Primary market
NZ bond issue margins
The issue margin is what a borrower actually agreed to pay over swap on the day a bond priced — the primary-market counterpart to the secondary spreads that move every day. DebtGauge tracks every NZ corporate issue since 2015.
The most recent New Zealand corporate bond issue tracked by DebtGauge priced on 2026-06-05: Infratil Limited (BBB-), a 6-year bond, at an indicative 160 basis-point margin over swap. Since 2015, tracked primary issue margins have spanned roughly 70–300 bps by rating and tenor.
See also: Swap ratesForward BKBMBond spreads
Recent new issues
As at 2026-06-05 · updated as new bonds price
| Issuer | Priced | Tenor | Grade | Margin over swap |
|---|---|---|---|---|
| Infratil Limited | 2026-06-05 | 6Y | BBB- | 160 bps |
| Property for Industry Limited | 2026-04-03 | 6Y | NR | 130 bps |
| Mercury NZ Limited | 2026-03-22 | 7Y | BBB+ | 95 bps |
| Auckland International Airport Limited | 2025-10-01 | 5Y | A- | 84 bps |
| Meridian Energy Limited | 2025-09-01 | 6Y | BBB+ | 100 bps |
| Infratil Limited | 2025-06-06 | 7Y | NR | 230 bps |
| Chorus Limited (NS) | 2025-05-29 | 6Y | BB+ | 205 bps |
| Summerset Group Holdings Limited | 2025-05-15 | 6Y | NR | 195 bps |
| Wellington International Airport Limited | 2025-03-24 | 6Y | BBB | 125 bps |
| Property for Industry Limited | 2025-03-03 | 6Y | NR | 165 bps |
What is a bond issue margin?
The issue margin is what a borrower actually agreed to pay over swap on the day a bond priced — the primary-market counterpart to the secondary spreads that move every day. DebtGauge tracks every New Zealand corporate issue since 2015: one observation per bond, with its tenor, rating and deal size.
Why do new-issue margins matter for borrowers?
New-issue margins are the going rate for term debt at a given rating and tenor. For a corporate sizing up a bond or testing a bank quote, they are the most direct comparable there is — what peers have just paid.
Where do the issue margins come from?
Built from NZX terms sheets and pricing announcements. Where a bond's own rating is stated in its offer document that is used; otherwise the issuer's rating on the day is shown, which for subordinated paper can sit a notch or two high. Grades are published agency ratings (or NR), never a DebtGauge estimate.