NZDMO tweaks programme
The New Zealand Debt Management Office has updated its domestic bond programme in line with today’s Budget.
Thursday, 15 May 2014
The 2014/2015 domestic bond programme is now set at $8 billion, $1 billion higher than forecast.
Total issuance is $3 billion higher over the forecast period, because of a greater cash requirement. The Treasury estimates the government's residual cash balance will return to surplus in 2018, at $710 million, a year later than expected in the 2013 Half-Year Economic and Fiscal Update.
Subject to market conditions, a new April 15, 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.
NZDMO intends to continue repurchasing the April 15, 2015 nominal bond in the 2014/15 fiscal year, subject to market conditions.
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