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Source: New Zealand Treasury:

In conjunction with the Government’s COVID-19 Economic Response Package announcement, the Treasury has updated the forecast core Crown borrowing programme.

The forecast 2019/20 New Zealand Government Bond (NZGB) programme is now set at NZ$13 billion. This is NZ$3 billion higher than forecast at the Half Year Economic and Fiscal Update 2019. NZ$7.5 billion have already been issued in the fiscal year to date. The forecast borrowing programmes for subsequent years are currently unchanged. However, we anticipate increases to programmes for future years will be necessary and will provide updated forecasts alongside Budget 2020.

Treasury Bills on issue are forecast to be NZ$4 billion at 30 June 2020. This is NZ$1 billion higher than forecast at the Half Year Economic and Fiscal Update 2019.

Forecasts – New Zealand Government Bonds and Treasury Bills

Year ending 30 June
(face value)
2020 2021 2022 2023 2024 Total
Gross NZGB issuance
(NZ$ billion)
13.0 10.0 8.0 8.0 6.0 45.0

NZGB maturities and repurchases (NZ$ billion)

5.4 11.1 0.0 8.9 0.0 25.4
Net NZGB issuance (NZ$ billion) 7.6 -1.1 8.0 -0.9 6.0 19.6

NZGBs on issue (NZ$ billion)

78.2 77.1 85.1 84.2 90.2 n/a
Forecast T-Bills on issue
(NZ$ billion)
4 4 4 4 2 n/a

Further details

  • Issuance for the remainder of the March 2020 quarter will be in line with the previously announced New Zealand Government Bond tender schedule. Issuance plans for the June 2020 quarter will be published before the end of the current quarter.
  • Given market conditions and portfolio requirements there are no longer plans to commence a repurchase programme of the 15 May 2021 nominal bond before 30 June 2020.
  • A flexible approach to T-Bill issuance will continue to be taken in the annual borrowing programme. The forecasts show current expectations of how short-term cash liquidity needs will be met at fiscal year-end. However, the actual issuance of T-Bills, may vary from forecast, based on actual short-term cash needs and an assessment of relative costs.


Treasury Contacts

Kim Martin | Acting Director, Capital Markets
Tel: +64 4 890 7274 

Matthew Collin | Head of Portfolio Management
Tel: +64 4 917 6015