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Data Flash (New Zealand) Government Budget 2002

Data Flash (New Zealand) Government Budget 2002

The Government has decided to cancel the last bond tender scheduled for this fiscal year (a $350m tender scheduled for 20 June). In addition, the 2002/03 borrowing programme has been scaled back compared to that implied in the DEFU. The Government will issue $3.4bn of bonds, compared with the $5.1bn programme that seemed likely back in December (the market had been looking for a programme of round $4.1-4.3bn). Beyond 2002/03, the programme is little changed. More detail on the bond programme is set out at the end of this note.

Darren Gibbs, Senior Economist,

***The attached research constitutes Deutsche Bank's proprietary information*** This, along with an extensive range of other publications, is available on our web site http://research.gm.db.com

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