Tender 578 of NZ$150 mln 2033's received bids for NZ$348 mln; 40 bps drop on average yield and considerably better coverage ratio, but still below earlier auction levels

Tender 578 of NZ$150 mln 2033's received bids for NZ$348 mln; 40 bps drop on average yield and considerably better coverage ratio, but still below earlier auction levels

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 578 held on July 28, 2016.

Tender Date: Thursday, July 28, 2016

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Tuesday, August 2, 2016

  Jul 28 - #578 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 3.50% 14 Apr 2033
Total Amount Offered ($million) 150 150 150 150 100 100
Total Amount Allocated ($million) 150 150 150 150 100 100
Total Number of Bids Received 42 58 53 57 29 45
Total Amount of Bids Received ($million) 348 284 701 612 272 370
Total Number of Successful Bids 13 26 6 13 8 11
Highest Yield Accepted (%) 2.570 2.950 2.885 3.185 3.365 3.315
Lowest Yield Accepted (%) 2.540 2.905 2.880 3.150 3.345 3.305
Highest Yield Rejected (%) 2.645 3.095 3.010 3.220 3.440 3.400
Lowest Yield Rejected (%) 2.575 2.950 2.885 3.185 3.365 3.315
Weighted Average Accepted Yield (%) 2.5630 2.9270 2.8822 3.1649 3.3602 3.3084
Weighted Average Rejected Yield (%) 2.5990 2.9820 2.9257 3.2013 3.3781 3.3331
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 100 46.5 65 8.1 56.7 21.8
Coverage ratio 2.32 1.893 4.6733 4.08 2.72 3.70

*Individual allotments may vary due to rounding.

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