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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


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