Issue date: 
Monday, 6 October 2008

Philip Combes
New Zealand Debt Management Office

Revision to the 2008/09 Domestic Debt Programme

The New Zealand Debt Management Office (NZDMO) announced today that the Government’s 2008/09 domestic bond programme will increase by $600 million to $4 billion from the $3.4 billion announced at the 2008 Budget.

Due to the weaker fiscal outlook contained in the Pre-election Economic and Fiscal Update, the bond programme is projected to increase to $6 billion in 2009/10, $9.1 billion in 2010/11 and $9.2 billion in 2011/12 and 2012/13.

The 2008/09 infrastructure bond funding requirement is now $197 million, $144 million lower than previously forecast primarily due to the changes in the funding mechanism for the State Highways Acceleration project.

Bond Market Liquidity

Additional bond supply should assist in meeting the unsatisfied demand experienced in recent years.

The NZDMO remains committed to implementing measures to improve bond market liquidity including:

  • continuing with flexible arrangements such as frequent scheduled tenders and tap tenders
  • introducing reverse tap tenders, and
  • launching a new long bond following consultation with financial market participants in the coming months.


Treasury Contacts

Philip Combes | Treasurer
Tel: +64 4 917 6133

Andrew Turner | Head of Portfolio Management
Tel: +64 4 917 6071

Last updated: 
Friday, 8 July 2016