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The New Zealand Debt Management Office will increase its sale of government bonds over the next four years, while trimming short-term Treasury bills, lifting the borrowing programme by about $1 billion.
The government's borrowing programme will issue more bonds in the 2019 through 2021 years, taking gross issuance to $38 billion over the coming four years, up from $35 billion expected in the half-year update, while trimming $2 billion from the T-bill programme in the current year and smoothing other short-term issues in later years.
"This reflects the more flexible approach to T-bill issuance that will be implemented by the NZDMO from 1 July 2018," the agency said in a statement.