Holdings of central government debt securities (nominal value) - D30

Released
15 October 2019 03:00 p.m.
Next release
19 November 2019 03:00 p.m.
Source
Reserve Bank of New Zealand
Periodicity
Monthly
Previous years: Monthly:
Sep 2017 Sep 2018 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019
Total ($m)
Total 83,143 83,736 79,330 78,822 79,597 80,099 82,800
Nominal bonds ($m)
Total 62,788 61,881 55,614 55,584 56,384 57,034 59,434
Financial corporations 20,342 20,095 18,027 18,798 18,512 19,136 19,901
Non-financial corporations 18 9 1 1 1 1 1
Central government 3,537 4,602 5,450 5,479 5,493 5,356 5,986
Local government 30 38 10 20 20 30 30
Non-profit institutions 9 3 2 2 2 2 2
Households 338 283 307 296 307 319 314
Non-residents 38,512 36,852 31,817 30,987 32,049 32,190 33,199
Unallocated 2 0 0 0 0 0 0
Inflation indexed bonds ($m)
Total 16,100 17,200 17,900 18,000 18,050 18,100 18,150
Financial corporations 1,208 1,548 2,042 2,018 1,731 1,777 1,800
Non-financial corporations 1 1 1 1 1 1 1
Central government 8,506 9,203 9,820 10,062 10,102 10,115 10,147
Local government 1 1 1 1 1 1 1
Non-profit institutions 2 2 2 2 2 2 2
Households 37 34 41 38 39 45 51
Non-residents 6,346 6,410 5,992 5,876 6,174 6,159 6,147
Unallocated 1 1 1 1 1 1 1
Treasury bills ($m)
Total 4,020 3,700 4,145 3,470 3,220 2,920 2,570
Financial corporations 3,618 3,125 3,648 3,088 2,880 2,551 2,382
Non-financial corporations - - - - - - -
Central government - 95 65 65 50 50 -
Local government - - 20 20 15 50 50
Households 3 - 1 1 1 - -
Non-residents 399 480 411 296 274 270 139
Unallocated 0 0 0 0 0 0 0
Kiwi bonds ($m)
Total 184 180 171 168 168 170 171
Other crown debt securities ($m)
Total 51 775 1,500 1,600 1,775 1,875 2,475
MEMO ITEM: Secondary market ($m)
Total held in the secondary market1 78,583 79,966 76,180 75,672 76,447 76,949 79,500
Nominal bonds1 59,128 59,111 53,464 53,434 54,234 54,884 57,134
Inflation indexed bonds1 15,200 16,200 16,900 17,000 17,050 17,100 17,150
Treasury bills1 4,020 3,700 4,145 3,470 3,220 2,920 2,570
Kiwi bonds 184 180 171 168 168 170 171
Other crown 51 775 1,500 1,600 1,775 1,875 2,475
MEMO ITEM: Non-residents ($m)
Total held by non-residents 45,257 43,798 38,391 37,331 38,627 38,759 39,611
Nominal bonds 38,512 36,852 31,817 30,987 32,049 32,190 33,199
Inflation indexed bonds 6,346 6,410 5,992 5,876 6,174 6,159 6,147
Treasury bills 399 480 411 296 274 270 139
Other crown 0 56 172 172 130 141 126
MEMO ITEM: Non-residents (%)
Proportion held by non-residents2 57.6 54.8 50.4 49.3 50.5 50.4 49.8
Nominal bonds2 65.1 62.3 59.5 58.0 59.1 58.7 58.1
Inflation indexed bonds2 41.7 39.6 35.5 34.6 36.2 36.0 35.8
Treasury bills2 9.9 13.0 9.9 8.5 8.5 9.2 5.4
Other crown2 0.6 7.2 11.5 10.8 7.3 7.5 5.1
  1. Government securities available in the secondary market do not include those held by the Reserve Bank and the Earthquake Commission.
  2. Non-resident holdings as a percentage of the government securities available in the secondary market.

The data: coverage, periodicity, and timeliness

Coverage characteristics

Nominal amount of central government debt securities on issue in New Zealand at the end of the month.

Central government debt securities covers:

  • Nominal bonds
  • Inflation index bonds
  • Treasury bills
  • Kiwi bonds
  • Other crown debt securities

Data is sourced from New Zealand registries (Computershare, Link Market Services, and NZClear), a survey of nominee companies and registered banks.

Periodicity and timeliness

Data is published monthly approximately three weeks after the end of the reference month.

Access by the public

Data release

Data is released on this page, Reuters and Bloomberg at the same time.

