Fonterra Cooperative Group Senior Fixed rate Bonds

Fonterra has announced an issue of senior fixed-rate bonds with a maturity date of March 2023, the proceeds of which would go towards general corporate purposes.
The indicative margin range for the offer is 1.45% - 1.60% p.a.
Based on the swap rate on 22 February 2016, of 2.96%p.a. for the period until 7 March 2023, the indicative issue margin implies a nominal interest rate for the offer of 4.41% to 4.56%p.a.

Not bad for an A- bond? Or am I wrong?