Government bond turnover (D9)

This data summarises weekly and monthly government bond secondary market transactions in New Zealand.
Released
20 September 2021 03:00 p.m.
Next release
27 September 2021 03:00 p.m.
Source
Reserve Bank of New Zealand
Periodicity
Weekly
23 Jul 2021 30 Jul 2021 06 Aug 2021 13 Aug 2021 20 Aug 2021 27 Aug 2021 03 Sep 2021 10 Sep 2021 17 Sep 2021
Total ($m)
Total 25,157 25,835 23,840 24,871 22,369 18,166 21,989 19,348 26,177
Nominal bonds ($m)
April 2020 - - - - - - - - -
May 2021 - - - - - - - - -
April 2023 4,082 2,782 1,880 3,436 1,974 1,845 1,758 1,263 1,715
May 2024 1,608 2,074 2,841 1,460 2,962 2,375 4,485 5,679 6,869
April 2025 2,517 3,116 3,164 3,865 3,735 3,512 2,937 2,297 3,308
May 2026 3,502 3,429 1,520 1,124 872 734 965 1,017 1,212
April 2027 505 539 656 902 966 730 495 704 662
May 2028 735 1,554 2,664 2,253 1,497 1,855 1,169 1,069 1,191
April 2029 1,653 1,009 1,757 1,388 967 989 1,449 1,009 938
May 2031 5,576 5,570 3,696 4,340 4,620 2,675 4,734 2,199 2,512
May 2032 1,323 1,898 2,266 1,362 1,414 984 857 580 1,087
April 2033 690 1,050 604 671 662 638 436 942 1,313
April 2037 827 456 412 188 497 299 631 387 823
May 2041 609 507 545 578 591 469 504 707 2,517
Inflation indexed bonds ($m)
September 2025 618 495 694 1,390 634 439 524 720 988
September 2030 536 545 661 1,045 368 231 563 317 572
September 2035 228 166 54 139 188 80 40 1 21
September 2040 149 644 425 733 424 309 443 458 449

The data: coverage, periodicity, and timeliness

Coverage characteristics

Data is in millions of New Zealand dollars. The following data covering all transactions that have occurred within the New Zealand Bond Market are obtained from NZClear:

  • Weekly and monthly volume of Non-Repo transactions by bond maturity and bond type.
  • Weekly and monthly volume of Repo/All Other transactions by bond maturity and bond type.
  • Weekly and monthly volume of total transactions by bond maturity and bond type.

Bond turnover is captured from the NZClear system, with the data recorded on the transaction settlement date. Only one side of each transaction is recorded. In respect of repurchase agreements, one side of each leg of the transaction is, therefore, recorded. Monthly and weekly data is available from January 1996.

From February 2020, splits between Non-Repo transactions and Repo/All other transactions are not available.

Periodicity

Weekly.

Timeliness

Weekly data is published on the first working day after the end of the preceding week. Monthly data is published on the first working day of the week after the end of the preceding month.

Access by the public

Data release

Data is released on the Reserve Bank’s Statistics section.

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

Integrity

Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses

Although there is no law that requires the RBNZ to compile and publish data on the bond turnover survey, there is an agreement between New Zealand Debt Management Office (NZDMO) and the RBNZ that the RBNZ will produce and publish a weekly Secondary Market Turnover Survey.

Provision of information about revisions and advance notice of major changes in methodology

Procedures are outlined in Section 4 of the Operating Rules and Guidelines for Domestic Market Operations.

Quality

Dissemination of documentation on methodology and sources used in preparing statistics

Daily data covering all transactions are obtained from NZClear.

Dissemination of statistics that support statistical cross-checks and provide assurance of reasonableness

Not applicable.

Types of long-term Government securities currently on issue are:

Nominal bonds which are denominated in New Zealand dollars, issued for terms greater than one year, and have a fixed interest coupon paid semi-annually in arrears.

Inflation-indexed bonds (IIB) are denominated in New Zealand dollars with a fixed coupon paid quarterly in arrears. On maturity, the principal and the indexed component of the bonds are redeemable. The index component refers to the incremental CPI adjustment from the date of bond issue to the principal due date.

Security related Terminology

Maturity
The date that final repayment for a security or loan is expected to be made. Maturity data may be presented in slightly different ways depending on the particular form of the security.
Discount
The discount is the difference between the present value and the nominal value of a security.
Present value
The present value refers to the current market value of a security.
Nominal value
The nominal value of a security represents the amount to be repaid at maturity. The nominal value is recorded on the face of the document recording the entitlement, generally a certificate or bond. It is also referred to as the "face value".
Coupon
A coupon represents the regular interest payment on a security (such as a bond). Coupon payments are typically annual or semi-annual.
Date first Issued
The first date on which stock related to the particular security was first issued.
Repurchases and reverse repurchases
Arrangements under which one party sells a security at a specified price to another party with an agreement that the security will be repurchased at a fixed price on a specified future date. The party which sells the security upon entering the arrangement is said to be "Repurchasing" the security. The party which buys the security upon entering the arrangement is said to be "Reverse repurchasing" the security.

Other descriptions

Total New Zealand government bond turnover
The nominal of value government securities traded in the secondary market over the period specified.
Non-Repo trades
This category captures secondary market trading where a permanent change of ownership has resulted.
Repo/all other
This category is intended to capture repurchase agreements, in-house transactions, the take-up of new issue bonds, and any other transactions that are not appropriately categorised as "Non-repo".

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.