BKBM Forward Curve: The Market-Implied Path for 3M BKBM
The 3M BKBM forward curve, bootstrapped from NZD swap quotes and updated every trading day. See where the market prices BKBM at every horizon, and take the full dated grid to Excel.
Last update:
3M BKBM forward curve · year-end forwards
| Date | Forward Rate |
|---|---|
| 31 Dec 2026 | 3.28% |
| 31 Dec 2027 | 3.99% |
| 31 Dec 2028 | 4.07% |
| 31 Dec 2029 | 4.20% |
| 31 Dec 2030 | |
| 31 Dec 2031 | |
Curves bootstrapped from live interdealer swap quotes. Read how we build these curves or the full curve bootstrapping methodology.
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The BKBM forward curve in Excel & API
If you’re copying this curve into a model more than once a month, you don’t need a download, you need a feed. One function per forward period, always current, straight into your model.
// Excel: any BKBM forward period in a cell =BlueGamma.FORWARD_RATE("3M BKBM", start_date, end_date) # API: the same rate, one GET away GET api.bluegamma.io/v1/forward_rate ?index=3M BKBM&start_date=2027-06-30 &end_date=3M x-api-key: your_api_key
The curve prices your float. The desk quotes a par rate.
When you fix, the bank quotes one number for the whole term. Check it against an independent BKBM mid before you sign: the difference is their margin.
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FAQs
BKBM, the Bank Bill Market rate, is New Zealand's benchmark short-term interest rate, often called the bank bill rate. It is administered by the New Zealand Financial Benchmark Facility and set each New Zealand business morning for 1 to 6 months from trading in bank bills during a two-minute window, falling back to executable bids and offers when there are no trades.
Because it comes from trading rather than estimates, BKBM tracks where bank funding actually prices. It moves with expectations for the Reserve Bank of New Zealand's Official Cash Rate (OCR), and no plan to replace it has been announced.
Markets currently price 3M BKBM at 3.28% for end-2026, 3.99% for 2027, 4.07% for 2028 and 4.20% for 2029: a rising path. These are forward rates implied by today's swap market, not an in-house view, and they move as expectations shift.
The dated forward rates for 2030, 2031 and the rest of the curve are in the app. Start a free 14-day trial and take them straight to Excel.
Quotes stream straight from tier-one inter-dealer brokers and exchanges. We sanity-check every feed before building the curve.
Yes. Pick any valuation date (and even time) and download the historical curve to Excel.
This page updates every trading day. Need intraday? Most curves update on live rates in the app, and the Excel download uses the latest rates the moment you hit Download. Start a free 14-day trial.
SOFR, SONIA, EURIBOR, CORRA, BBSY, STIBOR, NIBOR, JIBAR and 30-plus others: all with forward curves and discount factors.
Yes. Pull curves via a REST API or use the Excel function =BLUEGAMMA(). Same numbers everywhere, no manual uploads.
Absolutely. Load any swap (fixed-for-floating, amortising or bullet), drop in the notional schedule and get a mark-to-market in minutes, or roll the clock back for historic pricing.
Most free forward curves are published once a month as a static chart. BlueGamma rebuilds the BKBM curves from swap quotes every trading day, shows the dated values rather than a picture, and lets you download the full grid to Excel during a free trial.
More on BKBM rates
BKBM Swap Rates
Today's NZD BKBM swap rates across the tenor grid, with history.
Forward curve basics
How forward curves are built, read and used in models.
Pull a curve into Excel
How to pull a forward curve directly into a spreadsheet, step by step.
How we bootstrap the yield curve
The methodology behind every curve on this page: market inputs, bootstrapping and interpolation.
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