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Tap Tenders and Bond Tender ScheduleMedia Statement

24 Jun 2008

Philip Combes
Treasurer
New Zealand Debt Management Office

The New Zealand Debt Management Office (NZDMO) today announced details for the introduction of tap tenders from 1 July 2008 and the regular bond tender schedule for the first quarter of 2008/09.

Bonds issued via tap tender will be within the 2008/09 Domestic Bond Programme of up to $3,400 million.

Tap tenders, which will allow the NZDMO to issue bonds at short notice outside the regular tender schedule, will be open to all institutions registered to bid in New Zealand government securities.  Tenders will be conducted in accordance with the arrangements specified in the New Zealand Government Bonds Information Memorandum.

In assessing the need for a tap tender, the NZDMO will consider market conditions, feedback from market participants on specific investor interest and our own portfolio requirements.

Tap tender announcements will be made on the NZDMO’s Reuters and Bloomberg pages and the NZDMO website at the following times :

Tender announcement: 11.30am on the morning of the tender

Tender bids close: 2.30pm

Tender results announced: 3.00pm

Settlement date: Tender date plus three business days

Regular Bond Tender Schedule – July to September 2008

Tender Number Announcement Date Tender Date Settlement Date

260

8 Jul 2008

10 Jul 2008

15 Jul 2008

261

15 Jul 2008

17 Jul 2008

22 Jul 2008

262

29 Jul 2008

31 Jul 2008

5 Aug 2008

263

12 Aug 2008

14 Aug 2008

19 Aug 2008

264

26 Aug 2008

28 Aug 2008

2 Sep 2008

265

16 Sep 2008

18 Sep 2008

23 Sep 2008

Regular tender announcements will continue to be made on the NZDMO’s Reuters and Bloomberg pages and the NZDMO website at the following times:

Tender announcement: 11.30am, two business days prior to the tender.

Tender bids close: 12.00pm

Tender results announced: 1.00pm

Settlement date: Tender date plus three business days

ENDS

Treasury Contacts

Philip Combes | Treasurer
Tel: +64 4 917 6133

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