Daily fixed income news and prices Friday, September 4, 2015

The Bonds Newsletter

News and analysis

as at August 07, 2025, 3:37 am

NZ Government Stock

Maturity	Yield to Maturity	Indicative Price $	Swap Spread
15 May 2026	3.11	0.98
15 Apr 2027	3.14	1.04	0.09
15 May 2028	3.33	0.92	0.16
20 Apr 2029	3.51	0.99	0.22
15 May 2030	3.70	1.05	0.27
15 May 2031	3.90	0.88	0.34
15 May 2032	4.07	0.88	0.39
14 Apr 2033	4.18	0.97	0.40

Swap rates

Maturity	Quarterly Rate
3 mth bills	3.19
1 year	3.00
2 year	3.06
3 year	3.19
4 year	3.32
5 year	3.45
7 year	3.69
10 year	4.87

Fixed bond rate issues

Issuer	Maturity Date	Yield to Maturity	Indicative Price $	Swap Spread	Coupon	Credit Rating	Amt $m
Transpower	04 Sep 2025	3.36	1.01		1.74	AA-	450.0
Kiwibank	11 Dec 2025	4.79	1.00		2.36	Baa3	275.0
Westpac New Zealand	24 Feb 2026	3.15	1.00		1.44	AA-
	24 Feb 2026				1.44	AA-
Transpower	08 Apr 2026	3.20	0.99		1.52	AA	150.0
NZ Local Govt Funding Agency	15 Apr 2026	3.15	0.99		1.50	AA+	2255.0
ASB Bank	04 May 2026	3.14	0.99		1.65	AA-	500.0
NZ Government	15 May 2026	3.11	0.98		0.50	AA+
Bank of New Zealand	08 Jun 2026	3.14	0.99		1.88	AA-	550.0
Auckland Council	27 Jul 2026	3.22	1.00		3.34	AA	180.0
Spark Finance	07 Sep 2026	3.25	1.01	0.23	3.94	A-	125.0
Transpower	08 Sep 2026	3.22	1.00	0.20	2.05	AA	200.0
ANZ Bank	17 Sep 2026	4.57	0.99	1.55	3.00	A
Mercury NZ	29 Sep 2026	3.38	0.99	0.36	2.16	BBB+	200.0
Christchurch City Holdings Limited	05 Nov 2026	3.34	1.00	0.32	3.01	AA-	150.0
ASB Bank	16 Nov 2026	3.19	1.05	0.16	5.93	AA-	650.0
Auckland International Airport	17 Nov 2026	3.36	1.01	0.33	3.29	A-	150.0
Westpac New Zealand	16 Feb 2027	3.29	1.01	0.25	3.70	AA
Southland Building Society	18 Mar 2027	3.66	1.02	0.61	4.32	BBB+	150.0
	18 Mar 2027	4.20	1.07	0.92	6.14	BBB+	175.0
GMT Bond Issuer	14 Apr 2027	3.97	1.03	0.92	4.74	BBB+	150.0
NZ Local Govt Funding Agency	15 Apr 2027	3.27	1.03	0.22	4.50	AA+	2311.0
NZ Government	15 Apr 2027	3.14	1.04	0.09	4.50	AA+	5700.0
Sky City Entertainment Group	21 May 2027	5.17	0.97	2.11	3.02	BBB-	175.0
Bank of New Zealand	07 Jun 2027	3.36	1.04	0.30	4.99	AA-	650.0
ASB Bank	21 Jun 2027	3.38	1.05	0.32	5.52	AA-
Mercury NZ	13 Sep 2027	3.68	0.96	0.60	1.56	BBB+	200.0
Westpac New Zealand	16 Sep 2027	4.53	1.04	1.45	6.19	A-	600.0
Transpower	16 Sep 2027	3.47	1.04	0.39	4.63	AA	200.0
Kiwibank	19 Oct 2027	3.56	1.06	0.46	5.74	A1
Auckland Council	20 Oct 2027	3.53	0.98	0.43	2.41	AA	300.0
Vector	26 Nov 2027	3.80	1.01	0.69	3.69	BBB	225.0
Chorus Limited	01 Dec 2027	3.77	0.96	0.66	1.98	BBB	200.0
ANZ Bank	16 Feb 2028	3.55	1.04	0.41	5.22	AA-	500.0
Genesis Energy	14 Mar 2028	3.86	1.02	0.71	4.17	BBB+	125.0
Transpower	15 Mar 2028	3.59	1.08	0.44	5.89	AA-	100.0
Christchurch City Holdings Limited	06 Apr 2028	3.78	1.05	0.62	5.04	AA	150.0
Contact Energy	11 Apr 2028	3.79	1.06	0.63	5.82	BBB	250.0
Air New Zealand	27 Apr 2028	4.31	1.08	1.15	6.61	Baa2	100.0
Auckland International Airport	09 May 2028	3.76	1.06	0.59	5.67	A-
Kiwibank	12 May 2028	4.65	1.04	1.48	6.40	Baa2	200.0
NZ Local Govt Funding Agency	15 May 2028	3.56	0.97	0.39	2.25	AAA	1613.0
NZ Government	15 May 2028	3.33	0.92	0.16	0.25	AA+
