New Zealand Government Bonds - Yields Curve

COUNTRY • SUMMARY
NEW ZEALAND
Last Update: 14 Jun 2024 2:15 GMT+0

The New Zealand 10-Year Government Bond currently offers a yield of 4.664%. This yield reflects the return investors can expect if they hold the bond until maturity. Government bond yields are critical indicators of economic confidence and investor sentiment.

New Zealand Central Bank Rate stands at 5.50%, following the most recent adjustment in May 2023.

According to Standard & Poor's agency, the New Zealand credit rating is AA+.

The current quotation for New Zealand 5-Years Credit Default Swap is 21.40 basis points. Correspondingly, the implied probability of default is 0.36%.

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New Zealand Yield Curve

If data are not all visible, swipe table left
Residual
Maturity
Yield ZC Price Last
Change
Last Chg 1M Chg 6M Last Chg 1M Chg 6M
1 month 5.640% 0.0 bp +3.0 bp 13 Jun
2 months 5.650% -1.0 bp +1.0 bp 09 Jun
3 months 5.650% -2.0 bp -2.0 bp 13 Jun
4 months 5.650% 0.0 bp 0.0 bp 04 Jun
5 months 5.650% +2.0 bp +1.0 bp 04 Jun
6 months 5.630% +1.0 bp 0.0 bp 13 Jun
1 year 5.426% +7.3 bp +38.0 bp 94.85 -0.07 % -0.37 % 12 Jun
2 years 4.911% +9.7 bp +28.0 bp 90.86 -0.19 % -0.53 % 23 May
5 years 4.534% -3.5 bp +7.2 bp 80.11 +0.16 % -0.35 % 14 Jun
7 years 4.567% -5.0 bp +5.6 bp 73.15 +0.33 % -0.38 % 14 Jun
10 years 4.664% -6.1 bp -0.4 bp 63.39 +0.59 % +0.03 % 14 Jun
15 years 4.822% -7.0 bp -0.4 bp 49.34 +1.00 % +0.06 % 14 Jun
20 years 4.961% -6.1 bp +4.6 bp 37.97 +1.17 % -0.86 % 14 Jun
Last Update: 14 Jun 2024 2:15 GMT+0

New Zealand Yield Analysis

Normally, longer-duration interest rates are higher than short-duration. So, the yield curve normally slopes upward as duration increases. For this reason, the spread (i.e. the yield difference) between a longer and a shorter bond should be positive. If not, the yield curve can be flat or inverted.
The curve convexity is measured considering some key bond durations (usually 2 years and 10 years, but also other maturities).

If data are not all visible, swipe table left
Residual
Maturity
Yield Spread vs Bond Spread vs
Central Bank
Rate (5.50%)
3 months 1 year 5 years
10 years 4.664% -83.6 bp
5 years 4.534%
-96.6 bp
1 year 5.426%
-7.4 bp
3 months 5.650%
15.0 bp

New Zealand Credit Ratings

A credit rating is an assessment of the creditworthiness of a borrower (in general terms or with respect to a particular debt or financial obligation). For a deeper analysis of credit ratings, click here New Zealand Credit Ratings History

Rating Agency Rating Outlook
Standard & Poor's AA+ -
Moody's Investors Service Aaa -
Fitch Ratings AA+ -
DBRS - -

New Zealand Interest Rates

A bank rate is the interest rate at which a nation's central bank lends money to domestic banks, often in the form of very short-term loans.

Interest Rates Value
Central Bank Rate 5.50%

New Zealand Credit Default Swaps

The term credit default swap (CDS) refers to a financial derivative that allows an investor to swap or offset their credit risk with that of another investor. To swap the risk of default, the lender buys a CDS from another investor who agrees to reimburse the lender in the case the borrower defaults.

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Credit Default Swap CDS Value Var % 1W Var % 1M Var % 1Y Implied PD(*)
5 Years CDS 21.40 0.00 % 0.00 % +36.31 % 0.36 %
(*) Implied probability of default, calculated on the hypothesis of a 40% recovery rate.

New Zealand 10Y Bond Yield Spread

The New Zealand 10Y Government Bond has a 4.664% yield.

A positive spread, marked by , means that the 10Y Bond Yield is higher than the corresponding foreign bond. Instead, a negative spread is marked by a green circle .

Click on the values in "Current Spread" column, for the historical series of the spread.
Click on the "Compare" button, for a report with the full comparison between the two countries, with all the available data.
If data are not all visible, swipe table left
New Zealand 10Y vs Current Spread Chg 1M Chg 6M Compare
Countries
vs Japan 10Y 372.9 bp -4.4 bp -28.0 bp
vs China 10Y 235.9 bp -6.3 bp +35.8 bp
vs Germany 10Y 219.4 bp +0.9 bp -35.9 bp
vs France 10Y 148.5 bp -19.2 bp -53.3 bp
vs Canada 10Y 131.1 bp +30.6 bp -18.0 bp
vs Spain 10Y 128.5 bp -12.4 bp -29.9 bp
vs Italy 10Y 61.9 bp -22.6 bp -23.1 bp
vs United Kingdom 10Y 53.3 bp -3.2 bp -34.5 bp
vs Australia 10Y 46.4 bp +12.5 bp -10.6 bp
vs United States 10Y 40.5 bp +12.9 bp -34.3 bp
vs India 10Y -232.2 bp +6.2 bp +20.4 bp
vs Brazil 10Y -743.6 bp -54.6 bp -139.2 bp
vs Russia 10Y -1047.6 bp -17.1 bp -245.9 bp

New Zealand Government Bonds Prices

Price Simulation: bonds with a face value of 100, with different coupon rates.

The highlighted column refers to the zero coupon bond.
Click on for a forecast of the yield.
If data are not all visible, swipe table left
Residual
Maturity
Yield Bond Price - with different Coupon Rates Fx
0% 1% 3% 5% 7% 9%
20 years 4.961% 37.97 50.47 75.48 100.49 125.49 150.50
15 years 4.822% 49.34 59.85 80.86 101.87 122.88 143.89
10 years 4.664% 63.39 71.24 86.94 102.64 118.34 134.03
7 years 4.567% 73.15 79.03 90.79 102.55 114.30 126.06
5 years 4.534% 80.11 84.50 93.27 102.04 110.82 119.59
1 year 5.426% 94.85 95.80 97.70 99.60 101.49 103.39
Maturity Date 100.00 100.00 100.00 100.00 100.00 100.00

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