Non-Vanilla Credit Market Bonds Yield to Clean Price

NZFBF Market Notice

Market Notice No: 202104
Date:12 November 2021

NZFMA Credit Market Closes (NZNG) – Non-vanilla Bonds Yield to Clean Price 

Early in 2021, the New Zealand Financial Markets Association (NZFMA) consulted with stakeholders on a proposal to move Credit Market bonds from yield to clean price. As a result of that consultation, the NZFMA agreed to continue pricing vanilla bonds on a yield basis and non-vanilla bonds on a clean price basis. The definition for non-vanilla was also narrowed further to reduce the number of bonds that would move from yield to clean price.

The definition for non-vanilla bonds and FRNs appears in appendix 4 – Key Definitions, of the NZNG Closing Rate Methodology document which is available on the NZFBF website.   The current list of non-vanilla bonds is:

Non-vanilla fixed coupon bonds
Issuer Coupon Maturity ISIN
Bank of New Zealand 4.261 03 Feb 2023 NZBCBDT004C1
National Australia Bank Limited 5.590 25 Jul 2023 NZNABDT001C5
ASB Bank 5.250 15 Dec 2026 NZABBDG002C2
Chorus New Zealand Limited 4.350 06 Dec 2028 NZCNUDT003C6
Kiwibank Limited 2.360 11 Dec 2030 NZKIWD1230L2
Housing New Zealand Limited 2.500 20 Sep 2040 NZHNZD0940L6
Insurance Australia Group Limited 5.150 15 Jun 2043 NZIAGDT003C3


The move from yield to clean price will commence from Monday 15 November. Yields will be available for a further four weeks on these bonds, to assist with transition, via the NZNG spreadsheet published by New Zealand Financial Benchmark Facility (NZFBF), a subsidiary of the NZFMA, at 4:51pm each business day. If you wish to subscribe to this spreadsheet, please contact

For any other enquiries, please email or phone (+64 4 333 1387) John Groom, General Manager NZFBF.