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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) | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | Total |
| Budget 2014 | 8.0 | 8.0 | 7.0 | 7.0 | 7.0 | 37.0 |
| Increase from HYEFU 2013 | - | 1.0 | - | 1.0 | 1.0 | 3.0 |
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.
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