Asia Risk 15: Philip Combes, New Zealand Treasury

philip-combes-nztreasury

For much of the first decade of this century, the New Zealand Debt Management Office (NZDMO) looked after both the New Zealand government’s debt and asset management operations in a steady state environment, running an annual bond issuance programme of around NZ$2.5 billion ($1.8 billion) and bond outstandings of approximately NZ$20 billion.

Our philosophy was to maintain the issuance programme – even though the government had been running surpluses for well over a decade and had no need to borr