Bond Issues

Indicative yields and prices as at 11:00 am, Jan 28, 2021.

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

Maturity	Yield to Maturity	Indicative Price $	Swap Spread
15 Apr 2023	1.70	106.14	-0.32
15 May 2024	2.13	96.49	0.03
15 Apr 2025	2.32	102.13	0.15
15 May 2026	2.43	92.29	0.18
15 Apr 2027	2.46	111.24	0.14
15 May 2028	2.53	86.88	0.12
20 Apr 2029	2.54	103.86	0.06
15 May 2031	2.60	91.29	-0.04

NFMA

Maturity	Quarterly Rate
3 mth bills	1.10
1 year	2.00
2 year	2.49
3 year	2.70
4 year	2.81
5 year	2.85
7 year	2.87
10 year	2.90

Senior Bonds

Issuer	Maturity Date	Yield to Maturity	Indicative Price	Swap Spread	Coupon	Credit Rating	Amt $m
ANZ Bank	01 Sep 2022	1.55	102.84		3.75	AA-	275.0
	30 May 2023	2.33	102.41	0.30	3.70	AA-	500.0
	01 Sep 2023	2.50	103.42	0.45	3.71	AA-	150.0
	20 Mar 2024	2.75	101.69	0.66	3.03
Argosy Property Limited	27 Mar 2026	3.50	102.31	1.26	4.00
	29 Oct 2026	3.60	96.98	1.31	2.90
	27 Oct 2027	3.75	92.05	1.39	2.20
Arvida Group	22 Feb 2028	3.90	95.01	1.51	2.87
ASB Bank	24 Feb 2022	0.80	102.05		4.20	AA-	100.0
	07 Sep 2023	2.50	102.59	0.45	3.31	AA-	450.0
	19 Aug 2024	2.91	98.18	0.79	1.83	AA-	600.0
	04 May 2026	3.26	94.03	1.01	1.65	AA-
Auckland Council	27 Jun 2023	2.25	101.57	0.22	3.17	AA
	25 Mar 2024	2.59	108.72	0.50	5.81	AA+	200.0
	10 Jul 2025	2.85	97.39	0.66	2.01
	27 Jul 2026	2.95	101.66	0.68	3.34	AA	160.0
	20 Oct 2027	3.00	97.61	0.64	2.41	AA
Auckland International Airport	09 Nov 2022	1.94	102.76		4.28	A-	100.0
	17 Apr 2023	2.40	102.50	0.38	3.64	A-
	02 Nov 2023	2.69	103.16	0.63	3.97	A-	225.0
	10 Oct 2024	3.01	102.37	0.88	3.51	A-
	17 Nov 2026	3.20		0.00	3.29	A-
Bank of China	17 Oct 2022	2.00	102.65		4.09	A
	19 Apr 2023	2.55	102.89	0.53	4.02	A
Bank of New Zealand	27 Jul 2022	1.45	101.22		3.86	AA-
	15 Jun 2023	2.35	102.88	0.32	4.10	AA-	250.0
	16 Nov 2023	2.60	102.58	0.54	3.65
	28 Jan 2025	2.95	97.76	0.80	2.16	AA-	500.0
	16 Dec 2025	1.90		-0.32	2.73	BBB+
	08 Jun 2026	3.30	94.58	1.04	1.88	AA-
China Construction Bank (New Zealand)	09 Nov 2022	2.05	102.33		3.93	A
	19 Jun 2023	2.65	102.30	0.62	4.01	A
	24 Sep 2023	2.85	97.31	0.80	0.95	A
Chorus Limited	01 Dec 2027	3.45	92.59	1.08	1.98	BBB
	01 Dec 2030	3.65	91.84	1.05	2.51	BBB
Christchurch City Holdings Limited	06 Dec 2022	1.94	101.74		3.40	A+
	27 Nov 2024	2.80	102.74	0.66	3.58
	05 Nov 2026	3.05	100.54	0.76	3.01	AA-
Christchurch International Airport	24 May 2024	2.95	103.39	0.85	4.13		100.0
Contact Energy	15 Nov 2021	0.55	101.10		4.40	BBB	125.0
	15 Nov 2022	2.00	103.03		4.63	BBB	125.0
	15 Aug 2024	2.90	102.33	0.78	3.55
	19 Nov 2026	3.55	103.87	0.00	4.33	BB+
Fletcher Building Industries	14 Mar 2025	3.40	102.95	1.24	3.90
	15 Mar 2026				2.80
Fonterra Co-operative Group	07 Mar 2023	2.30	104.06	0.29	4.42	A-	150.0
	14 Nov 2025	3.20	104.25	0.99	4.15		100.0
Genesis Energy		3.00	103.42	0.96	4.65	BB+	240.0
	18 Mar 2022	1.00	101.94		4.14	BBB+	100.0
	08 Jun 2027	2.85	101.52		5.70	BB+	225.0
Goodman Property Trust	23 Jun 2022	1.65	101.84		5.00	BBB+	100.0
	01 Sep 2023	2.55	103.91	0.50	4.00	BBB+	100.0
	31 May 2024	3.05	104.10	0.95	4.54	BBB+	100.0
Heartland Bank Limited	21 Sep 2022	2.05	103.18		4.50	BBB	150.0
	12 Apr 2024	3.00	102.24	0.91	3.55
ICBC	27 Jun 2024	3.15	99.01	1.04	2.61
Infratil	15 Jun 2022	2.70	102.41		6.85		100.0
	15 Dec 2022	3.05	102.96		5.65		79.3
	15 Sep 2023	3.00	104.23	0.95	5.25		60.0
	15 Dec 2024	3.20	104.85	1.06	4.75		57.3
	15 Jun 2025	3.85	108.04	1.67	6.15		35.0
	14 Mar 2026	3.60	99.48	1.36	3.35
	14 Dec 2026	3.70	98.88	1.40	3.35
	15 Dec 2027	4.00	98.39	1.63	3.60
Investore Property	18 Apr 2024	3.25	102.61	1.16	4.40		100.0
