Big increase in domestic bond programme

Local investor demand is encouraging the New Zealand Debt Management Office to increase the 2009/10 domestic bond programme by 16%, or $2 billion, to $12.5 billion.

It was probable that available bonds, readily bought by the market, would not be available, as $10.47 billion of the $10.5 bllion domestic bond programme announced in December had already been sold, the Bank said in a statement.

“This increase to the programme allows us to continue regular issuance for the remainder of the fiscal year in line with market demand,” said Philip Combes, Treasurer, NZDMO.

On May 20 government will announce its 2010/11 domestic debt programme, and any increase in this year’s programme has potentially lessened funding requirements for the year ahead.

Businesswire.co.nz

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