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Latest bond tender of NZ$300 mln 2027's received bids for NZ$1.1bln; only 23.5% of bids successful; weighted average yield accepted up 12 bps

Bonds
Latest bond tender of NZ$300 mln 2027's received bids for NZ$1.1bln; only 23.5% of bids successful; weighted average yield accepted up 12 bps

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 544 held on June 12, 2015.

Tender Date: Friday, June 12, 2015

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Wednesday, June 17, 2015

  Jun 12 - #544 May 14 - #542 Apr 9 - #540 Apr 9 - #539 Mar 13 - #537 Feb 15 - #535
Series Offered 4.50% 15 Apr 2027 4.50% 15 Apr 2027 4.50% 15 Apr 2027 4.50% 15 Apr 2027 4.50% 15 Apr 2027 4.50% 15 Apr 2027
Total Amount Offered ($million) 300 300 200 200 300 300
Total Amount Allocated ($million) 300 300 200 200 300 300
Total Number of Bids Received 136 81 101 78 69 54
Total Amount of Bids Received ($million) 1,123 660 857 487 631 638
Total Number of Successful Bids 32 51 8 24 50 13
Highest Yield Accepted (%) 3.890 3.790 3.340 3.370 3.500 3.420
Lowest Yield Accepted (%) 3.850 3.710 3.320 3.340 3.450 3.335
Highest Yield Rejected (%) 4.095 4.415 3.495 3.500 3.600 3.580
Lowest Yield Rejected (%) 3.890 3.790 3.340 3.370 3.500 3.420
Weighted Average Accepted Yield (%) 3.8702 3.7542 3.3364 3.3535 3.4790 3.3536
Weighted Average Rejected Yield (%) 3.9384 3.9738 3.3815 3.4109 3.5362 3.4457
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 46.2 28.9 80.6 44.4 25.5 26.2
Coverage ratio 3.743 2.20 4.285 2.435 2.1033 2.127

*Individual allotments may vary due to rounding.

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