NZX Debt Market
Corporate bonds NZ: listed company debt and what it pays
New Zealand corporate bonds pay more than government debt because you are lending to a company rather than the Crown. How much more depends almost entirely on what that company does for a living.
Highest indicative corporate yield here
6.98%
Indicative yield to maturity only — it moves with market pricing and is not guaranteed. We'll email you the live rate sheet and the free NZ Bond Buyer's Guide.
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
Listed New Zealand corporate issues. All figures are indicative, in New Zealand dollars, as at 2 Sept 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 in New Zealand dollars. Ask which issues have retail parcels available this week.
Send me the rate sheetReading the credit ladder
At the safest end sit the regulated network monopolies — Chorus and Vector. Their revenue is set by the Commerce Commission under a price-quality path, which produces cash flow so predictable that bond investors accept a lower yield for it. The risk you are taking is regulatory, not commercial.
Next come the gentailers and infrastructure owners: Meridian, Mercury, Contact, Genesis, the two airports, Port of Tauranga. These are investment-grade rated, own irreplaceable physical assets, and carry moderate cyclical exposure — passenger numbers, log volumes, hydro inflows.
At the higher-yielding end sit the unrated issuers, most visibly Infratil and the retirement village developers Ryman and Summerset. The extra one to one-and-a-half percent is not free money: it compensates for the absence of a credit rating, a large construction pipeline, and cash flow that depends on the residential property market.
Kiwibank's subordinated notes sit in a category of their own. They pay more than the bank's term deposits precisely because they rank behind depositors and can absorb losses if the bank hits non-viability. Read the terms sheet on anything labelled subordinated.
What to check before you buy a corporate bond
Seniority. Senior secured ranks ahead of senior unsecured, which ranks ahead of subordinated. Most listed New Zealand retail bonds are senior unsecured; Argosy's green bonds are one of the few secured issues.
Rating, or the absence of one. Unrated does not mean bad, but it does mean nobody independent has published a view, so the work falls to you.
Call dates. Some bonds — particularly bank capital and capital notes — can be repaid early at the issuer's option. That caps your gain if interest rates fall.
Liquidity. Listed does not mean liquid. Smaller lines can be slow and expensive to exit, so the safest assumption is that you hold to maturity.
Corporate bonds are quoted on yield, not coupon. Bond yields explained covers why the two numbers diverge and which one determines your actual return.
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Find out which corporate bonds are open now
up to 6.98%
Highest indicative yield to maturity on this page. Yields move with market pricing and are not guaranteed.
Retail parcels in listed New Zealand corporate bonds come and go. Tell us the yield you're after and a licensed broker comes back with what's actually available today — plus the free NZ Bond Buyer's Guide.
- → The free NZ Bond Buyer's Guide, emailed to you
- → Current indicative yields and offer documents
- → No cost, no obligation, no application made