Upcoming NZGB May-2038 syndication
Stuart Ritson -
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.
Full Interest Rate Research is available to BNZ Wholesale Clients upon request. Please email bnz_research@bnz.co.nz to subscribe.