Banks raise cheap wholesale funding ahead of Spring mortgage surge

Banks raise cheap wholesale funding ahead of Spring mortgage surge
Jenny Ruth
By Jenny Ruth Sept. 11 (BusinessDesk) - Westpac and ASB Bank’s success at raising wholesale funds at low interest rates should help fuel competition through the traditionally active Spring mortgage market, says KPMG. In its latest quarterly survey of financial institutions, KPMG notes that Westpac launched a five-year medium-term note issue in July, notionally seeking $100 million but with unlimited oversubscriptions and managed to sell $900 million at an interest rate of 2.22 percent. After the Reserve Bank’s surprise 50 basis point c...

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