Issue date: 
Wednesday, 11 December 2019

In conjunction with the Half Year Economic and Fiscal Update 2019, the Treasury has updated the forecast core Crown borrowing programme.

The forecast 2019/20 New Zealand Government Bond programme is unchanged, at NZ$10 billion, from that published at the Budget Economic and Fiscal Update 2019.  The forecast bond programmes for 2020/21 and 2021/22 are also unchanged, while the forecast bond programme for 2022/23 has been increased by NZ$2 billion, to NZ$8 billion.

The 2023/24 year has been added to the forecast period, with a NZ$6 billion bond programme.

Treasury Bills on issue at the end of 2019/20 are forecast to be NZ$3 billion. This forecast is unchanged from that published at the Budget Economic and Fiscal Update 2019.

Forecasts – New Zealand Government Bonds and Treasury Bills

Year ending 30 June
(face value)
2020 2021 2022 2023 2024 Total
Gross NZGB issuance
(NZ$ billion)
10.0 10.0 8.0 8.0 6.0 42.0

NZGB maturities and repurchases (NZ$ billion)

6.6 9.8 0.0 8.9 0.0 25.4
Net NZGB issuance (NZ$ billion) 3.4 0.2 8.0 -0.9 6.0 16.6

NZGBs on issue (NZ$ billion)

74.0 74.1 82.1 81.2 87.2 n/a
NZGBs on issue (percent of GDP) 23.5% 22.4% 23.5% 22.2% 22.7% n/a
Forecast T-Bills on issue
(NZ$ billion)
3 4 4 4 2 n/a

Further details

  • Inflation-indexed bond issuance is expected to be around NZ$0.5 billion of the NZ$10 billion 2019/20 bond programme.
  • There are plans to commence a repurchase programme of the 15 May 2021 nominal bond before 30 June 2020.  Repurchase activities will be dependent on portfolio requirements and market conditions.
  • Forecast NZGBs on issue are consistent with the Government’s commitment to maintain levels of NZGBs on issue at not less than 20 percent of GDP over time.
  • A flexible approach to T-Bill issuance will continue to be taken in the annual borrowing programme. The forecasts show current expectations of how short-term cash liquidity needs will be met at fiscal year-end. However, the actual issuance of T-Bills may vary from forecast, based on actual short-term cash needs and an assessment of relative costs.



Treasury Contacts

Kim Martin | Acting Director, Capital Markets
Tel: +64 4 890 7274 

Matthew Collin | Head of Portfolio Management
+64 4 917 6015 

Last updated: 
Wednesday, 11 December 2019