NZ bond rates · as at 16 Oct 2026
New Zealand bond rates and yields
21 New Zealand dollar bonds, from Crown-guaranteed government debt to unrated corporate issues on the NZX Debt Market. Indicative yields to maturity currently run from 4.00% to 6.98% per annum.
Each listing shows the coupon set at issue, the indicative yield if you buy on the secondary market today, the maturity, and where the bond sits on the credit ladder. Read the yield, not just the coupon — here's the difference.
Listings tracked
21
Highest indicative YTM
6.98%
Lowest indicative YTM
4.00%
Highest indicative yield to maturity on this list
6.98%
Indicative yields across the 21 New Zealand dollar bonds tracked here run from 4.00% to 6.98% p.a. Tell us what you're after and a licensed broker sends the current rate sheet and offer documents — free.
Highest indicative yields
Sorted by yield to maturity. A higher yield is the market pricing in more risk — a longer term, a weaker credit, or an unrated issuer. It is not a ranking of quality.
Infratil Infrastructure Bond, 2031
IFT270·Infrastructure·Matures June 2031
Consistently among the highest-yielding retail bonds on the NZX, backed by a diversified portfolio of energy and digital infrastructure.
6.98%
7.25% coupon
Quarterly
Air New Zealand Bond, 2028
AIR030·Aviation·Matures October 2028
A shorter-dated, higher-coupon bond from the Crown-majority-owned national carrier.
6.41%
6.50% coupon
Semi-annually
Ryman Healthcare Retail Bond, 2029
RYM020·Retirement villages·Matures December 2029
A high-coupon retirement village bond, unrated, with earnings tied to the residential property cycle.
6.34%
6.50% coupon
Quarterly
Summerset Group Retail Bond, 2030
SUM020·Retirement villages·Matures March 2030
The other major listed retirement village issuer, offering a similar yield profile to Ryman.
6.26%
6.40% coupon
Quarterly
Kiwibank Subordinated Notes, 2031
KCB010·Banking·Matures 2031 (callable 2026)
Bank capital paying more than a term deposit — but ranking behind depositors, with a call date to watch.
6.24%
6.40% coupon
Quarterly
Wellington Airport Bond, 2031
WIA060·Transport infrastructure·Matures May 2031
Infrastructure yield tied to domestic aviation volumes, with a long history of retail issuance.
6.12%
6.25% coupon
Semi-annually
All figures are indicative, in New Zealand dollars, as at 16 Oct 2026. Yield to maturity moves with the market price you pay and will differ from the coupon. Confirm current terms in the issuer's offer documents before investing.
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Send me the rate sheetGovernment, Crown agency and council bonds
The safest New Zealand dollar debt available. Kiwi Bonds are bought directly from the Crown; everything else here trades through a sharebroker. More on NZ government bonds.
Kiwi Bonds
Kiwi Bonds·Sovereign·Matures 6 months to 4 years
The only New Zealand government bond sold directly to retail investors, with a $1,000 minimum and no broker required.
4.00%
4.00% coupon
Quarterly
New Zealand Government Bond, April 2033
NZGB 2033·Sovereign·Matures 15 April 2033
The benchmark nominal Crown bond. Deep secondary market liquidity, accessed through a sharebroker rather than direct application.
4.42%
4.50% coupon
Semi-annually
Kāinga Ora Wellbeing Bond, 2032
HNZ060·Social housing·Matures June 2032
Crown-guaranteed housing debt paying a small margin over the equivalent government bond, issued under a wellbeing bond framework.
4.86%
5.05% coupon
Semi-annually
LGFA Bond, April 2033
LGF080·Local government·Matures April 2033
Pooled council borrowing jointly guaranteed by its member councils, rated at the same level as the sovereign.
4.78%
4.90% coupon
Semi-annually
Auckland Council Sustainability Bond, 2032
AKC090·Local government·Matures September 2032
New Zealand's largest council borrower, funding transport and water infrastructure under a sustainable finance framework.
5.04%
5.20% coupon
Semi-annually
All figures are indicative, in New Zealand dollars, as at 16 Oct 2026. Yield to maturity moves with the market price you pay and will differ from the coupon. Confirm current terms in the issuer's offer documents before investing.
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Corporate bonds on the NZX Debt Market
Listed New Zealand company debt, from regulated network monopolies through to unrated retirement village developers. More on NZ corporate bonds.
Infratil Infrastructure Bond, 2031
IFT270·Infrastructure·Matures June 2031
Consistently among the highest-yielding retail bonds on the NZX, backed by a diversified portfolio of energy and digital infrastructure.
6.98%
7.25% coupon
Quarterly
Genesis Energy Bond, 2029
GPL050·Energy·Matures November 2029
A shorter-dated gentailer bond for investors who want a solid yield without committing capital for a decade.
