UK bank funding costs spike in Q1 – BoE

UK bank funding spreads widened in recent months, though the Bank of England (BoE) does not equate this with a jump in banks’ riskiness.

In its biannual Financial Stability Report, the BoE cited data showing that UK bank secured bond spreads have climbed steadily since the start of the year, while credit default swap spreads – a popular gauge of dealers’ riskiness – have stayed stable. 

The central bank stated that the spread widening likely reflected a gear change in UK bank bond sales. Total

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