NZ Govt Bond Tender #740; Tender Date 24 Sep 2020

NZ Govt Bond Tender #740; Tender Date 24 Sep 2020

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 740 held on Sep 24, 2020.

Tender Date: Thursday, Sep 24, 2020.

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Tuesday, Sep 29, 2020

 

(1) Nominal Bonds - Series Offered : 0.5% 15 Apr 2024

  Sep 24 - #740 Sep 10 - #738
Series Offered   :   0.5% 15 April 2024    
Total Amount offered ($million) 450 450
Total Amount Allocated ($million) 450 450
Total Number of bids Received 40 45
Total Amount of bids Received ($million) 1385 1505
Total Number of Successful bids 14 11
Highest Yield Accepted (%) -0.0450 0.0850
Lowest Yield Accepted (%) -0.0600 0.0725
Highest Yield Rejected (%) -0.0025 0.1200
Lowest Yield Rejected (%) -0.0450 0.0850
Weighted Average Accepted Yield (%) -0.0483 0.0825
Weighted Average Rejected Yield (%) -0.0267 0.0959
Amount Allotted at Highest Accepted Yield as Percentage of Amount bid at that Yield* 91.30 42.90
Coverage ratio 3.08 3.34

 

(2) Nominal Bonds - Series Offered : 1.50% 15 May 2031

  Sep 24 - #740 Sep 10 - #738 Aug 13 - #735 Jul 30 - #733
Series Offered   :    1.50% 15 May 2031        
Total Amount Offered ($million) 350 350 350 350
Total Amount Allocated ($million) 350 350 350 350
Total Number of Bids Received 77 55 51 60
Total Amount of Bids Received ($million) 850 698 944 993
Total Number of Successful Bids 29 26 14 27
Highest Yield Accepted (%) 0.4900 0.6350 0.6925 0.8150
Lowest Yield Accepted (%) 0.4750 0.6200 0.6750 0.7975
Highest Yield Rejected (%) 0.5750 0.6875 0.7150 0.8825
Lowest Yield Rejected (%) 0.4900 0.6350 0.6925 0.8150
Weighted Average Accepted Yield (%) 0.4821 0.6262 0.6874 0.8086
Weighted Average Rejected Yield (%) 0.5152 0.6475 0.7028 0.8272
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 27.80 10.50 20.00 3.70
Coverage ratio 2.43 1.99 2.69 2.84

 

(3) Series Offered : 2.75% 15 Apr 2037

  Sep 24 - #740 Sep 10 - #735 Aug 13 - #735 Jun 25 - #729
Series Offered  :  2.75% 15 Apr 2037        
Total Amount Offered ($million) 150 150 150 200
Total Amount Allocated ($million) 150 150 150 200
Total Number of Bids Received 41 33 39 47
Total Amount of Bids Received ($million) 548 228 410 465
Total Number of Successful Bids 1 17 9 17
Highest Yield Accepted (%) 0.9075 1.1275 1.0400 1.2675
Lowest Yield Accepted (%) 0.9075 1.0875 1.0325 1.2500
Highest Yield Rejected (%) 0.9850 1.1700 1.1250 1.4400
Lowest Yield Rejected (%) 0.9225 1.1300 1.0400 1.2675
Weighted Average Accepted Yield (%) 0.9075 1.1018 1.0341 1.2546
Weighted Average Rejected Yield (%) 0.9458 1.1468 1.0610 1.3078
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 100.00 100.00 66.70 14.30
Coverage ratio 3.65 1.52 2.73 2.32

 

(4) Inflation-Indexed Bonds - Series Offered : 2.50% 20 Sep 2040

2.50% - 20 September 2040 #738 #738 #735  #733
Series offered Sep 24, 2020 Sep 10, 2020 Aug 13, 2020 Jul 30, 2020
Total Amount Offered ($mln) 50 50 50 50
Total Amount Allocated ($mln) 50 50 50 50
Total Number of Bids Received 37 27 31 34
Total Amount of Bids Received ($mln) 149 72 148 150
Total Number of Successful Bids 1 22 9 4
Highest Yield Accepted (%) -0.1125 -0.0750 0.0675 0.3475
Lowest Yield Accepted (%) -0.1125 -0.1650 0.0400 0.3400
Highest Yield Rejected (%) 0.0150 -0.0550 0.1500 0.4600
Lowest Yield Rejected (%) -0.1100 -0.0725 0.0675 0.3475
Weighted Average Accepted Yield (%) -0.1125 -0.1032 0.0543 0.3471
Weighted Average Rejected Yield (%) -0.0444 -0.0634 0.1061 0.3834
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 100.00 100.00 40.00 88.50
Coverage Ratio 2.98 1.44 2.96 3.00

*Individual allotments may vary due to rounding.

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3 Comments

Number 1 is in need of correction - The Treasury on behalf of the Crown tendered $450m 0.5% 15/05/24s

The month is May not April.

Government receives $1.385b of bids for negative yielding $450m bond
Banks just cannot get enough government liabilities on their books, be it bonds or settlement cash. Same in US.

General balance sheet de-risking in play.

Another Record-Sized Auction As Treasury Sells $50BN in Tailing 7-Year Paper

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