New Zealand's Local Government Funding Agency (LGFA) (AA+/AA+) completed its first-ever tender on February 15, placing a total of NZ$300 million (US$249.9 million) of three- and five-year notes with a cover ratio of over four times. The agency acknowledges it paid a slightly higher margin than it had hoped, but market sources tell KangaNews the debut should be considered a success and there are grounds to expect price tightening.