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2007/08 Domestic Debt Programme

17 May 2007

New Zealand Debt Management Office

2007/08 Domestic Debt Programme

The New Zealand Debt Management Office (NZDMO) announced today details of the Government’s domestic debt programme for 2007/08.

Bond Issuance

NZDMO intends to issue up to $2,500 million of bonds in 2007/08, including up to $438 million of Infrastructure Bonds.
The dates of the first six scheduled tenders are set out below. The remaining tenders will be announced as part of the Half-Year Economic and Fiscal Update.

NZDMO will continue its more flexible approach to bond issuance, including issuing into existing maturities.

In a change from prior years, NZDMO intends to increase the size of each bond maturity to a new benchmark size of approximately $4,000 million. This is expected to increase liquidity in the government bond market. Issuance of December 2017 bonds will continue as the outstandings of the bond build towards benchmark status.

Additionally, from the July 2007 tender, the notice period between the announcement of the composition of each tender and each tender date will be reduced from one week to two days.

Infrastructure Bonds

Infrastructure Bonds are issued on the same terms as New Zealand government bonds. They will assist with the funding of a number of land transport projects. These projects include the Albany to Puhoi Motorway Extension (ALPURTB2), the acceleration of a number of State Highway construction projects as announced in Budget 2006, and the electrification of the Auckland rail network and parts of the Wellington rail network as announced in Budget 2007.

Treasury Bill Programme

NZDMO intends to continue offering a total of $200 million of three-month treasury bills each week while it is cost-effective to do so.
Bond Tender Schedule – July to December 2007
Tender Number Announcement
Date Tender Date Settlement Date

242 17 July 2007 19 July 2007 24 Jul 2007
243 21 Aug 2007 23 Aug 2007 28 Aug 2007
244 18 Sep 2007 20 Sep 2007 25 Sep 2007
245 16 Oct 2007 18 Oct 2007 23 Oct 2007
246 13 Nov 2007 15 Nov 2007 20 Nov 2007
247 11 Dec 2007 13 Dec 2007 18 Dec 2007


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