Bond Issues
Indicative yields and prices as at 11:00 am, 21 Aug 2026.
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 2026 | |||
| 15 Apr 2027 | 3.05 | 1.03 | |
| 15 May 2028 | 3.56 | 0.95 | -0.02 |
| 20 Apr 2029 | 3.77 | 0.99 | 0.03 |
| 15 May 2030 | 3.96 | 1.03 | 0.08 |
| 15 May 2031 | 4.14 | 0.89 | 0.16 |
| 15 May 2032 | 4.29 | 0.89 | 0.22 |
| 14 Apr 2033 | 4.40 | 0.96 | 0.24 |
NFMA
| Maturity | Quarterly Rate |
|---|---|
| 3 mth bills | 2.67 |
| 1 year | 3.17 |
| 2 year | 3.49 |
| 3 year | 3.64 |
| 4 year | 3.75 |
| 5 year | 3.85 |
| 7 year | 4.02 |
| 10 year | 4.87 |
Fixed Rate Issues
Senior Bonds
| Issuer | Maturity Date |
Yield to Maturity |
Indicative Price | Swap Spread |
Coupon | Credit Rating | Amt $m |
|---|---|---|---|---|---|---|---|
| Air New Zealand | 27 Apr 2028 | 4.69 | 1.05 | 1.12 | 6.61 | Baa2 | 100.0 |
| ANZ Bank | 17 Sep 2026 | 3.50 | 1.01 | 3.00 | A | ||
| 16 Feb 2028 | 3.84 | 1.02 | 0.32 | 5.22 | AA- | 500.0 | |
| 18 Jul 2028 | 6.95 | BBB | 550.0 | ||||
| 20 Feb 2030 | 4.21 | 1.01 | 0.36 | 4.63 | AA- | ||
| Argosy Property Limited | 27 Mar 2026 | 4.00 | 100.0 | ||||
| 29 Oct 2026 | 3.74 | 1.00 | 2.90 | 100.0 | |||
| 27 Oct 2027 | 4.61 | 0.97 | 1.16 | 2.20 | 125.0 | ||
| Arvida Group | 22 Feb 2028 | 5.82 | 0.96 | 2.29 | 2.87 | 125.0 | |
| ASB Bank | 04 May 2026 | 1.65 | AA- | 500.0 | |||
| 16 Nov 2026 | 3.02 | 1.02 | 5.93 | AA- | 650.0 | ||
| 21 Jun 2027 | 3.49 | 1.03 | 5.52 | AA- | |||
| 02 Sep 2030 | 4.10 | AA- | |||||
| Auckland Council | 27 Jul 2026 | 3.34 | AA | 180.0 | |||
| 20 Oct 2027 | 3.75 | 0.99 | 0.31 | 2.41 | AA | 300.0 | |
| 27 Sep 2028 | 4.05 | 1.06 | 0.39 | 5.73 | AA | 300.0 | |
| Auckland International Airport | 17 Nov 2026 | 3.17 | 1.01 | 3.29 | A- | 150.0 | |
| 09 May 2028 | 4.13 | 1.04 | 0.55 | 5.67 | A- | ||
| 17 Nov 2028 | 4.29 | 1.04 | 0.61 | 5.29 | A- | 150.0 | |
| 02 Nov 2029 | 4.48 | 1.07 | 0.67 | 6.22 | A- | 250.0 | |
| 15 Nov 2030 | 4.58 | 1.05 | 0.65 | 2.00 | A- | ||
| Bank of New Zealand | 08 Jun 2026 | 1.88 | AA- | 550.0 | |||
| 07 Jun 2027 | 3.46 | 1.02 | 4.99 | AA- | 650.0 | ||
| 25 May 2028 | 3.92 | 1.04 | 0.33 | 5.54 | AA- | 600.0 | |
| 01 Sep 2028 | 4.02 | 1.03 | 0.37 | 5.87 | AA- | 1000.0 | |
| 14 Jun 2029 | 7.30 | BBB | 375.0 | ||||
