NSW TCorp continued with its program to replace selected Commonwealth government guaranteed lines with new benchmark lines guaranteed solely by the State of New South Wales. TCorp issued A$1.0 billion of new May 2020 bonds, at a spread of 52 basis points over Commonwealth bonds. Investors have the opportunity to switch from the June 2020 federally guaranteed bond for an additional 18 bps of credit spread, if they do so before April 23, or can receive an extra 15 bps thereafter.Following on from its investor roadshow the week before, Northern Territory Treasury Corporation (rated Aa1) sold A$500 million of October 2015 bonds at a spread of 31 bps over swap and 73.5 bps over CGS. Northern Territory Treasury Corporation last visited the market in July, when it sold A$350 million of five-year bonds.The Australian Office of Financial Management sold A$300 million of August 2015, Treasury Indexed Bonds, at a real yield of 2.67 per cent per annum. The offer was 4.25 times oversubscribed.