Tender 596 of NZ$150 mln 2037's received bids for NZ$626 mln; demand for long-dated bonds remains strong with coverag ratio of 4.2; average weighted yield 3.95%, 6bps below previous tender

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 596 held on February 23, 2017.

Tender Date: Thursday, February 23, 2017

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Tuesday, February 28, 2017

  Feb 23 – #596 Jan 26 – #593 Dec 15 – #591
Series Offered 2.75% 15 Apr 2037 2.75% 15 Apr 2037 2.75% 15 Apr 2037
Total Amount Offered ($million) 150 150 150
Total Amount Allocated ($million) 150 150 150
Total Number of Bids Received 57 54 41
Total Amount of Bids Received ($million) 626 544 465
Total Number of Successful Bids 12 14 19
Highest Yield Accepted (%) 3.9500 4.0250 4.0650
Lowest Yield Accepted (%) 3.9350 3.9950 4.0400
Highest Yield Rejected (%) 4.0500 4.1400 4.1400
Lowest Yield Rejected (%) 3.9500 4.0250 4.0650
Weighted Average Accepted Yield (%) 3.9458 4.0122 4.0568
Weighted Average Rejected Yield (%) 3.9709 4.0640 4.0912
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 41.7 85.7 25.0
Coverage ratio 4.1733 3.6267 3.1000

*Individual allotments may vary due to rounding.