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2014/15 Domestic Bond Programme Set at $8.0 Billion

15 May 2014

2014/15 Domestic Bond Programme Set at $8.0 Billion

In conjunction with Budget Economic and Fiscal Update 2014, the New Zealand Debt Management Office (NZDMO) has updated its domestic bond programme.

The 2014/15 domestic bond programme is set at $8.0 billion, $1.0 billion higher than forecast at Half-Year Economic and Fiscal Update (HYEFU) 2013.

Total issuance is $3.0 billion higher over the forecast period, owing to a greater cash requirement compared with the HYEFU 2013.

Forecast Domestic Bond Programmes

$ Billion (face value)2013/142014/152015/162016/172017/18Total
Budget 20148.08.07.07.07.037.0
Increase from HYEFU 2013-1.0-1.01.03.0

Further details:

• Subject to market conditions, a new 15 April 2027 nominal bond, followed by a new inflation-indexed bond are expected to be launched, via syndication, in the first half of 2014/15. The maturity date of the inflation-indexed bond is yet to be determined.

• Inflation-indexed bond issuance will be up to $3.0 billion of the $8.0 billion 2014/15 domestic bond programme.

• NZDMO intends to continue repurchasing the 15 April 2015 nominal bond in the 2014/15 fiscal year, subject to market conditions.

ENDS

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