New Zealand General Election

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Vidal Mehra

Chief Product Officer

Helena Roughton

Product Manager - Regulatory Focus

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This weekend New Zealand held its general election and as it stands no final result has been determined, with the result so tight that an outcome may not be determined until after Friday 27th November once special votes have been counted.

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Chart 1: New Zealand Government Bond Curve Derived from data Collected via Propellant Digital in November 2026

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Key takeaways

Current Prime Minister, Christopher Luxon’s National-led coalition, with ACT and NZ First, holds 67 of 131 seats (narrow majority) on preliminary results

New Zealand issues bills (NZTB), inflation linked bonds (NZGBI) and conventional bonds (NZGB)
Over the past week the curve has flattened
Front end yields have remained largely unaffected
The largest changes in yield occurred in the belly of the curve, with ‘tightening’ of as much as 17 basis points (bps)

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Vidal Being able to construct a full New Zealand Government Bond curve really highlights the richness of the data available under MiFID.

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Helena Whilst the makeup of the next coalition government can't be certain yet, given the tighter move, bond markets have taken the preliminary results calmly.

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About the Authors

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Vidal Mehra - Vidal is Chief Product Officer for Propellant Digital and the lead author for Propellant Insights.

He has been working with financial institutions for over 20 years across multiple disciplines including front office and consulting roles.

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Helena Roughton - Helena recently joined the team as a Product Manager, bringing extensive MiFID policy experience having previously worked at AFME.

She also brings product remediation and data analysis experience from the Bank of New Zealand.

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Key takeaways

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