Indicative yields and prices as at 9:00 am, January 17, 2019
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
| Maturity | Yield to Maturity |
Indicative Price $ | Swap Spread |
|---|---|---|---|
| 15 Mar 2019 | 1.64 | 102.25 | |
| 15 Apr 2020 | 1.63 | 102.46 | -0.28 |
| 15 May 2021 | 1.61 | 111.04 | -0.37 |
| 15 Apr 2023 | 1.71 | 116.88 | -0.41 |
| 15 Apr 2025 | 1.88 | 105.83 | -0.38 |
| 15 Apr 2027 | 2.04 | 119.75 | -0.36 |
| 20 Apr 2029 | 2.23 | 107.78 | -0.32 |
| 14 Apr 2033 | 2.38 | 114.39 | |
| 15 Apr 2037 |
| Issuer | Maturity Date |
Yield to Maturity |
Indicative Price | Swap Spread |
Coupon | Credit Rating | Amt $m | |
|---|---|---|---|---|---|---|---|---|
| ANZ Bank | 27 Feb 2019 | 1.95 | 102.51 | 5.43 | AA- | 400.0 | ||
| 25 Sep 2020 | 3.05 | 104.05 | 1.11 | 4.03 | AA- | 225.0 | ||
| 22 Mar 2021 | 2.45 | 104.58 | 0.48 | 4.00 | AA- | 325.0 | ||
| 02 Sep 2021 | 2.55 | 103.30 | 0.54 | 3.33 | AA- | 200.0 | ||
| 01 Sep 2022 | 2.75 | 104.87 | 0.67 | 3.75 | AA- | 275.0 | ||
| 30 May 2023 | 2.95 | 103.57 | 0.82 | 3.70 | AA- | 500.0 | ||
| 01 Sep 2023 | 3.00 | 104.48 | 0.85 | 3.71 | AA- | 150.0 | ||
| ASB Bank | 15 Jun 2019 | 3.60 | 101.87 | 6.65 | BBB+ | 400.0 | ||
| 25 Feb 2020 | 2.20 | 104.17 | 0.30 | 4.42 | AA- | 200.0 | ||
| 26 May 2021 | 2.45 | 104.71 | 0.46 | 4.25 | AA- | 650.0 | ||
| 24 Feb 2022 | 2.65 | 106.28 | 0.61 | 4.20 | AA- | 100.0 | ||
| 07 Sep 2023 | 2.95 | 102.78 | 0.80 | 3.31 | AA- | 450.0 | ||
| Auckland Council | 18 Dec 2018 | 1.95 | 4.41 | AA | 125.0 | |||
| 30 Mar 2020 | 2.00 | 102.16 | 0.10 | 3.04 | AA | 250.0 | ||
| 24 Sep 2020 | 2.10 | 104.44 | 0.16 | 4.02 | AA | 250.0 | ||
| 27 Jun 2023 | 2.50 | 103.00 | 0.37 | 3.17 | AA | |||
| 25 Mar 2024 | 3.30 | 117.05 | 1.11 | 5.81 | AA+ | 200.0 | ||
| 27 Jul 2026 | 3.10 | 103.19 | 0.75 | 3.34 | AA | 160.0 | ||
| Auckland International Airport | 13 Dec 2019 | 2.20 | 102.72 | 4.73 | A- | 100.0 | ||
| 13 Dec 2019 | 2.20 | 102.72 | 4.73 | A- | 100.0 | |||
| 28 May 2021 | 3.04 | 107.80 | 1.05 | 5.52 | A- | 150.0 | ||
| 09 Nov 2022 | 2.65 | 106.71 | 0.56 | 4.28 | A- | 100.0 | ||
| 17 Apr 2023 | 2.75 | 104.49 | 0.63 | 3.64 | A- | |||
| 02 Nov 2023 | 2.90 | 105.61 | 0.74 | 3.97 | A- | 225.0 | ||
| 10 Oct 2024 | 3.10 | 103.11 | 0.87 | 3.51 | A- | |||
| Bank of China | 17 Oct 2022 | 3.15 | 104.35 | 1.07 | 4.09 | A | ||
| 19 Apr 2023 | 3.25 | 104.05 | 1.13 | 4.02 | A | |||
| Bank of New Zealand | 20 Dec 2018 | 6.10 | AA- | 200.0 | ||||
| 25 Jun 2019 | 2.05 | 101.89 | 5.57 | AA- | 200.0 | |||
