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Tender 575 of NZ$150 mln 2033's received bids for NZ$284 mln; investors keep their powder dry ahead of Brexit vote; worst coverage ratio for this series so far; yield shows small tick up

Bonds
Tender 575 of NZ$150 mln 2033's received bids for NZ$284 mln; investors keep their powder dry ahead of Brexit vote; worst coverage ratio for this series so far; yield shows small tick up

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 575 held on June 23, 2016.

Tender Date: Thursday, June 23, 2016

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Tuesday, June 28, 2016

  Jun 23 - #575 May 27 - #572 Apr 29 - #569 Mar 24 - #566 Feb 25 - #563
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
Total Amount Offered ($million) 150 150 150 100 100
Total Amount Allocated ($million) 150 150 150 100 100
Total Number of Bids Received 58 53 57 29 45
Total Amount of Bids Received ($million) 284 701 612 272 370
Total Number of Successful Bids 26 6 13 8 11
Highest Yield Accepted (%) 2.950 2.885 3.185 3.365 3.315
Lowest Yield Accepted (%) 2.905 2.880 3.150 3.345 3.305
Highest Yield Rejected (%) 3.095 3.010 3.220 3.440 3.400
Lowest Yield Rejected (%) 2.950 2.885 3.185 3.365 3.315
Weighted Average Accepted Yield (%) 2.9270 2.8822 3.1649 3.3602 3.3084
Weighted Average Rejected Yield (%) 2.9820 2.9257 3.2013 3.3781 3.3331
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 46.5 65 8.1 56.7 21.8
Coverage ratio 1.893 4.6733 4.08 2.72 3.70

*Individual allotments may vary due to rounding.

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