NZ Govt Bond Tender #592; average weighted accepted yield 3.13% (previously 2.88%) reflects rise in yields globally; coverage ratio drops significantly with low average bid size

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 588 held on November 17, 2016.

Tender Date: Thursday, January 19, 2017

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Wednesday, January 25, 2017

  Jan 19 – #592 Nov 17 – #588    Oct 20 –  # 585 Sept 15 – #582 Aug 18 – #580
Series Offered 2.75% 15 April 2025 2.75% 15 April 2025 2.75% 15 April 2025 2.75% 15 April 2025 2.75% 15 April 2025
Total Amount offered ($million) 200 150 150 150 150
Total Amount Allocated ($million) 200 150 150 150 150
Total Number of bids Received 44 40 60 39 56
Total Amount of bids Received ($million) 440 740 922 480 720
Total Number of Successful bids 22 5 12 18 14
Highest Yield Accepted (%) 3.1400 2.8800 2.5350 2.3850 2.0500
Lowest Yield Accepted (%) 3.1200 2.8700 2.5150 2.3600 2.0300
Highest Yield Rejected (%) 3.1750 2.9550 2.6550 2.4450 2.1100
Lowest Yield Rejected (%) 3.1400 2.8800 2.5350 2.3850 2.0500
Weighted Average Accepted Yield (%) 3.1328 2.8772 2.5225 2.3762 2.0408
Weighted Average Rejected Yield (%) 3.1559 2.9026 2.5618 2.4129 2.0705
Amount Allotted at Highest Accepted Yield as Percentage of Amount bid at that Yield* 72.7 87.5 8.4 83.3 30.0
Coverage ratio 2.2000 4.9333 6.1467 3.2000 4.8000

*Individual allotments may vary due to rounding.