In other domestic market activity, NSW Treasury Corp received A$2.9 million of bids for a new June 2020 benchmark bond. TCorp sold A$1.5 billion of the bonds, which will be guaranteed by the Commonwealth government, at a spread of Commonwealth government bonds plus 52.5 basis points to yield 6.24 per cent. Westpac reported that it had sold A$50 million of three year bonds at a spread of just 62 bps over swap, although it is understood the deal was priced the week before. This sets a new benchmark for pricing three-year major bank issuance but it is still way above the 8 bps that would have been paid prior to the GFC.