Banks raise $37bil as global markets thaw

Posted on 10/01/2009  

Australian banks have taken advantage of the Federal Government's funding guarantee by rising $37 billion in global markets over the past month. National Australia Bank raised $3.5 billion through a bond issue to US investors, which means NAB is over halfway to the $19 billion it's seeking to fund its loan book. According to The Age, the NAB had been planning a smaller issue but strong demand prompted it to increase the size of the deal.

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