| 18 Jun 2020 | 2.25 | 103.40 | 0.33 | 4.43 | AA- | 575.0 | ||
| 27 Jul 2022 | 2.75 | 105.54 | 0.68 | 3.86 | AA- | |||
| 15 Jun 2023 | 2.90 | 105.34 | 0.77 | 4.10 | AA- | 250.0 | ||
| 16 Nov 2023 | 3.05 | 103.31 | 0.89 | 3.65 | ||||
| China Construction Bank (New Zealand) | 09 Nov 2022 | 3.15 | 103.56 | 1.06 | 3.93 | A | ||
| 19 Jun 2023 | 3.30 | 103.22 | 1.17 | 4.01 | A | |||
| Chorus Limited | 06 May 2021 | 3.25 | 102.76 | 1.27 | 4.12 | BBB | 400.0 | |
| Christchurch City Holdings Limited | 06 Dec 2022 | 2.65 | 103.16 | 0.56 | 3.40 | A+ | ||
| 27 Nov 2024 | 3.35 | 1.12 | 3.58 | |||||
| Christchurch International Airport | 06 Dec 2019 | 2.50 | 102.92 | 5.15 | BBB+ | 50.0 | ||
| 04 Oct 2021 | 2.75 | 110.90 | 0.74 | 6.25 | BBB+ | 75.0 | ||
| 24 May 2024 | 3.15 | 105.43 | 0.95 | 4.13 | 100.0 | |||
| Contact Energy | 15 May 2019 | 2.90 | 102.09 | 5.80 | BBB | 222.0 | ||
| 15 Nov 2021 | 3.45 | 104.97 | 1.43 | 4.40 | BBB | 125.0 | ||
| 15 Nov 2022 | 3.05 | 106.51 | 0.96 | 4.63 | BBB | 125.0 | ||
| Fonterra Co-operative Group | 20 Oct 2021 | 2.75 | 105.24 | 0.74 | 4.33 | A- | 350.0 | |
| 07 Mar 2023 | 3.05 | 106.92 | 0.94 | 4.42 | A- | 150.0 | ||
| 14 Nov 2025 | 3.60 | 104.06 | 4.15 | 100.0 | ||||
| Genesis Energy | 18 Mar 2022 | 3.00 | 104.82 | 0.96 | 4.14 | BBB+ | 100.0 | |
| 09 Jun 2022 | 4.15 | 105.53 | 2.09 | 5.70 | BB+ | 225.0 | ||
| 16 Jul 2048 | 4.20 | 101.88 | 2.06 | 4.65 | BB+ | 240.0 | ||
| Goodman Property Trust | 16 Dec 2020 | 2.80 | 106.85 | 0.85 | 6.20 | BBB+ | 100.0 | |
| 23 Jun 2022 | 3.15 | 106.34 | 1.09 | 5.00 | BBB+ | 100.0 | ||
| 01 Sep 2023 | 3.35 | 104.31 | 1.20 | 4.00 | BBB+ | 100.0 | ||
| 31 May 2024 | 3.50 | 105.67 | 1.30 | 4.54 | BBB+ | 100.0 | ||
| Heartland Bank Limited | 21 Sep 2022 | 3.20 | 105.96 | 1.12 | 4.50 | BBB | 150.0 | |
| Infratil | 15 Nov 2019 | 4.60 | 102.93 | 6.75 | 68.5 | |||
| 15 Jun 2022 | 4.50 | 108.05 | 2.44 | 6.85 | 100.0 | |||
| 15 Dec 2022 | 4.50 | 104.66 | 2.40 | 5.65 | 79.3 | |||
| 15 Sep 2023 | 4.60 | 103.23 | 2.45 | 5.25 | 60.0 | |||
| 15 Dec 2024 | 4.75 | 100.47 | 0.00 | 4.75 | 57.3 | |||
| 15 Jun 2025 | 4.75 | 108.30 | 2.48 | 6.15 | 35.0 | |||
| Investore Property | 18 Apr 2024 | 3.85 | 102.62 | 1.66 | 4.40 | 100.0 | ||
| Kiwi Property Group | 20 Aug 2021 | 3.05 | 110.20 | 1.05 | 6.15 | 125.0 | ||
| 07 Sep 2023 | 3.40 | 104.04 | 1.25 | 4.00 | 125.0 | |||
| 19 Dec 2024 | 3.70 | 103.70 | 1.46 | 4.33 | BBB+ | |||
| 12 Nov 2025 | 3.80 | 102.32 | 1.50 | 4.06 | 100.0 | |||
| Meridian Energy | 14 Mar 2023 | 3.15 | 106.92 | 1.04 | 4.53 | BBB+ | 150.0 | |
