Over the course of this year the New Zealand Debt Management Office has had a few less than successful bond tenders, and it is just two weeks since a Treasury bill tender failed.  NZDMO sold two tranches of New Zealand government bonds on Thursday - NZ$100 million of each of April 2015s and May 2021s. The bonds were sold at weighted average yields of 5.20 per cent and 5.96 per cent and were over subscribed 3.7 times and 1.64 times, respectively.However, there was little investor interest in NZ$100 million of December 2017 bonds on offer. Total bids amounted to only NZ$65 million and only NZ$45 million were accepted at a weighted average yield of 5.58 per cent.Unusually, AOFM held only one bond tender last week; on Friday. AOFM sold A$700 million of June 2014 bonds at a weighted average yield of 5.23 per cent. The tender was oversubscribed 2.9 times.Perhaps AOFM was leaving room for TCV, which sold A$1.5 billion of June 2021 bonds on Wednesday. With an order book of over A$2.0 billion, the bonds priced at 80 points over Commonwealth government bonds, compared with guidance of a 79 bps to 83 bps spread. Tascorp (rated AA+) issued A$100 million of June 2020 bonds on Friday, at a spread of 51 bps over swap. AOFM also announced late on Friday, that it will sell at least A$1 billion of September 2025 inflation linked bonds either later this month or early next month.