Implied forwards
Forward BKBM is the 90-day bank-bill rate the market prices in for each future quarter, read out of today's swap curve — the level at which fixing and floating break even. A breakeven, not a forecast.
As at 2026-09-15, the New Zealand 3-month BKBM bank-bill rate is 3.14%. The wholesale swap curve prices floating debt to average about 4.22% over the next 3 years and 4.43% over 5 years — the indicative breakeven a fixed rate is judged against, not a forecast.
See also: Swap ratesRate historyBond spreadsIssue marginsBKBM
As at 2026-09-15 · updated every trading day
| Reference point | Rate |
|---|---|
| Floating now — 3-month BKBM | 3.14% |
| Priced to average over 3 years | 4.22% |
| Priced to average over 5 years | 4.43% |
Forward BKBM is the 90-day bank-bill rate the market prices in for each future quarter, read out of today's swap curve. An N-year swap is close to the average of the floating rate expected over those N years, so it is the fixed level at which fixing and floating break even — a breakeven, not a forecast.
The forward curve is the market's implied path for your future floating cost, and the level a fixed rate or swap is priced to beat. It carries a term premium, so it usually sits above where the rate actually goes — the right reference for a fix-or-float decision, a high one as a prediction. Business Borrowing shows the comparison; it is not financial advice.
Market data: Swap ratesRate historyForward BKBMBond spreadsIssue marginsBKBM
Indicative market data for benchmarking — not financial advice, a credit rating, or an offer of finance. See the Terms.
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