In this section
Bond Issues
Indicative yields and prices as at 10:00 am, May 21, 2012
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
Senior Bonds
| Issuer | Maturity Date |
Yield to Maturity |
Swap Spread |
Coupon | Call | Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|
| Air New Zealand | 15 Nov 2016 | 6.60 | 3.81 | 6.90 | Baa3 | 150.0 | |
| ANZ National Bank | 18 Sep 2012 | 5.63 | AA- | 250.0 | |||
| 18 Jun 2013 | 3.65 | 1.31 | 6.32 | AA- | 100.0 | ||
| 09 Jun 2014 | 4.10 | 1.63 | 8.50 | AA- | 235.0 | ||
| 31 Mar 2015 | 4.40 | 1.83 | 6.60 | AA- | 225.0 | ||
| 13 Jul 2015 | 4.50 | 1.89 | 6.51 | AA- | 350.0 | ||
| 16 Feb 2018 | 6.85 | AA- | 250.0 | ||||
| 20 Sep 2018 | 5.70 | 2.67 | 6.08 | AA- | 125.0 | ||
| APN Media (NZ) | 15 Mar 2016 | 8.80 | 6.10 | 7.86 | 100.0 | ||
| ASB Bank | 16 Jul 2013 | 3.70 | 1.35 | 8.52 | AA- | 75.0 | |
| 17 Sep 2014 | 4.15 | 1.65 | 8.22 | AA- | 500.0 | ||
| 20 Oct 2015 | 4.60 | 1.95 | 6.10 | AA- | |||
| 08 Jun 2017 | 5.15 | 2.29 | 6.06 | AA- | 315.0 | ||
| Auckland Council | 15 Nov 2012 | 8.37 | AA | ||||
| 15 Sep 2013 | 3.60 | 1.23 | 6.15 | AA | 27.8 | ||
| 24 Mar 2014 | 3.40 | 0.96 | 6.42 | AA | 150.0 | ||
| 24 Mar 2015 | 4.00 | 1.43 | 6.28 | AA | 350.0 | ||
| 15 Sep 2015 | 3.55 | 0.91 | 6.90 | AA | 95.8 | ||
| 29 Sep 2017 | 4.70 | 1.80 | 6.52 | AA | 350.0 | ||
| Auckland International Airport | 07 Nov 2012 | 3.60 | 7.19 | A- | 50.0 | ||
| 28 Feb 2014 | 4.25 | 1.82 | 7.25 | A- | 50.0 | ||
| 27 Nov 2014 | 4.30 | 1.77 | 7.00 | A- | 125.0 | ||
| 07 Nov 2015 | 3.98 | 1.33 | 7.25 | A- | 100.0 | ||
| 15 Nov 2016 | 4.36 | 1.57 | 8.00 | A- | 130.0 | ||
| 17 Oct 2017 | 4.84 | 1.93 | 5.47 | A- | 100.0 | ||
| Bank of New Zealand | 15 Sep 2012 | 3.40 | 7.50 | AA- | 100.0 | ||
| 27 May 2013 | 3.65 | 1.32 | 8.56 | AA- | 250.0 | ||
| 31 Mar 2014 | 3.90 | 1.46 | 6.70 | AA- | |||
| 27 May 2015 | 4.40 | 1.80 | 8.68 | AA- | 80.0 | ||
| 13 Aug 2015 | 4.50 | 1.88 | 6.17 | AA- | 240.0 | ||
| 15 Jul 2016 | 5.00 | 2.26 | 5.73 | AA- | |||
| 20 Dec 2018 | 6.10 | AA- | 200.0 | ||||
| Contact Energy | 15 May 2014 | 5.00 | 2.54 | 8.00 | BBB | 550.0 | |
| 13 Apr 2017 | 7.86 | BBB | 100.0 | ||||
| Dorchester Pacific | 30 Jun 2013 | 28.00 | 25.66 | 5.00 | 18.2 | ||
| Fonterra Co-operative Group | 10 Mar 2015 | 4.30 | 1.73 | 7.75 | A+ | 800.0 | |
| 04 Mar 2016 | 4.80 | 2.10 | 6.83 | A+ | 150.0 | ||
| Genesis Energy | 15 Mar 2014 | 3.90 | 1.46 | 7.25 | BBB+ | 120.0 | |
| 15 Mar 2016 | 4.55 | 1.85 | 7.65 | BBB+ | 105.0 | ||
| GMT Bond Issuer | 19 Jun 2015 | 5.40 | 2.80 | 7.75 | BBB+ | 150.0 | |
