Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


B2000: Domestic Debt And Swap Programme

15 June 2000

Embargoed until after the completion of the Minister of Finance's Budget Speech

Phillip Anderson
New Zealand Debt Management Office

The New Zealand Debt Management Office (NZDMO) announced today a total domestic Government debt programme for 2000/01 of $2,850 million. Of this, $2,350 million meets the gross funding requirement and $500 million is to be used in conjunction with currency swaps to refinance a portion of the Government’s foreign-currency debt, which funds foreign-currency reserves.

The $2,850 million debt programme will consist of ten nominal bond tenders, the dates of which are set out below.

During 2000/01, the NZDMO intends undertaking transactions totalling up to $1,000 million in the New Zealand-dollar swap market. Up to $500 million of currency and interest-rate swaps will be undertaken to refinance foreign-currency debt. A further $500 million of interest-rate swaps may be executed when the Crown can achieve cost savings on its domestic borrowing.

Issuance of inflation-indexed bonds continues to be suspended for 2000/01 with further issuance to be assessed again at the time of the 2001 Budget.

The 2000/01 domestic debt programme does not include any provision for revenue generated by the 2 GHz spectrum auction. When the fiscal impact of the auction is known, the debt programme will be reviewed to determine if any change to the programme is necessary.

Summary of 2000/01 Domestic Borrowing Requirement
Net cashflow from operations 1,089
Net cashflow for investing activities – physical assets, advances, other investments (1,946)
Operating and investing cashflows to be financed (857)

Repayment of domestic bonds (market) (2,650)
Net marketable securities 1,094
Other financing activity (e.g., Net foreign-currency debt, seasonal Treasury bills, retail debt) 280
Gross Funding Requirement (2,133)

New Zealand-dollar currency swaps (500)
Overall Funding Requirement (2,633)
To meet the overall funding requirement, a bond programme of $2,850 million is required as the bonds are forecast to be issued at a discount.

Proposed 2000/01 Bond Tender Schedule
Tender Number Tender Date Settlement Date

163 10 August 2000 15 August 2000
164 7 September 2000 12 September 2000
165 12 October 2000 17 October 2000
166 9 November 2000 14 November 2000
167 7 December 2000 12 December 2000
168 8 February 2001 13 February 2001
169 8 March 2001 13 March 2001
170 5 April 2001 10 April 2001
171 10 May 2001 15 May 2001
172 7 June 2001 12 June 2001


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On The Gun Buy-Back Scheme

Do gun amnesties and buy-backs save lives? Since it’s always difficult to exclude all of the socio-economic factors that may be operating in parallel, the die-hard denialists in the gun lobby will always be able to find a bit of wiggle room.

Yet when taken in tandem with the actions already taken by the Ardern government to outlaw rapid fire rifles and shotguns, there is ample reason to conclude that the buy-back and amnesty scheme announced this morning will indeed save lives in New Zealand. More>>


World Refugee Day: Former Refugees Say Policy Must Change

This year, 1000 refugees will be able to resettle here in New Zealand - but there are restrictions on where those people can come from. More>>


Operation Burnham: Hit & Run Author 'Believes Insurgents Were In Village'

One of the authors of Hit & Run has backtracked from a key claim in the book, revealing he now believes armed insurgents were in a village attacked by New Zealand elite soldiers. More>>


The Lobbyist Staffer: PM Defends Handling Of Conflicts Of Interest

Prime Minister Jacinda Ardern says she's comfortable with the way her interim chief of staff's conflicts of interest were managed. More>>


2020 Election Changes: Same Day Enrolment, Supermarket Voting

New Zealand’s democracy is to be enhanced, with voters gaining the right to enrol on election day at next year’s general election and allowing ballot boxes to be placed in supermarkets and malls to make it easier for people to vote, Justice Minister Andrew Little has announced. More>>


"Population Density": Stats NZ, Phone Companies To Track People's Movements

Stats NZ is partnering with cellphone companies to launch a new way of tracking people's movements every hour. More>>


QS University Rankings: NZ Ranks Well "Despite Resourcing Constraints"

New Zealand universities continue to do well in international rankings, with the release of the 2020 QS world rankings showing that all eight universities remain in the world’s top 500. More>>


Mosque Attacks: 21 Month Prison Sentence For Sharing Live Stream Video

A Christchurch man who admitted redistributing the livestream video of the mosque killings has been sentenced to 21 months in prison. More>>





InfoPages News Channels