Bank Bill Reference Rates (BKBM)

This service provides a Benchmark (BKBM) that represents the mid-rates for Prime Bank eligible securities that are traded in the local New Zealand market. BKBM represents the rates at which banks are willing borrow from, or lend to, one another for terms of one to six months. As such the rate includes a credit premium to the comparable risk-free interest rate curve.  

BKBM is set using transaction based data or executable bids & offers, for one, three and six month tenors, in a two-minute trading window held at 10:20am each business day. Two, four and five month tenors are set via interpolation


More information and methodology can be found here.