But event co-ordinator Stephanie Rush thinks things could have changed in two years.
"[Bond's] beaten him three times last year but not, of course, over this distance."
After winning the men's premier single sculls at the Karapiro Christmas Regatta, Cambridge Town Cup and the North Island Club Championships, Bond again finished ahead of Drysdale at February's Bankstream New Zealand Rowing Championships.
However, those were the standard 2000m races, compared to the near 5km course on the Whanganui River, where Drysdale is very adept.
"It will be interesting to see who is supreme over the bigger distance," said Rush. "It's the current New Zealand champion against the Olympic champion."
While they have the newest craft and the pole positions, Bond and Drysdale will be very aware the water around them could become very crowded.
Rather than run separate class events and support races, all 25 rowers will compete together in a shotgun start, similar to the popular Armada Cup in Switzerland.
Should either of the Olympians get boxed in, it could open up a chance for a bolter to get away.
"Anything could happen because on the front row we've got six elite men, so any one of them could challenge this too," said Rush.
These include rowers currently attending the Central Rowing performance centre in Blenheim, as well as top local Luke Watts, a veteran of the World University Rowing Championships.
"The key is the start will be going off fast, there will be a lot of jostling," said Rush.
In total, there will be 12 categories of racers, from elite men and women through to club, Under 20, Under 17 and various Masters grades. The elite men's and women's winners will each pocket $1000, while the other category winners get $100.
The course this year will be closer to the Paddle Steamer Waimarie's home on Taupo Quay, so spectators will want a good spot as the event does not have the big screens on the city bridge this time around.
Action starts with kayak races at 10am, followed by the official waka welcome and karakia.
The Corporate 8 boats for the Aon Jury Cup will be launched at 10.30am, followed by the single sculls 15 minutes later.
At 11am the crew race gets under way, followed by the Billy Webb Challenge at 11.30am.
Bond and Drysdale will be presenting the winner of the Wanganui Cup at the 'Christmas at the Races' event this afternoon.