Semi Government

Summary: Semi-government bond spreads about 1bp wider on average; NSWTC issues new benchmark bond, QTC taps/repurchases 20 year bonds; RBA purchases final $800 million of various semis.

Semi-government spreads finished the week about 1bp wider on average as semi-government yields generally tracked the increases of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -4bps to +5bps; the one notable exception were NSWTC May 2041 bonds (spread: 60bps, +11bps).

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

NSWTC issued a new benchmark bond in the middle of the week, raising $1.5 billion via November 2032s priced at EFP + 43bps.

QTC tapped its November 2041 line for $308 million and repurchased $279 million of April 2040s during the week.

The RBA purchased $800 million of various semis in the secondary market during the week. These purchases will be the last under the Bank’s bond purchase programme.

ISSUER	MATURITY	COUPON (%)	ISSUE SIZE	WEEK HIGH	WEEK LOW	CLOSING YIELD	Δ WEEK	Δ MONTH
NSWTC	1-Mar-22	6.00	4,257	0.09	0.08	0.09	0.01	0.01
TASCORP	8-Mar-22	4.25	1,299	0.13	0.11	0.11	-0.01	-0.08
ACT TREASURY	11-Apr-22	4.25	550	0.15	0.14	0.15	0.02	-0.07
QTC	21-Jul-22	6.00	7,785	0.14	0.13	0.14	0.04	-0.02
SAFA	22-Sep-22	1.50	2,062	0.18	0.16	0.18	0.03	-0.04
TCV	17-Oct-22	6.00	3,770	0.24	0.21	0.24	0.06	-0.01
WATC	20-Oct-22	2.75	3,423	0.18	0.17	0.18	0.02	-0.03
NTTC	21-Nov-22	2.50	600	0.26	0.25	0.26	0.03	-0.01
NSWTC	20-Apr-23	4.00	4,792	0.74	0.61	0.74	0.19	0.19
NSWTC	1-May-23	6.00		0.66	0.54	0.66	0.16	0.16
QTC	21-Jul-23	4.25	8,744	0.99	0.85	0.99	0.22	0.25
WATC	16-Oct-23	6.00	4,600	1.12	0.97	1.12	0.22	0.26
SAFA	20-Nov-23	4.25	1,520	1.16	0.99	1.16	0.23	0.21
TCV	21-Nov-23	1.00	1,122	1.22	1.03	1.22	0.25	0.29
NSWTC	8-Feb-24	5.25	4,877	1.34	1.14	1.34	0.26	0.32
NTTC	15-Mar-24	6.00	650	1.54	1.35	1.54	0.27	0.36
TASCORP	11-Jun-24	4.00	1,151	1.68	1.46	1.68	0.30	0.40
QTC	22-Jul-24	5.75	8,249	1.55	1.34	1.55	0.29	0.39
WATC	23-Jul-24	2.50	5,079	1.56	1.35	1.56	0.29	0.38
SAFA	15-Aug-24	2.25	3,128	1.58	1.37	1.58	0.29	0.38
NSWTC	20-Aug-24	5.00	4,329	1.56	1.35	1.56	0.30	0.36
TCV	17-Dec-24	5.50	6,408	1.70	1.49	1.70	0.29	0.38
NSWTC	20-Mar-25	5.25	2,100	1.81	1.62	1.81	0.27	0.37
SAFA	16-Apr-25	2.75	1,250	1.85	1.65	1.85	0.28	0.38
ACTTREAS	22-May-25	5.25	1,000	1.83	1.64	1.83	0.27	0.37
QTC	21-Jul-25	4.75	8,581	1.92	1.71	1.92	0.28	0.37
WATC	23-Jul-25	5.00	5,468	1.90	1.70	1.90	0.28	0.37
TASCORP	19-Feb-26	3.25	1,070	2.16	1.95	2.16	0.28	0.37
NTTC	15-Mar-26	6.00	650	2.06	1.85	2.06	0.29	0.37
NSWTC	20-May-26	4.00	5,323	2.07	1.86	2.07	0.28	0.37
SAFA	20-Jul-26	3.00	3,540	2.11	1.90	2.11	0.29	0.39
QTC	21-Jul-26	3.25	8,610	2.11	1.90	2.11	0.29	0.38
TCV	17-Nov-26	5.50	7,030	2.13	1.92	2.13	0.28	0.37
NTTC	21-Apr-27	5.50	600	2.27	2.07	2.27	0.28	0.35
NSWTC	20-May-27	3.00	8,861	2.21	1.99	2.21	0.29	0.37
QTC	20-Aug-27	2.75	8,544	2.23	2.02	2.23	0.29	0.36
SAFA	20-Sep-27	3.00	1,500	2.24	2.03	2.24	0.29	0.36
WATC	21-Oct-27	3.00	3,461	2.21	2.00	2.21	0.28	0.35
NSWTC	20-Mar-28	3.00	9,108	2.30	2.08	2.30	0.28	0.36
SAFA	24-May-28	3.00	3,040	2.34	2.11	2.34	0.29	0.36
QTC	21-Jul-28	3.25	8,520	2.33	2.10	2.33	0.29	0.35
TCV	20-Oct-28	3.00	7,927	2.37	2.14	2.37	0.28	0.36
NSWTC	20-Apr-29	3.00	9,153	2.39	2.17	2.39	0.27	0.35
NTTC	21-May-29	2.00	600	2.51	2.29	2.51	0.27	0.33
ACTTREAS	22-May-29	5.25	900	2.47	2.25	2.47	0.27	0.33
WATC	24-Jul-29	2.75	3,221	2.41	2.19	2.41	0.27	0.34
QTC	21-Aug-29	3.25	7,535	2.42	2.20	2.42	0.27	0.33
TCV	22-Oct-29	2.50	8,420	2.46	2.23	2.46	0.28	0.36
NSWTC	20-Feb-30	3.00	9,851	2.47	2.24	2.47	0.28	0.33
NTTC	21-May-30	2.00	750	2.57	2.34	2.57	0.27	0.30
SAFA	24-May-30	2.75	2,515	2.50	2.28	2.50	0.27	0.33
QTC	21-Aug-30	3.50	8,228	2.48	2.26	2.48	0.27	0.31
TCV	20-Nov-30	5.25	6,571	2.53	2.32	2.53	0.26	0.31
NSWTC	20-Mar-31	2.00	8,478	2.54	2.32	2.54	0.26	0.31
NTTC	21-Apr-31	5.25	750	2.73	2.51	2.73	0.25	0.29
QTC	21-Aug-31	1.75	7,167	2.56	2.35	2.56	0.25	0.29
ACTTREAS	23-Oct-31	5.25	1,000	2.64	2.42	2.64	0.28	0.31
SAFA	24-May-32	5.25	2,560	2.65	2.44	2.65	0.26	0.34
TCV	20-Dec-32	4.25	5,602	2.64	2.43	2.64	0.25	0.30
NSWTC	8-Mar-33	5.25	3,640	2.69	2.47	2.69	0.25	0.30
QTC	14-Mar-33	6.50	1,210	2.62	2.41	2.62	0.25	0.31
QTC	20-Jul-34	1.75	2,570	2.80	2.58	2.80	0.27	0.29
WATC	24-Oct-34	2.00	1,098	2.72	2.50	2.72	0.26	0.32
QTC	16-Apr-40	2.25	2,071	3.07	2.85	3.07	0.26	0.26
NSWTC	7-May-41	2.25	2,293	3.25	2.95	3.25	0.33	0.36
QTC	20-Nov-41	2.25	1,888	3.12	2.91	3.12	0.25	0.23