NZGB May-2036 tap syndication before year end
At the Budget in May, New Zealand Debt Management (NZDM) announced it expected to undertake three tap syndications of nominal lines in 2025/26. A NZ$6 billion tap of the May-2031 maturity took place in July. It was announced in the Monthly Tender Schedule this morning that a syndicated tap of the existing 15 May 2036 nominal bond will be undertaken before calendar year end. We expect the transaction will take place in November.
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Upcoming NZGB inflation linked Sep-50 syndication
NZ Debt Management (NZDM) has announced the joint lead managers for the syndication of the 20 September 2050 inflation-indexed bond (IIB) and indicated the transaction will be launched on the week beginning 8 September. The new IIB line, which extends the real yield curve, was first announced as part of the funding programme update alongside the Budget in May. Issuance volumes are expected to be at least NZ$1.0 billion and the transaction will be capped at NZ$2.0 billion.
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