Christchurch International Airport	19 May 2028	3.80	1.05	0.63	5.18	BBB+	100.0
Bank of New Zealand	25 May 2028	3.62	1.06	0.45	5.54	AA-	600.0
IAG	15 Jun 2028				5.32	BBB	400.0
Mercury NZ	19 Jun 2028	3.85	1.06	0.67	5.64	BBB+	150.0
ANZ Bank	18 Jul 2028				6.95	BBB	550.0
Kiwi Property Group	19 Jul 2028	4.40	0.96	1.21	2.85	BBB+
Wellington International Airport	24 Aug 2028	4.10	1.07	0.89	5.78	BBB	75.0
Bank of New Zealand	01 Sep 2028	3.69	1.09	0.48	5.87	AA-	1000.0
Meridian Energy	20 Sep 2028	3.91	1.08	0.69	5.91	BBB+	200.0
Auckland Council	27 Sep 2028	3.77	1.08	0.55	5.73	AA	300.0
Kiwibank	19 Oct 2028	3.83	1.09	0.60	6.25	A1
Auckland International Airport	17 Nov 2028	3.90	1.05	0.66	5.29	A-	150.0
Westpac New Zealand	14 Feb 2029	4.62	1.07	1.35	6.73	A-	600.0
Contact Energy	06 Apr 2029	4.03	1.06	0.74	5.62	BBB	300.0
NZ Government	20 Apr 2029	3.51	0.99	0.22	3.00	AA+	2150.0
NZ Local Govt Funding Agency	20 Apr 2029	3.77	0.93	0.48	1.50	AA+	1982.0
Bank of New Zealand	14 Jun 2029				7.30	BBB	375.0
Spark Finance	18 Sep 2029	4.11	1.05	0.76	5.21	A-
Westpac New Zealand	24 Sep 2029	4.00	1.03	0.65	4.34	AA-
Kiwi Property Group	27 Sep 2029	4.60	1.08	1.25	6.24	BBB+	125.0
Auckland International Airport	02 Nov 2029	4.16	1.10	0.80	6.22	A-	250.0
Fonterra Co-operative Group	08 Nov 2029	4.09	1.03	0.73	4.60	A-
Bank of New Zealand	19 Nov 2029	3.84	1.05	0.47	4.89	AA-
Kiwibank	11 Dec 2029	4.12	1.03	0.74	4.75	A1
ANZ Bank	20 Feb 2030	3.91	1.05	0.51	4.63	AA-
Meridian Energy	21 Mar 2030	4.20	1.07	0.79	5.40	BBB+
Southland Building Society	10 Apr 2030	4.53	1.02	1.11	4.98	BBB+
NZ Government	15 May 2030	3.70	1.05	0.27	4.50	AA+
NZ Local Govt Funding Agency	15 May 2030	3.97	1.03	0.54	4.50	AA+	1600.0
Kiwi Property Group	19 Jun 2030	4.92	1.03	1.48	5.35	BBB+
Transpower	31 Jul 2030	3.94	1.01	0.48	4.22	AA
Wellington International Airport	04 Sep 2030	4.50	1.09	1.03	5.50	BBB
Auckland International Airport	15 Nov 2030	4.22	1.07	0.72	2.00	A-
Chorus Limited	01 Dec 2030	4.41	0.92	0.91	2.51	BBB	200.0
Christchurch International Airport	15 Apr 2031	4.32	1.07	0.77		A-	315.0
NZ Government	15 May 2031	3.90	0.88	0.34	1.50	AA+	2000.0
NZ Local Govt Funding Agency	15 May 2031	4.20	0.91	0.64	2.25	AAA	1305.0
Spark Finance	18 Sep 2031	4.34	1.07	0.74	5.45	A-
NZ Local Govt Funding Agency	14 May 2032	4.36	1.02	0.68	2.00	AAA
NZ Government	15 May 2032	4.07	0.88	0.39	2.00	AAA	2000.0
	14 Apr 2033	4.18	0.97	0.40	3.50	AAA	2000.0
NZ Local Govt Funding Agency	14 Apr 2033	4.56	0.94	0.78	3.50	AA+	1575.0
	15 May 2035	4.81	0.87	0.85	3.00	AAA	550.0
	14 Apr 2037	5.05	0.74	4.43	2.00	AA+	920.0

Issuer	Maturity Date	Yield to Maturity	Indicative Price $	Swap Spread	Coupon	Credit Rating	Amt $m
Mercury NZ	11 Jul 2024				3.60	BB+	300.0
Kiwibank	02 Nov 2026				4.93	Ba1	250.0
Contact Energy	19 Nov 2026				4.33	BB+	225.0
Mercury NZ	13 May 2027				5.73	BB+	250.0
Genesis Energy	08 Jun 2027				5.70	BB+	225.0
	09 Jun 2027				5.66	BB+	285.0
Vector	15 Jun 2027				6.23	BB+	307.2
Heartland Bank Limited	28 Apr 2028	5.61	1.05	2.45	7.51	BB+	100.0
Genesis Energy	10 Jul 2028				6.50	BB+	240.0
Southland Building Society	22 Aug 2029	5.71	1.08	2.37	7.62	BB+

