | 0.20 |