NZ Govt Bond Tender #613; coverage ratio drops from 2.70x to 2.23x and weighted average yield is down -1 bp to 3.29%

The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 613 held on August 24, 2017.

Tender Date: Thursday, August 24, 2017

Bids close: 2.00pm

Results: From 2.05pm

Settlement Date: Tuesday, August 29, 2017

  Aug 24 - #613 Jul 27 - #610 Nov 24 - #589 Oct 27 - #586 Sep 23 - #583 Jul 28 - #578 Jun 23 - #575 May 27 - #572
Series Offered 3.50% 14 April 2033 3.50% 14 April 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 3.50% 14 Apr 2033
Total Amount Offered ($million) 150

150

150 150 150 150 150 150
Total Amount Allocated ($million) 150 150 150 150 150 150 150 150
Total Number of Bids Received 41 46 48 56 57 42 58 53
Total Amount of Bids Received ($million) 335 405 496 557 811 348 284 701
Total Number of Successful Bids 20 21 19 21 10 13 26 6
Highest Yield Accepted (%) 3.3000 3.3100 3.560 2.995 2.760 2.570 2.950 2.885
Lowest Yield Accepted (%) 3.2750 3.2850 3.540 2.965 2.735 2.540 2.905 2.880
Highest Yield Rejected (%) 3.3700 3.4000 3.600 3.090 2.820 2.645 3.095 3.010
Lowest Yield Rejected (%) 3.3000 3.3100 3.560 2.995 2.760 2.575 2.950 2.885
Weighted Average Accepted Yield (%) 3.2883 3.2996 3.5517 2.9843 2.7503 2.5630 2.9270 2.8822
Weighted Average Rejected Yield (%) 3.3266 3.3453 3.5789 3.0150 2.7794 2.5990 2.9820 2.9257
Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* 44.4 96.8 35.6 22.2 31.9 100 46.5 65
Coverage ratio 2.2333 2.7000 3.3067 3.7133 5.4067 2.3200 1.8930 4.6733

*Individual allotments may vary due to rounding.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment or click on the "Register" link below a 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.