New Zealand: bonds

The two major sectors of the New Zealand bond market are Government Bonds and Corporate Bonds. The government bond sector is a broad category that includes ‘sovereign’ debt, which is issued and backed by a central government. Sovereign bonds are generally considered to have a very low default risk as is evident in the AAA credit rating of New Zealand Government Bonds. The next largest sector of the bond markets is corporate bonds. Corporations borrow money in the bond market to expand operations or fund new business ventures. They fall into two broad categories: investment grade and unrated bonds.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
NZD 13 80 878 000 000
municipal
NZD 7 1 405 000 000
EUR 2 685 000 000
CHF 2 375 000 000
AUD 1 100 000 000
corporate
NZD 94 19 587 340 720
EUR 19 9 650 000 000
GBP 11 3 599 823 000
USD 10 3 300 000 000
CHF 8 1 540 000 000
AUD 7 1 411 000 000
CNY 3 3 050 000 000
CAD 1 250 000 000
HKD 1 400 000 000
JPY 1 7 000 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Auckland, 1% 19jan2027, EUR - International bonds XS1520344745 1% 500 000 000  EUR 01/11/2017 01/19/2027
ASB Bank, 0.2% 2aug2024, CHF - International bonds CH0350030414 0.2% 200 000 000  CHF 01/09/2017 08/02/2024
NZ Local Government Funding Agency (LGFA), 2.75% 15apr2025, NZD - Domestic bonds NZLGFDT008C2 2.75% 475 000 000  NZD 12/14/2016 04/15/2025
ASB Bank, 0.25% 21nov2024, CHF - International bonds XS1522971065 0.25% 55 000 000  CHF 11/14/2016 11/21/2024
Powerco, 4.67% 15nov2024, NZD - Domestic bonds NZPWCDT009C9 4.67% 100 000 000  NZD 11/04/2016 11/15/2024
ASB Bank, 5.25% 15dec2026, NZD - Domestic bonds NZABBDG002C2 5.25% 400 000 000  NZD 11/03/2016 12/15/2026
Fonterra, 0.75% 8nov2024, EUR - International bonds XS1515173315 0.75% 350 000 000  EUR 11/02/2016 11/08/2024
Auckland Airport, 3.97% 2nov2023, NZD - Domestic bonds NZAIADT210L1 3.97% 225 000 000  NZD 10/28/2016 11/02/2023
Trustpower, 6.75% 15sep2019, NZD - Domestic bonds NZTPWDT160C1 6.75% 140 000 000  NZD 10/26/2016 09/15/2019
Air New Zealand, 4.25% 28oct2022, NZD - Domestic bonds NZAIRD0020L9 4.25% 50 000 000  NZD 10/20/2016 10/28/2022

World Bond market statistics

Quarterly indices

Type III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015 I 2015
BIS volume of internetional-bond market of developed countries
New Zealand international bonds, USD bln 25.700 24.500 20.800 20.200 20.100 20.200 20.000
BIS net issues of internetional-bond market of developed countries
International-bond net issue of New Zealand, USD bln 1.200 3.900 0.500 0.100 0.200 0.100 -0.220

Developed Markets International Bonds

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
International bonds Developed Markets
New Zealand corporate international bonds, USD bln 18.171 17.742 17.584 16.844 15.667 14.656 12.916
show other indices

Currencies

Daily indices

Type: 01/16/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017 01/06/2017
FOREX
USD/NZD 1.4079 1.4047 1.4023 1.4158 1.4315 1.4241 1.4371
show other indices

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Auckland, 1.5% 28nov2025, CHF   CHF 11/28/2025 05/18/2016 ***.* -*.* 05/18/2016 ***.* -*.**
ASB Bank, 1.125% 5feb2020, CHF   CHF 02/05/2020 05/18/2016 ***.** -*.** 05/18/2016 ***.** -*.**
ASB Bank, FRN 1may2018, GBP   GBP 05/01/2018 05/18/2016 **.*** * 05/18/2016 ***.*** *
ASB Bank, FRN 3jul2017, EUR   EUR 07/03/2017 05/18/2016 ***.** * 05/18/2016 ***.*** *
Bank of New Zealand, 1.25% 23may2018, EUR   EUR 05/23/2018 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Bank of New Zealand, 1.375% 3feb2021, CHF   CHF 02/03/2021 05/18/2016 ***.* *.** 05/18/2016 ***.** -*.**
Bank of New Zealand, 2.35% 4mar2019, USD   USD 03/04/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Bank of New Zealand, 3.125% 23nov2017, EUR (ABS)   EUR 11/23/2017 05/18/2016 ***.** -*.** 05/18/2016 ***.** -*.**
Bank of New Zealand, 4% 8mar2017, EUR   EUR 03/08/2017 05/18/2016 ***.** *.** 05/18/2016 ***.*** -*.*
Bank of New Zealand, FRN 2dec2019, EUR   EUR 12/02/2019 05/18/2016 **.** * 05/18/2016 ***.** *
Chorus, 6.75% 2020, GBP   GBP 04/06/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Fonterra, 3.6% 29jan2019, CNY   CNY 01/29/2019 05/18/2016 **.* *.** 05/18/2016 **.** *.**
Fonterra, 4% 22jun2020, CNY   CNY 06/22/2020 05/18/2016 ** *.** 05/18/2016 **.** *.**
Fonterra, 9.375% 4dec2023, GBP   GBP 12/04/2023 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Kiwibank, 0.875% 4apr2019, CHF   CHF 04/04/2019 05/18/2016 ***.** *.** 05/18/2016 ***.* -*.**
Vector Ltd, 7.625% 14jan2019, GBP   GBP 01/14/2019 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Westpac New Zealand, 0.625% 2sep2020, CHF   CHF 09/02/2020 05/18/2016 ***.* -*.** 05/18/2016 ***.** -*.**
Westpac New Zealand, 0.875% 24jun2019, EUR   EUR 06/24/2019 05/18/2016 ***.** -*.** 05/18/2016 ***.*** -*.**
Westpac New Zealand, 3.5% 16jun2016, EUR   EUR 06/16/2016 05/18/2016 ***.** -*.** 05/18/2016 ***.*** -*.**
Westpac New Zealand, 3.875% 20mar2017, EUR   EUR 03/20/2017 05/18/2016 ***.** -*.** 05/18/2016 ***.*** -*.**
Westpac New Zealand, 4.25% 15apr2020, NZD   NZD 04/15/2020 05/18/2016 ***.*** *.* 05/18/2016 ***.** *.**
Westpac New Zealand, 5.125% 3oct2019, NZD   NZD 10/03/2019 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Westpac New Zealand, FRN 10mar2017, EUR   EUR 03/10/2017 05/18/2016 ***.*** * 05/18/2016 ***.*** *
Westpac New Zealand, FRN 2oct2017, GBP   GBP 10/02/2017 05/18/2016 **.** * 05/18/2016 ***.** *
Westpac Securities NZ, 0.375% 5feb2024, CHF   CHF 02/05/2024 05/18/2016 ***.** *.* 05/18/2016 ***.** *.**
Westpac Securities NZ, 0.5% 29sep2020, EUR   EUR 09/29/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Westpac Securities NZ, 2.5% 13jan2021, GBP   GBP 01/13/2021 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
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