According to CoinMeta, as the preliminary election results alleviated market concerns about the government's fiscal situation, demand for New Zealand bonds surged in auctions, reaching the highest level in over a decade. On Thursday, in the auction of New Zealand bonds maturing in April 2037, the total bids amounted to 7.46 times the issuance amount, which is the highest multiple recorded in auctions of bonds of all maturities since February 2013. After the auction, the yield on the benchmark 10-year government bond further declined by 4 basis points to 4.64%. Preliminary results of the New Zealand general elections show that the ruling National Party won enough seats to enable it to begin its second term more smoothly with the assistance of its current governing coalition partners. itc markets Senior analyst Kit Law said that there were many favorable factors prior to this auction. The current conservative government is expected to continue in power after the elections, which reduces the risk of a new government potentially causing budget deficits to get out of control.