Bond Issues

Indicative yields and prices as at 11:00 am, Sep 23, 2020

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 May 2021	0.17	0.01
15 Apr 2023	-0.08	0.01	-0.29
15 Apr 2025	-0.05	102.18	-0.35
15 Apr 2027	-0.07	114.09	-0.46
20 Apr 2029	0.11	130.67	-0.36
15 May 2031	0.33	123.83	-0.24
14 Apr 2033	0.49	111.00	-0.16
15 Apr 2037	0.68	135.44

NZFMA

Maturity	Quarterly Rate
3 mth bills	0.28
1 year	0.14
2 year	0.05
3 year	0.05
4 year	0.07
5 year	0.13
7 year	0.28
10 year	0.51

Senior Bonds

Issuer	Maturity Date	Yield to Maturity	Indicative Price	Swap Spread	Coupon	Credit Rating	Amt $m
ANZ Bank	25 Sep 2020	0.25	102.01		4.03	AA-	225.0
	22 Mar 2021	0.25	101.88		4.00	AA-	325.0
	02 Sep 2021	0.20	103.14		3.33	AA-	200.0
	01 Sep 2022	0.25	0.01	0.07	3.75	AA-	275.0
	30 May 2023	0.30	110.25	0.09	3.70	AA-	500.0
	01 Sep 2023	0.35	110.05	0.12	3.71	AA-	150.0
	20 Mar 2024	0.45	107.92	0.20	2.95
Argosy Property Limited	27 Mar 2026	1.60	113.54	1.26	4.00
	29 Oct 2026	1.80	106.73	1.43	2.90
ASB Bank	26 May 2021	0.25	104.07		4.25	AA-	650.0
	24 Feb 2022	0.20	106.01	0.04	4.20	AA-	100.0
	07 Sep 2023	0.30	109.00	0.07	3.31	AA-	450.0
	19 Aug 2024	0.45	107.09	0.18	1.83	AA-	600.0
Auckland Council	24 Sep 2020	0.30	105.80		4.02	AA	250.0
	27 Jun 2023	0.70	113.00	0.48	3.17	AA
	25 Mar 2024	0.21	108.22	-0.04	5.81	AA+	200.0
	10 Jul 2025	0.29	112.35	-0.02	2.01
	27 Jul 2026	0.49	127.84	0.14	3.34	AA	160.0
Auckland International Airport	28 May 2021	0.90	104.90		5.52	A-	150.0
	09 Nov 2022	0.90	108.70	0.71	4.28	A-	100.0
	17 Apr 2023	0.95	108.39	0.74	3.64	A-
	02 Nov 2023	0.90	100.16	0.67	3.97	A-	225.0
	10 Oct 2024	0.65	105.94	0.38	3.51	A-
Bank of China	17 Oct 2022	0.80	108.51	0.61	4.09	A
	19 Apr 2023	0.85	109.78	0.64	4.02	A
Bank of New Zealand	27 Jul 2022	0.20	107.33	0.02	3.86	AA-
	15 Jun 2023	0.25	111.58	0.03	4.10	AA-	250.0
	16 Nov 2023	1.00	110.63	0.77	3.65
	29 Dec 2024	1.05	111.32	0.76	2.16	AA-	500.0
China Construction Bank (New Zealand)	09 Nov 2022	0.75	108.17	0.56	3.93	A
	19 Jun 2023	0.85	109.58	0.63	4.01	A
Chorus Limited	06 May 2021	0.80	102.59		4.12	BBB	400.0
Christchurch City Holdings Limited	06 Dec 2022	0.17	116.03	-0.02	3.40	A+
	27 Nov 2024	0.45	107.82	0.17	3.58
Christchurch International Airport	04 Oct 2021	1.15	108.15	1.01	6.25	BBB+	75.0
	24 May 2024	1.46		1.20	4.13		100.0
Contact Energy	15 Nov 2021	0.60	104.80	0.45	4.40	BBB	125.0
	15 Nov 2022	0.75	108.74	0.56	4.63	BBB	125.0
	15 Aug 2024	1.00	110.11	0.73	3.55
Fonterra Co-operative Group	20 Oct 2021	1.05	0.01	0.91	4.33	A-	350.0
	07 Mar 2023	0.80	109.00	0.60	4.42	A-	150.0
Genesis Energy	18 Mar 2022	0.60	105.29	0.44	4.14	BBB+	100.0
	09 Jun 2022	2.10		1.93	5.70	BB+	225.0
	16 Jul 2048	2.15		1.93	4.65	BB+	240.0