| Goodman Fielder New Zealand | 16 May 2016 | 7.65 | 4.93 | 7.54 | Continuous | 250.0 | |
| Heartland Building Society | 15 Jul 2013 | 6.80 | 4.45 | 10.50 | BBB- | 104.2 | |
| Meridian Energy | 16 Mar 2015 | 4.50 | 1.93 | 7.15 | BBB+ | 125.0 | |
| 16 Mar 2017 | 5.05 | 2.22 | 7.55 | BBB+ | 75.0 | ||
| Merrill Lynch | 04 Sep 2013 | 7.16 | A- | 150.0 | |||
| Mighty River Power | 15 May 2013 | 3.61 | 8.36 | BBB+ | 200.0 | ||
| NZ Government | 15 Apr 2013 | 2.47 | 6.50 | AA+ | 11270.0 | ||
| 15 Apr 2015 | 2.77 | 0.19 | 6.00 | AA+ | 10706.0 | ||
| 15 Dec 2017 | 3.34 | 0.41 | 6.00 | AA+ | 10261.0 | ||
| 15 Mar 2019 | 3.54 | 0.44 | 5.00 | AA+ | 7428.0 | ||
| 15 May 2021 | 3.72 | 0.34 | 6.00 | AA+ | 11644.0 | ||
| NZ Local Govt Funding Agency | 3.17 | 0.59 | 6.00 | AA+ | 50.0 | ||
| 2.79 | -0.14 | 6.00 | AA+ | 250.0 | |||
| Powerco | 28 Sep 2012 | 4.50 | 6.59 | BBB | 130.0 | ||
| 29 Mar 2013 | 4.35 | 6.39 | BBB | 100.0 | |||
| 29 Jun 2015 | 4.80 | 2.19 | 6.53 | BBB | 50.0 | ||
| 28 Sep 2017 | 5.80 | 2.90 | 6.74 | BBB | 50.0 | ||
| Prime Infrastructure Networks (NZ) | 30 Nov 2012 | 9.50 | 9.00 | Continuous | 147.1 | ||
| Rabobank New Zealand | 03 May 2012 | 7.68 | AA | 100.0 | |||
| 19 Apr 2013 | 3.50 | 5.47 | AA | ||||
| 04 Sep 2014 | 4.15 | 1.65 | 6.32 | AA | 100.0 | ||
| 24 Aug 2015 | 4.50 | 1.87 | 4.98 | AA | |||
| 01 Mar 2016 | 4.70 | 2.00 | 7.04 | AA | 100.0 | ||
| 16 May 2018 | 5.45 | 2.46 | 6.25 | AA | |||
| Tauranga City Council | 02 Dec 2013 | 3.35 | 0.95 | 7.05 | A+ | 50.0 | |
| 15 Apr 2016 | 4.30 | 1.59 | 6.25 | A+ | 50.0 | ||
| TCNZ Finance | 22 Mar 2013 | 4.07 | 6.92 | A- | 250.0 | ||
| 15 Jun 2013 | 5.00 | 2.66 | 8.50 | A- | 39.0 | ||
| 15 Jun 2013 | 4.82 | 2.48 | 8.20 | A- | 23.1 | ||
| 15 Jun 2015 | 4.52 | 1.92 | 8.65 | A- | 54.7 | ||
| 15 Jun 2015 | 4.78 | 2.18 | 8.35 | A- | 18.3 | ||
| 22 Mar 2016 | 5.00 | 2.30 | 7.04 | A- | 150.0 | ||
| Telstra Corporation | 24 Nov 2014 | 7.15 | A- | 155.0 | |||
| The Warehouse Group | 15 Jun 2015 | 5.90 | 3.30 | 7.37 | 100.0 | ||
| Tower Capital | 15 Apr 2014 | 6.60 | 4.15 | 8.50 | 81.7 | ||
| Transpower | 15 Feb 2017 | 4.40 | 1.58 | 5.60 | AA- | 150.0 | |
| 30 Nov 2018 | 5.14 | AA- | 125.0 | ||||
| 10 Jun 2020 | 5.25 | 1.99 | 6.95 | AA- | 150.0 | ||
| TrustPower | 15 Dec 2014 | 5.70 | 3.16 | 7.60 | 75.0 | ||
| 15 Dec 2016 | 6.30 | 3.50 | 8.00 | 65.0 | |||
| 15 Dec 2017 | 6.50 | 3.57 | 7.10 | 75.0 | |||
| University of Canterbury | 15 Dec 2014 | 7.25 | 4.71 | 7.25 | 50.0 | ||
