NZDMO borrowing programme to rise then fall

The New Zealand Debt Management Office (NZDMO)'s borrowing programme for the next four financial years, published alongside the national budget on May 24, projects steadily falling issuance in the years to 2015/16. The issuance figure for the current financial year has been increased by NZ$1.5 billion (US$1.1 billion), to NZ$15 billion, as part of a plan to reduce Treasury bill outstandings by NZ$4 billion in 2012/13.