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NZX Listed · Green Certified

Green Retail Bond (MCY060)

A NZD green retail bond listed on the NZX Debt Market. 5.64% coupon p.a. paid semi-annually, maturing 19 June 2028.

Coupon rate (p.a.) · NZD
5.64%
Term
To 19 Jun 2028 maturity
Coupons
Semi-annually
Minimum
$10,000 NZD
Credit rating
BBB+ (S&P issue rating)
Offer closes
Listed June 2023
Raise target
NZ$150m on issue
Currency
NZD
5.64%
Coupon rate (p.a.)
BBB+
S&P issue rating
Jun 2028
Maturity

Get the offer document

Mercury NZ · 5.64% p.a.

$

Minimum investment is $10,000.

NZ country code (+64) is pre-filled.

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About this bond

Mercury NZ Limited issued MCY060 green bonds in June 2023. They are senior unsecured, unsubordinated fixed-rate green bonds quoted on the NZX Debt Market.

The 5.64% coupon is paid semi-annually in arrears and proceeds are tracked under Mercury's green finance framework, with annual reporting on allocation and impact.

Because this is an existing listed bond, investors buy at the current market price rather than subscribing to a new offer. The yield to maturity will therefore differ from the 5.64% coupon rate.

Framework
Certified green bond, annual impact report
Security
Senior unsecured
Listing
NZX Debt Market (MCY060)
Interest payments
Semi-annually, in arrears
Maturity
19 June 2028
Tax
RWT deducted at your elected rate

Where the money goes

Wind farm expansion

Development of new wind capacity in the North Island and repowering of existing turbines.

Geothermal maintenance

Well maintenance, steamfield upgrades and efficiency improvements at existing geothermal stations.

Grid-scale battery storage

Battery energy storage systems to support grid frequency and store surplus renewable generation.

Solar and distributed energy

Commercial and industrial solar installations plus behind-the-meter battery projects.

Bond return calculator

Estimate coupon payments and after-tax returns at 5.64% p.a.

Per coupon payment
$212
Gross interest per year
$846
Total gross over 5 yr
$4,230
RWT deducted (33%)
- $1,396
Total after tax
$2,834
If coupons reinvested
$4,848

Indicative only. Figures assume the bond is held to maturity and the coupon rate does not change.

General market commentary

The following is illustrative general commentary about the New Zealand fixed-income market prepared by KiwiBonds.co.nz. It is not news reporting, is not attributed to any news organisation or issuer, and is not a forecast. Past or current market conditions are not a guide to future returns.

KiwiBonds commentary16 August 2026

Mercury green bond remains popular with ESG investors

MCY060 continues to trade as investors seek certified sustainable income from a BBB+ rated renewable generator.

KiwiBonds commentary9 August 2026

Battery storage projects grow as grid reliability tightens

Mercury's battery investments are seen as critical to managing the intermittent output of new wind and solar farms.

KiwiBonds commentary2 August 2026

Green bonds tighten as KiwiSaver mandates expand

Sustainability-labelled bonds continue to attract strong demand from retail and wholesale ESG mandates.

KiwiBonds commentary25 July 2026

Renewable generators turn to bond markets for growth capital

Power companies are choosing fixed-rate bonds to fund long-dated generation assets without diluting equity.

Key risks

  • Credit risk: repayment depends on Mercury NZ meeting its obligations.
  • Generation risk: dry years, wind conditions or equipment outages can affect electricity output and revenue.
  • Wholesale price risk: electricity spot prices are volatile and affect generator profitability.
  • Liquidity risk: you may not be able to sell on market at the price or time you want.
  • Interest rate risk: over the remaining term, rising market rates can reduce the bond's market value.
  • Price risk: buying above face value will reduce your yield to maturity below the 5.64% coupon.

Frequently asked questions

How often is interest paid?

Every six months in arrears, in NZ dollars, with RWT deducted at your elected rate.

What is the minimum investment?

NZX-listed bonds can typically be bought in board lots through a broker. Use our form and a broker will confirm the minimum parcel size.

What makes it a green bond?

Proceeds are allocated to eligible renewable generation and energy storage projects under Mercury's green finance framework, with annual reporting.

Is it covered by the Depositor Compensation Scheme?

No. The DCS applies to deposits with licensed NZ deposit takers, not to corporate bonds.

How do I apply?

Register your interest using the form on this page and a broker will send the current offer document, price and settlement details.

Mercury NZ and all other company names, brands and logos referred to on this page are the property of their respective owners and are used for identification and comparison purposes only. KiwiBonds.co.nz is an independent website and is not affiliated with, endorsed by, sponsored by or acting as an agent for any issuer named. Product details, indicative rates, offer dates and market commentary on this page are illustrative summaries only, are not sourced from or approved by the issuer, and must not be relied on when making an investment decision.