| Vector | 15 Oct 2014 | 4.75 | 2.24 | 7.80 | BBB+ | 150.0 | |
| Wellington International Airport | 15 Nov 2013 | 5.15 | 2.76 | 7.50 | BBB+ | 100.0 | |
| Westpac New Zealand | 19 Dec 2011 | 7.24 | AA- | ||||
| 28 Nov 2013 | 3.75 | 1.35 | 7.05 | AA- | 265.0 | ||
| 18 Oct 2014 | 4.15 | 1.63 | 8.35 | AA- | |||
| 10 Feb 2017 | 4.90 | 2.08 | 7.02 | AA- | |||
| Works Finance (NZ) | 15 Sep 2012 | 6.55 | 9.65 | BBB- | 150.0 | ||
| World Bank | 16 Jul 2012 | 7.06 | AAA | 100.0 | |||
| Z Energy | 15 Oct 2016 | 6.30 | 3.52 | 7.25 | 147.0 | ||
| 15 Aug 2018 | 6.85 | 3.83 | 7.10 | 150.0 |
Subordinated Callable Bonds
| Issuer | Maturity Date |
Yield to Reset Date |
Swap Spread |
Coupon | Coupon Reset Date | Coupon Base | Coupon Margin | Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|---|---|
| AMP Group Finance Services | 01 Apr 2019 | 5.50 | 3.04 | 9.80 | 15 May 2014 | 3m BKBM plus | 7.13 | A- | 115.4 |
| ANZ National Bank | 02 Mar 2017 | 7.60 | 15 Mar 2012 | 5 yr swap plus | 0.76 | A- | 250.0 | ||
| 23 Jul 2017 | 4.90 | 8.23 | 23 Jul 2012 | 5 yr swap plus | 0.62 | A+ | 350.0 | ||
| ASB Bank | 15 Nov 2017 | 4.90 | 8.77 | 15 Nov 2012 | 5 yr swap plus | 1.20 | A- | 370.0 | |
| Bank of New Zealand | 15 Jun 2017 | 4.90 | 8.42 | 15 Jun 2012 | 5 yr swap plus | 0.75 | A- | 350.0 | |
| Contact Energy | after 2038 | 8.00 | 15 Feb 2017 | 5 year swap | 4.80 | BB- | 200.0 | ||
| Genesis Energy | after 2038 | 8.50 | 15 Jul 2016 | 5 yr swap plus | 4.12 | BB- | 275.0 | ||
| IAG | 15 Dec 2036 | 7.50 | 15 Dec 2016 | 5 year swap | 3.78 | A- | 325.0 | ||
| Infratil | 15 Nov 2017 | 7.00 | 4.08 | 8.00 | 39.7 | ||||
| Kiwibank | 20 Mar 2017 | 7.72 | 20 Mar 2012 | 5 yr swap plus | 0.75 | A+ | 75.0 | ||
| 30 Sep 2018 | 4.80 | 2.42 | 8.75 | 30 Sep 2013 | 5 yr swap plus | 2.35 | A+ | 60.0 | |
| NZ Post Group Finance | after 2038 | 6.50 | 3.97 | 7.50 | 15 Nov 2014 | 5 yr swap plus | 3.75 | A | 200.0 |
Convertible Bonds
| Issuer | Election or Conversion Date |
Yield to Election/ Conversion |
Swap Spread |
Coupon | Next Call | Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|
| Fletcher Building Industries | 15 Mar 2012 | 7.50 | 15 Mar 2012 | 88.6 | |||
| 15 Mar 2013 | 6.70 | 8.90 | 15 Mar 2013 | 75.0 | |||
| 15 Apr 2014 | 6.45 | 3.99 | 9.00 | 15 Apr 2014 | 111.9 | ||
| 15 Mar 2015 | 6.30 | 3.73 | 8.50 | 15 Mar 2015 | 93.2 | ||
| 15 May 2016 | 6.50 | 3.78 | 9.00 | 15 May 2016 | 19.5 | ||
| 15 May 2016 | 6.70 | 3.98 | 7.75 | 15 May 2016 | 78.0 | ||
| 15 Mar 2017 | 6.70 | 3.87 | 7.50 | 15 Mar 2017 | 68.3 | ||
