Bank Strains Emerge as Brexit Collides With Money-Fund OverhaulBy
Dollar Libor-OIS spread, a sign of funding cost, widens
Cash exits U.S. prime funds, limiting demand for banks’ debt
For U.S. banks, Brexit couldn’t have come at a worse time, raising funding costs just as changes to the $2.7 trillion money-fund industry threaten to sap demand for the lenders’ short-term debt.
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