Crane Data's latest MFI International shows total assets in "offshore" money market mutual funds, U.S.-style funds domiciled in Ireland or Luxemburg and denominated in USD, Euro and GBP (sterling), up year-to-date in 2018. Through 11/14/18, MFII assets are up $16 billion to $847 billion. Offshore USD money funds are up $22 billion YTD, continuing to defy predictions of repatriation-related outflows. Euro funds are still feeling the pain of negative rates and pending European MMF reforms; they're down E5 billion YTD. GBP funds are up L2B. U.S. Dollar (USD) money funds (159) account for over half ($447 billion, or 52.8%) of this "European" money fund total, while Euro (EUR) money funds (98) total E98 billion (11.0%) and Pound Sterling (GBP) funds (103) total L221 billion (26.0%). We summarize our "offshore" money fund assets, as well as our latest Money Fund Intelligence International Portfolio Holdings totals, below.

USD MMFs yield 2.09% (7-Day) on average (as of 11/14/18), up from 1.19% at the end of 2017 and 0.56% at the end of 2016. EUR MMFs yield -0.48 on average, up from -0.55% on 12/29/17 and -0.49% on 12/30/16, while GBP MMFs yield 0.62%, up from 0.24% at the end of 2017 and 0.19% at the end of 2016. (See our latest MFI International for more on the "offshore" money fund marketplace.)

Crane's latest MFI International Money Fund Portfolio Holdings, with data (as of 10/31/18), show that European-domiciled US Dollar MMFs, on average, consist of 28% in Commercial Paper (CP), 22% in Certificates of Deposit (CDs), 14% in Treasury securities, 20% in Repurchase Agreements (Repo), 14% in Other securities (primarily Time Deposits), and 2% in Government Agency securities. USD funds have on average 33.6% of their portfolios maturing Overnight, 11.2% maturing in 2-7 Days, 17.9% maturing in 8-30 Days, 11.1% maturing in 31-60 Days, 12.5% maturing in 61-90 Days, 10.8% maturing in 91-180 Days, and 2.9% maturing beyond 181 Days. USD holdings are affiliated with the following countries: US (24.5%), France (18.0%), Japan (10.2%), Canada (9.8%), United Kingdom (6.5%), Germany (5.0%), The Netherlands (4.8%), Sweden (4.6%), Australia (3.5%), China (2.8%), Singapore (2.5%), and Switzerland (2.2%).

The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $68.4 billion (14.0% of total assets), BNP Paribas with $30.5B (6.3%), Credit Agricole with $18.2B (3.7%), Mitsubishi UFJ Financial Group Inc with $15.0B (3.1%), Wells Fargo with $14.3B (2.9%), Barclays PLC with $12.9B (2.6%), Toronto-Dominion Bank with $12.B (2.5%), Mizuho Corporate Bank Ltd with $11.1B (2.3%), Societe Generale with $10.7B (2.2%), and HSBC with $9.2B (1.9%).

Euro MMFs tracked by Crane Data contain, on average 46% in CP, 26% in CDs, 20% in Other (primarily Time Deposits), 6% in Repo, 1% in Agency securities, and 1% in Treasuries. EUR funds have on average 20.0% of their portfolios maturing Overnight, 11.7% maturing in 2-7 Days, 16.7% maturing in 8-30 Days, 13.1% maturing in 31-60 Days, 20.6% maturing in 61-90 Days, 14.6% maturing in 91-180 Days and 3.3% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (31.6%), Japan (15.2%), the US (9.4%), Sweden (6.7%), Netherlands (6.3%), Germany (6.1%), U.K. (5.0%), Belgium (4.0%), Switzerland (3.8%) and China (3.0%).

The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E5.7B (6.4%), BNP Paribas with E4.2B (4.7%), Mizuho Corporate Bank Ltd with E3.5B (3.9%), ING Bank with E3.0B (3.4%), Sumitomo Mitsui Trust Bank with E2.9B (3.3%), Svenska Handelsbanken with E2.8B (3.1%), BPCE with E2.7B (3.0%), Societe Generale with E2.7B (3.0%), Credit Mutuel with E2.6B (2.9%), and Procter & Gamble Co with E2.6B (2.8%).

