|($NZmillion)||Oct 2018||Nov 2018||09 Nov||16 Nov||23 Nov||30 Nov||07 Dec|
|15 Mar 2019||Non-repo||782||595||219||237||46||78||161|
|15 Apr 2020||Non-repo||871||1,021||257||307||262||131||166|
|15 May 2021||Non-repo||1,690||1,166||265||377||232||191||313|
|15 Apr 2023||Non-repo||900||1,569||789||243||251||214||316|
|15 Apr 2025||Non-repo||828||956||241||160||321||180||237|
|20 Sep 2025||Non-repo||434||308||84||115||43||31||179|
|15 Apr 2027||Non-repo||1,206||985||189||300||260||182||106|
|20 Apr 2029||Non-repo||1,466||754||230||285||82||119||131|
|20 Sep 2030||Non-repo||222||165||53||32||45||34||52|
|14 Apr 2033||Non-repo||508||909||292||226||144||128||282|
|20 Sep 2035||Non-repo||121||52||7||1||13||31||63|
|15 Apr 2037||Non-repo||914||545||75||128||220||107||70|
|20 Sep 2040||Non-repo||409||245||207||27||4||7||8|
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:
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.
Published on the first working day after the end of the proceeding week.
Data is released on the Reserve Bank’s Statistics section.
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
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.
Procedures are outlined in Section 4 of the Operating Rules and Guidelines for Domestic Market Operations.
Daily data covering all transactions are obtained from NZClear.
Most securities reported are wholesale market instruments: New Zealand Government bonds (with the exception of the Feb 2016 and Sep 2025 bonds which are inflation-indexed bonds), Treasury bills, Corporate bonds, Reserve Bank bills, Commercial paper or Registered certificates of deposit (RCDs).
These are written promissory agreements, whether marketable or not, in which one party promises to pay a stated sum on demand, or on a specified date, to the legal holder of the document. They may also involve a promise to pay stated interest at specified intervals over the term of the bond. Alternatively, they may be issued and traded at discount from their nominal value.
These include: Government bonds, Treasury bills, Reserve Bank bills, bills of exchange, commercial paper (including euro commercial paper), certificates of deposit, debentures, convertible notes, and medium term notes issued by private placement.
There three main categories of government securities, each of which have several sub-categories. The three main categories are:
Wholesale government securities are issued for terms of greater than one year and carry a coupon payment. Wholesale securities are initially sold, normally by tender, to financial institutions.
Treasury bills are securities issued for terms of less than one year and do not carry a coupon payment. Treasury bills are initially sold at a discount to the nominal value to financial institutions, normally by tender.
Retail government securities are issued over the counter for terms of two or four years starting from the date of purchase and carry a coupon payment.
Government 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. The outstanding Indexed Bonds are scheduled to mature on 15 February, 2016. On maturity, the principal and the indexed component of the -bonds are redeemable. The index component refers to the incremental CPI adjustment, from 15 November 1995, to the principal due date.
Treasury bills are denominated in NZ dollars sold at a discount to the nominal value and carry no coupon. The bills are redeemable at par on maturity. Treasury bill tenders are generally held by NZDMO, on a weekly basis. Two maturities of regular Treasury bills are offered in each tender with roughly three and six month maturities. However, from time to time the RBNZ will also offer seasonal Treasury bills in the tenders. Seasonal Treasury bills are issued for liquidity management purposes and generally have a maturity of less than three months. Seasonal Treasury bills sold in tenders are noted by *.
Reserve Bank bills
Reserve Bank bills are denominated in New Zealand dollars, sold at a discount to par and carry no coupon. The bills can be discounted back to the RBNZ when they are within 28 days of maturity. The bills are redeemable at par on maturity. The Reserve Bank stopped issuing bills in February 1999 but re-introduced these in November 2008.
Refers to private sector (including financial corporations), short-term (usually less than one year) discounted debt instruments.
Refers to New Zealand dollar denominated debt instruments, recorded on a New Zealand register, that are issued by private sector entities (including financial corporations). Issuers can be both New Zealand residents (domestic) and non-residents (Kauris).
Domestic corporate bonds
Refers to issues of New Zealand dollar denominated debt recorded on a New Zealand register by New Zealand incorporated entities.
