Semi Government

Summary: Semi-government bond spreads about 2bps tighter on average; no issuance of note; WATC amends 2021/2022 funding requirement down by $0.5 billion; RBA purchases another $800 million of various semis.

Semi-government spreads finished the week about 2bps tighter on average as semi-government yields lagged the modest rises of their Commonwealth counterparts. The majority of spreads in the sample varied within or quite close to a range from -2bps to +1.5bps.

There was no Issuance of note.

WATC amended its 2021/2022 funding requirement down from $2.9 billion to $2.4 billion.

The RBA purchased another $800 million worth of semi-government bonds in the secondary market during the week, predominantly composed of NSWTC, TCV and QTC bonds.

ISSUER	MATURITY	COUPON (%)	ISSUE SIZE	WEEK HIGH	WEEK LOW	CLOSING YIELD	Δ MONTH
TASCORP	8-Mar-22	4.25	1,299	0.14	0.13	0.14	0.00
ACT TREASURY	11-Apr-22	4.25	550	0.22	0.20	0.22	0.04
QTC	21-Jul-22	6.00	7,785	0.15	0.13	0.15	0.04
SAFA	22-Sep-22	1.50	2,062	0.20	0.19	0.19	0.03
TCV	17-Oct-22	6.00	3,825	0.25	0.24	0.24	0.04
WATC	20-Oct-22	2.75	3,427	0.21	0.19	0.21	0.03
NTTC	21-Nov-22	2.50	600	0.28	0.26	0.28	0.04
NSWTC	20-Apr-23	4.00	4,792	0.48	0.42	0.48	0.13
QTC	21-Jul-23	4.25	8,744	0.66	0.61	0.66	0.09
WATC	16-Oct-23	6.00	4,700	0.75	0.73	0.75	0.07
SAFA	20-Nov-23	4.25	1,520	0.85	0.82	0.85	0.07
TCV	21-Nov-23	1.00	1,122	0.84	0.81	0.83	0.02
NSWTC	8-Feb-24	5.25	5,977	0.92	0.89	0.91	0.04
NTTC	15-Mar-24	6.00	650	1.09	1.07	1.09	0.03
TASCORP	11-Jun-24	4.00	1,151	1.19	1.16	1.18	0.05
QTC	22-Jul-24	5.75	8,399	1.06	1.03	1.05	0.04
WATC	23-Jul-24	2.50	5,069	1.09	1.06	1.08	0.04
SAFA	15-Aug-24	2.25	3,128	1.10	1.07	1.10	0.03
NSWTC	20-Aug-24	5.00	5,114	1.10	1.07	1.09	0.03
TCV	17-Dec-24	5.50	6,473	1.23	1.19	1.22	0.05
NSWTC	20-Mar-25	5.25	2,100	1.35	1.31	1.35	0.11
SAFA	16-Apr-25	2.75	1,250	1.38	1.35	1.38	0.11
ACTTREAS	22-May-25	5.25	1,000	1.36	1.33	1.36	0.11
QTC	21-Jul-25	4.75	8,581	1.45	1.41	1.45	0.11
WATC	23-Jul-25	5.00	5,475	1.43	1.40	1.43	0.12
TASCORP	19-Feb-26	3.25	1,070	1.68	1.66	1.68	0.11
NTTC	15-Mar-26	6.00	650	1.59	1.57	1.59	0.12
NSWTC	20-May-26	4.00	5,323	1.59	1.56	1.59	0.10
SAFA	20-Jul-26	3.00	3,540	1.63	1.60	1.62	0.10
QTC	21-Jul-26	3.25	8,610	1.63	1.59	1.63	0.10
TCV	17-Nov-26	5.50	7,225	1.67	1.64	1.66	0.12
NTTC	21-Apr-27	5.50	600	1.85	1.82	1.84	0.13
NSWTC	20-May-27	3.00	8,861	1.75	1.73	1.74	0.10
QTC	20-Aug-27	2.75	8,394	1.78	1.76	1.78	0.11
SAFA	20-Sep-27	3.00	1,500	1.81	1.78	1.79	0.12
WATC	21-Oct-27	3.00	3,261	1.78	1.75	1.77	0.10
NSWTC	20-Mar-28	3.00	8,688	1.89	1.84	1.85	0.14
SAFA	24-May-28	3.00	3,040	1.92	1.88	1.89	0.16
QTC	21-Jul-28	3.25	8,520	1.92	1.88	1.89	0.15
TCV	20-Oct-28	3.00	7,717	1.96	1.91	1.92	0.14
NSWTC	20-Apr-29	3.00	9,153	2.01	1.95	1.95	0.15
NTTC	21-May-29	2.00	600	2.14	2.09	2.09	0.17
ACTTREAS	22-May-29	5.25	900	2.10	2.05	2.05	0.17
WATC	24-Jul-29	2.75	3,201	2.02	1.97	1.97	0.15
QTC	21-Aug-29	3.25	7,247	2.05	1.99	1.99	0.15
TCV	22-Oct-29	2.50	7,753	2.07	2.02	2.02	0.16
NSWTC	20-Feb-30	3.00	9,851	2.08	2.04	2.04	0.18
NTTC	21-May-30	2.00	750	2.23	2.17	2.17	0.19
SAFA	24-May-30	2.75	2,265	2.13	2.07	2.07	0.17
QTC	21-Aug-30	3.50	8,228	2.12	2.07	2.07	0.18
TCV	20-Nov-30	5.25	6,586	2.18	2.12	2.12	0.18
NSWTC	20-Mar-31	2.00	7,878	2.18	2.12	2.12	0.19
NTTC	21-Apr-31	5.25	750	2.42	2.35	2.35	0.19
QTC	21-Aug-31	1.75	6,767	2.22	2.17	2.17	0.19
ACTTREAS	23-Oct-31	5.25	1,000	2.31	2.24	2.24	0.19
SAFA	24-May-32	5.25	2,560	2.27	2.22	2.22	0.19
TCV	20-Dec-32	4.25	5,644	2.29	2.24	2.24	0.21
NSWTC	8-Mar-33	5.25	3,540	2.33	2.27	2.27	0.20
QTC	14-Mar-33	6.50	1,210	2.28	2.22	2.22	0.20
QTC	20-Jul-34	1.75	2,213	2.46	2.41	2.41	0.16
WATC	24-Oct-34	2.00	1,098	2.37	2.31	2.31	0.15
QTC	16-Apr-40	2.25	2,071	2.80	2.73	2.73	0.13
NSWTC	7-May-41	2.25	2,283	2.88	2.81	2.81	0.13
QTC	20-Nov-41	2.25	1,878	2.89	2.81	2.81	0.13