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Bond Issues

Indicative yields and prices as at 11:00 am, 9 July 2025.

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 May 20263.200.98
15 Apr 20273.271.030.08
15 May 20283.480.910.18
20 Apr 20293.660.980.24
15 May 20303.851.040.29
15 May 20314.050.870.36
15 May 20324.210.870.40
14 Apr 20334.330.950.42

NFMA

Maturity Quarterly Rate
3 mth bills3.27
1 year3.15
2 year3.19
3 year3.31
4 year3.44
5 year3.57
7 year3.81
10 year4.87

Fixed Rate Issues

Senior Bonds

Issuer Maturity
Date
Yield to
Maturity
Indicative Price Swap
Spread
Coupon Credit Rating Amt $m
Air New Zealand27 Apr 20284.461.071.166.61Baa2100.0
ANZ Bank17 Sep 20264.930.981.763.00A
16 Feb 20283.781.060.515.22AA-500.0
18 Jul 20286.95BBB550.0
20 Feb 20304.131.040.604.63AA-
Argosy Property Limited27 Mar 20264.461.004.00100.0
29 Oct 20264.690.981.522.90100.0
27 Oct 20275.040.941.802.20125.0
Arvida Group22 Feb 20285.970.932.702.87125.0
ASB Bank04 May 20263.340.991.65AA-500.0
16 Nov 20263.421.040.255.93AA-650.0
21 Jun 20273.611.040.415.52AA-
Auckland Council 10 Jul 20253.232.01150.0
27 Jul 20263.411.010.253.34AA180.0
20 Oct 20273.710.980.482.41AA300.0
27 Sep 20283.961.070.615.73AA300.0
Auckland International Airport17 Nov 20263.581.000.413.29A-150.0
09 May 20284.061.050.765.67A-
17 Nov 20284.111.040.745.29A-150.0
02 Nov 20294.341.090.856.22A-250.0
15 Nov 20304.561.050.932.00A-
Bank of New Zealand08 Jun 20263.360.991.88AA-550.0
07 Jun 20273.611.030.414.99AA-650.0
25 May 20283.851.050.545.54AA-600.0
01 Sep 20283.941.080.605.87AA-1000.0
14 Jun 20297.30BBB375.0
19 Nov 20294.041.040.544.89AA-
Channel Infrastructure20 May 20274.481.031.295.80
14 Nov 20294.851.081.356.75
Chorus Limited01 Dec 20273.990.960.741.98BBB200.0
01 Dec 20304.690.901.062.51BBB200.0
Christchurch City Holdings Limited05 Nov 20263.561.000.393.01AA-150.0
06 Apr 20283.981.040.695.04AA150.0
Christchurch International Airport19 May 20284.021.040.725.18BBB+100.0
15 Apr 20314.531.060.85A-315.0
Contact Energy 19 Nov 20264.33BB+225.0
11 Apr 20283.991.050.705.82BBB250.0
06 Apr 20294.201.050.785.62BBB300.0
Fletcher Building Industries15 Mar 20267.750.982.80100.0
15 Mar 20277.450.974.264.75
15 Mar 20287.081.013.806.50100.0
15 Mar 20297.281.013.876.89
Fonterra Co-operative Group14 Nov 20253.391.014.15100.0
08 Nov 20294.201.020.714.60A-
Genesis Energy08 Jun 20275.70BB+225.0
09 Jun 20275.66BB+285.0
14 Mar 20283.951.020.674.17BBB+125.0
10 Jul 20286.50BB+240.0
GMT Bond Issuer14 Apr 20274.181.020.994.74BBB+150.0
Heartland Bank Limited28 Apr 20285.901.062.607.51BB+100.0
IAG15 Jun 20285.32BBB400.0
ICBC27 Jun 20242.61
Infratil14 Mar 20265.560.993.35120.3
15 Jun 20265.951.005.93115.9
14 Dec 20265.550.972.373.35156.3
15 Dec 20275.660.962.413.60102.4
31 Jul 20295.801.052.346.90150.0
13 Dec 20305.801.012.166.00
15 Mar 20315.751.072.087.08127.2
17 Dec 20315.901.072.147.06
16 Jun 20325.841.022.026.16
Investore Property25 Feb 20274.830.991.644.00125.0
30 Aug 20274.900.951.682.40125.0
Kiwi Property Group 12 Nov 20253.991.014.06100.0
19 Jul 20284.710.951.392.85BBB+
27 Sep 20294.821.071.346.24BBB+125.0
19 Jun 20304.601.041.035.35BBB+
Kiwibank11 Dec 20254.980.992.36Baa3275.0
02 Nov 20264.93Ba1250.0
19 Oct 20273.791.060.565.74A1
12 May 20284.951.051.656.40Baa2200.0
19 Oct 20284.061.080.706.25A1
11 Dec 20294.361.020.854.75A1
Manawa Energy29 Jul 20263.671.000.513.35125.0
08 Sep 20274.131.030.915.36150.0
22 Feb 20294.421.081.026.56
Mercury NZ11 Jul 20243.60BB+300.0
29 Sep 20263.570.990.402.16BBB+200.0
13 May 20275.73BB+250.0
13 Sep 20273.860.960.641.56BBB+200.0
19 Jun 20283.961.050.655.64BBB+150.0
Meridian Energy20 Sep 20284.101.070.755.91BBB+200.0
