Budget 2025: Bond programme tweaked higher

Bond issuance largely in line. (Image: NZME)

Thu, 22 May 2025

The Government’s bond programme lifted gross issuance to $175 billion from $168b in December, according to the Debt Management Office. Economists had forecast it might increase by $2b to $4b. BNZ head of research Stephen Toplis said, however, if anything, the market may be surprised it wasn’t lifted further. The year to June 2025 gross issuance is now set at $43b versus a December forecast of $40b to prefund some of the future cash requirement, the DMO said. This funding was already largely in place given syndic...

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