After several consecutive months of negative returns the New Zealand Fixed Interest market finally saw positive returns over March. The S&P/NZX Investment Grade Corporate Bond, S&P/NZX A-Grade Corporate Bond and S&P/NZX NZ Government Bond indices returned +0.22%, +0.24% and +0.71% respectively. Over the month there was a small decrease in yields for these three indices, dropping -3bp, -3bp and -9bp each. Despite the uptick for New Zealand Government bonds over the month we are still in record territory with a rolling six month return of -6.17% being the worst six month return for the index since it began.