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Holdings of central government debt securities (D30)

This data tracks the total debt securities, such as bonds and treasury bills, on issue in New Zealand and which sector is holding those securities.

Previous years: Monthly:
Mar 2023 Mar 2024 Nov 2024 Dec 2024 Jan 2025 Feb 2025 Mar 2025
Total ($m)
Total 179,454 192,802 210,148 210,622 210,646 217,408 219,282
Nominal bonds ($m)
Total 147,767 159,224 176,728 177,813 178,398 184,983 186,568
Financial corporations 79,393 70,812 72,631 72,074 71,905 74,056 74,359
Non-financial corporations 2 47 55 53 54 56 56
Central government 4,354 7,174 8,729 8,812 8,422 8,621 8,539
Local government 175 140 214 214 264 290 290
Non-profit institutions 6 6 7 7 7 7 8
Households 594 686 757 730 753 786 777
Non-residents 63,240 80,356 94,332 95,919 96,990 101,164 102,537
Unallocated 3 4 4 4 4 4 4
Inflation indexed bonds ($m)
Total 20,380 20,583 20,438 20,238 20,187 20,217 20,307
Financial corporations 4,933 5,087 4,798 4,609 4,587 4,631 4,651
Non-financial corporations 9 9 1 1 1 1 1
Central government 9,870 9,621 10,543 10,655 10,755 10,782 10,823
Local government 1 1 1 1 1 1 1
Non-profit institutions 1 1 1 1 1 1 1
Households 58 64 56 58 58 58 54
Non-residents 5,508 5,799 5,039 4,914 4,784 4,744 4,776
Unallocated 1 0 0 0 0 0 0
Treasury bills ($m)
Total 3,270 5,245 5,230 4,820 4,310 4,460 4,660
Financial corporations 2,248 3,715 2,688 2,320 2,119 2,544 2,991
Non-financial corporations 17 9 32 32 32 32 32
Central government 300 280 200 200 200 200 200
Local government - - - - - - -
Households - 15 - - - - -
Non-residents 705 1,226 2,309 2,268 1,959 1,684 1,437
Unallocated 0 0 0 0 0 0 0
Kiwi bonds ($m)
Total 147 160 162 161 161 158 157
Other crown debt securities ($m)
Total 7,890 7,590 7,590 7,590 7,590 7,590 7,590
MEMO ITEM: Secondary market ($m)
Total held in the secondary market1 125,335 150,039 175,353 176,042 176,407 183,584 185,873
Nominal bonds1 96,235 118,946 144,418 145,718 146,644 153,644 155,644
Inflation indexed bonds1 17,793 18,098 17,953 17,753 17,702 17,732 17,822
Treasury bills1 3,270 5,245 5,230 4,820 4,310 4,460 4,660
Kiwi bonds 147 160 162 161 161 158 157
Other crown 7,890 7,590 7,590 7,590 7,590 7,590 7,590
MEMO ITEM: Non-residents ($m)
Total held by non-residents 70,434 88,431 102,727 104,150 104,649 108,702 110,041
Nominal bonds 63,240 80,356 94,332 95,919 96,990 101,164 102,537
Inflation indexed bonds 5,508 5,799 5,039 4,914 4,784 4,744 4,776
Treasury bills 705 1,226 2,309 2,268 1,959 1,684 1,437
Other crown 981 1,050 1,047 1,049 916 1,110 1,291
MEMO ITEM: Non-residents (%)
Proportion held by non-residents2 56.2 58.9 58.6 59.2 59.3 59.2 59.2
Nominal bonds2 65.7 67.6 65.3 65.8 66.1 65.8 65.9
Inflation indexed bonds2 31.0 32.0 28.1 27.7 27.0 26.8 26.8
Treasury bills2 21.6 23.4 44.2 47.0 45.4 37.8 30.8
Other crown2 12.4 13.8 13.8 13.8 12.1 14.6 17.0
[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.

Revision to the Registered Banks and Non-resident holdings of the May 2028 bond (GB0528)

16 March 2023

There has been a revision to the holdings of the May 2028 (GB0528) bond for January 2023.

$280 million has been reallocated between Registered Banks and Non-resident holdings. This impacts the following tables and series:

D30

  • Nominal bonds
    • Registered Banks
    • Non-residents

D31

  • May 2028
    • Non residents
    • Non-resident %
  • Memo item: Non-residents repo
 


Revision to the RBNZ Holdings of the April 2023 bond (GB0423)

19 January 2023

There has been a revision to the RBNZ Holdings of the April 2023 (GB0423) bond for October and November 2022 due to a buyback of the bond. $225 million has been reallocated from Non-resident holdings to RBNZ Holdings. This impacts the following tables and series:

D30

  • Nominal bonds
    • Financial Corporations
    • Reserve bank
    • Non-residents
    • Non-residents repo

D31

  • April 2023
    • Total in the Market
    • Non residents
    • Non-resident %
  • Nominal bonds
    • Total in the Market
  • Memo item: Non-residents repo

Revision to the RBNZ Holdings of the April 2023 bond (GB0423)

19 January 2023

There has been a revision to the RBNZ Holdings of the April 2023 (GB0423) bond for October and November 2022 due to a buyback of the bond. $225 million has been reallocated from Non-resident holdings to RBNZ Holdings. This impacts the following tables and series:

D30

  • Nominal bonds
    • Financial Corporations
    • Reserve bank
    • Non-residents
    • Non-residents repo

D31

  • April 2023
    • Total in the Market
    • Non residents
    • Non-resident %
  • Nominal bonds
    • Total in the Market
  • Memo item: Non-residents repo

View all Holdings of central government debt securities special notes 

If you have any questions, please contact us at [email protected].

 

 

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

We publish data approximately three weeks after the end of the reference month.

Access by the public

Statistics release calendar

The statistics release calendar provides a long-term plan of scheduled releases. We update and release it on the first working day of the month.

View the statistics release calendar

Quality

Changes in methodology

From August 2016, we have sourced data from a securities database we developed. We have backdated data to July 2015, but this 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 the NZDMO publishes. In instances where we repurchase government securities on behalf of the NZDMO, the data will not reconcile with that of NZDMO.

We publish this data 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 three-month, six-month and one-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 Housing New Zealand Limited (known as Kāinga Ora), universities, museums, and District Health Boards (DHBs).

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 us 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 wellbeing 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 us, 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 us, EQC and SRESL.

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.