| 19 Nov 2029 | 4.27 | 1.03 | 0.45 | 4.89 | AA- | ||
| 28 Jan 2031 | 4.35 | 1.00 | 0.40 | 4.35 | AA- | ||
| Channel Infrastructure | 20 May 2027 | 4.13 | 1.01 | 5.80 | |||
| 14 Nov 2029 | 4.96 | 1.06 | 1.14 | 6.75 | |||
| Chorus Limited | 01 Dec 2027 | 4.04 | 0.97 | 0.57 | 1.98 | BBB | 200.0 |
| 01 Dec 2030 | 4.62 | 0.92 | 0.68 | 2.51 | BBB | 200.0 | |
| Christchurch City Holdings Limited | 05 Nov 2026 | 3.07 | 1.01 | 3.01 | AA- | 150.0 | |
| 06 Apr 2028 | 4.03 | 1.04 | 0.47 | 5.04 | AA | 150.0 | |
| Christchurch International Airport | 19 May 2028 | 4.19 | 1.03 | 0.60 | 5.18 | BBB+ | 100.0 |
| 15 Apr 2031 | 4.69 | 1.05 | 0.72 | A- | 315.0 | ||
| Contact Energy | 19 Nov 2026 | 4.33 | BB+ | 225.0 | |||
| 11 Apr 2028 | 4.16 | 1.03 | 0.60 | 5.82 | BBB | 250.0 | |
| 06 Apr 2029 | 4.37 | 1.04 | 0.63 | 5.62 | BBB | 300.0 | |
| Fletcher Building Industries | 15 Mar 2027 | 5.90 | 1.01 | 4.75 | |||
| 15 Mar 2028 | 5.58 | 1.04 | 2.04 | 6.50 | 100.0 | ||
| 15 Mar 2029 | 5.27 | 1.07 | 1.54 | 6.89 | |||
| Fonterra Co-operative Group | 08 Nov 2029 | 4.37 | 1.02 | 0.55 | 4.60 | A- | |
| Genesis Energy | 08 Jun 2027 | 5.70 | BB+ | 225.0 | |||
| 09 Jun 2027 | 5.66 | BB+ | 285.0 | ||||
| 14 Mar 2028 | 4.19 | 1.02 | 0.65 | 4.17 | BBB+ | 125.0 | |
| 10 Jul 2028 | 6.50 | BB+ | 240.0 | ||||
| GMT Bond Issuer | 14 Apr 2027 | 3.86 | 1.02 | 4.74 | BBB+ | 150.0 | |
| Heartland Bank Limited | 28 Apr 2028 | 5.69 | 1.03 | 2.12 | 7.51 | BB+ | 100.0 |
| IAG | 15 Jun 2028 | 5.32 | BBB | 400.0 | |||
| Infratil | 15 Jun 2026 | 5.23 | 1.02 | 1.34 | 5.93 | 115.9 | |
| 14 Dec 2026 | 4.49 | 1.00 | 3.35 | 156.3 | |||
| 15 Dec 2027 | 5.00 | 0.99 | 1.52 | 3.60 | 102.4 | ||
| 31 Jul 2029 | 5.22 | 1.05 | 1.44 | 6.90 | 150.0 | ||
| 13 Dec 2030 | 5.50 | 1.03 | 1.56 | 6.00 | |||
| 15 Mar 2031 | 5.33 | 1.08 | 1.37 | 7.08 | 127.2 | ||
| 17 Dec 2031 | 5.35 | 1.09 | 1.32 | 7.06 | |||
| 16 Jun 2032 | 5.45 | 1.05 | 1.37 | 6.16 | |||
| Investore Property | 25 Feb 2027 | 4.09 | 1.00 | 4.00 | 125.0 | ||
| 30 Aug 2027 | 4.48 | 0.98 | 1.07 | 2.40 | 125.0 | ||
| Kiwi Property Group | 19 Jul 2028 | 4.46 | 0.97 | 0.83 | 2.85 | BBB+ | |
| 27 Sep 2029 | 4.84 | 1.07 | 1.04 | 6.24 | BBB+ | 125.0 | |
| 19 Jun 2030 | 5.01 | 1.02 | 1.12 | 5.35 | BBB+ | ||
| Kiwibank | 02 Nov 2026 | 4.93 | Ba1 | 250.0 | |||
