Fonterra completes debut Australian deal via local subsidiary [UPDATED]
Following a roadshow to domestic investors earlier in June,
Fonterra completed (A+/AA-) its first-ever transaction in the Australian market on July 4 through its subsidiary, New Zealand Milk (Australasia). The A$300 million (US$322.5 million) deal has a five-year maturity, and was upsized from an indicative volume of A$200 million. It priced 5 basis points tighter than indicative pricing at 100 basis points over swap.
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Australian issuance still on target for record year as first half ends
At the end of the first half of the year issuance in several sectors of the Australian bond market remained on target to pass annual records, with true corporate volume in particular way ahead of previous years despite a tailing off of primary market activity in June. The New Zealand domestic market in the first six months of 2011 fell just fractionally short of all-time issuance levels.
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