Issue date: 
Thursday, 14 December 2017

In conjunction with the Half Year Economic and Fiscal Update 2017, the Treasury’s New Zealand Debt Management Office has updated its New Zealand Government Bond (NZGB) programme.
The 2017/18 NZGB programme is unchanged from that published at the Pre-Election Economic and Fiscal Update (PREFU) 2017. The programme for 2020/21 has increased to $7.0 billion; $1.0 billion higher than that published at PREFU.
A $7.0 billion bond programme is forecast for the additional year added to the forecast period (2021/22).
The Government recognises the importance of maintaining a sustainable NZGB market and intends to maintain levels of NZGBs on issue at not less than 20 percent of GDP over time.

Year ending 30 June (face value) 2018 2019 2020 2021 2022 Total
Gross NZGB issuance ($ billion) 7.0 7.0 7.0 7.0 7.0 35.0
NZGB maturities and repurchases ($ billion) 9.1 7.9 7.3 11.1 0.0 35.3
Net NZGB issuance ($ billion) -2.1 -0.9 -0.3 -4.1 7.0 -0.3
NZGBs on issue ($ billion) 72.3 71.4 71.2 67.1 74.1 n/a
NZGBs on issue (percent of GDP) 25.2% 23.7% 22.5% 20.2% 21.4% n/a

Further details

  • As announced on 6 November 2017, a new 20 April 2029 nominal bond is planned to be launched, by syndication, between 1 January 2018 and 30 June 2018 (subject to market conditions).
  • As announced at Budget 2017, a repurchase programme of the 15 March 2019 nominal bond is planned to commence in the 2017/2018 fiscal year. Up to $5.0 billion of these bonds are planned to be repurchased prior to 30 June 2018 (subject to portfolio requirements and market conditions).

ENDS

Treasury Contacts

Sarah Vrede | Director, Financial Operations and Head of New Zealand Debt Management Office | The Treasury
Tel: +64 4 917 6071

Murray Jones | Head of Portfolio Management | New Zealand Debt Management Office | The Treasury
Tel: +64 4 917 6075

Last updated: 
Thursday, 14 December 2017