As is usual before a government bond matures, the Reserve Bank of New Zealand – Te Pūtea Matua will assume responsibility from New Zealand Debt Management to repurchase NZ government bonds maturing on 15 May 2026.
This repurchase programme is for liquidity management purposes and aims to support the efficient functioning of the New Zealand bond market.
May 2026 bond purchases will either be held to maturity on the Reserve Bank's balance sheet, or on-sold to New Zealand Debt Management (where the bonds will be cancelled).
This repurchase programme relates to our standard liquidity management operations and has no implications for the Reserve Bank’s stance on monetary policy.
NZ government bonds maturing 15 May 2026 – offer details:
This offer opens at 10:00am on 2 December 2025 and will remain open until further notice. Interested parties who are registered to trade with the Reserve Bank should telephone their offers, volume and rate, to the Portfolio Management team on (04) 472 0074 / (04) 472 0075, between the hours of 10:00am to 12:00pm and 2:00pm to 4:00pm daily.
Preferred settlement dates will be determined by projected liquidity flows. Transactions will be priced using the yield to maturity discount (T-bill) formula.
This operation is being undertaken to manage near term liquidity flows and to assist in the efficient functioning of New Zealand debt markets.
For further information contact
Adam Richardson
Director of Financial Markets
Email: [email protected]
Ross Hunt
Manager, Portfolio Management
Email: [email protected]
Media contact
Brendan Manning
Senior Engagement Advisor
Email: [email protected]