Supporting information:

Basic information: New Zealand Government bond and Treasury bill sales by tender tables (D4 and D5)

The Data: Coverage, Periodicity, and Timeliness
Coverage characteristics	Data volumes are shown in millions of New Zealand dollars and interest rates are New Zealand interest rates. Treasury bill tender - the following data is recorded and detailed further in the series description: Tender number Date held Term to maturity date Total amount offered Total bids submitted Total successful bids Over subscriptions accepted Weighted average yield of successful bids Range of yields on successful bids Range of yields on unsuccessful bids Weighted average yield of unsuccessful bids Government bond tender – the following data is recorded and detailed further in the series description: Tender number Date held Bond maturity offered Total amount offered Total bids submitted Total successful bids Over subscriptions accepted Weighted average yield of successful bids Range of yields on successful bids Range of yields on unsuccessful bids Weighted average yield of unsuccessful bids The Treasury bill tenders and the Government bond tenders are conducted by the New Zealand Government Debt Management Office (NZDMO). Before April 2007 the RBNZ conducted the tenders on behalf of the NZDMO. Bidders must complete an Application for Registration as a Counterparty. The NZDMO must accept this application. Bidders must also be a member of Austraclear, as bids are received through Austraclear. Tenders close at 12 noon on the day of the tender, with results being released at 1.00pm on the same day (except for Tap tenders). Treasury bill tender announcements are released via electronic media at 11.30am one banking day prior to the tender. There is a simultaneous news release. The settlement of the tender is one banking day after the tender has been conducted. The first Treasury bill tender was held on 29 January 1985. Government bond announcements are released in the same manner as the Treasury bills but are normally announced five banking days prior to the tender. The settlement of the tender is three banking days after the tender has been conducted. The first Government bond tender was held on 8 September 1983. From 1 July 2008 the NZDMO has introduced Tap tenders. These are Government bond tenders held at short notice. They will be announced at 11:30 am on the day of the tender via electronic media. Such tenders will close at 2:30 pm, with results being released at 3.00pm on the same day. Settlement will be three working days after the tender has been conducted. Inflation-indexed bonds are announced and reported in the same format as Government bond tenders. For more information, please see the allotment basis. Data is available on our website for Treasury bill tenders from 9 March 1993. Data is available on our website for Government bond tenders from 6 December 1990.
Periodicity	Treasury bill tender details are captured weekly, on the day the Treasury bill tender is held. Government bond tenders are captured as necessary on the day the bond tender. Tap tenders are captured as necessary on the next working day after the bond tender.
Timeliness	The results of the tenders are released via electronic media at 1pm (except Tap tenders, 3pm) on the day of the tender and there is a simultaneous news release. Treasury bill tenders are conducted each Tuesday. If the Tuesday is a public holiday, the tender is held on the next working day. Government bond tenders are held as required. Our website is updated at 3pm on the day of the tender for Treasury bill tenders and Government bond tenders. Tap tenders are updated at 3pm on the next working day after the tender.

Advance release calendar	The “Advance Release Calendar” is updated and released each Friday on the website. This is a long-term plan of scheduled releases. A list of the forthcoming Treasury bill tender and the Government bond tender dates are released via electronic media. Tap tenders are announced on the day of the tender.
Integrity
Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses	Although there is no law that requires the RBNZ to compile and publish data on the tenders, the data are disseminated by the RBNZ as a service to the public.
Provision of information about revisions and advance notice of major changes in methodology	The data are final and are not subject to revision. The results of the tenders are released via electronic media at 1pm on the day of the relevant tender (except Tap tenders, 3pm). At the same time, a News Release of the results is also issued. Procedures are outlined in the NZDMO’s Operating Rules and Guidelines Government Security Tenders .
Quality
Dissemination of documentation on methodology and sources used in preparing statistics	Methodology for calculating successful bids is in the relevant Information Memorandum and also the Operating Rules and Guidelines Government Security Tenders.
Dissemination of ... that support statistical cross-check and provide assurance of reasonableness	Not applicable.

Additional notes

Austraclear:

Austraclear holds securities for participating organisations and facilitates the clearance and settlement of securities transactions between their respective participants through electronic book entry changes in accounts of such participants. Austraclear provides to its participants, among other things, services for safekeeping, administration, clearance and settlement of securities.

Information Memorandum:

The New Zealand Debt Management Office (NZDMO) provides the Information Memorandum. It explains all the terms and conditions that have been set out from being eligible to submit bids, how the bids are submitted, and allocating the bids to the successful bidders.

Allotment basis:

In conventional Government bond tenders, successful bidders are allocated bonds at the yield each bidder has bid. By contrast, in inflation-indexed bond (IIB) tenders, all bonds are issued at the yield bid by the highest successful bidders. Accordingly in IIB tenders, the weighted average yield of successful bids is equivalent to the highest successful yield bid.