NZX debt market
NZ corporate bonds: every listed bond, its rating, spread and yield
A list of the corporate bonds trading on the NZX debt market, with what each one yields and what it trades at over the swap curve — the market's live price for that issuer's credit risk, by published credit rating. The interactive chart plots the same spreads through time.
As at 2026-10-29, Business Borrowing lists 73 NZX-listed corporate bonds from 27 issuers. Secondary-market credit spreads run from about 0.60% to 2.75% over the swap curve by rating and term — for example Fonterra Co-operative Group Limited (A) near 0.61%, an indicative yield of 4.70%. Grades are published agency ratings, not Business Borrowing estimates.
See also: Swap ratesRate historyBank base ratesForward BKBMBond spreadsIssue marginsBKBM
NZX-listed corporate bonds
As at 2026-10-29 · updated each trading day
| Rating band | Bonds | Spread over swap | Indicative yield |
|---|---|---|---|
| A-rated | 8 | 0.61%–0.90% | 4.61–5.03% |
| BBB+ | 20 | 0.64%–2.02% | 3.94–6.16% |
| BBB / BBB- | 12 | 0.60%–2.48% | 4.29–5.89% |
| Sub-investment grade | 6 | 1.00%–2.00% | 4.40–5.78% |
| Unrated | 24 | 0.91%–2.76% | 4.18–6.43% |
73 bonds from 27 issuers, sorted by rating then maturity. Spread is the secondary-market margin over the swap curve; the indicative yield is what that bond returns to maturity at the latest quote. A quote older than 45 days carries its own date and is left out of the rating bands above, which count 70 bonds, not 73.
What yield do New Zealand corporate bonds pay?
The table above lists the indicative yield to maturity on every listed bond at its latest quote. A-rated names sit closest to the swap rate; BBB paper pays more, and unrated or sub-investment-grade bonds the most. The rating-band table shows the range each grade trades in today.
What is a corporate bond credit spread?
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 bonds daily, by credit rating.
Why do bond spreads matter for borrowers?
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.
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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