On 3 February, New Zealand Debt Management (NZDM) (AA+/Aaa/AA+) launched its new NZ$2-4 billion (US$1.4-2.9 billion) May 2026 nominal bond via syndication. Indicative price guidance for the forthcoming deal, which is expected to price on the day after launch, is 14-18 basis points area over April 2025 New Zealand Government Bond.