Funding costs for large financial institutions continue to rise, with Macquarie Group launching a hybrid issue, Macquarie Group Capital Notes 6, with a margin expected to be 370 to 390 basis points above the three-month bank bill swap rate (currently around 1.7 per cent). A week ago, Westpac launched Westpac Capital Notes 9 with a margin of 340 bps over three-month BBSW and earlier this month NAB offered NAB Capital Notes 6 with a margin of 315 bps. Back in February ANZ issued ANZ Capital Notes 7 with a margin of 270 bps. Consumer lender Harmoney has secured an additional NZ$215 million warehouse facility, with funding led by one of the big Australian banks. The company said 90 per cent of its NZ$627 million loan book is funded by warehouse facilities, with a diversified funding panel that includes three of the big banks. Total warehouse facilities are now NZ$950 million and last October the company completed its inaugural issue of asset-backed securities, raising NZ$145 million.