NZ Govt Bond Tender #600; coverage ratio drops from 7.13 to 4.5 times and spread between tendered yields up to 0.12 bps from 0.09 bps; weighted average yield drops from 3.14% to 2.90%

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 600 held on April 20, 2017.

Tender Date: Thursday, April 20, 2017

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Wednesday, April 26, 2017

  Apr 20 - #600 Mar 16 - #597 Feb 16 - #595 Jan 19 - #592 Nov 17 - #588    Oct 20 -  # 585
Series Offered 2.75% 15 April 2025 2.75% 15 April 2025 2.75% 15 April 2025 2.75% 15 April 2025 2.75% 15 April 2025 2.75% 15 April 2025
Total Amount offered ($million) 150 200 200 200 150 150
Total Amount Allocated ($million) 150 200 200 200 150 150
Total Number of bids Received 48 56 39 44 40 60
Total Amount of bids Received ($million) 675 1425 552 440 740 922
Total Number of Successful bids 7 9 14 22 5 12
Highest Yield Accepted (%) 2.8950 3.1350 3.2350 3.1400 2.8800 2.5350
Lowest Yield Accepted (%) 2.8850 3.1200 3.2150 3.1200 2.8700 2.5150
Highest Yield Rejected (%) 3.0050 3.2050 3.2750 3.1750 2.9550 2.6550
Lowest Yield Rejected (%) 2.8950 3.1350 3.2350 3.1400 2.8800 2.5350
Weighted Average Accepted Yield (%) 2.8890 3.1301 3.2252 3.1328 2.8772 2.5225
Weighted Average Rejected Yield (%) 2.9406 3.1596 3.2494 3.1559 2.9026 2.5618
Amount Allotted at Highest Accepted Yield as Percentage of Amount bid at that Yield* 50.0 58.3 70.6 72.7 87.5 8.4
Coverage ratio 4.5000 7.1250 2.7600 2.2000 4.9333 6.1467

*Individual allotments may vary due to rounding.

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