21 Mar 20304.401.060.865.40BBB+
Metlifecare30 Sep 20265.570.972.403.00100.0
Napier Port Holdings23 Mar 20284.551.031.275.52100.0
NZ Government15 May 20263.200.980.50AA+
15 Apr 20273.271.030.084.50AA+5700.0
15 May 20283.480.910.180.25AA+
20 Apr 20293.660.980.243.00AA+2150.0
15 May 20303.851.040.294.50AA+
15 May 20314.050.870.361.50AA+2000.0
15 May 20324.210.870.402.00AAA2000.0
14 Apr 20334.330.950.423.50AAA2000.0
NZ Local Govt Funding Agency15 Apr 20263.250.991.50AA+2255.0
15 Apr 20273.401.030.214.50AA+2311.0
15 May 20283.680.970.382.25AAA1613.0
20 Apr 20293.880.920.461.50AA+1982.0
15 May 20304.101.020.544.50AA+1600.0
15 May 20314.330.900.642.25AAA1305.0
14 May 20324.481.010.672.00AAA
14 Apr 20334.680.930.773.50AA+1575.0
15 May 20354.910.860.813.00AAA550.0
14 Apr 20375.170.734.692.00AA+920.0
NZX Limited20 Jun 20286.8040.0
20 Jun 20335.4040.0
Oceania Healthcare18 Oct 20276.250.923.022.30125.0
13 Sep 20286.050.922.713.30100.0
Precinct Properties New Zealand Ltd28 Jun 20274.710.971.512.85150.0
09 May 20284.911.021.615.25175.0
Property for Industry01 Oct 20254.191.004.25100.0
13 Sep 20305.001.021.405.43
Quayside Holdings12 Mar 20266.64200.0
Ryman Healthcare17 Dec 20265.290.962.112.55150.0
Sky City Entertainment Group21 May 20275.590.962.403.02BBB-175.0
Southland Building Society18 Mar 20274.001.010.814.32BBB+150.0
18 Mar 20274.571.061.166.14BBB+175.0
22 Aug 20295.811.082.347.62BB+
10 Apr 20304.851.011.304.98BBB+
Spark Finance07 Sep 20263.431.010.263.94A-125.0
18 Sep 20294.251.040.775.21A-
18 Sep 20314.581.050.855.45A-
Summerset Group Holdings Limited24 Sep 20254.121.004.20125.0
20 Sep 20274.490.961.272.30150.0
09 Mar 20294.831.061.426.50175.0
08 Mar 20305.071.061.536.43
23 May 20315.051.041.365.70
Transpower04 Sep 20253.441.001.74AA-450.0
08 Apr 20263.350.991.52AA150.0
08 Sep 20263.400.990.232.05AA200.0
16 Sep 20273.651.040.434.63AA200.0
15 Mar 20283.811.070.535.89AA-100.0
TrustPower 29 Jul 20263.35
Vector15 Jun 20276.23BB+307.2
26 Nov 20274.001.000.753.69BBB225.0
Wellington International Airport13 Aug 20263.761.000.602.50100.0
24 Sep 20264.191.001.023.32125.0
24 Aug 20284.341.061.005.78BBB75.0
01 Apr 20304.491.060.955.63100.0
04 Sep 20304.791.081.195.50BBB
Westpac New Zealand24 Feb 20263.340.991.44AA-
24 Feb 20261.44AA-
16 Feb 20273.591.020.413.70AA
16 Sep 20274.711.031.496.19A-600.0
14 Feb 20294.751.081.356.73A-600.0
24 Sep 20294.241.020.764.34AA-
Works Finance (NZ)15 Jun 20249.81200.0

Subordinated Callable Bonds

Issuer Maturity
Date
Yield to
Reset Date
Swap
Spread
Coupon Coupon Reset Date Coupon Base Coupon Margin Credit Rating Amt $m

Convertible Bonds

Issuer Election or
Conversion Date
Yield to
Election/
Conversion
Swap
Spread
Coupon Next Call Credit Rating Amt $m

Capital Bonds

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

Perpetual Callable Bonds

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

Redeemable Preference Shares

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

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
Chorus Limited06 Dec 20281.084.8506 Dec 2023500.0
TrustPower 22 Feb 20293.9722 Feb 2024100.0
Infratil15 Dec 20281.044.8515 Dec 2023146.2

Perpetual Callable Bonds

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

Redeemable Preference Shares

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

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

Floating Rate Issues

Floating rate bonds

Issuer Maturity
Date
Yield to
Reset Date
Swap
Spread
Coupon Coupon Reset Date Coupon Base Coupon Margin 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

Structured Credit

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