The fuse is lit under bank funding costs in 2016

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From Banking Day:

Spreads agreed on newly minted wholesale bank debt from Australian names priced at much wider levels than prevailed in 2015.

Philip Bayley, in his weekly DCM Review, chronicled the vibrant start to the fixed income market over the opening weeks of January 2016.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.