Bond Issues
Indicative yields and prices as at 11:00 am, October 22, 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
NZ Government Stock and NZ Interest Rate Swap Rates
NZ Government Stock
| Maturity | Yield to Maturity |
Indicative Price $ | Swap Spread |
|---|---|---|---|
| 15 Apr 2020 | 0.71 | 101.16 | |
| 15 May 2021 | 1.00 | 110.72 | 0.00 |
| 15 Apr 2023 | 1.01 | 116.18 | -0.08 |
| 15 Apr 2025 | 0.93 | 109.76 | -0.25 |
| 15 Apr 2027 | 1.10 | 124.45 | -0.18 |
| 20 Apr 2029 | 1.24 | 115.75 | -0.13 |
| 14 Apr 2033 | 1.40 | 101.73 | |
| 15 Apr 2037 | 1.49 | 124.55 |
Fixed Rate Issues
Senior Bonds
| Issuer | Maturity Date |
Yield to Maturity |
Indicative Price | Swap Spread |
Coupon | Credit Rating | Amt $m | |
|---|---|---|---|---|---|---|---|---|
| ANZ Bank | 25 Sep 2020 | 1.48 | 102.91 | 4.03 | AA- | 225.0 | ||
| 22 Mar 2021 | 1.60 | 103.98 | 0.61 | 4.00 | AA- | 325.0 | ||
| 02 Sep 2021 | 1.61 | 103.82 | 0.60 | 3.33 | AA- | 200.0 | ||
| 01 Sep 2022 | 1.73 | 106.38 | 0.67 | 3.75 | AA- | 275.0 | ||
| 30 May 2023 | 1.80 | 108.26 | 0.71 | 3.70 | AA- | 500.0 | ||
| 01 Sep 2023 | 1.85 | 107.63 | 0.74 | 3.71 | AA- | 150.0 | ||
| 20 Mar 2024 | 1.93 | 105.26 | 0.80 | 2.95 | ||||
| Argosy Property Limited | 27 Mar 2026 | 3.03 | 1.80 | 4.00 | ||||
| ASB Bank | 25 Feb 2020 | 1.15 | 101.82 | 4.42 | AA- | 200.0 | ||
| 26 May 2021 | 1.60 | 106.20 | 0.60 | 4.25 | AA- | 650.0 | ||
| 24 Feb 2022 | 1.65 | 106.87 | 0.62 | 4.20 | AA- | 100.0 | ||
| 07 Sep 2023 | 1.84 | 106.25 | 0.73 | 3.31 | AA- | 450.0 | ||
| Auckland Council | 30 Mar 2020 | 1.15 | 101.02 | 3.04 | AA | 250.0 | ||
| 24 Sep 2020 | 1.15 | 102.94 | 4.02 | AA | 250.0 | |||
| 27 Jun 2023 | 1.54 | 107.35 | 0.44 | 3.17 | AA | |||
| 25 Mar 2024 | 1.62 | 118.82 | 0.49 | 5.81 | AA+ | 200.0 | ||
| 10 Jul 2025 | 1.65 | 102.55 | 0.46 | 2.01 | ||||
| 27 Jul 2026 | 1.88 | 111.23 | 0.64 | 3.34 | AA | 160.0 | ||
| Auckland International Airport | 13 Dec 2019 | 1.61 | 102.17 | 4.73 | A- | 100.0 | ||
| 13 Dec 2019 | 1.61 | 102.17 | 4.73 | A- | 100.0 | |||
| 28 May 2021 | 1.63 | 108.71 | 0.63 | 5.52 | A- | 150.0 | ||
| 09 Nov 2022 | 1.76 | 109.89 | 0.69 | 4.28 | A- | 100.0 | ||
| 17 Apr 2023 | 1.84 | 106.78 | 0.75 | 3.64 | A- | |||
| 02 Nov 2023 | 1.91 | 108.70 | 0.80 | 3.97 | A- | 225.0 | ||
| 10 Oct 2024 | 2.02 | 107.73 | 0.86 | 3.51 | A- | |||
| Bank of China | 17 Oct 2022 | 1.90 | 106.40 | 0.84 | 4.09 | A | ||
| 19 Apr 2023 | 2.00 | 106.83 | 0.91 | 4.02 | A | |||
| Bank of New Zealand | 18 Jun 2020 | 1.41 | 103.67 | 4.43 | AA- | 575.0 | ||
| 27 Jul 2022 | 1.69 | 107.00 | 0.64 | 3.86 | AA- | |||
| 15 Jun 2023 | 1.72 | 109.92 | 0.62 | 4.10 | AA- | 250.0 | ||
| 16 Nov 2023 | 1.87 | 109.01 | 0.75 | 3.65 | ||||
