Kiwi Bond Interest Rates

The New Zealand Debt Management Office announced today that the six-month Kiwi Bond interest rate is to increase by 0.25%. The interest rates for all other Kiwi bond maturities will remained unchanged. This rate change will be effective from 7 November 2003.

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 4.75 percent per annum

1 year 4.75 percent per annum

2 years 5.00 percent per annum

4 years 5.25 percent per annum

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

Maturity Rate

6 months 4.25 percent per annum

1 year 4.25 percent per annum

2 years 4.50 percent per annum

4 years 4.75 percent per annum

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