Goodman Property Trust	16 Dec 2020	1.00	102.87		6.20	BBB+	100.0
	23 Jun 2022	1.15	107.91	0.98	5.00	BBB+	100.0
	01 Sep 2023	1.20	108.32	0.97	4.00	BBB+	100.0
	31 May 2024	1.35	112.87	1.09	4.54	BBB+	100.0
Heartland Bank Limited	21 Sep 2022	1.30	106.32	1.12	4.50	BBB	150.0
	12 Apr 2024	1.40	109.03	1.15	3.55
ICBC	27 Jun 2024	0.40	109.14	0.14	2.61
Infratil	15 Jun 2022	3.40	106.75	3.23	6.85		100.0
	15 Dec 2022	3.35	105.60	3.16	5.65		79.3
	15 Sep 2023	3.00	107.34	2.77	5.25		60.0
	15 Dec 2024	3.00	107.74	2.72	4.75		57.3
	15 Jun 2025	3.10	114.52	2.80	6.15		35.0
Investore Property	18 Apr 2024	1.65	110.33	1.40	4.40		100.0
Kiwi Property Group	20 Aug 2021	1.55	104.71		6.15		125.0
	07 Sep 2023	1.45	107.54	1.22	4.00		125.0
	19 Dec 2024	1.55	112.51	1.27	4.33	BBB+
	12 Nov 2025	1.65	113.31	1.33	4.06		100.0
Kiwibank	20 Sep 2024	0.40	105.71	0.13	2.16	A	500.0
Meridian Energy	14 Mar 2023	0.65	109.63	0.45	4.53	BBB+	150.0
	20 Mar 2024	0.80	114.07	0.55	4.88	BBB+	150.0
	27 Jun 2025	1.00	115.90	0.69	4.21	BBB+
Metlifecare	30 Sep 2026	1.95	106.59	1.59	2.80
NZ Government	15 May 2021	0.17	0.01		6.00	AA+	11644.0
	15 Apr 2023	-0.08	0.01	-0.29	5.50	AA+	1754.0
	15 Apr 2025	-0.05	102.18	-0.35	2.75	AA+	1700.0
	15 Apr 2027	-0.07	114.09	-0.46	4.50	AA+	5700.0
	20 Apr 2029	0.11	130.67	-0.36	3.00	AA+	2150.0
	15 May 2031	0.33	123.83	-0.24	1.50	AA+	2000.0
	14 Apr 2033	0.49	111.00	-0.16	3.50	AA+	2000.0
	15 Apr 2037	0.68	135.44		2.75	AA+	2000.0
NZ Local Govt Funding Agency	15 May 2021	0.33			6.00	AA+	215.0
	14 Apr 2022	0.65	107.02	0.49	2.75	AA+	200.0
	15 Apr 2023	0.35	118.96	0.14	5.50	AA+	65.0
	15 Apr 2024	0.25	108.79	0.00	2.25	AA+
	15 Apr 2025	0.39	106.76	0.09	2.75	AA+	325.0
	15 Apr 2026	0.60	116.23	0.26	1.50	AA+	1000.0
	15 Apr 2027	0.80	106.44	0.41	4.50	AA+	200.0
	20 Apr 2029				1.50	AA+	632.0
	14 Apr 2033	1.16	0.02	0.51	3.50	AA+	125.0
NZX Limited	20 Jun 2033	2.35		1.69	5.40		40.0
Precinct Properties New Zealand Ltd	17 Dec 2021	1.55	106.35	1.40	5.54		75.0
	27 Nov 2024	1.70	112.36	1.42	4.42
Property for Industry	28 Nov 2024	1.55	112.62	1.27	4.59		100.0
	01 Oct 2025	1.70	113.17	1.38	4.25		100.0
Sky City Entertainment Group	28 Sep 2022	15.85	103.87	15.67	4.65	BBB-	125.0
Sky Network Television	31 Mar 2021	3.90	102.68		6.25		100.0
Spark Finance	10 Mar 2023	0.55	109.85	0.35	4.51		100.0
	07 Mar 2024	0.35	111.60	0.10	3.37	A-	125.0
	07 Sep 2026	0.70	105.12	0.34	3.94	A-	125.0
Summerset Group Holdings Limited	11 Jul 2023	1.60	109.66	1.38	4.78		100.0
	24 Sep 2025	1.80	112.47	1.48	4.20		125.0
Synlait Milk	17 Dec 2024	3.15	102.76	2.87	3.83
The New Zealand Refining Company Limited	01 Mar 2034	6.00			5.10
The Warehouse Group	15 Jun 2020	4.80	102.64		5.30		125.0
Transpower	30 Jun 2022	0.20	108.23	0.03	4.30	AA-	75.0