| 19 Oct 2027 | 3.76 | 1.04 | 0.32 | 5.74 | A1 | ||
| 12 May 2028 | 4.82 | 1.03 | 1.24 | 6.40 | Baa2 | 200.0 | |
| 19 Oct 2028 | 4.12 | 1.07 | 0.45 | 6.25 | A1 | ||
| 11 Dec 2029 | 4.34 | 1.02 | 0.51 | 4.75 | A1 | ||
| 12 Mar 2031 | 5.02 | 1.01 | 1.06 | 4.93 | Baa2 | ||
| Mercury NZ | 29 Sep 2026 | 3.09 | 1.01 | 2.16 | BBB+ | 200.0 | |
| 13 May 2027 | 5.73 | BB+ | 250.0 | ||||
| 13 Sep 2027 | 3.94 | 0.98 | 0.52 | 1.56 | BBB+ | 200.0 | |
| 19 Jun 2028 | 4.28 | 1.03 | 0.67 | 5.64 | BBB+ | 150.0 | |
| Meridian Energy | 20 Sep 2028 | 4.30 | 1.06 | 0.64 | 5.91 | BBB+ | 200.0 |
| 21 Mar 2030 | 4.54 | 1.05 | 0.68 | 5.40 | BBB+ | ||
| 11 Mar 2032 | 4.80 | 1.01 | 0.74 | 4.55 | BBB+ | ||
| Metlifecare | 30 Sep 2026 | 4.59 | 1.00 | 3.00 | 100.0 | ||
| Napier Port Holdings | 23 Mar 2028 | 4.45 | 1.03 | 0.90 | 5.52 | 100.0 | |
| NZ Government | 15 May 2026 | 0.50 | AA+ | ||||
| 15 Apr 2027 | 3.05 | 1.03 | 4.50 | AA+ | 5700.0 | ||
| 15 May 2028 | 3.56 | 0.95 | -0.02 | 0.25 | AA+ | ||
| 20 Apr 2029 | 3.77 | 0.99 | 0.03 | 3.00 | AA+ | 2150.0 | |
| 15 May 2030 | 3.96 | 1.03 | 0.08 | 4.50 | AA+ | ||
| 15 May 2031 | 4.14 | 0.89 | 0.16 | 1.50 | AA+ | 2000.0 | |
| 15 May 2032 | 4.29 | 0.89 | 0.22 | 2.00 | AAA | 2000.0 | |
| 14 Apr 2033 | 4.40 | 0.96 | 0.24 | 3.50 | AAA | 2000.0 | |
| NZ Local Govt Funding Agency | 15 Apr 2026 | 1.50 | AA+ | 2255.0 | |||
| 15 Apr 2027 | 3.24 | 1.02 | 4.50 | AA+ | 2311.0 | ||
| 15 May 2028 | 3.74 | 0.98 | 0.16 | 2.25 | AAA | 1613.0 | |
| 20 Apr 2029 | 3.96 | 0.94 | 0.22 | 1.50 | AA+ | 1982.0 | |
| 15 May 2030 | 4.15 | 1.02 | 0.27 | 4.50 | AA+ | 1600.0 | |
| 15 May 2031 | 4.31 | 0.92 | 0.33 | 2.25 | AAA | 1305.0 | |
| 14 May 2032 | 4.45 | 1.02 | 0.38 | 2.00 | AAA | ||
| 14 Apr 2033 | 4.61 | 0.95 | 0.45 | 3.50 | AA+ | 1575.0 | |
| 15 May 2035 | 4.87 | 0.88 | 0.55 | 3.00 | AAA | 550.0 | |
| 14 Apr 2037 | 5.13 | 0.75 | 2.15 | 2.00 | AA+ | 920.0 | |
| NZX Limited | 20 Jun 2028 | 6.80 | 40.0 | ||||
| 20 Jun 2033 | 5.40 | 40.0 | |||||
| Oceania Healthcare | 18 Oct 2027 | 4.94 | 0.97 | 1.50 | 2.30 | 125.0 | |
| 13 Sep 2028 | 5.21 | 0.97 | 1.55 | 3.30 | 100.0 | ||
| Precinct Properties New Zealand Ltd | 28 Jun 2027 | 4.15 | 1.00 | 2.85 | 150.0 | ||
| 09 May 2028 | 4.65 | 1.03 | 1.07 | 5.25 | 175.0 | ||
