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Source: New Zealand Treasury:

The Treasury has announced details of the regular New Zealand Government Bond tender schedule for the month of May 2020. Formal confirmation of each tender occurs on announcement dates. As highlighted on 1 April 2020, tender schedules are now released for each month in advance.

Tender Bond Maturity Volume ($m) Announcement Tender Settlement
723 Nominal 15-Apr-25 500 06-May-20 07-May-20 12-May-20
723 Nominal 15-Apr-27 350 06-May-20 07-May-20 12-May-20
723 Nominal 14-Apr-33 200 06-May-20 07-May-20 12-May-20
724 Nominal 15-Apr-23 500 14-May-20 15-May-20 20-May-20
724 Nominal 20-Apr-29 350 14-May-20 15-May-20 20-May-20
724 Nominal 15-Apr-37 200 14-May-20 15-May-20 20-May-20
725 Nominal 15-Apr-25 500 20-May-20 21-May-20 26-May-20
725 Nominal 15-Apr-27 350 20-May-20 21-May-20 26-May-20
725 Nominal 14-Apr-33 200 20-May-20 21-May-20 26-May-20
726 Nominal 15-Apr-23 500 27-May-20 28-May-20 03-Jun-20
726 Nominal 20-Apr-29 350 27-May-20 28-May-20 03-Jun-20
726 Nominal 15-Apr-37 200 27-May-20 28-May-20


  • Tenders will be governed by the official Operating Rules and Guidelines. The preference will be to fill tenders according to volumes announced in the tender schedule, to the extent possible.
  • Subject to market conditions, a new 15 May 2024 nominal New Zealand Government Bond is expected to be launched, via syndication, in June 2020.
  • Market conditions will be monitored closely, and factored into future issuance plans, to ensure the efficient functioning of the NZGB market.
  • Treasury Bills on issue are forecast to be NZ$10 billion at 30 June 2020. This is NZ$3 billion higher than forecast at 1 April 2020. However, actual issuance of Treasury Bills may vary from forecast, based on actual short-term cash needs and an assessment of relative costs.
  • In order to meet short-term cash needs, the Treasury has also historically maintained an overdraft limit of NZ$5 billion on its Crown Settlement Account with the Reserve Bank of New Zealand. This has been temporarily increased to NZ$10 billion for a three month period to end June 2020. To date, a maximum of NZ$3 billion has been utilised for a short period coinciding with the NZGB 15 April 2020 maturity.


Treasury Contacts

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

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