Kiwi Bonds are issued by the New Zealand government and offered to individual investors resident in New Zealand. They are not available to New Zealand citizens living abroad. They pay a fixed rate of return; interest is paid quarterly in arrears. Kiwi Bonds are issued in six month, one-year, two-year and four-year maturities. The minimum amount that can be invested is NZ$1,000 with a maximum of NZ$500,000 in any one issue. Interest rates are set periodically by New Zealand Debt Management from the moving averages of domestic wholesale rates. Interest on Kiwi Bonds is generally lower than those offered by banks, reflecting the greater level of security associated with a government investment.