Interest Rates: Rising interest rates generally decrease bond prices, as new bonds offer higher yields. Conversely, falling interest rates usually increase bond prices.

Inflation: Higher inflation erodes the real value of future bond payments, decreasing bond prices. Lower inflation increases bond's appeal.

Credit Rating: A downgrade in New Zealand's credit rating would likely decrease the price of these bonds, as it signals a higher risk of default. An upgrade would increase the price.

Economic Growth: Strong economic growth can lead to higher interest rates and potentially inflation, both factors that can decrease bond prices. Slower growth can increase prices.

Market Sentiment: Investor confidence and risk appetite can impact bond prices. In times of uncertainty, investors may flock to safer assets like government bonds, increasing demand and prices.

Global Events: Major global events, such as financial crises or geopolitical instability, can affect investor sentiment and drive demand for safer assets like government bonds, potentially increasing bond prices.

Supply and Demand: The relative supply of and demand for these specific bonds also affects their price. Greater demand than supply increases price; greater supply than demand decreases price.