Latest bond tender of NZ$300 mln 2027's received bids for NZ$631 mln and produces average weighted yield 13 bps higher than February auction (3.48% vs 3.35% previously)

Short headline: 
NZ Govt Bond tender number 537 results

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 537 held on March 13, 2015.

Tender Date: Friday, March 13, 2015

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Wednesday, March 18, 2015

  Mar 13 – #537 Feb 15 – #535 Dec 14 – #531 Nov 14 – #531 Oct 14 – #529 Aug 14 – #525
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 3.00% 15 Apr 2020
Total Amount Offered ($million) 300 300 300 300 300 200
Total Amount Allocated ($million) 300 300 300 300 300 200
Total Number of Bids Received 69 54 77 96 83 47
Total Amount of Bids Received ($million) 631 638 1,293 771 824 955
Total Number of Successful Bids 50 13 26 44 27 6
Highest Yield Accepted (%) 3.500 3.420 3.950 4.270 4.105 4.090
Lowest Yield Accepted (%) 3.450 3.335 3.920 4.235 4.080 4.085
Highest Yield Rejected (%) 3.600 3.580 4.015 4.345 4.260 4.160
Lowest Yield Rejected (%) 3.500 3.420 3.950 4.270 1.405 4.090
Weighted Average Accepted Yield (%) 3.4790 3.3536 3.9363 4.2582 4.0930 4.0886
Weighted Average Rejected Yield (%) 3.5362 3.4457 3.9750 4.2975 4.1330 4.1136
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 25.5 26.2 12.3 65.3 40 90.6
Coverage ratio 2.1033 2.127 4.310 2.57 2.747 4.775

*Individual allotments may vary due to rounding.