| 20 Mar 2024 | 3.25 | 109.33 | 1.06 | 4.88 | BBB+ | 150.0 | ||
| 27 Jun 2025 | 3.50 | 104.33 | 1.22 | 4.21 | BBB+ | |||
| NZ Government | 15 Mar 2019 | 1.64 | 102.25 | 5.00 | AA+ | 7428.0 | ||
| 15 Apr 2020 | 1.63 | 102.46 | -0.28 | 5.00 | AA+ | 2000.0 | ||
| 15 May 2021 | 1.61 | 111.04 | -0.37 | 6.00 | AA+ | 11644.0 | ||
| 15 Apr 2023 | 1.71 | 116.88 | -0.41 | 5.50 | AA+ | 1754.0 | ||
| 15 Apr 2025 | 1.88 | 105.83 | -0.38 | 2.75 | AA+ | 1700.0 | ||
| 15 Apr 2027 | 2.04 | 119.75 | -0.36 | 4.50 | AA+ | 5700.0 | ||
| 20 Apr 2029 | 2.23 | 107.78 | -0.32 | 3.00 | AA+ | 2150.0 | ||
| 14 Apr 2033 | 2.38 | 114.39 | 3.50 | AA+ | 2000.0 | |||
| 15 Apr 2037 | 2.75 | AA+ | 2000.0 | |||||
| NZ Local Govt Funding Agency | 15 Mar 2019 | 2.13 | 102.21 | 5.00 | AA+ | 50.0 | ||
| 15 Apr 2020 | 2.31 | 102.10 | 0.40 | 3.00 | AA+ | 20.0 | ||
| 15 May 2021 | 2.55 | 110.15 | 0.57 | 6.00 | AA+ | 215.0 | ||
| 14 Apr 2022 | 2.19 | 0.14 | 2.75 | AA+ | 200.0 | |||
| 15 Apr 2023 | 3.01 | 114.30 | 0.89 | 5.50 | AA+ | 65.0 | ||
| 15 Apr 2025 | 2.67 | 101.19 | 0.41 | 2.75 | AA+ | 325.0 | ||
| 15 Apr 2027 | 3.65 | 112.37 | 1.25 | 4.50 | AA+ | 200.0 | ||
| 14 Apr 2033 | 3.60 | 99.83 | 3.50 | AA+ | 125.0 | |||
| NZ Post Group Finance | 15 Nov 2019 | 4.00 | 103.02 | 6.35 | BB+ | 200.0 | ||
| NZX Limited | 20 Jun 2033 | 4.25 | 105.07 | 5.40 | 40.0 | |||
| Precinct Properties New Zealand Ltd | 17 Dec 2021 | 3.25 | 106.82 | 1.22 | 5.54 | 75.0 | ||
| 27 Nov 2024 | 3.75 | 104.15 | 1.52 | 4.42 | ||||
| Property for Industry | 28 Nov 2024 | 3.80 | 104.79 | 1.57 | 4.59 | 100.0 | ||
| 01 Oct 2025 | 4.07 | 1.78 | 4.25 | 100.0 | ||||
| Rabobank New Zealand | 15 Mar 2019 | 2.00 | 102.72 | 6.10 | AA- | 0.0 | ||
| 10 Jun 2020 | 2.40 | 0.48 | 4.59 | A+ | 200.0 | |||
| Sky City Entertainment Group | 28 Sep 2022 | 3.45 | 104.43 | 1.37 | 4.65 | BBB- | 125.0 | |
| Sky Network Television | 31 Mar 2021 | 4.00 | 105.05 | 2.02 | 6.25 | 100.0 | ||
| Spark Finance | 10 Mar 2023 | 2.90 | 106.77 | 0.79 | 4.51 | 100.0 | ||
| 07 Mar 2024 | 3.10 | 101.69 | 0.92 | 3.37 | A- | 125.0 | ||
| 07 Sep 2026 | 3.45 | 103.75 | 1.09 | 3.94 | A- | 125.0 | ||
| Summerset Group Holdings Limited | 11 Jul 2023 | 3.60 | 104.98 | 1.46 | 4.78 | 100.0 | ||
| 24 Sep 2025 | 3.90 | 102.07 | 1.61 | 4.20 | 125.0 | |||
| The New Zealand Refining Company Limited | 01 Mar 2034 | 4.80 | 5.10 | |||||
| The Warehouse Group | 15 Jun 2020 | 3.55 | 102.89 | 1.63 | 5.30 | 125.0 | ||
| Transpower | 06 Sep 2019 | 2.50 | 103.29 | 4.65 | AA- | 200.0 | ||
| 10 Jun 2020 | 2.25 | 107.16 | 0.33 | 6.95 | AA- | 150.0 | ||