The GBP funds tracked by MFI International contain, on average (as of 10/31/18): 37% in CDs, 27% in Other (Time Deposits), 23% in CP, 9% in Repo, 4% in Treasury, and 0% in Agency. Sterling funds have on average 15.6% of their portfolios maturing Overnight, 14.5% maturing in 2-7 Days, 16.8% maturing in 8-30 Days, 10.0% maturing in 31-60 Days, 17.6% maturing in 61-90 Days, 20.7% maturing in 91-180 Days, and 4.% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: France (18.1%), Japan (15.4%), United Kingdom (15.4%), Netherlands (9.0%), Canada (8.1%), Germany (6.3%), Australia (5.4%), Sweden (5.1%), United States (4.6%), and Singapore (2.6%).

The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L13.4B (8.2%), Sumitomo Mitsui Banking Co with L5.9B (3.7%), Mizuho Corporate Bank Ltd with E5.6B (3.4%), Rabobank with E5.6B (3.4%), BNP Paribas with L5.5B (3.4%), BPCE SA with L5.5B (3.4%), Sumitomo Mitsui Trust Bank with L5.4B (3.3%), Toronto-Dominion Bank with L5.4B (3.3%), Nordea Bank with L5.1B (3.1%) and Credit Agricole L4.6B (2.8%),

In other news, ICI's weekly "Money Market Fund Assets" report shows MMF assets rising in the latest week, their 4th week in a row of strong gains. Government, Prime and Tax Exempt MMFs all increased. Overall assets are now up $70 billion, or 2.5%, YTD, and they've increased by $167 billion, or 6.1%, over 52 weeks. Retail MMFs, which broke above the $1.1 trillion level, have increased by $87 billion, or 8.6% YTD, while Inst MMFs, which broke above the $1.8 trillion level, have decreased $18 billion, or -1.0%. Over 52 weeks, Retail money funds have gained $118 billion, or 12.0%, while Inst money funds are up $49 billion, or 2.8%. We review the latest asset figures, and also give a preview of our pending Money Fund Portfolio Holdings data, below.

ICI writes, "Total money market fund assets increased by $12.31 billion to $2.92 trillion for the week ended Wednesday, November 14, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $10.79 billion and prime funds increased by $1.05 billion. Tax-exempt money market funds increased by $470 million." Total Government MMF assets, which include Treasury funds too, stand at $2.245 trillion (76.9% of all money funds), while Total Prime MMFs stand at $539.5 billion (18.5%). Tax Exempt MMFs total $135.9 billion, or 4.7%.

They explain, "Assets of retail money market funds decreased by $912 million to $1.10 trillion. Among retail funds, government money market fund assets decreased by $3.34 billion to $653.62 billion, prime money market fund assets increased by $1.76 billion to $318.18 billion, and tax-exempt fund assets increased by $672 million to $128.20 billion." Retail assets account for over a third of total assets, or 37.7%, and Government Retail assets make up 59.4% of all Retail MMFs.

ICI's release adds, "Assets of institutional money market funds increased by $13.23 billion to $1.82 trillion. Among institutional funds, government money market fund assets increased by $14.14 billion to $1.59 trillion, prime money market fund assets decreased by $709 million to $221.29 billion, and tax-exempt fund assets decreased by $202 million to $7.73 billion." Institutional assets account for 62.3% of all MMF assets, with Government Inst assets making up 87.4% of all Institutional MMFs.

Email This Article




Use a comma or a semicolon to separate

captcha image

Money Market News Archive

2024 2023 2022
March December December
February November November
January October October
September September
August August
July July
June June
May May
April April
March March
February February
January January
2021 2020 2019
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2018 2017 2016
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2015 2014 2013
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2012 2011 2010
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2009 2008 2007
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2006
December
November
October
September