The New Zealand Debt Management Office (NZDMO) announced today that the Government's domestic bond programme for 2011/12 is unchanged at $13.5 billion.
The extent of pre-funding in 2010/11 has covered the additional costs associated with the Canterbury earthquakes without any resulting change to the bond programme over the forecast period as announced at Budget 2011.
Forecast Gross and Net Bond Issuance
|Gross Bond Issuance||13.5||12.0||10.0||8.0||5.0|
|Net Bond Issuance||5.9||1.0||10.0||-2.0||3.0|
Due to uncertain global market conditions, issuance of a 20 September 2025 inflation-indexed bond is more likely to be undertaken in the second half of the 2011/12 fiscal year.
From today, the maximum tranche size for bonds maturing on 15 April 2013 and 15 April 2015 has been increased from $10 billion to $12 billion, consistent with longer nominal bond maturities.
Philip Combes | Treasurer
Tel: +64 4 917 6133
Andrew Hagan | Acting Head of Portfolio Management
Tel: +64 4 917 6073