| 30 Jun 2022 | 2.50 | 106.14 | 0.44 | 4.30 | AA- | 75.0 | ||
| 16 Sep 2022 | 2.55 | 106.68 | 0.47 | 4.07 | AA- | 100.0 | ||
| 15 Mar 2023 | 2.65 | 112.83 | 0.54 | 5.45 | AA- | 50.0 | ||
| 06 Mar 2025 | 3.00 | 106.01 | 0.75 | 3.82 | AA- | 125.0 | ||
| 15 Mar 2028 | 3.50 | 120.66 | 1.03 | 5.89 | AA- | 100.0 | ||
| TrustPower | 15 Sep 2019 | 3.98 | 4.00 | 140.0 | ||||
| 15 Dec 2021 | 3.45 | 106.55 | 1.42 | 5.63 | 125.0 | |||
| 15 Dec 2022 | 3.50 | 102.25 | 1.40 | 4.01 | 127.7 | |||
| Turners Automotive Group Limited | 30 Sep 2021 | 4.65 | 2.64 | 5.50 | 25.0 | |||
| WEL Networks Limited | 02 Aug 2023 | 4.40 | 103.10 | 2.26 | 4.90 | 150.0 | ||
| Wellington International Airport | 15 May 2021 | 2.75 | 108.94 | 0.77 | 6.25 | BBB+ | 75.0 | |
| 12 May 2023 | 3.15 | 105.21 | 1.03 | 4.25 | BBB+ | 75.0 | ||
| 05 Aug 2024 | 3.35 | 105.09 | 1.14 | 4.00 | BBB+ | 60.0 | ||
| 16 Jun 2025 | 4.21 | 108.72 | 1.94 | 5.00 | BBB+ | 75.0 | ||
| Westpac New Zealand | 20 Sep 2018 | 5.55 | 5.55 | AA- | 800.0 | |||
| 12 Jul 2019 | 2.10 | 101.79 | 5.61 | AA- | 100.0 | |||
| 28 Apr 2021 | 2.45 | 103.82 | 0.47 | 3.80 | AA- | 700.0 | ||
| 01 Sep 2021 | 3.70 | 103.12 | 1.69 | 4.70 | BBB+ | 400.0 | ||
| 07 Jun 2022 | 2.65 | 104.07 | 0.59 | 3.78 | AA- | |||
| 23 Mar 2023 | 2.80 | 104.82 | 0.68 | 3.72 | AA- | 550.0 | ||
| Z Energy | 15 Nov 2019 | 3.15 | 103.87 | 6.50 | 135.0 | |||
| 01 Nov 2021 | 3.45 | 102.35 | 1.42 | 3.95 | 200.0 | |||
| 01 Nov 2023 | 3.70 | 103.64 | 1.54 | 4.32 | 200.0 | |||
| 03 Sep 2024 | 3.95 | 100.78 | 1.73 | 4.00 |
| Issuer | Election or Conversion Date |
Yield to Election/ Conversion |
Swap Spread |
Coupon | Next Call | Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|
| ANZ Bank | 25 May 2020 | 7.20 | 25 May 2020 | BBB- | 250.0 | ||
| Fletcher Building Industries | 15 Mar 2017 | 5.95 | 7.50 | 15 Mar 2017 | 68.3 | ||
| TrustPower | 15 Dec 2015 | 8.40 | 8.40 | 15 Dec 2015 | 100.0 | ||
| Fletcher Building Industries | 15 Mar 2019 | 4.70 | 5.40 | 75.0 | |||
| 15 Mar 2022 | 4.75 | 2.71 | 5.00 | 100.0 | |||
| IAG | 15 Jun 2022 | 5.15 | 15 Jun 2022 | BBB | 350.0 | ||
| Infratil | 15 Jun 2024 | 4.70 | 2.50 | 5.50 | 56.1 | ||
| 15 Jun 2016 | 6.00 | 8.50 | 15 Jun 2016 | 100.0 | |||
| 15 Feb 2020 | 4.50 | 2.60 | 8.50 | 20 Feb 2020 | 80.5 |
| Issuer | Maturity Date |
Yield to Maturity |
Indicative Price | Swap Spread |
Coupon | Credit Rating | Amt $m | |
|---|---|---|---|---|---|---|---|---|
| Fletcher Building Industries | 15 Mar 2019 | 4.65 | 102.52 | 6.45 | 80.5 | |||
