Aussie banks are stepping into the breach to cover the $70b of debt that is due to be rolled over soon. Overseas banks have fled the Aussie market leaving the big four the only option.
See Soc Gen, GE et al - having so many problems at home they pull out of Aussie lending, leaving the market solely to the big four. A bit like the mortgage markets where the newer entrants took market share away from the big players - now reversed.
Being in such a fortunate position the banks can ask for whatever margins they desire - maybe even enough to cover any writedowns on bad debts.
I heard when IPL went looking for a loan the best rate they were quoted was around 10% pa. Thats why they went to a capital raising.
While there are risks, there are some long term positives here too.
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