NZ wholesale curve
New Zealand swap rates
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. DebtGauge tracks the whole curve daily, from the OCR and BKBM bank-bill fixings at the short end to the 15-year swap.
As at 2026-08-17, the indicative New Zealand wholesale swap curve runs from the 2.50% Official Cash Rate and 2.97% 90-day BKBM at the short end to 3.77% at 3 years, 4.00% at 5 years, 4.41% at 10 years. It is the base rate NZ corporate loans and bonds are priced over, before any credit margin.
See also: Forward BKBMBond spreadsIssue margins
Latest curve
As at 2026-08-17 · updated every trading day
| Tenor | Rate |
|---|---|
| OCR | 2.50% |
| 1M | 2.80% |
| 2M | 2.89% |
| 3M | 2.97% |
| 1Y | 3.36% |
| 2Y | 3.63% |
| 3Y | 3.77% |
| 4Y | 3.89% |
| 5Y | 4.00% |
| 7Y | 4.19% |
| 10Y | 4.41% |
| 15Y | 4.68% |
What is the New Zealand wholesale swap curve?
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. It is the same curve DebtGauge discounts corporate bond spreads against, so a rate here and a spread on the bond page sit on one basis.
Why do swap rates matter for corporate borrowers?
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.
Where does the swap-rate data come from?
RBNZ table B2 — the Official Cash Rate, BKBM fixings and swap closes. The live chart lets you scrub back through the history one trading day at a time.