Secondary market
A bond's credit spread is what it trades at over the swap curve — the market's live price for that issuer's credit risk. Business Borrowing tracks the secondary spread on New Zealand corporate, bank and government bonds daily, by credit rating.
As at 2026-10-29, indicative secondary-market credit spreads on New Zealand corporate bonds range from about 0.79% to 1.90% over the swap curve, by the issuer's credit rating and tenor — for example Auckland International Airport Limited (A-) near 0.84%. Grades are published agency ratings, not Business Borrowing estimates.
See also: Swap ratesRate historyBank base ratesForward BKBMIssue marginsBKBMNZ corporate bonds
As at 2026-10-29 · updated each trading day
| Issuer | Maturity | Grade | Spread over swap |
|---|---|---|---|
| Auckland International Airport Limited | Nov 2030 | A- | 0.84% |
| Chorus Limited | Dec 2030 | BBB | 0.95% |
| Infratil Limited | Mar 2031 | BBB+ | 1.59% |
| Infratil Limited | Dec 2031 | BBB+ | 1.90% |
| Infratil Limited | Jun 2032 | BBB+ | 1.75% |
| Mercury NZ Limited | Apr 2033 | BBB+ | 0.84% |
| Meridian Energy Limited | Mar 2032 | BBB+ | 0.84% |
| Property For Industry Limited | Oct 2032 | NR | 1.05% |
| Spark Finance Limited | Sep 2031 | A- | 0.79% |
| Wellington International Airport Limited | Sep 2030 | BBB | 1.08% |
A bond's credit spread is what it trades at over the swap curve — the market's live price for that issuer's credit risk, as a percentage. Business Borrowing tracks the secondary spread on New Zealand corporate, bank and government bonds daily, by credit rating.
Secondary spreads are the closest public read on what a given credit is worth in the market right now. For a borrower weighing a bank facility against a bond, or judging whether a quoted margin is fair, comparable secondary paper is the benchmark.
It depends on the rating, the tenor and the day — which is why the chart above plots it rather than quoting one number. Spreads widen steadily as the rating falls, and the gap between adjacent notches is usually a small fraction of a percent, so the difference between a BBB and a BBB+ is real but small next to the difference between BBB and BB. Pick a rating band on the chart to see where that paper has traded.
Market data: Swap ratesRate historyBank base ratesForward BKBMBond spreadsIssue marginsBKBMNZ corporate bonds
Indicative market data for benchmarking — not financial advice, a credit rating, or an offer of finance. See the Terms.
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