| China Construction Bank (New Zealand) | 09 Nov 2022 | 1.95 | 107.63 | 0.88 | 3.93 | A | ||
| 19 Jun 2023 | 2.05 | 108.24 | 0.95 | 4.01 | A | |||
| Chorus Limited | 06 May 2021 | 2.31 | 103.93 | 1.31 | 4.12 | BBB | 400.0 | |
| Christchurch City Holdings Limited | 06 Dec 2022 | 1.76 | 106.76 | 0.69 | 3.40 | A+ | ||
| 27 Nov 2024 | 1.99 | 110.09 | 0.83 | 3.58 | ||||
| Christchurch International Airport | 06 Dec 2019 | 1.50 | 102.40 | 5.15 | BBB+ | 50.0 | ||
| 04 Oct 2021 | 1.60 | 109.22 | 0.58 | 6.25 | BBB+ | 75.0 | ||
| 24 May 2024 | 2.12 | 111.24 | 0.98 | 4.13 | 100.0 | |||
| Contact Energy | 15 Nov 2021 | 2.01 | 105.98 | 0.99 | 4.40 | BBB | 125.0 | |
| 15 Nov 2022 | 2.15 | 108.67 | 1.08 | 4.63 | BBB | 125.0 | ||
| 15 Aug 2024 | 2.42 | 107.06 | 1.27 | 3.55 | ||||
| Fonterra Co-operative Group | 20 Oct 2021 | 2.07 | 104.77 | 1.05 | 4.33 | A- | 350.0 | |
| 07 Mar 2023 | 2.26 | 108.26 | 1.18 | 4.42 | A- | 150.0 | ||
| Genesis Energy | 18 Mar 2022 | 2.12 | 105.65 | 1.08 | 4.14 | BBB+ | 100.0 | |
| 09 Jun 2022 | 2.80 | 108.03 | 1.75 | 5.70 | BB+ | 225.0 | ||
| 16 Jul 2048 | 2.80 | 106.64 | 1.70 | 4.65 | BB+ | 240.0 | ||
| Goodman Property Trust | 16 Dec 2020 | 2.01 | 107.11 | 1.03 | 6.20 | BBB+ | 100.0 | |
| 23 Jun 2022 | 2.28 | 109.16 | 1.23 | 5.00 | BBB+ | 100.0 | ||
| 01 Sep 2023 | 2.37 | 107.01 | 1.26 | 4.00 | BBB+ | 100.0 | ||
| 31 May 2024 | 2.56 | 111.09 | 1.42 | 4.54 | BBB+ | 100.0 | ||
| Heartland Bank Limited | 21 Sep 2022 | 2.40 | 106.57 | 1.34 | 4.50 | BBB | 150.0 | |
| 12 Apr 2024 | 2.79 | 103.46 | 1.65 | 3.55 | ||||
| Housing New Zealand | 12 Jun 2023 | 2.97 | ||||||
| 12 Jun 2025 | 3.36 | |||||||
| 05 Oct 2026 | 2.25 | |||||||
| 18 Oct 2028 | 3.42 | |||||||
| ICBC | 27 Jun 2024 | 2.20 | 102.67 | 1.06 | 2.61 | |||
| Infratil | 15 Nov 2019 | 3.25 | 101.50 | 6.75 | 68.5 | |||
| 15 Jun 2022 | 3.25 | 109.82 | 2.20 | 6.85 | 100.0 | |||
| 15 Dec 2022 | 3.10 | 108.22 | 2.03 | 5.65 | 79.3 | |||
| 15 Sep 2023 | 3.25 | 107.86 | 2.14 | 5.25 | 60.0 | |||
| 15 Dec 2024 | 3.35 | 107.11 | 0.00 | 4.75 | 57.3 | |||
| 15 Jun 2025 | 3.35 | 115.01 | 2.16 | 6.15 | 35.0 | |||
| Investore Property | 18 Apr 2024 | 2.85 | 107.67 | 1.71 | 4.40 | 100.0 | ||
| Kiwi Property Group | 20 Aug 2021 | 2.24 | 108.30 | 1.23 | 6.15 | 125.0 | ||
| 07 Sep 2023 | 2.41 | 106.59 | 1.30 | 4.00 | 125.0 | |||
| 19 Dec 2024 | 2.55 | 110.05 | 1.38 | 4.33 | BBB+ | |||
| 12 Nov 2025 | 2.68 | 109.66 | 1.47 | 4.06 | 100.0 | |||
| Meridian Energy | 14 Mar 2023 | 2.11 | 108.93 | 1.03 | 4.53 | BBB+ | 150.0 | |
| 20 Mar 2024 | 2.19 | 112.33 | 1.06 | 4.88 | BBB+ | 150.0 | ||
| 27 Jun 2025 | 2.37 | 111.48 | 1.18 | 4.21 | BBB+ | |||
| NZ Government | 15 Apr 2020 | 0.71 | 101.16 | 5.00 | AA+ | 2000.0 | ||
