What new borrowing costs
Recent auction results, bonds falling due in the next four years, and Treasury's borrowing plan.
What new borrowing costs now
New Zealand Debt Management (NZDM) sells bonds and Treasury bills at tenders. The yield accepted at a tender shows what new borrowing of that term cost on that day. For nominal bonds, these are the latest tender of each line from 1 August to 29 October 2026, the date of NZDM's latest bond tender file. For Treasury bills, they are the three bills offered at the latest bill tender, on 27 October 2026. Inflation-indexed bond tenders come from NZDM's sheet published on 15 October 2026.[98][110][109]
Tender yields (table)
| Due | Coupon | Tender | Average yield |
|---|---|---|---|
| Jan 2027 bill[110] | 27 Oct 2026 | 3.19% | |
| Apr 2027 bill[111] | 27 Oct 2026 | 3.36% | |
| Oct 2027 bill[112] | 20 Oct 2026 | 3.71% | |
| Apr 2029 bond[100] | 3.00% | 8 Oct 2026 | 4.12% |
| May 2030 bond[101] | 4.50% | 29 Oct 2026 | 4.22% |
| May 2031 bond[102] | 1.50% | 22 Oct 2026 | 4.48% |
| May 2032 bond[103] | 2.00% | 15 Oct 2026 | 4.54% |
| May 2034 bond[104] | 4.25% | 17 Sep 2026 | 4.82% |
| May 2035 bond[105] | 4.50% | 1 Oct 2026 | 5.00% |
| May 2036 bond[99] | 4.25% | 22 Oct 2026 | 4.99% |
| Apr 2037 bond[98] | 2.75% | 29 Oct 2026 | 4.99% |
| May 2041 bond[106] | 1.75% | 10 Sep 2026 | 5.27% |
| May 2054 bond[107] | 5.00% | 15 Oct 2026 | 5.50% |
| Sep 2030 inflation-indexed bond[109] | 3.00% | 24 Sep 2026 | 1.94% plus inflation |
| Sep 2040 inflation-indexed bond[108] | 2.50% | 15 Oct 2026 | 3.13% plus inflation |
Yield is NZDM's weighted average successful yield (for inflation-indexed bonds, the issue yield). Treasury bills pay no coupon. No bills due October 2027 were accepted at the 27 October 2026 tender, so the 20 October 2026 tender is shown.[112] Inflation-indexed yields are on top of inflation, because the principal also rises with prices, so they cannot be compared directly with nominal yields.[109][108]
Bonds falling due in the next four years
Five bond lines, $76.6 billion at face value, fall due by October 2030, within four years of 30 October 2026. This table sets each one's coupon next to the yield at its own latest tender, where it had one.
| Due | Amount $b | Coupon | Latest tender yield |
|---|---|---|---|
| 15 Apr 2027[74] | 16.1 | 4.50% | not tendered 1 Aug to 29 Oct 2026 |
| 15 May 2028[75] | 15.4 | 0.25% | not tendered 1 Aug to 29 Oct 2026 |
| 20 Apr 2029[76] | 20.2 | 3.00% | 4.12% 8 Oct 2026[100] |
| 15 May 2030[77] | 20.2 | 4.50% | 4.22% 29 Oct 2026[101] |
| 20 Sep 2030 inflation-indexed[89] | 4.6 | 3.00% | 1.94% plus inflation 24 Sep 2026[109] |
Treasury bills, the shortest borrowing, sold at 3.19% (due January 2027) and 3.36% (due April 2027) on 27 October 2026.[110][111] A yield on one day is not a forecast of what replacement borrowing will cost.
Upcoming borrowing
Treasury's forecasts of NZDM's bond repayments and new issues, next to the bonds already on issue at 30 September 2026 that fall due in each year (market bonds, face value).[53][54][96]
| Year to 30 June | Bonds on issue falling due $b | Treasury forecast: repaid $b | Treasury forecast: new bonds $b |
|---|---|---|---|
| 2026/27 | 15.8 | 22.0 | 30.0 |
| 2027/28 | 15.1 | 15.1 | 28.0 |
| 2028/29 | 19.8 | 16.6 | 26.0 |
| 2029/30 | 19.9 | 22.6 | 25.0 |
| 2030/31 | 25.1* | 30.0 | 25.0 |
* 2030/31 includes the September 2030 inflation-indexed bond at face value ($4.28 billion of market bonds)[89]; its repayment will include the inflation indexation. Treasury notes: This table only reflects the transactions forecast by New Zealand Debt Management. It is not consolidated with other entities within the Crown.
[64] Its repayment forecasts are not the same as the bonds now due in each year. That note may explain some of the difference, but the sources do not say how much. The list at 30 September 2026 leaves out bonds already repaid or bought back since 1 July 2026. Pre-election Economic and Fiscal Update (PREFU) was published on 29 September 2026.