| 15 Mar 2020 | 4.75 | 103.19 | 2.85 | 5.80 | 93.2 | |||
| 15 Mar 2021 | 4.75 | 101.66 | 2.78 | 4.75 | 100.0 | |||
| 15 Mar 2023 | 4.80 | 102.49 | 2.69 | 5.25 | 100.0 | |||
| Infratil | 15 Nov 2018 | 4.10 | 6.85 | 111.4 | ||||
| The Cooperative Bank Ltd | 28 Jul 2021 | 4.90 | 2.55 | 6.00 | BBB | 30.0 | ||
| Vector | 15 Jun 2022 | 4.15 | 105.43 | 2.09 | 5.70 | BB+ |
| Issuer | Maturity Date | Price | Current Coupon |
Coupon Reset Date |
Coupon Base |
Coupon Margin |
Next Call |
Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|---|---|
| Rabo Capital Securities | Perpetual | 102.00 | 8.34 | 18 Jun 2019 | 5 yr swap plus | 3.75 | Continuous | BBB- | 280.0 |
| Issuer | Maturity Date | Price | Current Coupon |
Coupon Reset Date |
Coupon Base |
Coupon Margin |
Next Call |
Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|---|---|
| Bank of New Zealand | 17 Dec 2025 | 103.55 | 5.31 | 17 Dec 2020 | 5 year swap | 2.25 | 1608116400 | BBB+ | 550.0 |
| Chorus Limited | 06 Dec 2028 | 102.09 | 4.85 | 06 Dec 2023 | |||||
| Infratil | 15 Dec 2028 | 101.14 | 4.85 | 15 Dec 2023 | 122.0 |
| Issuer | Maturity Date | Price | Current Coupon |
Coupon Reset Date |
Coupon Base |
Coupon Margin |
Next Call |
Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|---|---|
| Fonterra Co-operative Group | Perpetual | 95.00 | 4.69 | 10 Jul 2016 | 2.74 | 2.20 | Continuous | BBB+ | 35.0 |
| Infratil | Perpetual | 71.00 | 3.63 | 15 Nov 2017 | 1 yr swap plus | 1.50 | Continuous | 238.0 |
| Issuer | Maturity Date | Price | Current Coupon |
Coupon Reset Date |
Coupon Base |
Coupon Margin |
Next Call |
Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|---|---|
| ASB Capital | Perpetual | 86.00 | 3.42 | 15 Nov 2018 | 1 yr swap plus | 1.30 | Continuous | BBB | 149.0 |
| ASB Capital No 2 | Perpetual | 84.50 | 3.03 | 15 May 2018 | 1 yr swap plus | 1.00 | Continuous | BBB | 245.7 |
| Motor Trade Finances | Perpetual | 63.00 | 4.47 | 01 Oct 2018 | 1 yr swap plus | 2.40 | Continuous | 40.0 |
| 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 2016 | 6.05 | 15 Jun 2018 | 1 yr swap plus | 4.05 | Continuous | 200.0 |
| Issuer | Maturity Date |
Yield to Reset Date |
Swap Spread |
Coupon | Coupon Reset Date | Coupon Base | Coupon Margin | Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|---|---|
| ANZ Bank | 22 Mar 2019 | 3.03 | 24 Sep 2018 | 3 Month Bank Bill Rate | 1.00 | 300.0 |
| 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 Apr 2018 | 8800.00 | 5.89 | 07 Apr 2018 | 6m A$ BBSW plus | 3.90 | Continuous | BB | 251.0 |
