Bond Issues

Indicative yields and prices as at 11:00 am, October 18, 2017

In the listings of bonds below the Government stock and swap rates, click on the maturity date to go to a full description of the bond and click on the issuer name to go to the issuer page.

Fixed rate issues   |   Yearly reset issues   |   Floating rate issues

NZ Government Stock and NZ Interest Rate Swap Rates

 

NZ Government Stock

Maturity Yield to
Maturity
Indicative Price $ Swap
Spread
15 Dec 20171.71102.74
15 Mar 20191.83104.86-0.26
15 Apr 20202.05102.51-0.16
15 May 20212.21115.78-0.12
15 Apr 20232.50115.65-0.04
15 Apr 20252.77100.180.01
15 Apr 20272.93113.35-0.06
14 Apr 20333.23103.34
15 Apr 2037

NZFMA

Maturity Quarterly Rate
3 mth bills1.93
1 year2.03
2 year2.20
3 year2.38
4 year2.55
5 year2.70
7 year2.95
10 year3.20

Fixed Rate Issues

 

Senior Bonds

Issuer Maturity
Date
Yield to
Maturity
Indicative Price Swap
Spread
Coupon Credit Rating Amt $m
ANZ National Bank16 Feb 20186.85AA-250.0
20 Sep 20182.45103.786.08AA-125.0
27 Feb 20192.60104.540.525.43AA-400.0
25 Sep 20203.10102.870.844.03AA-225.0
22 Mar 20213.25102.730.944.00AA-325.0
02 Sep 20213.35100.380.993.33AA-200.0
01 Sep 20223.65100.961.183.75AA-275.0
01 Sep 20233.75100.301.173.71AA-150.0
ASB Bank20 Dec 20172.15101.884.48AA-400.0
15 Jun 20193.85105.111.746.65BBB+400.0
25 Feb 20202.95104.000.764.42AA-200.0
26 May 20213.25105.060.924.25AA-650.0
24 Feb 20223.50103.461.094.20AA-100.0
Auckland Council 18 Dec 20182.25103.960.194.41AA125.0
30 Mar 20202.55101.330.353.04AA250.0
24 Sep 20202.70103.980.444.02AA250.0
25 Mar 20243.40114.200.755.81AA+200.0
27 Jul 20263.7098.090.793.34AA160.0
Auckland International Airport17 Oct 20175.47A-100.0
13 Dec 20192.70105.900.534.73A-100.0
13 Dec 20192.70105.900.534.73A-100.0
28 May 20213.10110.380.775.52A-150.0
09 Nov 20223.40105.970.914.28A-100.0
17 Apr 20233.60100.241.063.64A-
02 Nov 20233.60103.841.003.97A-225.0
Bank of China17 Oct 20223.95100.671.464.09A
Bank of New Zealand28 Mar 20182.25101.354.68AA-
20 Dec 20182.50106.150.446.10AA-200.0
25 Jun 20192.75106.380.635.57AA-200.0
18 Jun 20203.05105.000.824.43AA-575.0
27 Jul 20223.65101.791.193.86AA-
15 Jun 20233.75103.211.194.10AA-250.0
China Construction Bank (New Zealand)18 Jun 20183.25102.164.32A75.0
Chorus Limited06 May 20213.70102.241.384.12BBB400.0
Christchurch International Airport06 Dec 20193.10106.110.935.15BBB+50.0
04 Oct 20213.55110.171.186.25BBB+75.0
Contact Energy 15 May 20192.90105.480.805.80BBB222.0
15 Nov 20213.370.994.40BBB125.0
15 Nov 20223.60105.591.104.63BBB125.0
Fonterra Co-operative Group20 Oct 20213.15104.410.774.33A-350.0
07 Mar 20233.55104.761.024.42A-150.0
Genesis Energy18 Mar 20223.60102.561.184.14BBB+100.0
09 Jun 20224.35106.291.905.70BBB+225.0
Goodman Property Trust16 Dec 20203.30110.761.026.20BBB+100.0
23 Jun 20223.75106.951.305.00BBB+100.0
31 May 20244.20103.711.534.54BBB+100.0
