ANZ National last week sold NZ$350 million in the New Zealand domestic market for five years, priced at 165 basis points over swap.When the deal was launched earlier in the week, Interest.co.nz reported that BNZ was forced to postpone a NZ$100 million top-up of its September 2016 line. The top-up was going to be priced at just 155 bps over.Interest.co.nz also reported that the New Zealand Debt Management Office is considering a retail issue of inflation-linked bonds. This would in fact be the first issue of such bonds by the New Zealand government in 11 years.The issue could take place in October or November, depending on market conditions at the time. The size of the offering could be as large as NZ$1.0 billion, with the offer being open to institutional investors too.It is likely that the proceeds from the issue will be used to fund infrastructure, which tends to have inflation-linked revenues. Also, providing a CPI-linked government benchmark will help New Zealand corporate issuers who want to issue such debt.Transpower issued NZ$100 million of such bonds in May.Australian Office of Financial Management is still considering issuing infrastructure bonds to retail investors in Australia, although it is unlikely that such bonds would be CPI linked, even though they would be ideal for self managed superannuation funds.Presumably New Zealand tax law does not mirror that in Australia. Under Australian tax law the CPI accrual to the capital component of the CPI-linked bond would be taxable as it accrues, even though the bondholder will not receive the benefit until maturity.