Investors offered to buy more than six times the amount of bonds on offer in the NZ Debt Management Office's first sale of the securities this year.
The government’s Debt Management Office is “front loading” some of the governments borrowing – before interest rates move upwards.
The Treasury’s Half-Year Economic and Fiscal Update released this week show the bond programme has been revised upwards for 2010 and then downwards after that. [see graph].
New Zealand investment managers are sniffing for equity bargains both here and offshore but have turned their noses at government bonds, a new survey suggests.
The Russell Investments quarterly survey of investment mangers, completed late in June, found nearly 70% of managers were bullish about equities – and none were bearish. The rest were “neutral”.