On 24 August, New Zealand Debt Management (NZDM) (AA+/Aaa/AA+) launched a NZ$2-4 billion (US$1.3-2.6 billion) syndicated tap of its April 2027 line. The forthcoming deal is being marketed at 18-22 basis points area over the April 2025 nominal bond. Pricing is expected on the day after launch, according to lead managers ANZ, BNZ, Commonwealth Bank and UBS.