	30 Aug 2027	3.70	93.89	1.35	2.40
Kiwi Property Group	20 Aug 2021	1.59			6.15		125.0
	07 Sep 2023	2.70	103.63	0.65	4.00		125.0
	19 Dec 2024	2.90	104.44	0.75	4.33	BBB+
	12 Nov 2025	3.20	103.93	0.99	4.06		100.0
Kiwibank	20 Sep 2024	3.00	98.67	0.87	2.16	A	500.0
	11 Dec 2025	3.45	96.41	1.23	2.36	Baa3
	02 Nov 2026		101.50		4.93	Ba1
Mercury NZ	29 Sep 2026	3.30		1.02	2.16	BBB+
	13 Sep 2027	3.35	91.50	1.00	1.56	BBB+
Meridian Energy	14 Mar 2023	2.25	104.24	0.24	4.53	BBB+	150.0
	20 Mar 2024	2.90	105.86	0.81	4.88	BBB+	150.0
	27 Jun 2025	3.20	103.64	1.02	4.21	BBB+
Metlifecare	30 Sep 2026	3.50	98.11	1.22	3.00
NZ Government	15 Apr 2023	1.70	106.14	-0.32	5.50	AA+	1754.0
	15 May 2024	2.13	96.49	0.03	0.50	AA+
	15 Apr 2025	2.32	102.13	0.15	2.75	AA+	1700.0
	15 May 2026	2.43	92.29	0.18	0.50	AA+
	15 Apr 2027	2.46	111.24	0.14	4.50	AA+	5700.0
	15 May 2028	2.53	86.88	0.12	0.25	AA+
	20 Apr 2029	2.54	103.86	0.06	3.00	AA+	2150.0
	15 May 2031	2.60	91.29	-0.04	1.50	AA+	2000.0
NZ Local Govt Funding Agency	14 Apr 2022	0.93	101.19		2.75	AA+	200.0
	15 Apr 2023	2.04	105.72	0.02	5.50	AA+	65.0
	15 Apr 2024	2.43	100.28	0.34	2.25	AA+
	15 Apr 2025	2.68	101.03	0.51	2.75	AA+	325.0
	15 Apr 2026	2.82	95.25	0.57	1.50	AA+	1000.0
	15 Apr 2027	2.90	109.01	0.58	4.50	AA+	200.0
	15 May 2028	3.01	96.15	0.60	2.25	AAA
	20 Apr 2029	3.03	90.57	0.55	1.50	AA+	632.0
	15 May 2031				2.25	AAA
	14 Apr 2033	3.23	103.57	0.45	3.50	AA+	125.0
	15 May 2035	3.35	96.91		3.00	AAA
	14 Apr 2037	3.43	83.76		2.00	AA+
NZX Limited	20 Jun 2033		101.50		5.40		40.0
Oceania Healthcare	18 Oct 2027	3.70	92.89	1.34	2.30
	13 Sep 2028	3.75	97.82	1.32	3.30
Precinct Properties New Zealand Ltd	17 Dec 2021	5.54	102.68		5.54		75.0
	27 Nov 2024	3.40	103.51	1.26	4.42
	28 Jun 2027	3.60	96.90	1.27	2.85
Property for Industry	28 Nov 2024	3.00	105.09	0.86	4.59		100.0
	01 Oct 2025	3.45	103.10	1.24	4.25		100.0
Ryman Healthcare	17 Dec 2026	3.50	96.07	1.20	2.55
Sky City Entertainment Group	21 May 2027	3.60	97.79	1.27	3.02	BBB-
Spark Finance	10 Mar 2023	2.15	103.22	0.14	4.51		100.0
	07 Mar 2024	2.70	101.88	0.62	3.37	A-	125.0
	07 Sep 2026	3.10	104.19	0.82	3.94	A-	125.0
Summerset Group Holdings Limited	11 Jul 2023	3.00	102.77	0.97	4.78		100.0
	24 Sep 2025	3.35	103.35	1.15	4.20		125.0
	20 Sep 2027	3.65	93.41	1.29	2.30
Synlait Milk	17 Dec 2024	4.90	97.62	2.76	3.83
Transpower	30 Jun 2022	1.30	101.61		4.30	AA-	75.0
	16 Sep 2022	1.60	103.06		4.07	AA-	100.0
	15 Mar 2023	2.10	105.80	0.09	5.45	AA-	50.0
	14 Mar 2024	2.60	101.31	0.51	2.73	AA-
	06 Mar 2025	2.85	104.41	0.69	3.82	AA-	125.0
	04 Sep 2025	2.90	96.77	0.70	1.74	AA-	150.0
	08 Apr 2026	3.05	94.51	0.81	1.52	AA
	08 Sep 2026	3.05	96.54	0.77	2.05	AA
	15 Mar 2028	3.15	117.40	0.76	5.89	AA-	100.0
TrustPower	15 Dec 2021	5.63	101.34		5.63		125.0
	15 Dec 2022	2.50	101.82		4.01		127.7
	29 Jul 2026	3.35	100.02	1.08	3.35
Vector	27 May 2025	3.15	101.56	0.97	3.45
	26 Nov 2027	3.65	100.88	1.28	3.69	BBB
WEL Networks Limited	02 Aug 2023	3.10	103.84	1.06	4.90		150.0
Wellington International Airport	12 May 2023	2.60	103.00	0.58	4.25	BBB+	75.0
	05 Aug 2024	3.15	103.98	1.03	4.00	BBB+	60.0
	16 Jun 2025	3.25	106.18	1.07	5.00	BBB+	75.0
	13 Aug 2026	3.40	97.40	1.13	2.50
	24 Sep 2026	3.45	100.59	1.17	3.32
	01 Apr 2030	3.20	103.69	1.03	4.00
Westpac New Zealand	07 Jun 2022	1.30	101.43		3.78	AA-
	23 Mar 2023	2.25	103.00	0.24	3.72	AA-	550.0
	29 Jul 2024	2.90	98.39	0.78	2.22	AA-	900.0
	20 Feb 2025	3.05	98.13	0.89	2.08	AA-	500.0
	24 Feb 2026	3.25	93.78	1.01	1.44	AA-
	24 Feb 2026				1.44	AA-
Z Energy	01 Nov 2021	1.63			4.01		200.0
	01 Nov 2023	2.65	103.92	0.59	4.32		200.0
	03 Sep 2024	3.10	102.88	0.98	4.00

