New Zealand Debt Management Office
The New Zealand Debt Management Office (NZDMO) today completed the inaugural issue of its 20 September 2025 inflation-indexed New Zealand Government bond.
The bond, issued via syndication, is the first issue of inflation-indexed bonds by the New Zealand Government since 1999. The deal was managed by ANZ, Deutsche Bank AG, New Zealand Branch and UBS AG, Australia Branch. The Hongkong and Shanghai Banking Corporation and the Royal Bank of Scotland plc, Australia Branch were co-managers.
NZDMO issued $2.5 billion of the 2% coupon bond at a real yield of 1.96%. The deal was heavily oversubscribed, with a book size in excess of $4 billion.
Brendon Doyle, Treasurer, NZDMO said "we are very pleased to have completed this transaction. It represents a successful return to the New Zealand dollar inflation market. We expect that the inflation-indexed bond market will continue to grow and that it will become a core part of the New Zealand Government’s funding programmes."
The NZDMO plans to continue primary issuance of 2025 inflation-indexed bonds with a tender programme commencing in February 2013.
The next update of the Government's domestic debt programme will be released as part of the Half-Year Economic and Fiscal Update expected in early December 2012.
Brendon Doyle | Treasurer
Tel: +64 4 917 6133
Andrew Hagan | Acting Head of Portfolio Management
Tel: +64 4 917 6073