	16 Sep 2022	0.25	107.60	0.07	4.07	AA-	100.0
	15 Mar 2023	0.35	112.69	0.14	5.45	AA-	50.0
	14 Mar 2024	0.75	109.09	0.50	2.73	AA-
	06 Mar 2025	0.50	107.09	0.21	3.82	AA-	125.0
	04 Sep 2025	0.60	114.33	0.29	1.74	AA-	150.0
	15 Mar 2028	1.05	116.97	0.62	5.89	AA-	100.0
TrustPower	15 Dec 2021	1.40	105.28	1.25	5.63		125.0
	15 Dec 2022	1.45	105.70	1.26	4.01		127.7
	29 Jul 2026	1.60	110.21	1.25	3.35
Turners Automotive Group Limited	30 Sep 2021	4.75		4.61	5.50		25.0
Vector	27 May 2025	1.20	111.33	0.90	3.45
WEL Networks Limited	02 Aug 2023	1.95	108.89	1.73	4.90		150.0
Wellington International Airport	15 May 2021	1.75	105.11		6.25	BBB+	75.0
	12 May 2023	1.75	107.97	1.54	4.25	BBB+	75.0
	05 Aug 2024	1.80	108.73	1.53	4.00	BBB+	60.0
	16 Jun 2025	1.90	115.33	1.60	5.00	BBB+	75.0
	01 Apr 2030	2.00	109.88	1.48	4.00
Westpac New Zealand	28 Apr 2021	0.30	103.62		3.80	AA-	700.0
	01 Sep 2021	1.80	0.03		4.70	BBB+	400.0
	07 Jun 2022	0.20	107.20	0.03	3.78	AA-
	23 Mar 2023	0.25	108.64	0.04	3.72	AA-	550.0
	29 Jul 2024	1.00	106.56	0.73	2.22	AA-	900.0
	20 Feb 2025	0.50	107.46	0.21	2.08	AA-	500.0
Z Energy	01 Nov 2021	1.40	0.02	1.25	3.95		200.0
	01 Nov 2023	1.45	0.02	1.22	4.32		200.0
	03 Sep 2024	1.65	0.03	1.38	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
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	3.00	2.84	5.00			100.0
IAG	15 Jun 2022			5.15	15 Jun 2022	BBB	350.0
Infratil	15 Jun 2024	3.10	2.84	5.50			56.1
	15 Jun 2016	6.00		8.50	15 Jun 2016		100.0
	15 Feb 2020	3.65		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	3.75	102.03		5.80		93.2
	15 Mar 2021	3.75	103.32		4.75		100.0
	15 Mar 2023	3.30	106.11	3.09	5.25		100.0
	15 Mar 2024	3.25	107.43	3.00	4.90
Infratil	15 Nov 2018	4.10			6.85		111.4
The Cooperative Bank Ltd	28 Jul 2021	4.30		3.95	6.00	BBB	30.0
Vector	15 Jun 2022	2.20		2.03	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	Coupon Base	Coupon Margin	Next Call	Credit Rating	Amt $m
Bank of New Zealand	17 Dec 2025	0.03	5.31	17 Dec 2020	5 year swap	2.25	1608116400	BBB+	550.0
Chorus Limited	06 Dec 2028	108.92	4.85	06 Dec 2023
TrustPower	22 Feb 2029	104.59	3.97	22 Feb 2024
Infratil	15 Dec 2028	102.56	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	95.00	4.69	10 Jul 2016	2.74	2.20	Continuous	BBB+	35.0
Infratil	Perpetual	55.00	3.63	15 Nov 2017	1 yr swap plus	1.50	Continuous		238.0

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

Bond Issues

NZ Government Stock and NZ Interest Rate Swap Rates

NZ Government Stock

NZFMA

Fixed Rate Issues

Senior Bonds

Subordinated Callable Bonds

Convertible Bonds

Capital Bond

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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