The new zealand debt management office has appointed ANZ, BNZ, Deutsche Bank and UBS as joint lead managers for an offering of an April 15 2027 nominal bond via syndication to raise an initial NZ$1bn-$2bn. The bond, which was previously considered for launch in the fiscal year 2013/14, is due to be issued by September 30. The NZDMO plans gross bond issuance of NZ$7.0bn in the new fiscal year beginning July 1, while NZ$7.8bn will be redeemed, for a negative net bond issuance of NZ$800m. The NZDMO raised NZ$2.5bn in October 2013 through a 3.0% inflation-linked bond due September 20 2030. Overseas investors dominated allocations, taking 66.6% of the new linker. Offshore investors, which prefer to buy New Zealand Government paper in the secondary market, held 64.6% of such outstanding bonds last month, down from May 2013's all-time peak of 69.1%.
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