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Bond Issues

Indicative yields and prices as at 11:00 am, November 28, 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 20153.54
15 Dec 20173.57109.70-0.31
15 Mar 20193.66106.32-0.29
15 Apr 20203.7996.57-0.22
15 May 20213.83112.56-0.24
15 Apr 20233.91111.95-0.27

NZ Interest Rate Swap Rates

Maturity Quarterly Rate
3 mth bills3.67
1 year3.74
2 year3.88
3 year3.97
4 year4.04
5 year4.11
7 year4.23
10 year4.35

Fixed Rate Issues

Senior Bonds

Issuer Maturity
Date
Yield to
Maturity
Indicative Price Swap
Spread
Coupon Credit Rating Amt $m
Air New Zealand15 Nov 20164.75104.260.936.90Baa3150.0
ANZ National Bank31 Mar 20153.75102.036.60AA-225.0
13 Jul 20153.80104.126.51AA-350.0
18 Sep 20174.89AA-200.0
16 Feb 20186.85AA-250.0
20 Sep 20184.60106.300.686.08AA-125.0
27 Feb 20194.60104.560.655.43AA-400.0
APN Media (NZ)15 Mar 20167.86100.0
ASB Bank20 Oct 20153.90102.586.10AA-
08 Jun 20174.30104.030.456.06AA-315.0
20 Dec 20174.40102.210.524.48AA-400.0
15 Jun 20195.40106.391.446.65BBB+400.0
Auckland Council 24 Mar 20153.80101.936.28AA350.0
15 Sep 20153.85103.796.90AA95.8
29 Sep 20174.15107.370.286.52AA350.0
18 Dec 20184.35102.210.414.41AA125.0
25 Mar 20245.81AA+200.0
Auckland International Airport07 Nov 20154.167.25A-100.0
15 Nov 20164.20107.400.388.00A-130.0
17 Oct 20174.35103.660.485.47A-100.0
13 Dec 20194.65102.550.004.73A-100.0
28 May 20214.900.825.52A-150.0
Bank of New Zealand27 May 20153.80102.448.68AA-80.0
13 Aug 20153.80103.456.17AA-240.0
15 Jul 20164.05104.760.255.73AA-
28 Mar 20184.45101.510.564.68AA-
20 Dec 20184.55108.390.616.10AA-200.0
25 Jun 20195.57AA-200.0
25 Jun 20195.57AA-200.0
Christchurch International Airport06 Dec 20195.05100.351.065.15BBB+50.0
04 Oct 20215.30106.361.206.25BBB+75.0
Contact Energy 13 Apr 20177.86BBB100.0
15 May 20194.95103.620.995.80BBB222.0
Fonterra Co-operative Group10 Mar 20153.85102.797.75A+800.0
04 Mar 20164.00105.080.226.83A+150.0
Genesis Energy15 Mar 20164.35105.690.577.65BBB+105.0
GMT Bond Issuer19 Jun 20154.30105.337.75BBB+150.0
Goodman Fielder New Zealand16 May 20167.54250.0
Infratil15 Nov 20195.70104.781.716.7568.5
15 Jun 20226.00106.551.866.85100.0
Kiwi Income Property Trust 20 Aug 20215.50105.311.416.15125.0
Kiwibank15 Dec 20175.45103.671.575.80BB+150.0
Meridian Energy16 Mar 20154.10102.367.15BBB+125.0
16 Mar 20174.60107.900.777.55BBB+75.0
NZ Government15 Apr 20153.546.00AA+10706.0
15 Dec 20173.57109.70-0.316.00AA+10261.0
15 Mar 20193.66106.32-0.295.00AA+7428.0
15 Apr 20203.7996.57-0.225.00AA+2000.0
15 May 20213.83112.56-0.246.00AA+11644.0
15 Apr 20233.91111.95-0.275.50AA+1754.0
NZ Local Govt Funding Agency15 Apr 20153.70101.606.00AA+50.0
15 Dec 20174.03108.340.156.00AA+250.0
15 Mar 20194.20104.190.255.00AA+50.0
15 May 20214.45108.860.386.00AA+215.0
15 Apr 20235.25AA+65.0
NZ Post Group Finance15 Nov 20195.80102.601.816.35BB+200.0
Powerco29 Jun 20154.35102.356.53BBB50.0
28 Sep 20174.90105.991.036.74BBB50.0
Rabobank New Zealand24 Aug 20154.05101.984.98AA-
01 Mar 20164.15102.960.387.04AA-100.0
16 May 20184.60105.460.706.25AA-
15 Mar 20196.10AA-0.0
Sky Network Television31 Mar 20216.25100.0
Spark Finance Ltd15 Jun 20154.308.65A-54.7
15 Jun 20154.418.35A-18.3
22 Mar 20164.500.727.04A-150.0
Tauranga City Council15 Apr 20164.10103.630.326.25A+50.0
The Warehouse Group15 Jun 20154.75104.767.37100.0
Transpower15 Feb 20174.15107.000.325.60AA-150.0
30 Nov 20185.14AA-125.0
10 Jun 20204.65114.380.636.95AA-150.0
Transpower New Zealand Ltd06 Sep 20194.65AA-200.0
15 Mar 20234.95104.490.775.45AA-50.0
15 Mar 20285.40105.865.89AA-100.0
TrustPower 15 Dec 20144.85101.707.6075.0
15 Dec 20164.80107.860.988.0065.0
15 Dec 20174.75108.100.877.1075.0
15 Sep 20195.50106.641.526.75140.0
University of Canterbury15 Dec 20143.00103.507.2550.0
Wellington International Airport15 May 20215.30105.391.236.25BBB+
Westpac New Zealand16 Mar 20153.80101.32-0.124.87AA-
10 Feb 20174.20108.000.377.02AA-
20 Sep 20183.80101.32-0.125.55AA-800.0
12 Jul 20194.65106.090.685.61AA-100.0
Z Energy15 Oct 20164.70105.620.897.35147.0
15 Aug 20185.00107.871.087.25150.0
15 Nov 20195.20105.911.216.50135.0

