Summary: Semi-government bond spreads about 4bps wider on average; TCV taps/repurchases bonds for a net $240.7 million; no RBA purchases.
Semi-government spreads finished the week about 4bps wider on average as semi-government yields outpaced the rises of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -1bps to +4bps and the only notable exception was SAFA’s May 2032s (spread: 46bps, +7bps).
TCV raised $240.7 million in net terms through a series of taps and repurchases during the week. The two taps comprised $100 million worth of September 2031 and $350 million worth of May 2033s while the two repurchases comprised $100 million worth of December 2024s and $114.3 million worth of October 2029s.
The RBA did not purchase any semis in the secondary market during the week. A review of the programme is slated for the RBA Board’s February meeting.
| MATURITY | COUPON (%) | ISSUE SIZE ($M) | CLOSING YIELD | Δ WEEK | Δ MONTH | WEEK HIGH | WEEK LOW |
|---|---|---|---|---|---|---|---|
| 21-Nov-22 | 2.25 | 26,500 | 0.36 | 0.03 | 0.14 | 0.40 | 0.35 |
| 21-Apr-23 | 5.50 | 34,200 | 0.62 | 0.05 | 0.27 | 0.66 | 0.58 |
| 21-Apr-24 | 2.75 | 34,400 | 0.95 | 0.10 | 0.30 | 0.99 | 0.86 |
| 21-Nov-24 | 0.25 | 37,600 | 1.23 | 0.11 | 0.30 | 1.28 | 1.15 |
| 21-Apr-25 | 3.25 | 37,100 | 1.41 | 0.09 | 0.31 | 1.47 | 1.33 |
| 21-Nov-25 | 0.25 | 22,000 | 1.53 | 0.08 | 0.30 | 1.60 | 1.48 |
| 21-Apr-26 | 4.25 | 37,100 | 1.56 | 0.08 | 0.29 | 1.63 | 1.50 |
| 21-Sep-26 | 0.50 | 32,800 | 1.63 | 0.07 | 0.30 | 1.71 | 1.58 |
| 21-Apr-27 | 4.75 | 33,900 | 1.65 | 0.06 | 0.29 | 1.73 | 1.61 |
| 21-Nov-27 | 2.75 | 29,700 | 1.72 | 0.06 | 0.28 | 1.79 | 1.67 |
| 21-May-28 | 2.25 | 29,700 | 1.75 | 0.06 | 0.29 | 1.83 | 1.71 |
| 21-Nov-28 | 2.75 | 32,100 | 1.78 | 0.04 | 0.29 | 1.85 | 1.74 |
| 21-Apr-29 | 3.25 | 33,000 | 1.80 | 0.04 | 0.29 | 1.88 | 1.77 |
| 21-Nov-29 | 2.75 | 32,900 | 1.84 | 0.03 | 0.28 | 1.91 | 1.81 |
| 21-May-30 | 2.50 | 36,600 | 1.86 | 0.03 | 0.29 | 1.94 | 1.84 |
| 21-Dec-30 | 1.00 | 24,700 | 1.90 | 0.02 | 0.28 | 1.98 | 1.89 |
| 21-Jun-31 | 1.50 | 36,300 | 1.91 | 0.02 | 0.29 | 1.99 | 1.90 |
| 21-Nov-31 | 1.00 | 21,000 | 1.92 | 0.02 | 0.29 | 2.00 | 1.92 |
| 21-May-32 | 1.25 | 30,200 | 1.94 | 0.02 | 0.28 | 2.02 | 1.93 |
| 21-Apr-33 | 4.50 | 18,800 | 1.95 | 0.02 | 0.28 | 2.03 | 1.95 |
| 21-Jun-35 | 2.75 | 9,050 | 2.09 | 0.01 | 0.24 | 2.18 | 2.09 |
| 21-Apr-37 | 3.75 | 12,000 | 2.20 | 0.01 | 0.21 | 2.29 | 2.20 |
| 21-Jun-39 | 3.25 | 9,900 | 2.32 | 0.01 | 0.18 | 2.41 | 2.32 |
| 21-May-41 | 2.75 | 13,000 | 2.42 | 0.00 | 0.18 | 2.52 | 2.42 |
| 21-Mar-47 | 3.00 | 13,300 | 2.52 | 0.01 | 0.17 | 2.61 | 2.52 |
| 21-Jun-51 | 1.75 | 15,000 | 2.52 | 0.00 | 0.17 | 2.62 | 2.52 |