Summary: Semi-government bond spreads about 1bp tighter on average; TCV taps/repurchases bonds for a net $337.3 million; RBA purchases another $800 million of various semis.
Semi-government spreads finished the week about 1bp tighter on average as semi-government yields slightly lagged the rises of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -1bps to +2.0bps and the exceptions lay within a basis point or two of this range.
TCV raised $337.9 million in net terms through a series of taps and repurchases during the week. The most notable taps comprised $227.3 million worth of October 2029s, $222 million worth of May 2033s and $377.7 million worth of September 2035s. The larger repurchases included $348.3 million worth of November 2026s and $112.3 million worth of December 2032s.
The RBA purchased another $800 million worth of semi-government bonds in the secondary market during the week. 65% of them by value comprised NSWTC, TCV and QTC bonds.
| ISSUER | MATURITY | COUPON (%) | ISSUE SIZE | WEEK HIGH | WEEK LOW | CLOSING YIELD | Δ WEEK | Δ MONTH |
|---|---|---|---|---|---|---|---|---|
| NSWTC | 1-Mar-22 | 6.00 | 4,257 | 0.14 | 0.08 | 0.09 | 0.02 | 0.02 |
| TASCORP | 8-Mar-22 | 4.25 | 1,299 | 0.20 | 0.18 | 0.19 | 0.05 | 0.05 |
| ACT TREASURY | 11-Apr-22 | 4.25 | 550 | 0.23 | 0.21 | 0.22 | 0.01 | 0.04 |
| QTC | 21-Jul-22 | 6.00 | 7,785 | 0.18 | 0.15 | 0.16 | 0.02 | 0.05 |
| SAFA | 22-Sep-22 | 1.50 | 2,062 | 0.23 | 0.20 | 0.21 | 0.02 | 0.05 |
| TCV | 17-Oct-22 | 6.00 | 3,825 | 0.27 | 0.24 | 0.24 | 0.01 | 0.04 |
| WATC | 20-Oct-22 | 2.75 | 3,427 | 0.23 | 0.20 | 0.22 | 0.01 | 0.04 |
| NTTC | 21-Nov-22 | 2.50 | 600 | 0.28 | 0.26 | 0.27 | 0.00 | 0.04 |
| NSWTC | 20-Apr-23 | 4.00 | 4,792 | 0.60 | 0.52 | 0.55 | 0.08 | 0.20 |
| NSWTC | 1-May-23 | 6.00 | 489 | 0.51 | 0.45 | 0.49 | 0.22 | 0.22 |
| QTC | 21-Jul-23 | 4.25 | 8,744 | 0.79 | 0.70 | 0.75 | 0.09 | 0.18 |
| WATC | 16-Oct-23 | 6.00 | 4,700 | 0.91 | 0.82 | 0.86 | 0.10 | 0.17 |
| SAFA | 20-Nov-23 | 4.25 | 1,520 | 0.98 | 0.90 | 0.93 | 0.08 | 0.15 |
| TCV | 21-Nov-23 | 1.00 | 1,122 | 0.98 | 0.88 | 0.93 | 0.10 | 0.13 |
| NSWTC | 8-Feb-24 | 5.25 | 5,977 | 1.07 | 0.96 | 1.02 | 0.11 | 0.16 |
| NTTC | 15-Mar-24 | 6.00 | 650 | 1.23 | 1.14 | 1.18 | 0.10 | 0.13 |
| TASCORP | 11-Jun-24 | 4.00 | 1,151 | 1.35 | 1.23 | 1.30 | 0.12 | 0.17 |
| QTC | 22-Jul-24 | 5.75 | 8,399 | 1.23 | 1.11 | 1.18 | 0.13 | 0.17 |
| WATC | 23-Jul-24 | 2.50 | 5,069 | 1.25 | 1.14 | 1.19 | 0.11 | 0.15 |
| SAFA | 15-Aug-24 | 2.25 | 3,128 | 1.26 | 1.16 | 1.20 | 0.11 | 0.14 |
| NSWTC | 20-Aug-24 | 5.00 | 5,114 | 1.26 | 1.15 | 1.20 | 0.10 | 0.13 |
| TCV | 17-Dec-24 | 5.50 | 6,473 | 1.39 | 1.27 | 1.33 | 0.12 | 0.16 |
| NSWTC | 20-Mar-25 | 5.25 | 2,100 | 1.53 | 1.40 | 1.45 | 0.11 | 0.22 |
| SAFA | 16-Apr-25 | 2.75 | 1,250 | 1.55 | 1.43 | 1.49 | 0.10 | 0.22 |
| ACTTREAS | 22-May-25 | 5.25 | 1,000 | 1.54 | 1.42 | 1.47 | 0.11 | 0.22 |
