Deputy Secretary, Financial Operations and Head of NZDMO
In conjunction with Budget Economic and Fiscal Update 2014, the New Zealand Debt Management Office (NZDMO) has updated its domestic bond programme.
The 2014/15 domestic bond programme is set at $8.0 billion, $1.0 billion higher than forecast at Half-Year Economic and Fiscal Update (HYEFU) 2013.
Total issuance is $3.0 billion higher over the forecast period, owing to a greater cash requirement compared with the HYEFU 2013.
Forecast Domestic Bond Programmes
|$ Billion (face value)||2013/14||2014/15||2015/16||2016/17||2017/18||Total|
|Increase from HYEFU 2013||-||1.0||-||1.0||1.0||3.0|
- Subject to market conditions, a new 15 April 2027 nominal bond, followed by a new inflation-indexed bond are expected to be launched, via syndication, in the first half of 2014/15. The maturity date of the inflation-indexed bond is yet to be determined.
- Inflation-indexed bond issuance will be up to $3.0 billion of the $8.0 billion 2014/15 domestic bond programme.
- NZDMO intends to continue repurchasing the 15 April 2015 nominal bond in the 2014/15 fiscal year, subject to market conditions.
Brendon Doyle | Deputy Secretary, Financial Operations and Head of NZDMO
Tel: +64 4 917 6133
Sarah Vrede | Head of Portfolio Management
Tel: +64 4 917 6071