Further information – Syndicated Tap of 20 September 2035 Inflation-Indexed Bond, and Concurrent Repurchase of 20 September 2025 Inflation-Indexed Bond

The Treasury expects to issue between NZ$1.5 billion and NZ$2.5 billion of the 20 September 2035 inflation-indexed bond in the syndicated tap. Concurrent to the syndicated tap, the Treasury is open to repurchasing up to NZ$1.5 billion of the 20 September 2025 inflation-indexed bond.

Further details are as follows:

• The intention of the Treasury is for the repurchase to run concurrently, but independently, of the syndicated tap.
• Investors can participate in the tap, or repurchase, or both. Conditional orders will not be accepted between the tap and repurchase, although recycling capital into longer-dated inflation-indexed bonds aligns with the Treasury’s objectives. 
• The Treasury expects the 20 September 2030 inflation-indexed bond to be the pricing reference for both the tap and repurchase.

A ‘Question and Answers’ document is available from the Joint-Lead Managers, or directly from the Treasury.

As previously indicated, the transaction is expected to launch in the week beginning 22 August 2022, subject to market conditions.

ANZ Bank New Zealand Limited; Bank of New Zealand; UBS AG, Australia Branch; and Westpac Banking Corporation, New Zealand Branch are Joint-Lead Managers for the issue.

ENDS