Trans-Tasman synchronisation works for Fonterra as NZ momentum grows

New Zealand's bond market started the year on the front foot and its participants are bullish on the prospects for future supply. The most eye-catching deal to date has come from Fonterra Co-operative Group (Fonterra) which, despite the likely limited opportunities for other issuers to replicate the trans-Tasman transaction, is hailed by bankers for its innovative approach to maximising competitive tension in the New Zealand domestic market.