Issue date: 
Thursday, 11 July 2019

The Treasury have today released an updated Primary Market Access Framework. The framework outlines the acceptance criteria and ongoing requirements for eligibility to participate in New Zealand Government Securities (NZGS) tenders. The revisions follow the release of a Consultation Document in May 2019, which set out a number of proposed changes.

The revised framework aims to support liquidity of NZGS markets and assist Registered Tender Counterparties perform their role of intermediating primary market supply to end investors.

Key changes include the requirement for Registered Tender Counterparties to

  • play a significant role in intermediation of NZGS products to investors, as well as committing to support secondary market liquidity and price transparency
  • participate regularly in NZGS tenders.

Under the new framework, only Registered Tender Counterparties will be eligible for syndication issuance panels.  To provide investors with information regarding entities with primary market access, a list of all Registered Tender Counterparties will be included on the New Zealand Debt Management website.  

The revised Primary Market Access Framework and summary of consultation feedback can be found at The Treasury would like to thank those who provided feedback on the proposed changes.

The changes will take effect from 30 September 2019. All institutions must reapply to be a Registered Tender Counterpart prior to this date. After 30 September 2019, only re-approved institutions will be eligible to participate in NZGS tenders.

Treasury Contacts

Andrew Hagan | Director, Capital Markets
+64 4 917 6937

Matthew Collin | Head of Portfolio Management 
+64 4 917 6015

Last updated: 
Thursday, 11 July 2019