Semi Government

Summary: Semi-government bond spreads about 1bp wider on average; NSWTC taps two lines for $500 million, QTC issues a new March 2026 FRN, TCV taps/repurchases worth $600 million in net terms.

Semi-government spreads finished the week about 1bp wider on average for a second week as semi-government yields again almost tracked the increases of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -2bps to +1bp and any larger exceptions were only a little further out.

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

NSWTC raised $500 million via a $120 million tap of its March 2031 line and a $380 million tap of its February 2032s on Thursday.

At around the same time, QTC issued $2 billion worth of March 2026 FRNs at BBSW + 1bp via a syndicated process.

TCV raised a little over $600 million in net terms through a series of taps and repurchases during the week. The seven taps totalled just under $650 million and maturities ranged from November 2023 to August 2050. $39.5 million worth of October 2022 were repurchased.

ISSUER	MATURITY	COUPON (%)	ISSUE SIZE	WEEK HIGH	WEEK LOW	CLOSING YIELD	Δ WEEK	Δ MONTH
NSWTC	1-Mar-22	6.00	4,257	0.05	0.04	0.05	-0.03	-0.03
TASCORP	8-Mar-22	4.25	1,299	0.10	0.07	0.07	-0.04	-0.12
ACT TREASURY	11-Apr-22	4.25	550	0.13	0.12	0.12	-0.02	-0.11
QTC	21-Jul-22	6.00	7,785	0.13	0.12	0.12	-0.01	-0.06
SAFA	22-Sep-22	1.50	2,062	0.18	0.16	0.16	-0.02	-0.05
TCV	17-Oct-22	6.00	3,730	0.24	0.23	0.24	0.00	-0.02
WATC	20-Oct-22	2.75	3,016	0.18	0.15	0.15	-0.03	-0.07
NTTC	21-Nov-22	2.50	600	0.25	0.23	0.23	-0.04	-0.05
NSWTC	20-Apr-23	4.00	4,792	0.68	0.63	0.65	-0.03	0.05
NSWTC	1-May-23	6.00	#REF!	0.60	0.54	0.58	-0.03	0.07
QTC	21-Jul-23	4.25	8,744	0.94	0.90	0.91	-0.03	0.13
WATC	16-Oct-23	6.00	4,454	1.09	1.05	1.07	-0.02	0.16
SAFA	20-Nov-23	4.25	1,520	1.11	1.07	1.09	-0.02	0.11
TCV	21-Nov-23	1.00	1,122	1.19	1.15	1.18	0.01	0.22
NSWTC	8-Feb-24	5.25	4,692	1.31	1.26	1.29	-0.01	0.25
NTTC	15-Mar-24	6.00	650	1.51	1.46	1.49	0.00	0.29
TASCORP	11-Jun-24	4.00	1,151	1.68	1.65	1.68	0.00	0.34
QTC	22-Jul-24	5.75	8,249	1.53	1.50	1.53	0.01	0.30
WATC	23-Jul-24	2.50	5,079	1.53	1.50	1.53	0.01	0.29
SAFA	15-Aug-24	2.25	3,128	1.55	1.52	1.55	-0.01	0.29
NSWTC	20-Aug-24	5.00	4,329	1.55	1.51	1.55	0.01	0.31
TCV	17-Dec-24	5.50	6,488	1.70	1.67	1.70	0.01	0.33
