New Zealand Debt Management Office Accessibility Skip to content. Skip to navigation

You are here: Home > Data & Publications > Media Statements > Domestic Debt Programme > December Update to the 2008/09 Domestic Debt Programme - (18 Dec 2008)

International securities regulations require that visitors read and acknowledge the disclaimer below before accessing information on this web site. Click Acknowledge and Hide Disclaimer below to hide the full disclaimer (requires JavaScript to be enabled).

Disclaimer - New Zealand Debt Management Office Web Site

  1. The information on this web site is issued by the New Zealand Debt Management Office (NZDMO) for informational purposes. It does not contain and is not an invitation or offer to buy or sell securities. Insofar as this web site refers to any offerings of securities, such offerings are directed to countries other than the United States and no offerings are made to persons accessing this web site within Australia.
  2. The NZDMO takes reasonable measures to ensure the quality of the data and other information produced by the NZDMO that is made available on this web site. However, the NZDMO makes no warranty, express or implied, nor assumes any legal liability or responsibility for the accuracy, correctness, completeness or use of any information that is available on or through this web site nor represents that its use would not infringe on privately owned rights. Further information contained on this web site is subject to change, completion or amendment without notice. Nothing contained on this web site is, or shall be relied on as a promise or representation by the New Zealand Government or the NZDMO as to the past or future. The contents of this web site should not be construed as legal, business or tax advice.
  3. This is a protected New Zealand Government web site. It is unlawful to intentionally cause damage to it or to any NZDMO electronic facility or data through the knowing transmission of any program, information, code, or command.
  4. The NZDMO systems to which this web site connects and related equipment are subject to monitoring. Information regarding users may be obtained and disclosed to authorised personnel, including law enforcement authorities, for official purposes. Access to or use of this web site constitutes consent to these terms.
  5. Reference to any specific commercial product, process, or service by trade name, trademark, manufacture, or otherwise does not constitute an endorsement, recommendation, or favouring by the New Zealand government or the NZDMO.
  6. For convenience and informational purposes only, the NZDMO server provides links to other web sites. These sites may contain information that is the copyright of third parties and subject to restrictions on reuse. Permission to use copyrighted materials must be obtained from the copyright owner and cannot be obtained from the NZDMO.
  7. The NZDMO is not responsible for the content of other web sites linked to or referenced from the NZDMO site. The NZDMO neither endorses the information, content, presentation, or accuracy of such web sites, nor makes any warranty, express or implied, regarding these external web sites.
  8. Each page on this web site must be read in conjunction with this disclaimer and any other disclaimer that forms part of it.
  9. By clicking on "Acknowledge and Hide Disclaimer" below, I confirm that I am either:
    1. resident outside of the European Economic Area; or
    2. person acting solely in my capacity as an authorised representative of an entity falling within one of the following descriptions:
      1. a legal entity authorised or regulated to operate in the financial markets, including: a credit institution, or investment firm, an other authorised or regulated financial institution, or insurance company, a collective investment scheme, a collective scheme management company, a pension fund, a pension fund management company, a commodity dealer, or an entity not so authorised or regulated but whose corporate purpose is solely to invest in securities;
      2. a national or regional government, a central bank, an international or supranational institution such as the International Monetary Fund, the European Central Bank, the European Investment Bank or other similar international organisations; or
      3. a legal entity which has two or more of (1) an average of at least 250 employees during the last financial year; (2) a total balance sheet of more than €43,000,000 and (3) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts.

Disclaimer: The information on this web site is issued by the New Zealand Debt Management Office (NZDMO) for informational purposes. It does not contain and is not an invitation or offer to buy or sell securities. Each page on this web site must be read in conjunction with the disclaimer at http://www.nzdmo.govt.nz.

December Update to the 2008/09 Domestic Debt ProgrammeMedia Statement

18 Dec 2008

The New Zealand Government’s 2008/09 domestic bond programme will increase by $500 million to a maximum of $4.5 billion, the New Zealand Debt Management Office (NZDMO) announced today.

Consistent with updated fiscal forecasts in the December Economic and Fiscal Update, the programme is projected to increase to $7.5 billion in 2009/10, $11.2 billion in 2010/11, $15.0 billion in 2011/12 and $15.9 billion in 2012/13.

Bond Market Liquidity

The NZDMO remains committed to increasing bond market liquidity and will introduce the following new measures:

  • increasing the target size of each bond maturity from $4.5 billion to $5 billion;
  • introducing a new long-term bond following consultation with market participants, and
  • moving to weekly bond tenders from 15 January 2009.

Coinciding with the move to weekly tenders, the NZDMO will announce the composition of each tender at 11:30 a.m. on the day prior to the tender rather than two days prior as is the current practice.

With the introduction of weekly tenders, it is anticipated that tap tenders will be needed less frequently going forward.

We expect to introduce reverse tap tenders prior to the maturity of the July 2009 bond.

Regular Bond Tender Schedule – January to March 2009

Tenders are to be held weekly on any Thursday that is a business  day except when the Reserve Bank of New Zealand makes its scheduled Official Cash Rate (OCR) announcements. On these days, tenders will be held on the following business day.

Announcement Date Tender Date Settlement Date
14-Jan-2009 15-Jan-2009 20-Jan-2009
21-Jan-2009 22-Jan-2009 27-Jan-2009
29-Jan-2009 30-Jan-2009* 4-Feb-2009
4-Feb-2009 5-Feb-2009 10-Feb-2009
11-Feb-2009 12-Feb-2009 17-Feb-2009
18-Feb-2009 19-Feb-2009 24-Feb-2009
25-Feb-2009 26-Feb-2009 3-Mar-2009
4-Mar-2009 5-Mar-2009 10-Mar-2009
12-Mar-2009 13-Mar-2009* 18-Mar-2009
18-Mar-2009 19-Mar-2009 24-Mar-2009
25-Mar-2009 26-Mar-2009 31-Mar-2009
* Friday bond tender due to OCR announcement on previous day

Tender announcements will continue to be made on Reuters (page NZDMOINDEX), Bloomberg (page NZDM) and the NZDMO’s website (www.nzdmo.govt.nz).

Treasury Bills

NZDMO expects to continue to offer treasury bills on a weekly basis, but may vary the maturities and/or volume depending on investor interest and short-term funding requirements.

ENDS

Treasury Contacts

Philip Combes | Treasurer
Tel: +64 4 917 6133

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