Latest bond tender of NZ$200 mln 2027's received bids for NZ$365 mln; coverage ratio lower than last five tenders for this maturity and 24% of bids successful

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 548 held on August 13, 2015.

Tender Date: Thursday, August 13, 2015

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Tuesday, August 18, 2015

  Aug 13 – #548 Jul 9 – #545 Jun 12 – #544 May 14 – #542 Apr 9 – #540 Apr 9 – #539
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 ($million) 200 200 300 300 200 200
Total Amount Allocated ($million) 200 200 300 300 200 200
Total Number of Bids Received 34 49 136 81 101 78
Total Amount of Bids Received ($million) 365 677 1,123 660 857 487
Total Number of Successful Bids 8 2 32 51 8 24
Highest Yield Accepted (%) 3.29 3.385 3.890 3.790 3.340 3.370
Lowest Yield Accepted (%) 3.26 3.375 3.850 3.710 3.320 3.340
Highest Yield Rejected (%) 3.39 3.500 4.095 4.415 3.495 3.500
Lowest Yield Rejected (%) 3.29 3.395 3.890 3.790 3.340 3.370
Weighted Average Accepted Yield (%) 3.2676 3.3800 3.8702 3.7542 3.3364 3.3535
Weighted Average Rejected Yield (%) 3.3205 3.4236 3.9384 3.9738 3.3815 3.4109
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 50 100 46.2 28.9 80.6 44.4
Coverage ratio 1.825 3.385 3.743 2.20 4.285 2.435

*Individual allotments may vary due to rounding.