Market Notice - November 2021

The NZFMA's Rates Committee recently initiated a review of the terms to maturity and market parcels for New Zealand Government Bonds and New Zealand Inflation Indexed Bonds. The NZFMA consulted with Rates Committee members and with organisations that are active in both markets and are not members of the Rates Committee. 

Most respondents supported the change, while one respondent did not. The latter was comfortable with the current market parcels. As a result of the feedback, the NZFMA is updating the terms to maturity and market parcels with effect from 3 November 2021.

The table below highlights the changes:

Term	NZGS nominal  current	NZGS nominal proposed	IIB current	IIB proposed
0 to 5 years	20	20	2	5
>5 to 10 years	10	15	2	3
>10 to 15 years	10	10	2	2
>15 years	5	5	2	2

The updated conventions can be found here.

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