In conjunction with the Half Year Economic and Fiscal Update (HYEFU) 2015, the New Zealand Debt Management Office (NZDMO) has updated its domestic bond programme.
Relative to Budget 2015, the domestic bond programme for the 2015/16 fiscal year remains unchanged at $8.0 billion.
A higher funding requirement beyond 2015/16 means forecast bond programmes increase from $7.0 billion to $9.0 billion for each of the 2016/17, 2017/18 and 2018/19 fiscal years.
A $9.0 billion bond programme is also forecast for the additional year in the HYEFU forecast period (2019/20).
Domestic Bond Programmes
($billion, face value)
|Gross bond issuance||8.0||9.0||9.0||9.0||9.0||44.0|
|Repayment of market bonds||1.2||-||11.3||11.5||7.4||31.4|
|Net bond issuance||6.8||9.0||-2.3||-2.5||1.6||12.6|
- Subject to market conditions, a new 15 April 2025 nominal bond is expected to be launched, via syndication, in the second half of 2015/16.
- Inflation-indexed bond issuance is expected to make up $1.1 billion of the $8.0 billion 2015/16 domestic bond programme.
Sarah Vrede | Director, Financial Operations and Head of NZDMO
Tel: +64 4 917 6071
Murray Jones | Head of Portfolio Management
Tel: +64 4 917 6075