Westpac reports A$21 billion increase in level one liquid assets portfolio
Westpac Banking Corporation (Westpac) added A$21 billion (US$21.7 billion) to its holdings of level one liquid assets – comprising cash, and government and semi-government bonds – over the course of its 2010/11 financial year. Announcing its annual results on November 2, Westpac revealed total liquid assets holdings of A$103 billion at the end of its financial year, with almost all the growth from the A$82 billion held at the end of 2009/10 coming in level one securities.
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Jumbo AUD deals highlight relative loan market resilience
The Australian syndicated loans market has caught fire in recent weeks with three billion dollar-plus transactions closing. Loans intermediaries are hopeful that the market will remain an attractive option relative to bonds, saying a reduction in available liquidity – for the first time since the financial crisis – is offset by widened spreads and heightened volatility in debt capital markets.
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