New Zealand Misses Debt Sale Target for Second Time Since 2012
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New Zealand’s sale of four-year bonds missed its indicative target, the second time an auction has been under-subscribed across any tenor since 2012.
The country sold NZ$188 million ($119 million) of notes maturing April 2027, below its NZ$200 million target, according to New Zealand Debt Management. It’s only the second under-subscription since 2012, following the Dec. 1 auction of April 2033 notes that missed the target.