6.04%
6.20% coupon
Quarterly
Chorus Senior Bond, 2031
CNU050·Telecommunications·Matures May 2031
Regulated fibre network revenue makes Chorus one of the most predictable corporate cash flows on the NZX Debt Market.
5.88%
6.03% coupon
Semi-annually
Vector Senior Bond, 2030
VCT070·Electricity distribution·Matures October 2030
Auckland's monopoly electricity distribution network, funding grid upgrades and battery storage.
6.09%
6.25% coupon
Semi-annually
Wellington Airport Bond, 2031
WIA060·Transport infrastructure·Matures May 2031
Infrastructure yield tied to domestic aviation volumes, with a long history of retail issuance.
6.12%
6.25% coupon
Semi-annually
Auckland Airport Bond, 2032
AIA030·Transport infrastructure·Matures April 2032
New Zealand's international gateway, investment-grade rated and part-owned by Auckland Council.
5.77%
5.90% coupon
Semi-annually
Port of Tauranga Bond, 2029
POT010·Ports and logistics·Matures July 2029
New Zealand's largest port by volume, with a conservative balance sheet and a shorter maturity.
5.63%
5.75% coupon
Semi-annually
Ryman Healthcare Retail Bond, 2029
RYM020·Retirement villages·Matures December 2029
A high-coupon retirement village bond, unrated, with earnings tied to the residential property cycle.
6.34%
6.50% coupon
Quarterly
Summerset Group Retail Bond, 2030
SUM020·Retirement villages·Matures March 2030
The other major listed retirement village issuer, offering a similar yield profile to Ryman.
6.26%
6.40% coupon
Quarterly
Fonterra Capital Notes, 2031
FCG050·Dairy and agribusiness·Matures August 2031
Exposure to New Zealand's largest exporter, with earnings driven by global dairy prices.
5.94%
6.05% coupon
Quarterly
Kiwibank Subordinated Notes, 2031
KCB010·Banking·Matures 2031 (callable 2026)
Bank capital paying more than a term deposit — but ranking behind depositors, with a call date to watch.
6.24%
6.40% coupon
Quarterly
Air New Zealand Bond, 2028
AIR030·Aviation·Matures October 2028
A shorter-dated, higher-coupon bond from the Crown-majority-owned national carrier.
6.41%
6.50% coupon
Semi-annually
All figures are indicative, in New Zealand dollars, as at 16 Oct 2026. Yield to maturity moves with the market price you pay and will differ from the coupon. Confirm current terms in the issuer's offer documents before investing.
Corporate bonds pay the highest yields on this page — and carry the most credit risk. Ask us which issues are currently available in retail parcels.
Check what's availableGreen and sustainability bonds
Certified issues where proceeds are ring-fenced to renewable generation, sustainable buildings or social housing. More on NZ green bonds.
Kāinga Ora Wellbeing Bond, 2032
HNZ060·Social housing·Matures June 2032
Crown-guaranteed housing debt paying a small margin over the equivalent government bond, issued under a wellbeing bond framework.
4.86%
5.05% coupon
Semi-annually
Auckland Council Sustainability Bond, 2032
AKC090·Local government·Matures September 2032
New Zealand's largest council borrower, funding transport and water infrastructure under a sustainable finance framework.
5.04%
5.20% coupon
Semi-annually
Mercury NZ Green Bond, 2030
MCY060·Renewable energy·Matures July 2030
Certified green bond funding geothermal and wind generation, from an investment-grade rated gentailer.
5.92%
6.10% coupon
Quarterly
Meridian Energy Green Bond, 2032
MEL060·Renewable energy·Matures March 2032
New Zealand's largest renewable generator, issuing certified green debt against hydro and wind assets.
5.86%
6.00% coupon
Quarterly
Contact Energy Green Bond, 2031
CEN080·Renewable energy·Matures August 2031
Green bond proceeds directed at Taupō geothermal development, from one of the most active retail issuers on the NZX.
6.01%
6.16% coupon
Quarterly
Argosy Property Green Bond, 2029
ARG010·Commercial property·Matures September 2029
Green bond secured over a portfolio of Green Star rated industrial and office property.
6.02%
6.15% coupon
Quarterly
All figures are indicative, in New Zealand dollars, as at 16 Oct 2026. Yield to maturity moves with the market price you pay and will differ from the coupon. Confirm current terms in the issuer's offer documents before investing.
Green and sustainability bonds are usually the fastest to sell out. Get on the list for the next issue.
Notify me of new issuesNew to fixed income? Start here
- How to buy bonds in New ZealandDirect Crown application versus a sharebroker account, minimum parcels, and what actually happens on settlement.
- Bond yields explainedCoupon, running yield and yield to maturity — three different numbers that all get called "the rate".
- Bonds versus term depositsWhere each one wins, and the two risks a term deposit doesn't have.
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up to 6.98%
Highest indicative yield to maturity currently tracked on BuyBonds.co.nz. Yields move with market pricing and are not guaranteed.
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