Bond Issues

Indicative yields and prices as at 11:00 am, 17 September 2025.

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 2026	2.81	0.99
15 Apr 2027	2.91	1.04	0.09
15 May 2028	3.12	0.93	0.18
20 Apr 2029	3.31	1.00	0.24
15 May 2030	3.50	1.06	0.28
15 May 2031	3.72	0.89	0.36
15 May 2032	3.89	0.90	0.41
14 Apr 2033	4.02	0.98	0.44

NFMA

Maturity	Quarterly Rate
3 mth bills	2.96
1 year	2.79
2 year	2.84
3 year	2.98
4 year	3.12
5 year	3.25
7 year	3.51
10 year	4.87

Senior Bonds

Issuer	Maturity Date	Yield to Maturity	Indicative Price	Swap Spread	Coupon	Credit Rating	Amt $m
Air New Zealand	27 Apr 2028	3.98	1.09	1.04	6.61	Baa2	100.0
ANZ Bank	17 Sep 2026	4.30	0.99		3.00	A
	16 Feb 2028	3.26	1.05	0.35	5.22	AA-	500.0
	18 Jul 2028				6.95	BBB	550.0
	20 Feb 2030	3.78	1.04	0.59	4.63	AA-
Argosy Property Limited	27 Mar 2026	3.58	1.00		4.00		100.0
	29 Oct 2026	3.91	0.99	1.11	2.90		100.0
	27 Oct 2027	4.24	0.96	1.37	2.20		125.0
Arvida Group	22 Feb 2028	5.83	0.94	2.92	2.87		125.0
ASB Bank	04 May 2026	2.93	1.00		1.65	AA-	500.0
	16 Nov 2026	2.95	1.05	0.15	5.93	AA-	650.0
	21 Jun 2027	3.11	1.05	0.27	5.52	AA-
	02 Sep 2030				4.10	AA-
Auckland Council	27 Jul 2026	2.95	1.01		3.34	AA	180.0
	20 Oct 2027	3.27	0.99	0.41	2.41	AA	300.0
	27 Sep 2028	3.50	1.06	0.51	5.73	AA	300.0
Auckland International Airport	17 Nov 2026	3.14	1.01	0.34	3.29	A-	150.0
	09 May 2028	3.51	1.07	0.57	5.67	A-
	17 Nov 2028	3.66	1.07	0.65	5.29	A-	150.0
	02 Nov 2029	3.91	1.11	0.76	6.22	A-	250.0
	15 Nov 2030	4.08	1.08	0.79	2.00	A-
Bank of New Zealand	08 Jun 2026	2.92	1.00		1.88	AA-	550.0
	07 Jun 2027	3.09	1.05	0.26	4.99	AA-	650.0
	25 May 2028	3.32	1.07	0.37	5.54	AA-	600.0
	01 Sep 2028	3.41	1.07	0.43	5.87	AA-	1000.0
	14 Jun 2029				7.30	BBB	375.0
	19 Nov 2029	3.74	1.06	0.59	4.89	AA-
Channel Infrastructure	20 May 2027	3.94	1.03	1.11	5.80
	14 Nov 2029	4.37	1.10	1.22	6.75
Chorus Limited	01 Dec 2027	3.52	0.97	0.64	1.98	BBB	200.0
	01 Dec 2030	4.10	0.93	0.80	2.51	BBB	200.0
Christchurch City Holdings Limited	05 Nov 2026	3.09	1.01	0.29	3.01	AA-	150.0
	06 Apr 2028	3.50	1.06	0.57	5.04	AA	150.0
Christchurch International Airport	19 May 2028	3.53	1.06	0.59	5.18	BBB+	100.0
	15 Apr 2031	3.99	1.10	0.65		A-	315.0
Contact Energy	19 Nov 2026				4.33	BB+	225.0
	11 Apr 2028	3.53	1.07	0.60	5.82	BBB	250.0
	06 Apr 2029	3.76	1.07	0.69	5.62	BBB	300.0
