NZ Govt Bond Tender #623; weighted average yield drops to 2.56%; coverage ratio rises to 3.86x

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 623 held on December 15, 2017.

Tender Date: Friday, December 15, 2017

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Wednesday, December 20, 2017

  Dec 15 – #623 Nov 15 – #620 Oct 19 – #617 Sep 21 – #615 Aug 17 – #612 Jul 20 – #609 Jun 15 – #606   Nov 17 – #582
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 2.75% 15 April 2025 2.75% 15 April 2025   2.75% 15 April 2025
Total Amount offered ($million) 200 200 200 200

200

200 150   150
Total Amount Allocated ($million) 200 200 200 200 200 200 150   150
Total Number of bids Received 44 33 43 41 32 36 44   40
Total Amount of bids Received ($million) 772 523 532 638 410 400 643   740
Total Number of Successful bids 11 15 20 12 20 15 14   5
Highest Yield Accepted (%) 2.5700 2.6800 2.7650 2.9150 2.7100 2.8300 2.6300   2.8800
Lowest Yield Accepted (%) 2.5500 2.6550 2.7400 2.8950 2.6900 2.8050 2.6150   2.8700
Highest Yield Rejected (%) 2.6400 2.7450 2.8300 2.9950 2.7800 2.9300 2.7100   2.9550
Lowest Yield Rejected (%) 2.5700 2.6850 2.7650 2.9150 2.7150 2.8300 2.6300   2.8800
Weighted Average Accepted Yield (%) 2.5601 2.6711 2.7545 2.9072 2.7020 2.8190 2.6222   2.8772
Weighted Average Rejected Yield (%) 2.5902 2.7056 2.7942 2.9392 2.7418 2.8576 2.6627   2.9026
Amount Allotted at Highest Accepted Yield as Percentage of Amount bid at that Yield* 5.2 100.0 76.9 52.4 100.0 90.0 27.8   87.5
Coverage ratio 3.8600 2.6150 2.6600 3.1900 2.0500 2.0000 4.2867   4.9333

*Individual allotments may vary due to rounding.