Tender 598 of NZ$150 mln 2037's received bids of NZ$421 mln at a coverage ratio of 2.8, the lowest since December; average weighted yield of 3.84%, 10 bps below previous tender, has fallen for the past four issues

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 598 held on March 24, 2017.

Tender Date: Friday, March 24, 2017

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Wednesday, March 29, 2017

  Mar 24 – #598 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 2.75% 15 Apr 2037
Total Amount Offered ($million) 150 150 150 150
Total Amount Allocated ($million) 150 150 150 150
Total Number of Bids Received 37 57 54 41
Total Amount of Bids Received ($million) 421 626 544 465
Total Number of Successful Bids 20 12 14 19
Highest Yield Accepted (%) 3.8600 3.9500 4.0250 4.0650
Lowest Yield Accepted (%) 3.8300 3.9350 3.9950 4.0400
Highest Yield Rejected (%) 3.9350 4.0500 4.1400 4.1400
Lowest Yield Rejected (%) 3.8600 3.9500 4.0250 4.0650
Weighted Average Accepted Yield (%) 3.8436 3.9458 4.0122 4.0568
Weighted Average Rejected Yield (%) 3.8979 3.9709 4.0640 4.0912
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 8.1 41.7 85.7 25.0
Coverage ratio 2.8067 4.1733 3.6267 3.1000

*Individual allotments may vary due to rounding.