The Treasury has announced details of the regular New Zealand Government Bond (NZGB) tender schedule for the month of July 2023. Formal confirmation of each tender, including bond lines and volume per line, occurs on announcement dates.
Nominal Bond Tenders
For each weekly tender, the specific nominal bond lines, and volume per line, offered will be within the following ranges:
|Maturity||Issuance range ($m)|
|Apr-25 to May-30||150-300|
|May-31 to May-34||150-300|
|Apr-37 to May-51||0-150|
Inflation-Indexed Bond (IIB) Tenders
IIB tenders are scheduled for 13 July 2023 and 27 July 2023, subject to demand and market conditions. IIB tender details will be announced alongside nominal bond tender announcements.
- Tenders will be governed by the official Operating Rules and Guidelines. The preference will be to fill tenders according to volumes confirmed on the announcement date, to the extent possible.
- From 1 July 2023, tenders will open at 2:00pm and close at 2:30pm, with results announced from 2:35pm NZT. This is half an hour later than tenders prior to 1 July 2023.
- The July 2023 NZGB tender schedule and process is the first under a revised approach that was announced at the Budget Economic and Fiscal Update 2023. For more information see Advisory Note: Changes to Nominal New Zealand Government Bond Tender Issuance Approach.
- Subject to market conditions, it is expected that a syndicated tap of the existing 14 April 2033 nominal bond will be undertaken in July 2023. Further details, including the syndicate panel, will be announced in subsequent updates. As per usual practice, if the syndication occurs, the tender that is scheduled in the same week will be cancelled.