Statistics release calendar

The Statistics Release Calendar provides a long-term plan of scheduled releases. It is updated and released on the first working day of the month.

View the Statistics Release Calendar

Quality

Changes in methodology

From August 2016 data has been sourced from a securities database developed by the Reserve Bank. Data has been backdated to July 2015 but may differ from previously published data due to improvements in the classification of entities to the resident or non-resident sector.

Data quality

The total amount of government securities on issue matches the data published by the NZDMO. In instances where the Reserve Bank repurchases government securities on behalf of the NZDMO, the data will not reconcile with that of NZDMO.

Data for this is published in the Open market operations table (D3).

Individual government bonds

Nominal bonds

Nominal bonds are wholesale fixed-term debt securities the Crown issues to and repurchases from registered tender counterparties. Nominal bonds have an initial maturity of one year or more.

Inflation indexed bonds

Inflation-indexed bonds are wholesale fixed-term debt securities with an inflation-indexed component. Inflation-indexed bonds are issued to registered tender counterparties and have an initial maturity of one year or more.

Treasury bills

Treasury bills are wholesale fixed-term debt securities issued by the Crown to registered tender counterparties. Bills are issued with 3 month, 6 month and 1 year maturities.

Kiwi bonds

Kiwi bonds are the main product available to individual investors. Kiwi Bonds are offered directly to the New Zealand public. Anyone resident outside New Zealand, even if they hold New Zealand citizenship, is ineligible to invest in Kiwi bonds.

Other crown debt securities

Other debt securities issued by central government agencies such as universities, museums, and District Health Boards (DHBs).

Holdings of central government debt securities

Financial corporations

Financial corporations consist of all units that provide mainly financial services, including financial intermediation, financial risk management, liquidity transformation, and various supporting activities. This sector includes securities held by the Reserve Bank of New Zealand (RBNZ) and registered banks in New Zealand.

Non-financial corporations

Non-financial corporations consist of resident business enterprises that produce goods and non-financial services to sell at competitive market prices that are sufficient to generate a profit or surplus in the long term.

Central government

Central government is responsible for functions such as taxation, law and order, defence, and those responsible for advancing the economic and social well-being of the country in other ways. It also includes funded social insurance schemes that are financed independently of government general revenue, through levies on households, employers, or the self-employed. This sector includes securities held by the Accident Compensation Corporation (ACC), Earthquake Commission (EQC), New Zealand Superannuation Fund (NZSF), and Southern Response Earthquake Services Limited (SRESL).

Local government

Local government consists of territorial authorities and regional councils, as well as the other non-market units and non-profit institutions they control.

Non-profit institutions

Non-profit institutions (serving households) consist of resident non-market institutional units that deliver goods or services to fulfil a social need or community interest.

Households

Households are New Zealand resident individuals, families, whänau, hapü, and marae in their role as final consumers and as owners of production factors.

Non-residents

The rest of the world consists of all non-resident institutional units that enter into transactions with resident units, or have other economic links with resident units.

Unallocated

Unallocated is used where the sector of ownership cannot be identified.

Other

Nominal value

The nominal value of securities represents the amount to be repaid at maturity.

Repurchase agreements

Repurchase agreements (repos) are an arrangement involving the provision of securities in exchange for cash with a commitment to repurchase the same or similar securities at a fixed price on a specified future date.

Bonds available in the secondary market

The nominal bonds, inflation indexed bonds and treasury bills that are available for trading in the secondary market. This excludes securities held by RBNZ, EQC and SRESL who do not hold them for trading purposes.

Proportion held by non-residents

Bonds held by non-residents as a percentage of the total available in the secondary market. The total available in the secondary market excludes bonds held by RBNZ, EQC and SRESL.

17 September 2019

Today’s publication includes a revision to the total held in the secondary market and the proportion held by non-residents of central government debt securities. The revision incorporates holdings (see figure 1) of other crown debt securities (predominantly that of Housing New Zealand) previously not included. The revision is included from July 2015 and results in a maximum change of -1.2 percent in the proportion held by non-residents.

In addition a more detailed breakdown of sector holdings of other crown debt securities is published in the historical file.

D30 special note

Figure 1: Proportion held by non-residents of central government securities

If you have any questions about these changes, please contact the Statistics team at stats-info@rbnz.govt.nz.

Symbols and conventions for summary table

0 Zero or value rounded to zero
- Not applicable
.. Not available
bold Revised/new
italics Provisional
light red background Historical

General notes

  • Individual figures may not sum to the totals due to rounding
  • Percentage changes are calculated on unrounded numbers
  • You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.