Fletcher Building Industries	15 Mar 2026	7.25	0.98		2.80		100.0
	15 Mar 2027	6.80	0.97	3.98	4.75
	15 Mar 2028	6.39	1.00	3.47	6.50		100.0
	15 Mar 2029	6.40	1.02	3.34	6.89
Fonterra Co-operative Group	14 Nov 2025	3.13	1.02		4.15		100.0
	08 Nov 2029	3.87	1.04	0.72	4.60	A-
Genesis Energy	08 Jun 2027				5.70	BB+	225.0
	09 Jun 2027				5.66	BB+	285.0
	14 Mar 2028	3.57	1.01	0.65	4.17	BBB+	125.0
	10 Jul 2028				6.50	BB+	240.0
GMT Bond Issuer	14 Apr 2027	3.60	1.04	0.78	4.74	BBB+	150.0
Heartland Bank Limited	28 Apr 2028	5.40	1.06	2.46	7.51	BB+	100.0
IAG	15 Jun 2028				5.32	BBB	400.0
Infratil	14 Mar 2026	5.15	0.99		3.35		120.3
	15 Jun 2026	5.25	1.01		5.93		115.9
	14 Dec 2026	4.98	0.98	2.18	3.35		156.3
	15 Dec 2027	5.15	0.97	2.27	3.60		102.4
	31 Jul 2029	5.23	1.07	2.12	6.90		150.0
	13 Dec 2030	5.40	1.03	2.10	6.00
	15 Mar 2031	5.37	1.08	2.04	7.08		127.2
	17 Dec 2031	5.52	1.08	2.09	7.06
	16 Jun 2032	5.45	1.04	1.96	6.16
Investore Property	25 Feb 2027	3.98	1.00	1.16	4.00		125.0
	30 Aug 2027	4.23	0.97	1.38	2.40		125.0
Kiwi Property Group	12 Nov 2025	3.70	1.01		4.06		100.0
	19 Jul 2028	4.00	0.97	1.03	2.85	BBB+
	27 Sep 2029	4.35	1.07	1.22	6.24	BBB+	125.0
	19 Jun 2030	4.61	1.04	1.37	5.35	BBB+
Kiwibank	11 Dec 2025	4.55	1.00		2.36	Baa3	275.0
	02 Nov 2026				4.93	Ba1	250.0
	19 Oct 2027	3.26	1.07	0.40	5.74	A1
	12 May 2028	4.49	1.05	1.55	6.40	Baa2	200.0
	19 Oct 2028	3.53	1.11	0.53	6.25	A1
	11 Dec 2029	3.83	1.05	0.67	4.75	A1
Mercury NZ	29 Sep 2026	3.17	0.99	0.38	2.16	BBB+	200.0
	13 May 2027				5.73	BB+	250.0
	13 Sep 2027	3.40	0.97	0.55	1.56	BBB+	200.0
	19 Jun 2028	3.58	1.07	0.62	5.64	BBB+	150.0
Meridian Energy	20 Sep 2028	3.60	1.07	0.61	5.91	BBB+	200.0
	21 Mar 2030	3.96	1.06	0.76	5.40	BBB+
	11 Mar 2032	4.24	1.02	0.78	4.55	BBB+
Metlifecare	30 Sep 2026	5.05	0.99	2.26	3.00		100.0
Napier Port Holdings	23 Mar 2028	4.03	1.03	1.11	5.52		100.0
NZ Government	15 May 2026	2.81	0.99		0.50	AA+
	15 Apr 2027	2.91	1.04	0.09	4.50	AA+	5700.0
	15 May 2028	3.12	0.93	0.18	0.25	AA+
	20 Apr 2029	3.31	1.00	0.24	3.00	AA+	2150.0
	15 May 2030	3.50	1.06	0.28	4.50	AA+
	15 May 2031	3.72	0.89	0.36	1.50	AA+	2000.0
	15 May 2032	3.89	0.90	0.41	2.00	AAA	2000.0
	14 Apr 2033	4.02	0.98	0.44	3.50	AAA	2000.0
NZ Local Govt Funding Agency	15 Apr 2026	2.90	1.00		1.50	AA+	2255.0
	15 Apr 2027	3.02	1.04	0.20	4.50	AA+	2311.0
