Upcoming NZGB May-2038 syndication
May-2038 syndication expected early in FY27
In the borrowing programme update released alongside the May Budget, New Zealand Debt Management (NZDM) indicated that a new 15 May 2038 nominal bond line will be syndicated before calendar year-end. We expect the transaction to launch early in FY27, with a possible window from the week beginning 29 June and backup options available through July. NZDM has often used the monthly tender schedule - next released on 24 June - to provide further syndication details.
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Post Budget NZGB supply and demand update
New Zealand Debt Management (NZDM) updated the bond programme today alongside the Budget Economic and Fiscal Update (BEFU). Forecast gross New Zealand Government Bond (NZGB) issuance has been reduced by a cumulative NZ$6 billion over the forecast period to June 2030, relative to the Half Year Economic and Fiscal Update (HYEFU) in December. The revisions are concentrated in the outer years, with issuance plans for both this fiscal year and next left unchanged.
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