| QTC | 21-Jul-25 | 4.75 | 8,581 | 1.62 | 1.50 | 1.55 | 0.11 | 0.21 |
| WATC | 23-Jul-25 | 5.00 | 5,475 | 1.61 | 1.48 | 1.53 | 0.10 | 0.22 |
| TASCORP | 19-Feb-26 | 3.25 | 1,070 | 1.86 | 1.74 | 1.78 | 0.10 | 0.21 |
| NTTC | 15-Mar-26 | 6.00 | 650 | 1.76 | 1.65 | 1.69 | 0.09 | 0.22 |
| NSWTC | 20-May-26 | 4.00 | 5,323 | 1.77 | 1.66 | 1.70 | 0.11 | 0.21 |
| SAFA | 20-Jul-26 | 3.00 | 3,540 | 1.80 | 1.69 | 1.72 | 0.10 | 0.20 |
| QTC | 21-Jul-26 | 3.25 | 8,610 | 1.80 | 1.69 | 1.74 | 0.11 | 0.21 |
| TCV | 17-Nov-26 | 5.50 | 7,225 | 1.83 | 1.72 | 1.75 | 0.09 | 0.21 |
| NTTC | 21-Apr-27 | 5.50 | 600 | 2.00 | 1.90 | 1.92 | 0.09 | 0.22 |
| NSWTC | 20-May-27 | 3.00 | 8,861 | 1.92 | 1.81 | 1.84 | 0.09 | 0.20 |
| QTC | 20-Aug-27 | 2.75 | 8,394 | 1.95 | 1.84 | 1.87 | 0.09 | 0.20 |
| SAFA | 20-Sep-27 | 3.00 | 1,500 | 1.95 | 1.85 | 1.88 | 0.09 | 0.21 |
| WATC | 21-Oct-27 | 3.00 | 3,261 | 1.93 | 1.83 | 1.86 | 0.09 | 0.19 |
| NSWTC | 20-Mar-28 | 3.00 | 8,688 | 1.99 | 1.91 | 1.92 | 0.08 | 0.21 |
| SAFA | 24-May-28 | 3.00 | 3,040 | 2.03 | 1.94 | 1.97 | 0.08 | 0.24 |
| QTC | 21-Jul-28 | 3.25 | 8,520 | 2.03 | 1.94 | 1.96 | 0.08 | 0.23 |
| TCV | 20-Oct-28 | 3.00 | 7,717 | 2.06 | 1.97 | 1.99 | 0.07 | 0.21 |
| NSWTC | 20-Apr-29 | 3.00 | 9,153 | 2.10 | 2.02 | 2.03 | 0.08 | 0.23 |
| NTTC | 21-May-29 | 2.00 | 600 | 2.24 | 2.15 | 2.16 | 0.07 | 0.24 |
| ACTTREAS | 22-May-29 | 5.25 | 900 | 2.20 | 2.11 | 2.12 | 0.07 | 0.24 |
| WATC | 24-Jul-29 | 2.75 | 3,201 | 2.13 | 2.03 | 2.06 | 0.08 | 0.23 |
| QTC | 21-Aug-29 | 3.25 | 7,247 | 2.15 | 2.06 | 2.08 | 0.08 | 0.23 |
| TCV | 22-Oct-29 | 2.50 | 7,753 | 2.16 | 2.07 | 2.09 | 0.07 | 0.23 |
| NSWTC | 20-Feb-30 | 3.00 | 9,851 | 2.20 | 2.11 | 2.13 | 0.09 | 0.27 |
| NTTC | 21-May-30 | 2.00 | 750 | 2.31 | 2.23 | 2.24 | 0.07 | 0.26 |
| SAFA | 24-May-30 | 2.75 | 2,265 | 2.22 | 2.13 | 2.15 | 0.08 | 0.25 |
| QTC | 21-Aug-30 | 3.50 | 8,228 | 2.22 | 2.14 | 2.15 | 0.08 | 0.26 |
| TCV | 20-Nov-30 | 5.25 | 6,586 | 2.28 | 2.19 | 2.21 | 0.09 | 0.27 |
| NSWTC | 20-Mar-31 | 2.00 | 7,878 | 2.28 | 2.19 | 2.22 | 0.09 | 0.29 |
| NTTC | 21-Apr-31 | 5.25 | 750 | 2.49 | 2.41 | 2.42 | 0.07 | 0.26 |
| QTC | 21-Aug-31 | 1.75 | 6,767 | 2.33 | 2.23 | 2.26 | 0.09 | 0.28 |
| ACTTREAS | 23-Oct-31 | 5.25 | 1,000 | 2.38 | 2.30 | 2.31 | 0.07 | 0.26 |
| SAFA | 24-May-32 | 5.25 | 2,560 | 2.37 | 2.28 | 2.32 | 0.10 | 0.29 |
| TCV | 20-Dec-32 | 4.25 | 5,644 | 2.40 | 2.31 | 2.33 | 0.10 | 0.31 |
| NSWTC | 8-Mar-33 | 5.25 | 3,540 | 2.44 | 2.34 | 2.37 | 0.10 | 0.30 |
| QTC | 14-Mar-33 | 6.50 | 1,210 | 2.37 | 2.29 | 2.31 | 0.08 | 0.28 |
| QTC | 20-Jul-34 | 1.75 | 2,213 | 2.56 | 2.48 | 2.49 | 0.08 | 0.24 |
| WATC | 24-Oct-34 | 2.00 | 1,098 | 2.46 | 2.37 | 2.39 | 0.08 | 0.23 |
| QTC | 16-Apr-40 | 2.25 | 2,071 | 2.84 | 2.78 | 2.80 | 0.07 | 0.20 |
| NSWTC | 7-May-41 | 2.25 | 2,283 | 2.92 | 2.86 | 2.86 | 0.05 | 0.18 |
| QTC | 20-Nov-41 | 2.25 | 1,878 | 2.93 | 2.86 | 2.86 | 0.04 | 0.17 |