NZ swap spreads revert, drive SSA issuance

02 Jun 2011

Improving budgetary conditions in New Zealand and Sweden have spurred wider swap spreads that have been pounced on by sovereign, supranational and agency borrowers taking advantage of new issuance opportunities this week. Meanwhile, Norway’s under-supplied government bond market continued to keep the sector busy.

The New Zealand debt management office said last week that gross bond issuance in the 2011/12 fiscal year would decline by one third to NZ$13.5bn ($11bn). "Bond issuance has peaked with this fiscal year’s NZ$20bn bond programme," said Philip Combes, NZDMO treasurer. "Pre-funding and budget 2011 initiatives have ...

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