| GPG Finance | 15 Nov 2012 | 8.00 | 8.30 | 15 Nov 2012 | 350.0 | ||
| 15 Dec 2013 | 6.30 | 3.90 | 9.00 | 15 Dec 2013 | 76.9 | ||
| Nuplex Industries | 15 Sep 2012 | 8.40 | 9.30 | 15 Sep 2012 | 52.6 | ||
| NZF Group | 15 Mar 2016 | 200.00 | 197.30 | 6.00 | 15 Mar 2016 | 18.0 | |
| Sky City Entertainment Group | 15 May 2015 | 5.90 | 3.31 | 7.25 | 15 May 2015 | 150.0 | |
| TrustPower | 15 Sep 2012 | 7.00 | 8.50 | 15 Sep 2012 | 108.6 | ||
| 15 Mar 2014 | 6.60 | 4.16 | 8.50 | 15 Mar 2014 | 54.7 | ||
| 15 Dec 2015 | 6.35 | 3.68 | 8.40 | 15 Dec 2015 | 100.0 | ||
| Vector | 15 Jun 2012 | 10.70 | 8.00 | 15 Jun 2012 | BBB- | 307.0 | |
| Infratil | 15 Nov 2012 | 7.80 | 7.75 | Continuous | 57.4 | ||
| 15 Sep 2013 | 7.75 | 5.38 | 8.50 | Continuous | 85.3 | ||
| 15 Nov 2015 | 7.35 | 4.69 | 8.50 | Continuous | 152.8 | ||
| 15 Jun 2016 | 7.00 | 4.27 | 8.50 | Continuous | 100.0 | ||
| 15 Jun 2017 | 7.60 | 4.73 | 8.50 | Continuous | 66.3 | ||
| 15 Feb 2020 | 7.90 | 4.68 | 8.50 | Continuous | 80.5 | ||
| Kiwi Income Property Trust | 20 Dec 2014 | 8.95 | 129.6 |
Perpetual Callable Bonds
| Issuer | Maturity Date | Price | Current Coupon |
Coupon Reset Date |
Coupon Base |
Coupon Margin |
Next Call |
Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|---|---|
| ANZ National Bank | Perpetual | 97.45 | 9.66 | 18 Apr 2013 | 5 yr swap plus | 2.00 | 18 Apr 2013 | BBB+ | 835.0 |
| Credit Agricole S.A. | Perpetual | 10.04 | 19 Dec 2012 | 5 yr swap plus | 1.90 | 19 Dec 2017 | BBB- | 250.0 |
Redeemable Preference Shares
| Issuer | Maturity Date | Price | Current Coupon |
Coupon Reset Date |
Coupon Base |
Coupon Margin |
Next Call |
Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|---|---|
| BNZ Income Securities | Perpetual | 99.00 | 9.89 | 28 Mar 2013 | 5 yr swap plus | 2.20 | 28 Mar 2013 | BBB | 450.0 |
| BNZ Income Securities 2 | Perpetual | 105.50 | 9.10 | 28 Jun 2014 | 5 yr swap plus | 4.09 | 28 Jun 2014 | BBB | 260.0 |
| Cynotech Holdings | Perpetual | 30.00 | 9.25 | Continuous | 1.8 | ||||
| Kiwi Capital Securities | Perpetual | 103.50 | 8.15 | 04 May 2015 | 5 yr swap plus | 2.90 | 04 May 2015 | BBB | 150.0 |
| Quayside Holdings | Perpetual | 83.00 | 5.42 | 12 Mar 2014 | 3 yr swap plus | 1.70 | 12 Mar 2012 | 200.0 | |
| Rabo Capital Securities | Perpetual | 104.40 | 8.79 | 18 Jun 2014 | 5 yr swap plus | 3.75 | 18 Jun 2019 | A | 280.0 |
Structured Credit
| Issuer | Maturity Date |
Yield to Maturity |
Swap Spread |
Coupon | Call | Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|
