90-day bank bill (BKBM): 3.14%As at 2026-09-15, the 90-day bank bill (BKBM) is 3.14%. New Zealand corporate bonds trade between 26 and 117 basis points over swap.Wholesale curve, 2026-09-15

OCR

2.75%

1 month

2.95%

2 month

3.04%

1 year

3.66%

2 year

4.04%

3 year

4.22%

5 year

4.43%

10 year

4.76%

Senior bond spreads over swap, 2026-09-15

Borrower

S&P

Tenor

Spread over swap

Fonterra Co-operative

3.1 yrs

26 bps

Spark Finance

A-

3.0 yrs

38 bps

Meridian Energy

BBB+

3.5 yrs

52 bps

Kiwi Property Group

BBB+

3.0 yrs

98 bps

Contact Energy

BBB

2.6 yrs

41 bps

Chorus

BBB

2.2 yrs

68 bps

Channel Infrastructure

3.2 yrs

90 bps

Summerset Group

2.5 yrs

117 bps

Swap rates · BKBM forwards · Bond spreads · Issue margins

Business Borrowing — NZ corporate credit pricing & debt capacityBusiness Borrowing benchmarks New Zealand corporate and business debt from a company's accounts: an indicative bank-loan margin against what comparable NZ borrowers pay, and how much more the company could borrow before covenants bind. Indicative benchmarking, not financial advice.Free to use — the market data needs no account.Live NZ market data: swap rates, forward BKBM, corporate bond spreads and primary issue margins.