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.