NZ: Fonterra lifted the current season forecast milk payout to $NZ4.75/kg - TDS

Research Team at TDS, notes that in NZ, Fonterra lifted the current season forecast milk payout by 50c to $NZ4.75/kg given the recent boost in dairy prices.

Key Quotes

“The total payout to $NZ 5.30/kg is the highest in years, and very close to average breakeven levels.  NZDMO issued NZ$2b of the new 2.75% April 2037 nominal bond at a spread of 27bps over the 04/33s, within the 25-31bps initial guidance. NZGBs outstanding is now around $74b.”