The Australian bank will raise euros this week as interest rate hikes weigh on borrowing costs
Westpac will add to a busy month of fundraising in the international debt capital markets with a senior, euro-denominated bond deal that could launch as soon as Wednesday.
Westpac and the other big Australian banks are raising capital to repay loans which were extended to the banks via the Reserve Bank’s pandemic-related Term Funding Facility.
Funding costs are on the rise for Australia’s banks as competition for new deposit bases grow, credit agency Moody’s Investors Service said in a December note. The total cost of capital, based on the spread of the big four banks’ five-year bonds, has jumped more than 50 per cent to 1 per cent over the past year.
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