BUDGET 2013 Debt Management Office trims $3 bln from borrowing programme

Thu, 16 May 2013

By Paul McBeth May 16 (BusinessDesk) – The New Zealand Debt Management Office will cut its borrowing programme by $3 billion over the next two years as the government looks to clamp down on its growing interest bill and build a buffer for future shocks. The DMO will cut its short-term Treasury bills on issue by $1 billion in the 2013/14 financial year and will reduce bond issuance by $2 billion the following year, the department said in a statement. The office expects net borrowing of $9 billion in the current financial year, a $3 billion...

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