| Property for Industry | 13 Sep 2030 | 4.73 | 1.04 | 0.81 | 5.43 | ||
| Quayside Holdings | 12 Mar 2026 | 6.64 | 200.0 | ||||
| Ryman Healthcare | 17 Dec 2026 | 4.07 | 1.00 | 2.55 | 150.0 | ||
| Sky City Entertainment Group | 21 May 2027 | 5.41 | 0.98 | 3.02 | BBB- | 175.0 | |
| Southland Building Society | 18 Mar 2027 | 3.48 | 1.01 | 4.32 | BBB+ | 150.0 | |
| 18 Mar 2027 | 4.27 | 1.06 | 0.54 | 6.14 | BBB+ | 175.0 | |
| 22 Aug 2029 | 5.74 | 1.05 | 1.95 | 7.62 | BB+ | ||
| 10 Apr 2030 | 4.44 | 1.02 | 0.57 | 4.98 | BBB+ | ||
| Spark Finance | 07 Sep 2026 | 2.79 | 1.01 | 3.94 | A- | 125.0 | |
| 18 Sep 2029 | 4.37 | 1.03 | 0.57 | 5.21 | A- | ||
| 18 Sep 2031 | 4.71 | 1.04 | 0.70 | 5.45 | A- | ||
| Summerset Group Holdings Limited | 20 Sep 2027 | 4.45 | 0.98 | 1.03 | 2.30 | 150.0 | |
| 09 Mar 2029 | 4.89 | 1.05 | 1.16 | 6.50 | 175.0 | ||
| 08 Mar 2030 | 5.20 | 1.05 | 1.34 | 6.43 | |||
| 23 May 2031 | 5.38 | 1.01 | 1.40 | 5.70 | |||
| Transpower | 08 Apr 2026 | 1.52 | AA | 150.0 | |||
| 08 Sep 2026 | 2.77 | 1.01 | 2.05 | AA | 200.0 | ||
| 16 Sep 2027 | 3.68 | 1.03 | 0.26 | 4.63 | AA | 200.0 | |
| 15 Mar 2028 | 3.94 | 1.06 | 0.40 | 5.89 | AA- | 100.0 | |
| 31 Jul 2030 | 4.44 | 1.00 | 0.54 | 4.22 | AA | ||
| TrustPower | 29 Jul 2026 | 3.35 | |||||
| Vector | 15 Jun 2027 | 6.23 | BB+ | 307.2 | |||
| 26 Nov 2027 | 4.09 | 1.00 | 0.62 | 3.69 | BBB | 225.0 | |
| Wellington International Airport | 13 Aug 2026 | 2.50 | 100.0 | ||||
| 24 Sep 2026 | 3.32 | 125.0 | |||||
| 24 Aug 2028 | 4.52 | 1.02 | 0.87 | 5.78 | BBB | 75.0 | |
| 01 Apr 2030 | 4.85 | 1.05 | 0.99 | 5.63 | 100.0 | ||
| 04 Sep 2030 | 4.91 | 1.07 | 1.00 | 5.50 | BBB | ||
| Westpac New Zealand | 16 Feb 2027 | 3.26 | 1.00 | 3.70 | AA | ||
| 16 Sep 2027 | 4.64 | 1.03 | 1.22 | 6.19 | A- | 600.0 | |
| 14 Feb 2029 | 4.88 | 1.04 | 1.16 | 6.73 | A- | 600.0 | |
| 24 Sep 2029 | 4.26 | 1.02 | 0.46 | 4.34 | AA- | ||
| 19 Nov 2030 | 4.47 | 0.99 | 0.54 | 3.87 | AA- |
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 Limited | 06 Dec 2028 | 1.06 | 4.85 | 06 Dec 2023 | 500.0 | ||||
| TrustPower | 22 Feb 2029 | 3.97 | 22 Feb 2024 | 100.0 | |||||
| Infratil | 15 Dec 2028 | 1.05 | 4.85 | 15 Dec 2023 | 146.2 |
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 |
|---|