All bond investors would know of the Government bond market. In Australia, Government bonds are bonds issued by the Federal Government and go by the acronym ACGB, standing for Australian Commonwealth Government Bond.
Sitting alongside the Federal Government bonds are the State-Government bonds where the state governments borrow money. These are also called Semi-Government bonds, or simply Semis for short. These Semi-Government bonds are far less well-known but have a great deal to offer a bond investor. Like Government Bonds, Semi-Government bonds are also incredibly safe – even if not quite as safe as Government bonds - but offer a higher yield than Government bonds.
Who Sells Semi-Government Bonds?
Each of the states and territories sells Semi-Government bonds. The bonds are sold through a special arm of the state’s Treasury Department, called a Treasury Corporation. For example, NSW sells its bonds through the New South Wales Treasury Corporation or NSWTC. Queensland sells its Semi-Government bonds through the Queensland Treasury Corporation or QTC. Victoria sells their bonds through their corporation which is called, slightly unhelpfully, not VTC, but instead the Treasury Corporation of Victoria, or TCV.
Although these Treasury Corporations are separated from the Treasury in a legal sense, the state borrowing corporations each have the full guarantee of their respective state or territory government.
We highlight these corporation names because state government bonds will be labelled by the name or acronym of the Treasury Corporation in most bond market systems, including FIIG’s.
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)
Although the Semi-Government market is not as well known, it is surprisingly large. As of 22 March 2024, there were over $A560bn face value worth of State-Government bonds in Australia. In the combined Government and Semi-Government market, the Federal Government is 61%, but the states are 39%. Not so long ago, there were actually more state government bonds than federal government bonds, though this hasn’t been true since the large Government spending during COVID.
![](data:image/png;base64,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)
Source: FIIG Securities, Bloomberg
Amongst the states, the equal largest borrowers are NSW and Victoria, which have $A165.9bn and $A165.4bn outstanding, respectively. The next largest is Queensland, with $A124.3bn. The other states have materially smaller issuance.
Who buys Semi-Government Bonds?
The largest holders of State-Government bonds are, by far, the banks - particularly the bank balance sheets. Banks are required to hold capital and liquidity against the loans they make. The process for exactly which assets are eligible for banks to own as part of their liquidity is quite complicated, but the long and short of it is that Australian banks must own either cash, Government bonds, or State-Government bonds for the vast majority of their liquidity.
A second significant source of investment into Semi-Government bonds are the Superannuation funds. The more defensive portfolio mixes inside the Super funds will often own a disproportionately large amount of State-Government bonds.
For both the bank balance sheets and the Super funds the attraction of Semis is that they are usually ranked interchangeably with Government bonds for categorisation purposes but have a higher yield.
The final category worth mentioning for investors in Semis is the international buyers. These buyers are often from Asia and have, historically, been attracted to the higher yields available in Australia compared to other countries. At present, however, the combination of a weak Australian Dollar and high yields available in other markets (like the US, Canada and New Zealand) has seen the demand from Asian investors quieten. It may well be reawakened in the future, however, if the Australian yields once again become attractive on a relative basis.
What types of bonds are available?
The State-Government bond market is mostly Fixed Rate Bonds. Fully 89% of the semi-market is fixed rate bonds, but that still leaves space for 10% of Semi-bonds to be floating rate notes and 1% to be CPI linked. While 10% of the Semi-bonds being floating rate notes isn’t large, the same number for the Federal Government is zero. As a consequence, if you’re trying to access high-grade FRNs with very minimal credit risk the state government bond market is the main place you’ll find them.
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)
Source: FIIG Securities, Bloomberg
The other distinction that Semis offer is that there are many ESG bonds available. Different states come at this in different ways, but there are multiple opportunities to buy State-Government bonds where the state guarantees the funds will be spent only on projects that comply with responsible investment principles. The Federal Government is planning to issue its first ESG bond in the June quarter of 2024.
What sort of yields do these bonds get?
State-Government bonds get yields that are much higher than the corresponding Federal Government bonds. This is still lower than the yields available in corporate bonds, but the risk that a state government defaults and doesn’t return your capital is very low. That makes the 70bp or so extra yield available in a 10Y investment over and above Government bonds quite meaningful.
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)
Source: FIIG Securities, Bloomberg
The other interesting feature of Semis apparent in the chart is that while there is some differentiation among the states, the differences are very small. At present, the WATC bonds have the lowest yields which is because WA has had a period of strong revenues from iron ore which they have used to dilute the total debt outstanding.
What are the advantages and disadvantages of Semi-Government Bonds?
The main advantage of Semi-Government bonds is their higher yield than Government bonds, despite also having an incredibly low-risk profile. State-Government bonds are therefore a great way to access duration, without also having to take credit risk over a material period. While Government bonds can also be used for this, the State-Government bonds have a materially higher yield than Federal Government bonds.
The disadvantage of Semi-Government bonds mostly comes from their liquidity. State-Government bond markets can be very patchy and depend critically on exactly which State-Government bond you are talking about. The larger bond lines from the larger states are frequently greater than $A10bn and are very liquid. A smaller bond line from a smaller state might be more difficult to trade. This is particularly true of the ultra-long bonds where liquidity and pricing can suffer in periods of stress.
The natural owners of State-Government bonds tend to be bank balance sheets, but these buyers are sometimes limited by their policies to only purchasing bonds <5 years or <10 years. The shorter Semis have much better liquidity than the longer Semis.
Overall, Semis are an excellent option for more cautious investors who desire duration and fixed coupons in their portfolio, but who want a little more yield in their portfolio.