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
Fletcher Building Industries	15 Mar 2022	3.50		5.00			100.0
IAG	15 Jun 2022			5.15	15 Jun 2022	BBB	350.0
Infratil	15 Jun 2024	3.00	0.89	5.50			56.1

Capital Bonds

Issuer	Maturity Date	Yield to Maturity	Indicative Price	Swap Spread	Coupon	Credit Rating	Amt $m
Fletcher Building Industries	15 Mar 2021	3.10			4.75		100.0
	15 Mar 2023	2.90	104.20	0.89	5.25		100.0
	15 Mar 2024	3.00	105.74	0.91	4.90
The Cooperative Bank Ltd	28 Jul 2021	4.30		2.03	6.00	BBB	30.0
Vector	15 Jun 2022	2.20			5.70	BB+

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

Senior Bonds

Issuer	Maturity Date	Price	Current Coupon	Coupon Reset Date	Amt $m
Chorus Limited	06 Dec 2028	104.71	4.85	06 Dec 2023
TrustPower	22 Feb 2029	102.35	3.97	22 Feb 2024
Infratil	15 Dec 2028	103.40	4.85	15 Dec 2023	122.0

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 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

NZ Government Stock and NZ Interest Rate Swap Rates

NZ Government Stock

NFMA

Fixed Rate Issues

Senior Bonds

Subordinated Callable Bonds

Convertible Bonds

Capital Bonds

Perpetual Callable Bonds

Redeemable Preference Shares

Structured Credit

Yearly Reset Issues

Senior Bonds

Perpetual Callable Bonds

Redeemable Preference Shares

Redeemable Convertible Preference Shares

Floating Rate Issues

Floating rate bonds

Convertible Bonds

Structured Credit

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