Fonterra issues 'dim sum' bond
Fonterra has borrowed $250 million through a bond issue denominated in Chinese currency to help finance its operations in China.
The 1.25 billion renminbi "dim sum" bond issue has a term of five years. It is the second time Fonterra has tapped the debt market with a dim sum bond after a similar issue in 2011.
Fonterra president greater China and India, Kelvin Wickham, said the dairy co-operative was aiming to grow volume and value, particularly in consumer brands, in China.
Fonterra introduced the Anchor milk brand and an Anmum branded infant formula product to China last year, he said.