Non-domestic corporate bonds
Refers to issues of New Zealand dollar denominated debt issued by a non-resident incorporated entity and recorded on a New Zealand register (such issues are sometimes referred to as "Kauri" bonds).
Registered certificates of deposits (RCDs)
Refers to issues of discounted, short-term (less than one year) debt securities, the majority of which are issued by banks. RCDs have largely taken the place of individual bank bills.
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.
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.
Loan Prefix A code allocated to a particular security.
Amount in market The total nominal value a security issued and that is available for trading in the secondary market. In the case of Government securities, this value excludes holdings of the RBNZ and Earthquake Commission which do not hold them for trading purposes.
Mondays through Fridays, excluding public holidays.
Outright holdings (nominal holdings)
Securities held outright by the owner either directly or through an agent.
The date counterparty buys the government bond from the Bank.
State Owned Enterprises (SOEs)
The State Owned Enterprises are required to operate on the basis of principles and procedures in the State Owned Enterprises Act 1986. Under the Act, the Boards of SOEs have complete autonomy on operational matters, such as how resources are used, pricing and marketing of output. Under the Act, SOEs have no responsibility for continuing non-commercial operations and the Government is required to negotiate an explicit contract if it wishes an SOE to carry out such activities.
Boards of directors drawn from the private sector have been formed to manage SOEs. Each Board is required to present to the shareholding ministers a statement of corporate intent and an outline of business objectives, defining the nature and scope of activities and performance targets. These are closely monitored and SOEs are expected to achieve performance targets and pay dividends on a basis comparable to their private sector competitors. The shareholding ministers may determine the levels of the dividends.
The SOEs borrow in their own names and on their own credit, in most cases without a guarantee or other form of credit support from the Government. SOEs have been informed that Government policy requires that they disclaim in loan documentation the existence of such guarantees or credit supports.
The list of current SOEs are:
Airways Corporation of New Zealand Ltd
Animal Control Products Ltd
Electricity Corporation of New Zealand Ltd
Genesis Energy Ltd (mixed ownership model company)
KiwiRail Holdings Ltd
Kordia Group Ltd
Landcorp Farming Ltd
Meridian Energy Ltd (mixed ownership model company)
Meteorological Service of New Zealand Ltd
Mighty River Power Ltd (mixed ownership model company)
New Zealand Post Ltd
New Zealand Railways Corporation
Quotable Value Ltd
Solid Energy New Zealand Ltd
Transpower New Zealand Ltd
Crown entities are bodies established by law in which the Government has a controlling interest through ownership mechanisms. Crown entities form part of the Crown reporting entity, but are not part of the "core" Crown. New Zealand Fast Forward Fund Limited is a crown entity.
Reserve Bank of New Zealand (RBNZ)
Refers to the Reserve Bank of New Zealand, New Zealand's central bank.
Earthquake Commission (EQC)
The EQC is New Zealand's primary provider of natural disaster insurance to residential property owners. It insures against damage caused by earthquake, natural landslip, volcanic eruption, hydrothermal activity, tsunami; in the case of residential land, a storm or flood; or fire caused by any of these.
Financial and trading enterprises
Refers to the Public Trustee and Housing Corporation of New Zealand.
Refers to life insurance offices and general insurance offices.
Other financial institutions
Includes organisations previously classified as savings institutions, finance corporations and investment companies and all other financial institutions.
These include city councils, district councils, harbour boards and electric power boards.
This includes local authorities trading enterprises (LATEs), and other New Zealand enterprises majority owned by the Government.
This includes New Zealand companies, financial corporations and producer boards. These are organisations other than the Treasury, RBNZ and "Other government".
Total New Zealand government bond turnover
The nominal of value government securities traded in the secondary market over the period specified.
This category captures secondary market trading where a permanent change of ownership has resulted.
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".
19 November 2018
The Reserve Bank plans to discontinue the publication of Government bond turnover (D9) in its current format. From early 2019, we intend to publish only the total turnover for each bond – the repo and non-repo activity breakdown will no longer be published.
Bond turnover data is sourced from the NZ Clear payment system, and shows only New Zealand activity rather than total global trading. The NZ Clear payment system is being replaced next year, and the new payment system will not identify ‘non-repo’ trades in the first rollout.
We welcome your feedback on this change. Please email any questions, comments, or feedback on your use of this data to email@example.com.
|0||Zero or value rounded to zero|
|light red background||Historical|