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Bond Issues

Indicative yields and prices as at 11:00 am, September 16, 2014

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 Apr 2015
15 Dec 20173.90107.82-0.12
15 Mar 20193.97104.17-0.15
15 Apr 20204.0795.93-0.14
15 May 20214.07113.13-0.23
15 Apr 20234.13112.07-0.32

NZ Interest Rate Swap Rates

Maturity Quarterly Rate
3 mth bills3.69
1 year3.82
2 year4.07
3 year4.23
4 year4.35
5 year4.44
7 year4.58
10 year4.70

Fixed Rate Issues

Senior Bonds

Issuer Maturity
Date
Yield to
Maturity
Indicative Price Swap
Spread
Coupon Credit Rating Amt $m
Air New Zealand15 Nov 20165.15105.801.226.90Baa3150.0
ANZ National Bank31 Mar 20153.85104.456.60AA-225.0
13 Jul 20153.95103.156.51AA-350.0
18 Sep 20174.89AA-200.0
16 Feb 20186.85AA-250.0
20 Sep 20184.90104.130.826.08AA-125.0
27 Feb 20195.00101.930.885.43AA-400.0
APN Media (NZ)15 Mar 20166.70101.592.827.86100.0
ASB Bank17 Sep 20148.22AA-500.0
20 Oct 20154.05104.600.206.10AA-
08 Jun 20174.55105.430.576.06AA-315.0
20 Dec 20175.35100.401.334.48AA-400.0
15 Jun 20195.79103.501.656.65BBB+400.0
Auckland Council 24 Mar 20153.85103.006.28AA350.0
15 Sep 20154.00102.786.90AA95.8
29 Sep 20174.44108.910.446.52AA350.0
18 Dec 20184.63100.280.534.41AA125.0
25 Mar 20245.81AA+200.0
Auckland International Airport27 Nov 20144.00102.657.00A-125.0
07 Nov 20157.25A-100.0
15 Nov 20165.95109.902.028.00A-130.0
17 Oct 20174.65104.550.645.47A-100.0
13 Dec 20194.95100.160.004.73A-100.0
28 May 20215.52A-150.0
Bank of New Zealand27 May 20153.95105.808.68AA-80.0
13 Aug 20154.05102.396.17AA-240.0
15 Jul 20164.30103.420.395.73AA-
28 Mar 20184.75101.910.714.68AA-
20 Dec 20184.85106.160.756.10AA-200.0
25 Jun 20195.57AA-200.0
25 Jun 20195.00103.560.865.57AA-200.0
Christchurch International Airport06 Dec 20195.40100.241.225.15BBB+50.0
04 Oct 20215.65106.201.326.25BBB+75.0
Contact Energy 13 Apr 20177.86BBB100.0
15 May 20195.78101.871.645.80BBB222.0
Fonterra Co-operative Group10 Mar 20154.28101.897.75A+800.0
04 Mar 20166.40103.732.526.83A+150.0
Genesis Energy15 Mar 20164.70104.190.827.65BBB+105.0
GMT Bond Issuer19 Jun 20154.60104.147.75BBB+150.0
Goodman Fielder New Zealand16 May 20166.75101.792.867.54250.0
Infratil15 Nov 20196.10103.261.926.7568.5
15 Jun 20226.70102.432.316.85100.0
Kiwi Income Property Trust 20 Aug 20215.95101.501.636.15125.0
Kiwibank15 Dec 201710.19101.036.175.80BB+150.0
Meridian Energy16 Mar 20154.35101.327.15BBB+125.0
16 Mar 20174.97105.941.017.55BBB+75.0
NZ Government15 Apr 20156.00AA+10706.0
15 Dec 20173.90107.82-0.126.00AA+10261.0
15 Mar 20193.97104.17-0.155.00AA+7428.0
15 Apr 20204.0795.93-0.145.00AA+2000.0
15 May 20214.07113.13-0.236.00AA+11644.0
15 Apr 20234.13112.07-0.325.50AA+1754.0
NZ Local Govt Funding Agency15 Apr 20153.82103.726.00AA+50.0
15 Dec 20174.36106.380.346.00AA+250.0
15 Mar 20194.52101.900.405.00AA+50.0
15 May 20214.80108.730.506.00AA+215.0
15 Apr 20235.25AA+65.0
Powerco29 Jun 20154.70102.756.53BBB50.0
28 Sep 20175.25105.561.256.74BBB50.0
Rabobank New Zealand04 Sep 20146.32AA-100.0
24 Aug 20154.10101.064.98AA-
01 Mar 20164.20101.970.327.04AA-100.0
16 May 20184.85106.680.796.25AA-
15 Mar 20196.10AA-0.0
Sky Network Television31 Mar 20216.25100.0
Spark Finance Ltd15 Jun 20158.65A-54.7
15 Jun 20158.35A-18.3
22 Mar 20164.90107.161.027.04A-150.0
Tauranga City Council15 Apr 20164.30105.520.416.25A+50.0
Telstra Corporation24 Nov 20147.15A-155.0
The Warehouse Group15 Jun 20155.10103.457.37100.0
Transpower15 Feb 20174.45105.400.505.60AA-150.0
30 Nov 20185.14AA-125.0
10 Jun 20204.98111.510.766.95AA-150.0
Transpower New Zealand Ltd06 Sep 20194.65AA-200.0
15 Mar 20235.35100.620.905.45AA-50.0
15 Mar 20285.75101.285.89AA-100.0
TrustPower 15 Dec 20145.40100.507.6075.0
15 Dec 20165.50105.211.568.0065.0
15 Dec 20175.30105.301.287.1075.0
15 Sep 20196.10102.581.946.75140.0
University of Canterbury15 Dec 20145.75102.117.2550.0
Vector15 Oct 20145.15103.517.80BBB+150.0
Wellington International Airport15 May 20215.90105.331.606.25BBB+
Westpac New Zealand18 Oct 20143.75103.798.35AA-
16 Mar 20153.85100.46-0.234.87AA-
10 Feb 20174.45106.400.507.02AA-
20 Sep 20183.85100.46-0.235.55AA-800.0
12 Jul 20195.00103.530.855.61AA-100.0
Z Energy15 Oct 20165.10107.411.177.35147.0
15 Aug 20185.45106.751.377.25150.0
15 Nov 20195.60104.511.426.50135.0

