NZ credit market daily PRICING SERVICE

NZFMA are pleased to announce the launch of the NZ Credit Market Pricing Service on 1 October 2009. 

The NZ Credit Market Pricing Service provides daily average mid rate spread to swap prices on a range of New Zealand dollar instruments, including -

• Corporate fixed coupon bonds
• Local Authority fixed coupon bonds
• Selected Floating Rate Note Issues (FRNs)
• Kauri bonds

The service is priced daily by the contributing banks - ANZ National, ASB Bank, BNZ and Westpac.  All priced instruments meet the following criteria -

• Bond issue has a minimum face value of NZD$50 Million
• Bonds are coupon bearing (except liquid FRNs)

Collection and Calculation

Contributing price makers submit rates via the NZdata website between 12.00pm and 5.00pm for each credit instrument on business days.  Contributors provide a spread for each issue they are pricing.  Spreads are defined as basis points added to the relevant maturity when applied against the New Zealand dollars swap curve to creat a yield to a maturity. 

Once calculated, the NZ Credit Market pricing will be disseminated to all participating Information Vendors no later than 5.10pm (NZST).  An asterisk (*) displayed alongside a bond indicates that the instrument has been priced by less than three contributing banks.

Subscribing to the Service

Existing NZdata subscribers will be able to access the NZ Credit Market pricing information, or if you don't currently subscribe and would like access to this data, please complete the NZdata End User Subscription Agreement and return to NZFMA - info@nzfma.org.