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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.
Media Statement: Borrowing Programme $3 billion Lower Over Forecast Period
Page updated 24 May 2012
In conjunction with the Budget 2012, the New Zealand Debt Management Office (NZDMO) has updated its debt issuance programme. The total borrowing programme, which includes the issuance of both domestic bonds and Treasury bills, will be reduced by $3 billion over the forecast period ending June 2016, relative to plans outlined by the NZDMO at the Pre-election Economic and Fiscal Update (PREFU) in October 2011.
Details of today's announcements are:
- the 2011/12 bond programme increases by $1.5 billion to allow for issuance of up to $15 billion;
- the 2012/13 bond programme increases by $1.5 billion to allow for issuance of up to $13.5 billion;
- bond programmes over the remainder of the forecast period are expected to be a total of $2 billion lower;
- the inclusion of up to $2 billion of inflation-indexed bond issuance in each of the 2012/13 and 2013/14 bond programmes; and
- a reduction of up to $4 billion of Treasury bill outstandings over the forecast period.
The increase in the 2011/12 bond programme will provide operational flexibility to issue additional bonds should there be an increase in demand prior to the end of the fiscal year. Any such additional issuance, together with the increase in the 2012/13 bond programme, will be used to reduce Treasury bill outstandings from $9 billion to $5 billion.
The NZDMO intends to consult with market participants on the operational aspects of these announcements in the near term.
|Budget 2012 $ billion||2011/12||2012/13||2013/14||2014/15||2015/16||Cumulative|
|Gross bond issuance||15.0||13.5||10.0||8.0||3.0||49.5|
|Change in Treasury bill outstandings||-||-4.0||-||-||-||-4.0|
|Gross borrowing programme||15.0||9.5||10.0||8.0||3.0||45.5|
|All bond maturities||7.6||10.0||-||11.0||2.0||30.6|
|Change from PREFU 2011 $ billion||2011/12||2012/13||2013/14||2014/15||2015/16||Cumulative|
|Change in gross bond issuance||1.5||1.5||-||-||-2.0||1.0|
|Change in Treasury bill outstandings||-||-4.0||-||-||-||-4.0|
|Total change in borrowing||1.5||-2.5||-||-||-2.0||-3.0|
Tel: +64 4 917 6133
Andrew Hagan | Acting Head of Portfolio Management
Tel: +64 4 917 6073