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.
1 Comments
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
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.