| 15 May 2021 | 1.00 | 110.72 | 0.00 | 6.00 | AA+ | 11644.0 | ||
| 15 Apr 2023 | 1.01 | 116.18 | -0.08 | 5.50 | AA+ | 1754.0 | ||
| 15 Apr 2025 | 0.93 | 109.76 | -0.25 | 2.75 | AA+ | 1700.0 | ||
| 15 Apr 2027 | 1.10 | 124.45 | -0.18 | 4.50 | AA+ | 5700.0 | ||
| 20 Apr 2029 | 1.24 | 115.75 | -0.13 | 3.00 | AA+ | 2150.0 | ||
| 14 Apr 2033 | 1.40 | 101.73 | 3.50 | AA+ | 2000.0 | |||
| 15 Apr 2037 | 1.49 | 124.55 | 2.75 | AA+ | 2000.0 | |||
| NZ Local Govt Funding Agency | 15 Apr 2020 | 1.39 | 100.99 | 3.00 | AA+ | 20.0 | ||
| 15 May 2021 | 1.34 | 110.17 | 0.34 | 6.00 | AA+ | 215.0 | ||
| 14 Apr 2022 | 1.08 | 0.04 | 2.75 | AA+ | 200.0 | |||
| 15 Apr 2023 | 1.44 | 114.48 | 0.35 | 5.50 | AA+ | 65.0 | ||
| 15 Apr 2024 | 1.37 | 103.87 | 0.23 | 2.25 | AA+ | |||
| 15 Apr 2025 | 1.66 | 106.46 | 0.48 | 2.75 | AA+ | 325.0 | ||
| 15 Apr 2027 | 1.86 | 119.46 | 0.58 | 4.50 | AA+ | 200.0 | ||
| 14 Apr 2033 | 2.36 | 114.44 | 3.50 | AA+ | 125.0 | |||
| NZ Post Group Finance | 15 Nov 2019 | 2.70 | 103.01 | 6.35 | BB+ | 200.0 | ||
| NZX Limited | 20 Jun 2033 | 3.10 | 103.66 | 5.40 | 40.0 | |||
| Precinct Properties New Zealand Ltd | 17 Dec 2021 | 2.37 | 108.92 | 1.35 | 5.54 | 75.0 | ||
| 27 Nov 2024 | 2.68 | 110.44 | 1.52 | 4.42 | ||||
| Property for Industry | 28 Nov 2024 | 2.55 | 110.44 | 1.39 | 4.59 | 100.0 | ||
| 01 Oct 2025 | 2.79 | 109.04 | 1.59 | 4.25 | 100.0 | |||
| Rabobank New Zealand | 10 Jun 2020 | 1.47 | 4.59 | A+ | 200.0 | |||
| Sky City Entertainment Group | 28 Sep 2022 | 2.43 | 106.83 | 1.37 | 4.65 | BBB- | 125.0 | |
| Sky Network Television | 31 Mar 2021 | 3.40 | 104.39 | 2.41 | 6.25 | 100.0 | ||
| Spark Finance | 10 Mar 2023 | 1.89 | 109.59 | 0.81 | 4.51 | 100.0 | ||
| 07 Mar 2024 | 2.03 | 106.81 | 0.90 | 3.37 | A- | 125.0 | ||
| 07 Sep 2026 | 2.26 | 111.99 | 1.01 | 3.94 | A- | 125.0 | ||
| Summerset Group Holdings Limited | 11 Jul 2023 | 2.54 | 108.61 | 1.44 | 4.78 | 100.0 | ||
| 24 Sep 2025 | 2.71 | 108.53 | 1.51 | 4.20 | 125.0 | |||
| The New Zealand Refining Company Limited | 01 Mar 2034 | 3.45 | 5.10 | |||||
| The Warehouse Group | 15 Jun 2020 | 2.65 | 103.58 | 5.30 | 125.0 | |||
| Transpower | 10 Jun 2020 | 1.20 | 106.17 | 6.95 | AA- | 150.0 | ||
| 30 Jun 2022 | 1.60 | 109.00 | 0.55 | 4.30 | AA- | 75.0 | ||
| 16 Sep 2022 | 1.62 | 107.98 | 0.56 | 4.07 | AA- | 100.0 | ||
| 15 Mar 2023 | 1.45 | 113.78 | 0.37 | 5.45 | AA- | 50.0 | ||
| 14 Mar 2024 | 1.60 | 105.08 | 0.47 | 2.73 | AA- | |||
| 06 Mar 2025 | 1.93 | 111.09 | 0.75 | 3.82 | AA- | 125.0 | ||
| 15 Mar 2028 | 2.20 | 128.80 | 0.88 | 5.89 | AA- | 100.0 | ||
| TrustPower | 15 Dec 2021 | 2.50 | 107.44 | 1.48 | 5.63 | 125.0 | ||
| 15 Dec 2022 | 2.54 | 105.30 | 1.47 | 4.01 | 127.7 | |||
| Turners Automotive Group Limited | 30 Sep 2021 | 4.00 | 2.99 | 5.50 | 25.0 | |||
