Secondary market
NZ corporate bond spreads
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. DebtGauge tracks the secondary spread on New Zealand corporate bonds daily, tied to each bond's point-in-time credit rating.
See also: Swap ratesForward BKBMIssue margins
Recent secondary spreads
As at 2026-08-13 · updated each trading day
| Issuer | Maturity | Grade | Spread over swap |
|---|---|---|---|
| Auckland International Airport Limited | Nov 2030 | A- | 81 bps |
| Chorus Limited | Dec 2030 | BBB | 83 bps |
| Infratil Limited | Mar 2031 | BBB+ | 150 bps |
| Infratil Limited | Dec 2031 | BBB+ | 128 bps |
| Infratil Limited | Jun 2032 | BBB+ | 178 bps |
| Mercury NZ Limited | Apr 2033 | BBB+ | 88 bps |
| Meridian Energy Limited | Mar 2032 | BBB+ | 84 bps |
| Property For Industry Limited | Oct 2032 | NR | 104 bps |
| Spark Finance Limited | Sep 2031 | A- | 76 bps |
| Wellington International Airport Limited | Sep 2030 | BBB | 105 bps |
What this shows
Daily secondary-market spreads for the NZ corporate bond universe, each discounted against the wholesale swap curve at the bond's own residual tenor, with the bond's maturity shown so two lines from the same issuer read apart, and joined to the bond's rating and the issuer's rating on the day — which are not always the same when a bond ranks above or below the company.
Why it matters 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.
Where the data comes from
NZX and interest.co.nz quotes, joined to point-in-time issue and issuer ratings and discounted against the RBNZ swap curve. Grades shown are published agency ratings (or NR), never a DebtGauge estimate.