DMO increases domestic bond programme again

For the second time in a fortnight, the New Zealand Debt Management Office (DMO) has announced a $1.5 billion increase in its 2010/11 domestic bond programme.

Announcing the second $1.5 billion increase today, taking the maximum to $16.5 billion, the DMO said strong investor demand had continued for the programme, with $14.4 billion now completed.

Today's increase allowed for the continuing issuance of bonds ahead of the scheduled update to the programme to be announced with the budget on May 19.

When it announced the first $1.5 billion increase at the end of last month, which had taken the maximum to $15 billion, the DMO said the move reflected the fact that it was significantly ahead of its projected 2010/11 debt issuance track. At that time it had completed $13.2 billion of the $13.5 billion programme announced in December.

NZPA

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