Heartland Bank Limited21 Sep 20224.00102.581.524.50BBB150.0
Infratil15 Nov 20194.40105.952.246.7568.5
15 Jun 20224.65109.832.206.85100.0
15 Dec 20224.70104.882.205.6579.3
15 Sep 20235.00101.792.415.2560.0
15 Jun 20255.50104.642.726.1535.0
Kiwi Income Property Trust 20 Aug 20216.15125.0
07 Sep 20234.1599.711.564.00125.0
Kiwibank15 Dec 20174.15102.265.80BB+150.0
Meridian Energy14 Mar 20233.80103.991.274.53BBB+150.0
20 Mar 20244.00105.351.354.88BBB+150.0
NZ Government15 Dec 20171.71102.746.00AA+10261.0
15 Mar 20191.83104.86-0.265.00AA+7428.0
15 Apr 20202.05102.51-0.165.00AA+2000.0
15 May 20212.21115.78-0.126.00AA+11644.0
15 Apr 20232.50115.65-0.045.50AA+1754.0
15 Apr 20252.77100.180.012.75AA+1700.0
15 Apr 20272.93113.35-0.064.50AA+5700.0
14 Apr 20333.23103.343.50AA+2000.0
15 Apr 20372.75AA+2000.0
NZ Local Govt Funding Agency15 Dec 20171.93102.716.00AA+250.0
15 Mar 20192.16104.410.075.00AA+50.0
15 Apr 20202.42101.440.213.00AA+20.0
15 May 20212.73113.670.406.00AA+215.0
15 Apr 20233.12112.110.585.50AA+65.0
15 Apr 20253.5494.890.782.75AA+325.0
15 Apr 20273.80105.850.814.50AA+200.0
14 Apr 20334.3290.883.50AA+125.0
NZ Post Group Finance15 Nov 20194.10107.161.946.35BB+200.0
Precinct Properties New Zealand Ltd17 Dec 20213.90108.141.515.5475.0
Rabobank New Zealand16 May 20182.35104.886.25AA-
15 Mar 20192.65105.290.566.10AA-0.0
10 Jun 20203.100.884.59A+200.0
Sky City Entertainment Group28 Sep 20223.90103.651.424.65BBB-125.0
Sky Network Television31 Mar 20215.15103.812.846.25100.0
Spark Finance10 Mar 20233.50105.450.974.51100.0
07 Sep 20264.0799.511.153.94A-125.0
Summerset Group Holdings Limited11 Jul 20234.281.714.78100.0
The Warehouse Group15 Jun 20203.90105.341.675.30125.0
Transpower30 Nov 20185.14AA-125.0
06 Sep 20192.60104.300.464.65AA-200.0
10 Jun 20202.80113.000.586.95AA-150.0
30 Jun 20223.25105.850.804.30AA-75.0
16 Sep 20223.30103.850.824.07AA-100.0
15 Mar 20233.50110.050.975.45AA-50.0
15 Mar 20284.30113.831.215.89AA-100.0
TrustPower 15 Dec 20173.90101.187.1075.0
15 Sep 20194.00105.681.864.00140.0
15 Dec 20213.90107.161.515.63125.0
15 Dec 20224.00100.441.504.01127.7
Wellington International Airport15 May 20213.50111.851.176.25BBB+75.0
12 May 20233.95103.351.404.25BBB+75.0
05 Aug 20244.05100.541.364.00BBB+60.0
16 Jun 20254.30106.251.525.00BBB+75.0
Westpac New Zealand20 Sep 20182.40103.305.55AA-800.0
12 Jul 20192.70106.410.585.61AA-100.0
28 Apr 20213.20101.890.883.80AA-700.0
01 Sep 20214.10102.761.744.70BBB+400.0
07 Jun 20223.55102.351.103.78AA-
Z Energy15 Aug 20183.50104.337.25150.0
15 Nov 20193.60106.941.446.50135.0
01 Nov 20213.85101.481.463.95200.0
01 Nov 20234.20101.591.604.32200.0

Subordinated Callable Bonds

Issuer Maturity
Date
Yield to
Reset Date
Swap
Spread
Coupon Coupon Reset Date Coupon Base Coupon Margin Credit Rating Amt $m
Genesis Energy after 20386.1915 Jul 20185 yr swap plus4.12BB+275.0
Infratil15 Nov 20175.008.0039.7

