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Government bond turnover (D9)

This data summarises weekly and monthly government bond secondary market transactions in New Zealand.

22 Apr 2022 29 Apr 2022 06 May 2022 13 May 2022 20 May 2022 27 May 2022 03 Jun 2022 10 Jun 2022 17 Jun 2022
Total ($m)
Total 22,239 27,421 28,255 21,086 20,063 24,624 23,657 17,417 19,480
Nominal bonds ($m)
April 2020 - - - - - - - - -
May 2021 - - - - - - - - -
April 2023 488 565 2,303 1,988 1,253 1,437 662 879 1,291
May 2024 6,556 6,816 3,404 2,517 2,606 3,279 4,566 2,232 3,150
April 2025 3,181 3,729 3,437 2,224 2,808 2,812 2,774 1,928 1,768
May 2026 1,998 1,815 1,927 871 1,368 1,505 937 800 675
April 2027 1,997 3,965 3,875 2,428 2,208 2,504 2,161 1,592 2,318
May 2028 2,121 1,382 1,615 1,576 1,271 849 1,492 607 1,125
April 2029 1,085 2,378 2,571 1,413 730 2,134 1,727 832 1,125
May 2031 1,141 1,124 1,481 1,919 994 1,544 1,525 1,395 1,812
May 2032 1,493 1,734 2,030 1,450 1,612 1,558 2,835 2,968 1,508
April 2033 873 1,106 2,026 1,257 1,230 1,770 1,161 1,495 1,037
April 2037 403 325 829 1,390 1,286 1,707 1,467 813 764
May 2041 304 190 196 406 1,464 834 670 430 421
May 2051 245 532 656 606 394 656 274 537 456
Inflation indexed bonds ($m)
September 2025 88 1,498 1,179 709 332 1,228 520 353 316
September 2030 30 89 391 90 127 50 313 13 1,143
September 2035 165 121 202 139 259 496 413 418 525
September 2040 71 52 134 105 119 258 160 123 48

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.

Read more about 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.

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.

View our Statistics

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.

Operating rules and guidelines for domestic markets

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), which 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 that sells the security upon entering the arrangement is said to be ‘repurchasing’ the security. The party that 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

Symbol or convention Definition
0 Zero or value rounded to zero
- Not applicable
.. Not available
bold Revised/new
italics Provisional
Light grey 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.