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Improved success rate across bidders in latest Government inflation linked tender; not as well bid and average weighted accepted yield was lower at 2.37% (previously 2.55%)

Bonds
Improved success rate across bidders in latest Government inflation linked tender; not as well bid and average weighted accepted yield was lower at 2.37% (previously 2.55%)
4th Dec 14, 2:20pm by Craig Simpson

The results from the latest inflation indexed bond offer by the Treasury's Debt Management Office have been released.

The coverage ratio was lower than last time but the success rate considerably higher than it is been for some time.

The current yield on the NZ Govt bond with the longest duration and which is quoted on the NZDX (i.e. matures in 2023) is approximately 3.87% (previously 3.96% at time of last tender).

3.00% - 20 September 2030 Today # 532 Prior# 530 Prior# 528 Prior # 524 Prior # 522
Series offered tender
December 4, 2014		 tender
November 13, 2014		 tender
October 9, 2014		 tender
August 7, 2014		 tender
July 10, 2014
Total Amount Offered ($million) 100 100 100 200 200
Total Amount Allocated ($million) 100 100 100 200 200
Total Number of Bids Received 41 44 51 53 37
Total Amount of Bids Received ($million) 251 382 262 490 525
Total Number of Successful Bids 20 3 21 19 5
Highest Yield Accepted (%) 2.390 2.550 2.570 2.690 2.840
Lowest Yield Accepted (%) 2.340 2.550 2.510 2.650 2.825
Highest Yield Rejected (%) 2.500 2.760 2.800 2.840 3.000
Lowest Yield Rejected (%) 2.390 2.550 2.570 2.690 2.840
Weighted Average Accepted Yield (%) 2.3659 2.5500 2.5567 2.6742 2.8266
Weighted Average Rejected Yield (%) 2.4229 2.6568 2.6437 2.7224 2.8668
Amount Allotted at Highest Accepted Yield
as Percentage of Amount Bid at that Yield*		 60 96.2 93.5 43 61
Coverage Ratio 2.51 3.82 2.62 2.45 2.625

*Individual allotments may vary due to rounding.

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