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Tender 589 of NZ$150 mln 2033's received bids for NZ$496 mln; demand for long-dated bonds remains strong but coverage ratio slips; average weighted yield 3.55% (previously 2.98%)

Bonds
Tender 589 of NZ$150 mln 2033's received bids for NZ$496 mln; demand for long-dated bonds remains strong but coverage ratio slips; average weighted yield 3.55% (previously 2.98%)

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 589 held on November 24, 2016.

Tender Date: Thursday, November 24, 2016

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Tuesday, November 29, 2016

  Nov 24 - #589 Oct 27 - #586 Sep 23 - #583 Jul 28 - #578 Jun 23 - #575 May 27 - #572
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 48 56 57 42 58 53
Total Amount of Bids Received ($million) 496 557 811 348 284 701
Total Number of Successful Bids 19 21 10 13 26 6
Highest Yield Accepted (%) 3.560 2.995 2.760 2.570 2.950 2.885
Lowest Yield Accepted (%) 3.540 2.965 2.735 2.540 2.905 2.880
Highest Yield Rejected (%) 3.600 3.090 2.820 2.645 3.095 3.010
Lowest Yield Rejected (%) 3.560 2.995 2.760 2.575 2.950 2.885
Weighted Average Accepted Yield (%) 3.5517 2.9843 2.7503 2.5630 2.9270 2.8822
Weighted Average Rejected Yield (%) 3.5789 3.0150 2.7794 2.5990 2.9820 2.9257
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 35.6 22.2 31.9 100 46.5 65
Coverage ratio 3.3067 3.7133 5.4067 2.3200 1.8930 4.6733

*Individual allotments may vary due to rounding.

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