Market Notice No:202302
Date: 07 March 2023
To support the integrity of New Zealand Credit Market (NZNG) Closing Rate benchmarks, the New Zealand Financial Benchmark Facility (NZFBF) has been working to review and clarify the minimum criteria for NZNG securities to be included in the NZNG Closing Rate set.
Following consultation with NZNG Closing Rate price-makers, the NZFBF Board has decided that NZNG securities must have a minimum of three price-makers submitting closing rates over a sustained period, and that failure to meet this minimum criterion over a sustained period will result in a specific security being removed from the NZNG Closing Rate set.
NZFBF are developing a full set of criteria for NZNG Closing Rate securities which will be circulated for consultation.
The following securities have not met the minimum criterion over a sustained period and will be removed from the NZNG Closing Rate set on 20 March 2023:
Housing New Zealand Limited – 20 Sep 2040