(2014) 'Can't see the wood for the trees--shedding light on Kauri bonds', Reserve Bank of New Zealand Bulletin, Vol.
(13) Kauri, Eurokiwi and Uridashi issuers effectively raise NZ dollar, but ultimately want US dollar funds.
(14) Reid (2014) provides further discussion on the Kauri market.
Table 1 The New Zealand bond market Issued by Residential Non- residential Domestic Onshore government Kauri bonds and corporate Registered bonds Offshore Eurokiwi and Offshore corporate Eurodashi bonds bonds Figure 6 Weights in the SDR basket (percent) 2015 review US dollar 41.9 Euro 37.4 Japanese yen 9.4 Pound sterling 11.3 2010 review US dollar 41.7 Euro 30.9 Chinese renminbi 10.9 Japanese yen 8.3 Pound sterling 8.1 Note: Table made from pie chart.
Abschliessend kommen wir nicht umhin zu konstatieren, dass keine Kenntnisse daruber vorliegen, welche Namen die Kauris, die einst uber Persien nach Russland und ins Baltikum importiert wurden, getragen haben.
In der wissenschaftlichen Literatur verwendet man das Wort, das das Element kauri enthalt (s.
cowrie, cowry, courie 'shell of a small gastropod, Cypraea moneta' gehen auf Hindi kauri, das seinerseits von sanskrit kapardah 'eine gewundene kleine Muschel, Kauri' herruhrt; die letzte Form ist aus den drawidischen Sprachen entlehnt (vgl.
In addition, there are factors which will make Kauris more attractive relative to NZGBs:
Kauris are often issued at a margin to the swap rate and a wider swap spread provides greater yield pick-up over comparable government bonds.
Investors found Kauris relatively more attractive, due to wider swap spreads.
There is a heavy maturity profile this year, with $1.8 billion of Kauris maturing in the second half of 2014, which should support 'replacement' issuance.
After the first foray of the Bank in the domestic capital market of Nigeria this past July, the launch of this 5-year bond marks the return of the Bank into the so-called 'Kauri' market consisting of NZD denominated securities, registered in New Zealand and issued by foreign issuers.
"The Kauri market is buoyant," said Salvatore Aloisi from TD Securities.