	15 May 2028	3.27	0.98	0.33	2.25	AAA	1613.0
	20 Apr 2029	3.48	0.94	0.41	1.50	AA+	1982.0
	15 May 2030	3.67	1.05	0.45	4.50	AA+	1600.0
	15 May 2031	3.94	0.92	0.58	2.25	AAA	1305.0
	14 May 2032	4.12	1.04	0.64	2.00	AAA
	14 Apr 2033	4.32	0.96	0.74	3.50	AA+	1575.0
	15 May 2035	4.60	0.89	0.82	3.00	AAA	550.0
	14 Apr 2037	4.85	0.76	4.04	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	5.95	0.93	3.09	2.30		125.0
	13 Sep 2028	5.50	0.94	2.51	3.30		100.0
Precinct Properties New Zealand Ltd	28 Jun 2027	4.04	0.99	1.21	2.85		150.0
	09 May 2028	4.18	1.05	1.24	5.25		175.0
Property for Industry	13 Sep 2030	4.39	1.05	1.12	5.43
Quayside Holdings	12 Mar 2026				6.64		200.0
Ryman Healthcare	17 Dec 2026	4.89	0.97	2.08	2.55		150.0
Sky City Entertainment Group	21 May 2027	4.96	0.97	2.13	3.02	BBB-	175.0
Southland Building Society	18 Mar 2027	3.32	1.01	0.50	4.32	BBB+	150.0
	18 Mar 2027	3.91	1.07	0.85	6.14	BBB+	175.0
	22 Aug 2029	5.45	1.08	2.33	7.62	BB+
	10 Apr 2030	4.13	1.04	0.92	4.98	BBB+
Spark Finance	07 Sep 2026	3.00	1.01		3.94	A-	125.0
	18 Sep 2029	3.83	1.05	0.70	5.21	A-
	18 Sep 2031	4.10	1.07	0.70	5.45	A-
Summerset Group Holdings Limited	20 Sep 2027	4.06	0.97	1.21	2.30		150.0
	09 Mar 2029	4.44	1.07	1.38	6.50		175.0
	08 Mar 2030	4.45	1.08	1.25	6.43
	23 May 2031	4.70	1.05	1.34	5.70
Transpower	08 Apr 2026	2.98	1.00		1.52	AA	150.0
	08 Sep 2026	2.99	0.99		2.05	AA	200.0
	16 Sep 2027	3.21	1.03	0.36	4.63	AA	200.0
	15 Mar 2028	3.33	1.06	0.41	5.89	AA-	100.0
	31 Jul 2030	3.75	1.03	0.50	4.22	AA
TrustPower	29 Jul 2026				3.35
Vector	15 Jun 2027				6.23	BB+	307.2
	26 Nov 2027	3.51	1.02	0.63	3.69	BBB	225.0
Wellington International Airport	13 Aug 2026	3.34	1.00		2.50		100.0
	24 Sep 2026	3.71	1.00	0.92	3.32		125.0
	24 Aug 2028	3.86	1.06	0.88	5.78	BBB	75.0
	01 Apr 2030	4.23	1.08	1.02	5.63		100.0
	04 Sep 2030	4.29	1.08	1.02	5.50	BBB
Westpac New Zealand	24 Feb 2026	2.98	0.99		1.44	AA-
	24 Feb 2026				1.44	AA-
	16 Feb 2027	3.03	1.01	0.22	3.70	AA
	16 Sep 2027	4.31	1.04	1.46	6.19	A-	600.0
	14 Feb 2029	4.41	1.08	1.36	6.73	A-	600.0
	24 Sep 2029	3.73	1.02	0.60	4.34	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

Senior Bonds

Issuer	Maturity Date	Price	Current Coupon	Coupon Reset Date	Amt $m
Chorus Limited	06 Dec 2028	1.08	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 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