All other issuance activity had a distinctively New Zealand flavour last week. In the New Zealand market, Bank of New Zealand completed a small NZ$25 million, October 2010, bond issue that had been announced the week before and Westpac New Zealand succeeded in raising some NZ$265 million, for five years at 130 basis points over bank bills. Westpac had launched the issue for a minimum of NZ$50 million, the week before. Clearly, targeting the retail market is the way to go in the current environment, but having a government guarantee helps. PGG Wrightson Finance announced its intention to raise NZ$75 million for two years after being awarded the same. The deal has been underwritten for NZ$50 million and NZ$25 million in oversubscriptions will be accepted. The bonds are offering a coupon of 225 bps over the two-year swap rate. The offer will close on 19 December.Finally, one of New Zealand's largest companies raised £225 million for 15 years via a Eurobond issue. Fonterra Cooperative Group (rated 'A+' by S&P) raised the funds at what appears to be a very competitive 450  bps over the March 2025 UK government bond. Admittedly, the bonds come with investor protection such as a poison put in the event of a change of control and a 25 bps coupon step-up per notch of any rating downgrades below 'BBB+'. Raising 15-year debt, even with a coupon of 9.375 per cent pa, seems a very prudent move in this environment. All corporate treasurers should take note.