| Fidelity Capital Guaranteed Bond | 15 Jul 2013 | 5.50 | 3.15 | 9.25 | 75.0 |
Senior Bonds
| Issuer | Maturity Date | Price | Current Coupon |
Coupon Reset Date |
Coupon Base |
Coupon Margin |
Next Call |
Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|---|---|
| Sky Network Television | 16 Oct 2016 | 90.00 | 3.60 | 16 Oct 2012 | 1 yr swap plus | 0.65 | 16 Oct 2011 | 200.0 |
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 Group | Perpetual | 77.00 | 4.66 | 10 Jul 2012 | 1 yr NZGS plus | 1.70 | 10 Jul 2012 | A | 35.0 |
| Infratil | Perpetual | 55.00 | 4.22 | 15 Nov 2012 | 1 yr swap plus | 1.50 | Continuous | 238.0 | |
| Rabobank Nederland | Perpetual | 79.00 | 3.70 | 08 Oct 2012 | 1 yr swap plus | 0.76 | 08 Oct 2017 | A | 900.0 |
Redeemable Preference Shares
| Issuer | Maturity Date | Price | Current Coupon |
Coupon Reset Date |
Coupon Base |
Coupon Margin |
Next Call |
Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|---|---|
| ASB Capital | Perpetual | 68.00 | 4.00 | 15 Nov 2012 | 1 yr swap plus | 1.30 | Continuous | BBB | 149.0 |
| ASB Capital No 2 | Perpetual | 64.00 | 3.80 | 15 May 2012 | 1 yr swap plus | 1.00 | Continuous | BBB | 245.7 |
| CBA Capital Australia | 15 Apr 2015 | 94.20 | 3.59 | 15 Apr 2012 | 1 yr swap plus | 0.75 | 15 Apr 2012 | A- | 350.0 |
| Motor Trade Finances | Perpetual | 0.48 | 5.34 | 30 Sep 2012 | 1 yr swap plus | 2.40 | Continuous | 40.0 | |
| Origin Energy Contact Finance No. 2 | Perpetual | 57.00 | 4.47 | 15 Nov 2012 | 1 yr swap plus | 1.50 | 09 Oct 2012 | BBB- | 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 2012 | 78.00 | 9.80 | 15 Jun 2012 | 1 yr swap plus | 4.05 | 15 Jun 2012 | 200.0 |
Subordinated Callable Bonds
| Issuer | Maturity Date | Price | Current Coupon |
Coupon Reset Date |
Coupon Base |
Coupon Margin |
Next Call |
Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|---|---|
| ASB Bank | 29 Jun 2017 | 3.09 | 29 Dec 2012 | 3m BKBM plus | 0.25 | 29 Jun 2012 | A- | 250.0 |
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 2012 | 99.20 | 8.19 | 16 Apr 2012 | 6m A$ BBSW plus | 3.90 | 16 Apr 2012 | 251.0 |
Structured Credit
| Issuer | Maturity Date | Price | Current Coupon |
Coupon Reset Date |
Coupon Base |
Coupon Margin |
Next Call |
Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|---|---|
| Rated Mortgage CM 2006-1 | after 2038 | 4.09 | 11 Mar 2012 | 3m BKBM plus | 1.35 | 27 Mar 2012 | BB | 19.6 | |
| Rated Mortgage RML 2006-2 | after 2038 | 4.09 | 11 Feb 2012 | 3m BKBM plus | 1.30 | 27 Mar 2012 | B- | 18.9 |