Convertible Bonds

Issuer Election or
Conversion Date
Yield to
Election/
Conversion
Swap
Spread
Coupon Next Call Credit Rating Amt $m
ANZ National Bank25 May 20207.2025 May 2020BBB-250.0
Fletcher Building Industries15 Mar 20175.957.5015 Mar 201768.3
TrustPower 15 Dec 20158.408.4015 Dec 2015100.0
Fletcher Building Industries15 Mar 20184.357.1544.1
15 Mar 20194.302.215.4075.0
15 Mar 20224.401.985.00100.0
IAG15 Jun 20225.1515 Jun 2022BBB350.0
Infratil15 Jun 20244.902.235.5056.1
15 Jun 20166.008.5015 Jun 2016100.0
15 Feb 20204.202.018.5020 Feb 202080.5

Capital Bond

Issuer Maturity
Date
Yield to
Maturity
Indicative Price Swap
Spread
Coupon Credit Rating Amt $m
Fletcher Building Industries15 Mar 20204.30103.962.105.8093.2
15 Mar 20214.35101.722.044.75100.0
Infratil15 Nov 20184.50103.732.456.85111.4
The Cooperative Bank Ltd28 Jul 20216.003.096.00BBB30.0
Vector15 Jun 20224.40107.401.955.70BB+

Perpetual Callable Bonds

Issuer Maturity Date Price Current
Coupon
Coupon
Reset Date
Coupon
Base
Coupon
Margin
Next
Call
Credit Rating Amt $m
ANZ National BankPerpetual100.835.2818 Apr 20185 yr swap plus 2.00ContinuousBBB+835.0
Credit Agricole S.A.Perpetual97.005.0419 Dec 20175 yr swap plus 1.90ContinuousBB+250.0

Redeemable Preference Shares

Issuer Maturity Date Price Current
Coupon
Coupon
Reset Date
Coupon
Base
Coupon
Margin
Next
Call
Credit Rating Amt $m
Rabo Capital SecuritiesPerpetual107.408.3418 Jun 20195 yr swap plus3.75ContinuousBBB-280.0

Structured Credit

Issuer Maturity
Date
Yield to
Maturity
Indicative Price Swap
Spread
Coupon Credit Rating Amt $m

Yearly Reset Issues

 

Senior Bonds

Issuer Maturity Date Price Current
Coupon
Coupon
Reset Date
Coupon
Base
Coupon
Margin
Next
Call
Credit Rating Amt $m
Bank of New Zealand17 Dec 2025104.225.3117 Dec 20205 year swap2.251608116400BBB+550.0

Perpetual Callable Bonds

Issuer Maturity Date Price Current
Coupon
Coupon
Reset Date
Coupon
Base
Coupon
Margin
Next
Call
Credit Rating Amt $m
Fonterra Co-operative GroupPerpetual96.004.6910 Jul 20162.742.20ContinuousBBB+35.0
InfratilPerpetual67.003.6315 Nov 20171 yr swap plus1.50Continuous238.0

Redeemable Preference Shares

Issuer Maturity Date Price Current
Coupon
Coupon
Reset Date
Coupon
Base
Coupon
Margin
Next
Call
Credit Rating Amt $m
ASB CapitalPerpetual85.003.4215 Nov 20171 yr swap plus 1.30ContinuousBBB149.0
ASB Capital No 2Perpetual83.003.0315 May 20181 yr swap plus 1.00ContinuousBBB245.7
Motor Trade Finances Perpetual56.704.4730 Sep 20171 yr swap plus 2.40Continuous40.0

Redeemable Convertible Preference Shares

Issuer Election or Conversion Date Price Current
Coupon
Coupon
Reset Date
Coupon
Base
Coupon
Margin
Next
Call
Credit Rating Amt $m
Works Finance (NZ)15 Jun 2016107.506.0515 Jun 20181 yr swap plus4.05Continuous200.0

Floating Rate Issues

 

Subordinated Callable Bonds

Issuer Maturity Date Price Current
Coupon
Coupon
Reset Date
Coupon
Base
Coupon
Margin
Next
Call
Credit Rating Amt $m

Convertible Bonds

Issuer Election or Conversion Date Price Current
Coupon
Coupon
Reset Date
Coupon
Base
Coupon
Margin
Next
Call
Credit Rating Amt $m
Nufarm Finance NZ (A$)07 Oct 20179200.005.8907 Oct 20176m A$ BBSW plus 3.90ContinuousBB251.0

Structured Credit

Issuer Maturity Date Price Current
Coupon
Coupon
Reset Date
Coupon
Base
Coupon
Margin
Next
Call
Credit Rating Amt $m