NZ wholesale curve
The wholesale swap curve is the base rate almost every corporate loan and bond in New Zealand is priced over — a margin is added on top. Business Borrowing tracks the whole curve daily, from the OCR and BKBM bank-bill fixings at the short end to the 15-year swap.
As at 2026-09-15, the indicative New Zealand wholesale swap curve runs from the 2.75% Official Cash Rate and 3.14% 90-day BKBM at the short end to 4.22% at 3 years, 4.43% at 5 years, 4.76% at 10 years. It is the base rate NZ corporate loans and bonds are priced over, before any credit margin.
See also: Rate historyForward BKBMBond spreadsIssue marginsBKBM
As at 2026-09-15 · updated every trading day
| Tenor | Rate |
|---|---|
| OCR | 2.75% |
| 1M | 2.95% |
| 2M | 3.04% |
| 3M | 3.14% |
| 1Y | 3.66% |
| 2Y | 4.04% |
| 3Y | 4.22% |
| 4Y | 4.34% |
| 5Y | 4.43% |
| 7Y | 4.58% |
| 10Y | 4.76% |
| 15Y | 4.98% |
The wholesale swap curve is one full set of NZ interest-rate benchmarks for each trading day: the Official Cash Rate, BKBM bank-bill fixings at 1–3 months, and swap rates from one year out to fifteen.
A corporate borrowing rate is the swap rate at your tenor plus a credit margin. When the curve moves, the base cost of debt moves with it — before any change in the borrower's own credit. Watching the curve tells you how much of a rate change is the market and how much is you.
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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