Subordinated Callable Bonds

Issuer Maturity
Date
Yield to
Reset Date
Swap
Spread
Coupon Coupon Reset Date Coupon Base Coupon Margin Credit Rating Amt $m
ANZ National Bank02 Mar 20177.6015 Mar 20125 yr swap plus0.76A-250.0
Genesis Energy after 20388.5015 Jul 20165 yr swap plus4.12BB-275.0
IAG15 Dec 20367.5015 Dec 20165 year swap3.78BBB+325.0
Infratil15 Nov 20176.152.138.0039.7
NZ Post Group Finance after 20385.507.5015 Nov 20145 yr swap plus3.75A200.0

Convertible Bonds

Issuer Election or
Conversion Date
Yield to
Election/
Conversion
Swap
Spread
Coupon Next Call Credit Rating Amt $m
Fletcher Building Industries15 Mar 20155.008.5015 Mar 201593.2
15 May 20165.001.119.0015 May 201619.5
15 May 20165.101.217.7515 May 201678.0
15 Mar 20175.551.597.5015 Mar 201768.3
NZF Group15 Mar 20166.0015 Mar 201618.0
Sky City Entertainment Group15 May 20155.507.2515 May 2015150.0
TrustPower 15 Dec 20155.401.548.4015 Dec 2015100.0
Fletcher Building Industries15 Mar 20185.801.767.1544.1
15 Mar 20195.4075.0
Infratil15 Nov 20155.501.658.5015 Nov 2015152.8
15 Jun 20165.801.908.5015 Jun 2016100.0
15 Jun 20176.002.028.5015 Jun 201766.3
15 Feb 20206.402.208.5020 Feb 202080.5
Kiwi Income Property Trust 20 Dec 20148.95129.6

Capital Bond

Issuer Maturity
Date
Yield to
Maturity
Indicative Price Swap
Spread
Coupon Credit Rating Amt $m
Infratil15 Nov 20186.10103.142.006.85111.4
Vector15 Jun 20175.60105.111.627.00BBB-307.2

Perpetual Callable Bonds

Issuer Maturity Date Price Current
Coupon
Coupon
Reset Date
Coupon
Base
Coupon
Margin
Next
Call
Credit Rating Amt $m
ANZ National BankPerpetual101.805.2818 Apr 20185 yr swap plus 2.00ContinuousBBB+835.0
Credit Agricole S.A.Perpetual75.505.0419 Dec 20175 yr swap plus 1.90ContinuousBBB-250.0

Redeemable Preference Shares

Issuer Maturity Date Price Current
Coupon
Coupon
Reset Date
Coupon
Base
Coupon
Margin
Next
Call
Credit Rating Amt $m
Cynotech HoldingsPerpetual9.25Continuous1.8
Kiwi Capital SecuritiesPerpetual102.258.1504 May 20155 yr swap plus 2.90ContinuousBBB150.0
Quayside HoldingsPerpetual98.005.8812 Mar 20173 yr swap plus1.70Continuous200.0
Rabo Capital SecuritiesPerpetual103.178.3418 Jun 20195 yr swap plus3.75ContinuousA280.0

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
Sky Network Television16 Oct 20160.993.6216 Oct 20141 yr swap plus 0.65Continuous200.0

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 GroupPerpetual97.005.4410 Jul 20151 yr NZGS plus1.70ContinuousA+35.0
InfratilPerpetual74.904.3315 Nov 20141 yr swap plus1.50Continuous238.0
Rabobank Nederland08 Oct 203795.003.7108 Oct 20141 yr swap plus 0.76ContinuousA900.0

Redeemable Preference Shares

Issuer Maturity Date Price Current
Coupon
Coupon
Reset Date
Coupon
Base
Coupon
Margin
Next
Call
Credit Rating Amt $m
ASB CapitalPerpetual92.504.3115 Nov 20141 yr swap plus 1.30ContinuousBBB+149.0
ASB Capital No 2Perpetual89.004.6215 May 20151 yr swap plus 1.00ContinuousBBB+245.7
CBA Capital Australia15 Apr 2015100.004.3904 Apr 20151 yr swap plus 0.75ContinuousA-350.0
Motor Trade Finances Perpetual68.005.3230 Sep 20141 yr swap plus 2.40Continuous40.0
Origin Energy Contact Finance No. 2 Perpetual78.004.5015 Oct 20141 yr swap plus1.50ContinuousBB+200.0

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 2015104.507.9515 Jun 20151 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 $m
Nufarm Finance NZ (A$)16 Apr 20166.5215 Apr 20156m 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