The release of the The 2017.............>

NEW ZEALAND: The release of the The 2017 Pre-election Economic and Fiscal Update

shows little new in the plans of the New Zealand government, mostly echoing the

points made in the budget release in May.

- NZ DMO bond issuance programme is unchanged, outlines NZ$8bln in 2016/17 and

NZ$7bln over 2017/18 to 2019/20. As previously announced in the budget, a new

April 2029 nominal bond will launched before the end of 2017, and plans to

repurchase up to $5bln of March 2019 nominal bonds.

- In general larger surpluses and smaller debt profile were the takeaway, though

estimates for growth were slightly trimmed.

- The plan also confirmed provisions for capital spending which leave some room

for adjustment on spending/increasing investment.