Tender 586 of NZ$150 mln 2033's received bids for NZ$557 mln; demand for long-dated bonds remains strong; average weighted yield 2.98% (previously 2.75%)

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 586 held on October 27, 2016.

Tender Date: Thursday, October 27, 2016

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Tuesday, November 1, 2016

  Oct 27 – #586 Sep 23 – #583 Jul 28 – #578 Jun 23 – #575 May 27 – #572 Apr 29 – #569
Series Offered 3.50% 14 Apr 2033 3.50% 14 Apr 2033 3.50% 14 Apr 2033 3.50% 14 Apr 2033 3.50% 14 Apr 2033 3.50% 14 Apr 2033
Total Amount Offered ($million) 150 150 150 150 150 150
Total Amount Allocated ($million) 150 150 150 150 150 150
Total Number of Bids Received 56 57 42 58 53 57
Total Amount of Bids Received ($million) 557 811 348 284 701 612
Total Number of Successful Bids 21 10 13 26 6 13
Highest Yield Accepted (%) 2.995 2.760 2.570 2.950 2.885 3.185
Lowest Yield Accepted (%) 2.965 2.735 2.540 2.905 2.880 3.150
Highest Yield Rejected (%) 3.090 2.820 2.645 3.095 3.010 3.220
Lowest Yield Rejected (%) 2.995 2.760 2.575 2.950 2.885 3.185
Weighted Average Accepted Yield (%) 2.9843 2.7503 2.5630 2.9270 2.8822 3.1649
Weighted Average Rejected Yield (%) 3.0150 2.7794 2.5990 2.9820 2.9257 3.2013
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 22.2 31.9 100 46.5 65 8.1
Coverage ratio 3.7133 5.4067 2.3200 1.8930 4.6733 4.0800

*Individual allotments may vary due to rounding.