Westpac forays back into securitisation
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BN
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14/12/2009 7:00:00 AM
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Westpac could be the first major bank to successfully secure funds through securitisation in two years.
The lender is seeking to raise $1 bn, according to afr.com's Dealbook, in what would be the first RMBS issue by one of the big four banks since mid-2007.
The move signals a tentative return to the securitisation market and a reduction in the major banks' reliance on the government's wholesale funding guarantee which is expected to be removed in 2010.
Banks are also looking to diversify their funding sources as competition for deposits increases.
The AFR indicated the deal could be launched today.
Related stories:
Positive signs: Bendigo & Adelaide Bank eyeing up RMBS - Fresh on the heels of Members Equity launching its third successful RMBS venture without government support, Bendigo and Adelaide bank may also be going to market soon, according to the latest nMB Intell newsletter.
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