The Treasury

Global Navigation

Personal tools

NZDMO
Publication

New Zealand Economic and Financial Overview 2016

Summary of Direct Public Debt (continued)

Direct Public Debt by Currency of Payment

As part of its debt management activities, the Government enters into currency swap agreements, which have the effect of converting the principal obligations on New Zealand's external debt into a different currency.

The following table shows the direct public debt of New Zealand at 30 June 2015 by currency of payment after swap positions are taken into account and shows the estimated interest for the year ending 30 June 2016 including swap positions.

(dollar amounts in millions) Amount Outstanding at 30 June 2015[1] Estimated Interest for the Year to 30 June 2016[2]

External Debt

   
Repayable in US dollars 640.2 6.0
Repayable in Japanese yen 0.0 0.0
Repayable in pounds sterling 0.0 0.4
Repayable in euro 0.0 0.1
Repayable in other currencies 0.0 7.8

Internal Debt

77,519.1 3,533.7

Subtotal

78,159.3 3,548.0
Swaps 144.3 -

Total Direct Public Debt

78,303.6 -
  • [1]Converted at the mid-point of the 2:00 pm spot exchange rates on 30 June 2015 which were: NZ $1 = US $0.68165 = Yen 83.495 = Pounds 0.4334 = Aus$0.8879 = Euro 0.6088.
  • [2]In some cases interest payments are offset by interest receipts.

Details of External Public Debt at 30 June 2015[3]

The following table sets forth by currency the estimated payments of principal, including mandatory amortisation provisions, to be made on the external direct public debt of New Zealand as at 30 June 2015, shown in New Zealand dollars based on rates of exchange on that date and with adjustment to reflect the effect of currency swap arrangements.

Maturing in
year ended 30 June
(dollar amounts in millions)
2016 2017 2018 2019 2020 2021 2022-25 2026 Total
US dollars 1,325.0 215.0 0.0 0.0 0.0 0.0 0.0 0.0 1,540.0
Japanese yen (36.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (36.0)
British pounds 0.0 145.0 0.0 0.0 0.0 0.0 0.0 0.0 145.0
Euro (329.0) (82.0) 0.0 0.0 0.0 0.0 0.0 0.0 (411.0)
Australian dollars 0.0 0.0 137.0 0.0 0.0 0.0 0.0 0.0 137.0

Total External Debt

960.0 278.0 137.0 0.0 0.0 0.0 0.0 0.0 1,375.0

Percentage of Total Foreign Debt

69.8 20.2 10.0 0.0 0.0 0.0 0.0 0.0 100.0
  • [3]Includes Sovereign Note Programme (notes not exceeding 270 days to maturity) and Euro-Commercial Paper Programme (notes not exceeding 365 days to maturity).

Movements in External Public Debt

For the year ended 30 June 2015, the total payment of interest on public debt of the Government was $3,736 million. The following table indicates the movements in external interest-bearing public debt since 2006, excluding swap positions.

  External Debt[4] Interest Charges
(dollar amounts in millions) Amount[5] As % of Total Public Debt Amount As % of Exports[6]
30 June 2006 1,866.2 5.3 122.4 0.3
30 June 2007 1,638.2 5.2 88.8 0.2
30 June 2008 657.4 2.1 69.0 0.1
30 June 2009 1,756.1 4.3 48.1 0.07
30 June 2010 1,678.6 3.4 40.0 0.08
30 June 2011 2,115.2 3.1 38.6 0.06
30 June 2012 1,330.1 1.8 31.3 0.08
30 June 2013 805.9 1.1 19.5 0.03
30 June 2014 980.6 1.3 9.5 0.01
30 June 2015 640.2 0.8 10.7 0.02
  • [4] Excludes non-interest-bearing indebtedness to international organisations.
  • [5]External debt is converted at the mid-point of the 2:00 pm spot exchange rate on 30 June in each case.
  • [6]Based on exports of goods and services for each year.

Maturity Profile of Direct Public Debt

The following table sets forth the maturity dates of New Zealand public debt outstanding as at 30 June 2015, including the effect of swap positions.

Loans Maturing in
year ending 30 June[7]
(dollar amounts in millions)
External[8] Internal Total Debt
2016 520.4 1,671.3 2,191.7
2017 277.8 (219.4) 58.4
2018 136.5 11,838.2 11,974.7
2019 0.0 11,813.0 11,813.0
2020 0.0 5,940.0 5,940.0
2021 0.0 11,864.0 11,864.0
2021 to 30 June 2025 0.0 9,245.0 9,245.0
After 30 June 2025 0.0 17,489.7 17,489.7
Treasury Bills - 7,100.0 7,100.0
Other 440.1 187.0[9] 627.1

Total

1,374.8 76,928.8 78,303.6
  • [7]With respect to many of the loans, the Government has the option to redeem the securities at an earlier date.
  • [8]Converted at the mid-point of the 2:00 pm spot exchange rate on 30 June 2015.
  • [9]Retail stock.
Page top