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LGFA Bond Tender Number 45; strong demand for Local Government bonds and at a lower price, with a weighted average coverage ratio of 3.77 and 27.5 bps decrease in comparable yields; a decrease 10-15 bps greater than the fall in Government bonds

Bonds
LGFA Bond Tender Number 45; strong demand for Local Government bonds and at a lower price, with a weighted average coverage ratio of 3.77 and 27.5 bps decrease in comparable yields; a decrease 10-15 bps greater than the fall in Government bonds
5th Apr 17, 2:46pm by Suraj Varma

The LGFA has announced the results of LGFA Bond tender number 45 held on 5 April 2017.

Tender Date: Wed, 5 April 2017
Bids close: 2.00pm
Results: From 2.15pm
Settlement Date: Monday, 10 April 2017

  Today   Previous Previous
Series Offered 3.00%
 15 April 2020		 5.50%
15 April 2023		 2.75% 
15 April 2025		 3.50%
14 April 2033		 3.00%
 15 April 2020		 2.75% 
15 April 2025		 4.50% 
15 April 2027		 3.00%
 15 April 2020		 2.75% 
15 April 2025		 4.50% 
15 April 2027
Total Amount Offered ($million) 30 20 50 75 20 100 40 25 100 45
Total Amount Allocated ($million) 30 20 50 75 20 100 40 25 100 45
Total Number of Bids Received 15 16 18 62 18 55 22 20 27 23
Total Amount of Bids Received ($million) 164 103 102 291 165 390 146 145 255 127
Total Number of Successful Bids 2 4 1 16 1 9 4 4 7 8
Highest Yield Accepted (%) 2.720 3.350 3.710 4.530 2.980 4.000 4.195 3.000 4.025 4.235
Lowest Yield Accepted (%) 2.705 3.340 3.710 4.460 2.980 3.980 4.190 2.995 4.000 4.220
Highest Yield Rejected (%) 2.800 3.415 3.820 4.690 3.085 4.095 4.265 3.110 4.200 4.360
Lowest Yield Rejected (%) 2.720 3.350 3.715 4.530 2.985 4.000 4.195 3.000 4.025 4.235
Weighted Average Accepted Yield (%) 2.7150 3.4550 3.7100 4.5073 2.9800 3.9947 4.1903 2.9994 4.0186 4.2284
Weighted Average Rejected Yield (%) 2.7562 3.3793 3.7618 4.5831 3.0103 4.0278 4.2092 3.0235 4.0712 4.2584
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 66.7 66.7 100.0 9.1 100.0 34.4 5.0 66.7 49.3 17.0
Coverage Ratio 5.4730 5.1690 2.0400 3.8800 8.2500 3.9000 3.6500 5.8000 2.5500 2.8222

*Individual allotments may vary due to rounding.

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1 Comments

by  Stephen Hulme  |  5th Apr 17, 4:42pm 1491367338

LGFA Bond Tender Number 45; strong demand for Local Government bonds and at a lower price, with a weighted average coverage ratio of 3.77 and 27.5 bps decrease in comparable yields.

Exactly.

All bond yields have done over the years is to test the limits of monetary failure in their relation to the economy, exactly what we find today. Until something actually changes, how can anyone expect the bond market or eurodollar futures to do something different? If your only answer to that question is “the Fed is raising rates”, then, unlike the bond market, you have severely misunderstood the last decade. Read more

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