Also New Zealand Government Kiwi Bond. It is a retail bond which is offered directly to the public in New Zealand- i.e., only to residents of New Zealand. Kiwi Bonds are denominated in New Zealand dollars with a fixed interest rate paid quarterly in arrears. The bonds are redeemable on maturity date or at the request of the bondholder. Kiwi Bonds are issued in maturities of six months, one year, and two years .
The minimum amount that can be invested is $1,000 with a maximum of $500,000 in any one issue. Interest rates are set periodically by the New Zealand Debt Management Office (NZDMO) from the moving averages of domestic wholesale rates.
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