Latest bond tender of NZ$200 mln 2027's received bids for NZ$458mln; coverage ratio improves; weighted average yield stagnant despite recent rise in bond and swap yields

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 560 held on December 17, 2015.

Tender Date: Thursday, December 17, 2015

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Tuesday, December 22, 2015

  Dec 17 – #560 Nov 19 – #557 Sept 11 – #551 Aug 13 – #548 Jul 9 – #545 Jun 12 – #544
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 ($million) 200 200 200 200 200 300
Total Amount Allocated ($million) 200 200 200 200 200 300
Total Number of Bids Received 61 41 47 34 49 136
Total Amount of Bids Received ($million) 458 361 437 365 677 1,123
Total Number of Successful Bids 28 24 24 8 2 32
Highest Yield Accepted (%) 3.640 3.640 3.290 3.290 3.385 3.890
Lowest Yield Accepted (%) 3.575 3.580 3.260 3.260 3.375 3.850
Highest Yield Rejected (%) 3.730 3.880 3.490 3.390 3.500 4.095
Lowest Yield Rejected (%) 3.640 3.640 3.290 3.290 3.395 3.890
Weighted Average Accepted Yield (%) 3.6178 3.6057 3.2799 3.2676 3.3800 3.8702
Weighted Average Rejected Yield (%) 3.6647 3.7056 3.3142 3.3205 3.4236 3.9384
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 7.2 77.1 33.7 50 100 46.2
Coverage ratio 2.290 1.805 2.185 1.825 3.385 3.743

*Individual allotments may vary due to rounding.