Latest bond tender of NZ$200 mln 2027's received bids for NZ$361mln; coverage ratio lowest in 6 months while weighted average yield jumps up 30bps

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 557 held on November 19, 2015.

Tender Date: Thursday, November 19, 2015

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Tuesday, November 24, 2015

  Nov 19 – #557 Sept 11 – #551 Aug 13 – #548 Jul 9 – #545 Jun 12 – #544 May 14 – #542
Series Offered 4.50% 15 Apr 2027 4.50% 15 Apr 2027 4.50% 15 Apr 2027 4.50% 15 Apr 2027 4.50% 15 Apr 2027 4.50% 15 Apr 2027
Total Amount Offered ($million) 200 200 200 200 300 300
Total Amount Allocated ($million) 200 200 200 200 300 300
Total Number of Bids Received 41 47 34 49 136 81
Total Amount of Bids Received ($million) 361 437 365 677 1,123 660
Total Number of Successful Bids 24 24 8 2 32 51
Highest Yield Accepted (%) 3.640 3.290 3.290 3.385 3.890 3.790
Lowest Yield Accepted (%) 3.580 3.260 3.260 3.375 3.850 3.710
Highest Yield Rejected (%) 3.880 3.490 3.390 3.500 4.095 4.415
Lowest Yield Rejected (%) 3.640 3.290 3.290 3.395 3.890 3.790
Weighted Average Accepted Yield (%) 3.6057 3.2799 3.2676 3.3800 3.8702 3.7542
Weighted Average Rejected Yield (%) 3.7056 3.3142 3.3205 3.4236 3.9384 3.9738
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 77.1 33.7 50 100 46.2 28.9
Coverage ratio 1.805 2.185 1.825 3.385 3.743 2.20

*Individual allotments may vary due to rounding.