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2011/12 Domestic Debt Programme Media Statement

19 May 2011

The New Zealand Debt Management Office (NZDMO) announced today details of the Government's 2011/12 domestic debt programme. The NZDMO intends to issue up to $13.5 billion of bonds in 2011/12.

"Bond issuance has peaked with this fiscal year's $20 billion bond programme" said Mr. Philip Combes, Treasurer NZDMO. "Pre-funding and Budget 2011 initiatives have reduced overall future borrowing programmes from 2011/12 compared to the December forecasts".

Forecast Gross and Net Bond Issuance
$ Billions 2010/11 2011/12 2012/13 2013/14 2014/15
Gross Bond Issuance  20.0  13.5  12.0  10.0  8.0
Net Bond Issuance 20.0  5.9  2.0 10.0 -2.0

In coming weeks the NZDMO intends to launch a new nominal 2023 bond maturity. Further details will be announced prior to the first tender of the bond.

The NZDMO remains committed to issuing a 20 September 2025 inflation-indexed bond.  This would form part of the 2011/12 bond programme.

Finally, to further promote liquidity in longer bond maturities, the target tranche size for nominal bonds maturing on or after 15 December 2017 has been increased from $10 billion to $12 billion.

The target tranche size for nominal bonds maturing in April 2013 and April 2015 remains at $10 billion.

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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