Massive demand for 2029 NZ govt bonds: $5B bid for $2B on offer

Tue, 13 Mar 2018

By Rebecca Howard March 13 (BusinessDesk) - The New Zealand Debt Management Office's sale of a new April 20, 2029, bond was 2 1/2 times overbid as investors looked to lock in attractive long-term interest rates ahead of what looks to be a gradual rise in global interest rates. The DMO issued $2 billion of the 2029 bond via syndication after announcing plans to issue $1.5 billion to $2 billion. The bonds, which carry a coupon of 3 percent, were issued at a spread of 16 basis points over the yield on the existing April 15, 2027, nominal b...

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