PREFU and the NZGB programme outlook
Stuart Ritson -
NZ Debt Management will update the government borrowing programme alongside PREFU on 29 September. BEFU 2026 set the 2026/27 NZGB programme at NZ$34b and flagged the May-2038 nominal line which was launched in July. Market focus will be on any changes to gross issuance, composition and prospective syndication guidance, against a backdrop of multi-year-high nominal yields and matched-maturity swap spreads continuing to grind tighter.
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