Advisory Note: Change of Sovereign and its impact on New Zealand Debt Management

In light of the passing of Her Majesty Queen Elizabeth II, New Zealand Debt Management (NZDM) wishes to note that:

• On the death of Queen Elizabeth II, Prince Charles automatically became the King of New Zealand and all of the functions, duties, powers, authorities, rights, privileges, and dignities belonging to the Crown transferred to the new King.
• While legal documentation relating to New Zealand Government securities is currently issued in the name of “Her Majesty the Queen in Right of New Zealand,” by law this reference includes her heirs and successors.  Investors in New Zealand Government securities continue to hold debt securities issued by the Sovereign in Right of New Zealand. 
• NZDM is beginning a process to update references to “Her Majesty the Queen in Right of New Zealand” in its documentation, where appropriate, and as opportunities arise to do so.  

There are no changes to NZDM’s activities contemplated as a result of the above.

ENDS