| Vector | 27 May 2025 | 2.60 | 105.81 | 1.41 | 3.45 | |||
| WEL Networks Limited | 02 Aug 2023 | 2.70 | 107.76 | 1.60 | 4.90 | 150.0 | ||
| Wellington International Airport | 15 May 2021 | 2.00 | 109.57 | 1.00 | 6.25 | BBB+ | 75.0 | |
| 12 May 2023 | 2.14 | 109.59 | 1.05 | 4.25 | BBB+ | 75.0 | ||
| 05 Aug 2024 | 2.38 | 108.77 | 1.23 | 4.00 | BBB+ | 60.0 | ||
| 16 Jun 2025 | 2.42 | 116.00 | 1.23 | 5.00 | BBB+ | 75.0 | ||
| 01 Apr 2030 | 2.90 | 105.75 | 1.48 | 4.00 | ||||
| Westpac New Zealand | 28 Apr 2021 | 1.35 | 105.50 | 0.36 | 3.80 | AA- | 700.0 | |
| 01 Sep 2021 | 2.52 | 104.84 | 1.51 | 4.70 | BBB+ | 400.0 | ||
| 07 Jun 2022 | 1.55 | 107.10 | 0.50 | 3.78 | AA- | |||
| 23 Mar 2023 | 1.70 | 106.99 | 0.62 | 3.72 | AA- | 550.0 | ||
| Z Energy | 15 Nov 2019 | 2.00 | 101.51 | 6.50 | 135.0 | |||
| 01 Nov 2021 | 2.42 | 103.39 | 1.40 | 3.95 | 200.0 | |||
| 01 Nov 2023 | 2.48 | 107.45 | 1.37 | 4.32 | 200.0 | |||
| 03 Sep 2024 | 2.57 | 107.41 | 1.42 | 4.00 |
Subordinated Callable Bonds
Convertible Bonds
| 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 | 5.40 | 75.0 | ||||
| 15 Mar 2022 | 3.15 | 2.11 | 5.00 | 100.0 | |||
| IAG | 15 Jun 2022 | 5.15 | 15 Jun 2022 | BBB | 350.0 | ||
| Infratil | 15 Jun 2024 | 3.40 | 2.26 | 5.50 | 56.1 | ||
| 15 Jun 2016 | 6.00 | 8.50 | 15 Jun 2016 | 100.0 | |||
| 15 Feb 2020 | 3.30 | 8.50 | 20 Feb 2020 | 80.5 |
Capital Bond
| Issuer | Maturity Date |
Yield to Maturity |
Indicative Price | Swap Spread |
Coupon | Credit Rating | Amt $m | |
|---|---|---|---|---|---|---|---|---|
| Fletcher Building Industries | 15 Mar 2020 | 3.20 | 101.63 | 5.80 | 93.2 | |||
| 15 Mar 2021 | 3.25 | 102.54 | 2.26 | 4.75 | 100.0 | |||
| 15 Mar 2023 | 3.10 | 106.62 | 2.02 | 5.25 | 100.0 | |||
| 15 Mar 2024 | 3.15 | 107.66 | 2.02 | 4.90 | ||||
| Infratil | 15 Nov 2018 | 4.10 | 6.85 | 111.4 | ||||
| The Cooperative Bank Ltd | 28 Jul 2021 | 3.57 | 2.33 | 6.00 | BBB | 30.0 | ||
| Vector | 15 Jun 2022 | 2.80 | 108.43 | 1.75 | 5.70 | BB+ |
Perpetual Callable Bonds
Redeemable Preference Shares
Structured Credit
Yearly Reset Issues
Senior Bonds
| 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 | 103.84 | 5.31 | 17 Dec 2020 | 5 year swap | 2.25 | 1608116400 | BBB+ | 550.0 |
| Chorus Limited | 06 Dec 2028 | 106.99 | 4.85 | 06 Dec 2023 | |||||
| TrustPower | 22 Feb 2029 | 105.44 | 3.97 | 22 Feb 2024 | |||||
| Infratil | 15 Dec 2028 | 105.71 | 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 |
|---|---|---|---|---|---|---|---|---|---|
| Fonterra Co-operative Group | Perpetual | 96.00 | 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 |
Redeemable Preference Shares
Redeemable Convertible Preference Shares
Floating Rate Issues