Issuer	Maturity Date	Yield to Maturity	Indicative Price $	Swap Spread	Coupon	Amt $m
Works Finance (NZ)	15 Jun 2024				9.81	200.0
ICBC	27 Jun 2024				2.61
Summerset Group Holdings Limited	24 Sep 2025	4.02	1.01		4.20	125.0
Property for Industry	01 Oct 2025	3.83	1.01		4.25	100.0
Kiwi Property Group	12 Nov 2025	3.82	1.01		4.06	100.0
Fonterra Co-operative Group	14 Nov 2025	3.25	1.01		4.15	100.0
Quayside Holdings	12 Mar 2026				6.64	200.0
Infratil	14 Mar 2026	5.44	0.99		3.35	120.3
Fletcher Building Industries	15 Mar 2026	7.60	0.98		2.80	100.0
Argosy Property Limited	27 Mar 2026	4.13	1.00		4.00	100.0
Infratil	15 Jun 2026	5.85	1.01		5.93	115.9
TrustPower	29 Jul 2026				3.35
Manawa Energy	29 Jul 2026				3.35	125.0
Wellington International Airport	13 Aug 2026	3.59	0.99	0.58	2.50	100.0
	24 Sep 2026	4.00	1.01	0.98	3.32	125.0
Metlifecare	30 Sep 2026	5.33	0.98	2.31	3.00	100.0
Argosy Property Limited	29 Oct 2026	4.34	0.98	1.32	2.90	100.0
Infratil	14 Dec 2026	5.35	0.98	2.32	3.35	156.3
Ryman Healthcare	17 Dec 2026	5.11	0.97	2.08	2.55	150.0
Investore Property	25 Feb 2027	4.41	1.00	1.37	4.00	125.0
Fletcher Building Industries	15 Mar 2027	7.08	0.98	4.03	4.75
Channel Infrastructure	20 May 2027	4.11	1.03	1.05	5.80
Precinct Properties New Zealand Ltd	28 Jun 2027	4.40	0.98	1.34	2.85	150.0
Investore Property	30 Aug 2027	4.65	0.96	1.57	2.40	125.0
Manawa Energy	08 Sep 2027				5.36	150.0
Summerset Group Holdings Limited	20 Sep 2027	4.39	0.96	1.30	2.30	150.0
Oceania Healthcare	18 Oct 2027	5.90	0.93	2.80	2.30	125.0
Argosy Property Limited	27 Oct 2027	4.72	0.95	1.62	2.20	125.0
Infratil	15 Dec 2027	5.27	0.97	2.15	3.60	102.4
Arvida Group	22 Feb 2028	5.98	0.93	2.84	2.87	125.0
Fletcher Building Industries	15 Mar 2028	7.00	1.01	3.85	6.50	100.0
Napier Port Holdings	23 Mar 2028	4.33	1.04	1.18	5.52	100.0
Precinct Properties New Zealand Ltd	09 May 2028	4.62	1.03	1.45	5.25	175.0
NZX Limited	20 Jun 2028				6.80	40.0
Oceania Healthcare	13 Sep 2028	5.85	0.93	2.64	3.30	100.0
Manawa Energy	22 Feb 2029				6.56
Summerset Group Holdings Limited	09 Mar 2029	4.75	1.07	1.47	6.50	175.0
Fletcher Building Industries	15 Mar 2029	7.05	1.02	3.77	6.89
Infratil	31 Jul 2029	5.60	1.05	2.27	6.90	150.0
Channel Infrastructure	14 Nov 2029	4.60	1.08	1.23	6.75
Summerset Group Holdings Limited	08 Mar 2030	4.93	1.07	1.52	6.43
Wellington International Airport	01 Apr 2030	4.41	1.07	1.00	5.63	100.0
Property for Industry	13 Sep 2030	4.75	1.04	1.28	5.43
Infratil	13 Dec 2030	5.60	1.03	2.09	6.00
	15 Mar 2031	5.75	1.07	2.21	7.08	127.2
Summerset Group Holdings Limited	23 May 2031	4.95	1.05	1.39	5.70
Infratil	17 Dec 2031	5.73	1.08	2.10	7.06
	16 Jun 2032	5.72	1.03	2.03	6.16
NZX Limited	20 Jun 2033				5.40	40.0

The data shown in the fixed interest tables are collated from various sources and are indicative only. For details on how to read the data please click here

For investors wishing to know more about how to purchase fixed interest investors please click here or alternatively contact your financial adviser or sharebroker.

We strongly recommend all first time buyers of fixed interest securities work with an Authorised Financial Adviser (AFA).