Government Bond Market Developments
In conjunction with the BEFU, New Zealand Debt Management (NZDM) updated the forecast core Crown borrowing programme.
The forecast 2021/22 New Zealand Government Bond (NZGB) programme is set at NZ$30 billion, unchanged from that published at the HYEFU. The forecast NZGB programmes for 2022/23 and 2023/24 have been decreased by NZ$5 billion in each year to NZ$25 billion, reflecting changes to forecast cash requirements. The 2020/21 and 2024/25 programmes are both unchanged at NZ$45 billion and NZ$25 billion respectively (Figure 2).
NZDM also announced it expects to issue two new NZGBs via syndication, in 2021/22, subject to market conditions. It is expected that the first will be a 2051 nominal NZGB, prior to 31 December 2021. Further details of the second will be announced in subsequent updates.
NZDM also recently published the June tender schedule.
Figure 2: Change in NZGB Programme Forecasts
Source: Treasury

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