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Kiwi Bond Interest Rates

KIWI BOND INTEREST RATES The New Zealand Debt Management Office announced today that the six-month Kiwi Bond interest rate is to be reduced by 0.25%, effective from 2 May 2003. The interest rates on the one, two and four-year Kiwi Bond maturities remain unchanged.

Kiwi Bond interest rates are set periodically from the moving averages of domestic wholesale rates. These changes have been made in response to recent changes in wholesale market interest rates.

The new rates are as follows:

For subscriptions of $5,000 - $250,000

Maturity Rate

6 months 5.00 percent per annum 1 year 5.00 percent per annum 2 years 5.00 percent per annum 4 years 5.00 percent per annum

For subscriptions of $1,000 - $4,900

Maturity Rate

6 months 4.50 percent per annum 1 year 4.50 percent per annum 2 years 4.50 percent per annum 4 years 4.50 percent per annum

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