Bonds
NZ Govt Bond Tender #688; weighted average accepted yield was 1.98%; coverage ratio was 2.13x
18th Jul 19, 2:09pm
by
The New Zealand Debt Management Office has announced the results of NZ Govt Bond tender number 688 held on July 18, 2019.
Tender Date: Thursday, July 18, 2019
Bids close: 2.00pm
Results: From 2.05pm
Settlement Date: Tuesday, July 23, 2019
| July 18 - #688 | June 20 - #684 | May 16 - #680 | Apr 18 - #677 | Mar 21 - #673 | Feb 21 - #669 | July 24 - #642 | ||
| Series Offered | 2.75% 15 Apr 2037 | 2.75% 15 Apr 2037 | 2.75% 15 Apr 2037 | 2.75% 15 Apr 2037 | 2.75% 15 Apr 2037 | 2.75% 15 Apr 2037 | 2.75% 15 Apr 2037 | |
| Total Amount Offered ($million) | 150 | 150 | 150 | 150 | 200 | 200 | 150 | |
| Total Amount Allocated ($million) | 150 | 150 | 150 | 150 | 200 | 200 | 150 | |
| Total Number of Bids Received | 44 | 63 | 40 | 47 | 53 | 70 | 65 | |
| Total Amount of Bids Received ($million) | 319 | 593 | 335 | 373 | 498 | 576 | 686 | |
| Total Number of Successful Bids | 22 | 20 | 19 | 6 | 21 | 18 | 7 | |
| Highest Yield Accepted (%) | 1.9800 | 1.8900 | 2.0950 | 2.3450 | 2.3850 | 2.6150 | 3.1750 | |
| Lowest Yield Accepted (%) | 1.9600 | 1.8800 | 2.0600 | 2.3400 | 2.3700 | 2.5950 | 3.1700 | |
| Highest Yield Rejected (%) | 2.1000 | 2.0500 | 2.1850 | 2.4450 | 2.4800 | 2.7000 | 3.2500 | |
| Lowest Yield Rejected (%) | 1.9800 | 1.8900 | 2.0950 | 2.3450 | 2.3850 | 2.6150 | 3.1750 | |
| Weighted Average Accepted Yield (%) | 1.9680 | 1.8851 | 2.0865 | 2.3423 | 2.3779 | 2.6079 | 3.1730 | |
| Weighted Average Rejected Yield (%) | 2.0228 | 1.9121 | 2.1145 | 2.3763 | 2.4029 | 2.6370 | 3.1956 | |
| Amount Allotted at Highest Accepted Yield as Percentage of Amount Bid at that Yield* | 39.1 | 17.9 | 75.0 | 78.7 | 27.3 | 86.7 | 98.9 | |
| Coverage ratio | 2.1267 | 3.9533 | 2.2333 | 2.4867 | 2.4900 | 2.8800 | 4.5733 |
*Individual allotments may vary due to rounding.
2 Comments
Late response but these are bonds, they have a fixed payout so a higher yield means that bidder offered a lower price for the bonds. Someone who offered a higher price for the bond would receive a lower yield because of the fixed payout. They would therefore reject higher yields and accept lower yields, because they are maximising the capital raised.
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