NSWTC	20-Mar-25	5.25	2,100	1.83	1.77	1.83	0.03	0.34
SAFA	16-Apr-25	2.75	1,250	1.88	1.83	1.88	0.03	0.33
ACTTREAS	22-May-25	5.25	1,000	1.87	1.80	1.87	0.04	0.37
QTC	21-Jul-25	4.75	8,581	1.94	1.89	1.94	0.02	0.32
WATC	23-Jul-25	5.00	5,473	1.92	1.88	1.92	0.02	0.33
TASCORP	19-Feb-26	3.25	1,070	2.19	2.14	2.19	0.04	0.34
NTTC	15-Mar-26	6.00	650	2.10	2.03	2.10	0.05	0.38
NSWTC	20-May-26	4.00	5,323	2.10	2.04	2.10	0.03	0.33
SAFA	20-Jul-26	3.00	3,540	2.13	2.08	2.13	0.01	0.33
QTC	21-Jul-26	3.25	8,610	2.12	2.08	2.12	0.01	0.32
TCV	17-Nov-26	5.50	7,372	2.15	2.10	2.15	0.01	0.33
NTTC	21-Apr-27	5.50	600	2.33	2.27	2.33	0.04	0.38
NSWTC	20-May-27	3.00	8,861	2.24	2.19	2.24	0.01	0.34
QTC	20-Aug-27	2.75	8,544	2.27	2.22	2.27	0.01	0.33
SAFA	20-Sep-27	3.00	1,500	2.27	2.22	2.27	0.00	0.33
WATC	21-Oct-27	3.00	3,466	2.26	2.20	2.26	0.01	0.34
NSWTC	20-Mar-28	3.00	9,108	2.32	2.27	2.32	-0.01	0.34
SAFA	24-May-28	3.00	3,040	2.37	2.30	2.37	0.00	0.34
QTC	21-Jul-28	3.25	8,520	2.36	2.30	2.36	0.00	0.33
TCV	20-Oct-28	3.00	8,077	2.39	2.33	2.39	-0.01	0.34
NSWTC	20-Apr-29	3.00	9,153	2.42	2.35	2.42	-0.02	0.34
NTTC	21-May-29	2.00	600	2.56	2.48	2.56	0.02	0.38
ACTTREAS	22-May-29	5.25	900	2.51	2.44	2.51	0.00	0.37
WATC	24-Jul-29	2.75	3,221	2.43	2.37	2.43	-0.02	0.35
QTC	21-Aug-29	3.25	7,535	2.44	2.38	2.44	-0.02	0.34
TCV	22-Oct-29	2.50	8,505	2.48	2.42	2.48	-0.03	0.35
NSWTC	20-Feb-30	3.00	9,851	2.49	2.42	2.49	-0.03	0.32
NTTC	21-May-30	2.00	750	2.61	2.54	2.61	0.01	0.36
SAFA	24-May-30	2.75	2,515	2.53	2.46	2.53	-0.02	0.35
QTC	21-Aug-30	3.50	8,228	2.51	2.45	2.51	-0.03	0.31
TCV	20-Nov-30	5.25	6,571	2.55	2.49	2.55	-0.04	0.31
NSWTC	20-Mar-31	2.00	8,478	2.56	2.50	2.56	-0.04	0.31
NTTC	21-Apr-31	5.25	750	2.79	2.71	2.79	0.01	0.35
QTC	21-Aug-31	1.75	7,167	2.58	2.52	2.58	-0.04	0.29
ACTTREAS	23-Oct-31	5.25	1,000	2.68	2.61	2.68	-0.01	0.36
SAFA	24-May-32	5.25	2,560	2.67	2.60	2.67	-0.03	0.32
TCV	20-Dec-32	4.25	6,257	2.66	2.59	2.65	-0.04	0.27
NSWTC	8-Mar-33	5.25	3,640	2.70	2.63	2.69	-0.05	0.29
QTC	14-Mar-33	6.50	1,210	2.63	2.56	2.62	-0.04	0.27
QTC	20-Jul-34	1.75	2,570	2.82	2.75	2.82	-0.04	0.30
WATC	24-Oct-34	2.00	1,098	2.75	2.67	2.75	-0.03	0.33
QTC	16-Apr-40	2.25	1,792	3.11	3.01	3.06	-0.08	0.24
NSWTC	7-May-41	2.25	2,293	3.19	3.08	3.13	-0.09	0.25
QTC	20-Nov-41	2.25	2,211	3.16	3.06	3.11	-0.08	0.23