The last few years have seen a marked increase in the volume of offshore issues of New Zealand dollar-denominated bonds (otherwise known as ‘Eurokiwi’ bonds). A total of $18 billion of these bonds has been issued since 1996 compared with a mere $1.5 billion in the five years previously, and about $8 billion in 1985-87 when Eurokiwi issues first came to prominence. This article explains both the reasons for the upsurge in Eurokiwi bond issues and their impact on the New Zealand financial markets and economy. It shows how, in effect, the Eurokiwi market has allowed the substantial borrowing needs of ordinary New Zealanders to be met (by small overseas investors) more cheaply than would have otherwise been possible. Some observations are also made on possible future developments in the Eurokiwi market.