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 20175.601.738.0039.7
NZ Post Group Finance5.801.817.5015 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 20164.801.019.0015 May 201619.5
15 May 20164.951.167.7515 May 201678.0
15 Mar 20175.251.427.5015 Mar 201768.3
NZF Group15 Mar 2016260.00256.226.0015 Mar 201618.0
Sky City Entertainment Group15 May 20155.107.2515 May 2015150.0
TrustPower 15 Dec 20155.151.398.4015 Dec 2015100.0
Fletcher Building Industries15 Mar 20185.301.417.1544.1
15 Mar 20195.4075.0
Infratil15 Nov 20155.308.5015 Nov 2015152.8
15 Jun 20164.500.718.5015 Jun 2016100.0
15 Jun 20175.651.808.5015 Jun 201766.3
15 Feb 20205.901.908.5020 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 20185.30105.781.376.85111.4
Vector15 Jun 20175.25107.321.407.00BBB-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 BankPerpetual100.955.2818 Apr 20185 yr swap plus 2.00ContinuousBBB+835.0
Credit Agricole S.A.Perpetual76.505.0419 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
Cynotech HoldingsPerpetual9.25Continuous1.8
Kiwi Capital SecuritiesPerpetual103.008.1504 May 20155 yr swap plus 2.90ContinuousBB150.0
Quayside HoldingsPerpetual100.855.8812 Mar 20173 yr swap plus1.70Continuous200.0
Rabo Capital SecuritiesPerpetual109.808.3418 Jun 20195 yr swap plus3.75ContinuousBBB280.0

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 20160.994.4316 Oct 20151 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 GroupPerpetual100.505.4410 Jul 20151 yr NZGS plus1.70ContinuousA+35.0
InfratilPerpetual77.254.3315 Nov 20141 yr swap plus1.50Continuous238.0
Rabobank Nederland08 Oct 203795.004.5908 Oct 20151 yr swap plus 0.76ContinuousBBB900.0

Redeemable Preference Shares

Issuer Maturity Date Price Current
Coupon
Coupon
Reset Date
Coupon
Base
Coupon
Margin
Next
Call
Credit Rating Amt $m
ASB CapitalPerpetual94.505.0415 Nov 20151 yr swap plus 1.30ContinuousBBB149.0
ASB Capital No 2Perpetual93.404.6215 May 20151 yr swap plus 1.00ContinuousBBB245.7
CBA Capital Australia15 Apr 2015100.504.3904 Apr 20151 yr swap plus 0.75ContinuousA-350.0
Motor Trade Finances Perpetual74.006.2601 Oct 20151 yr swap plus 2.40Continuous40.0
Origin Energy Contact Finance No. 2 Perpetual81.505.2815 Oct 20151 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 2015104.757.9515 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