The NSW Treasurer, Eric Roosendaal, announced during the week that NSW Treasury Corp accessed the Australian government's guarantee scheme for state government bond issues, for each of TCorp's May 2013, August 2014, March 2017, April 2019 and May 2023 benchmark lines.This may have been a good idea as recently as the second quarter of this year, but it now looks unnecessary, not to mention expensive. TCorp's outstandings under these lines total A$18.6 billion.On Friday, TCorp added A$148 million of bonds to the April 2019 line at an average yield of Commonwealth government bonds plus 44 basis points. TCorp tendered A$150 million of bonds and this was 7.7 times oversubscribed. Earlier in the week, TCorp sold US$100 million of government-guaranteed, March 2011, bonds in the US s144A market, at Libor flat.AOFM held its usual two tenders last week, selling A$500 million of February 2017 CGS on Wednesday and A$700 million of April 2012 CGS on Friday. The former achieved a weighted average yield of 5.23 per cent and was 2.9 times over subscribed while the stats for the latter were: 4.67 per cent and 3.5 times.   Finally across the Tasman Sea, the NZDMO sold just NZ$200 million of November 2011 bonds on Friday. The offering was 2.75 times oversubscribed and achieved a weighted average yield of 3.97 per cent.