Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds moved higher again over the past 30 days to a record $1.463 trillion, while yields moved lower. Assets for USD, EUR and GBP all rose over the past month. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024 and early in 2025. These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $27.3 billion over the 30 days through 1/14. The totals are up $30.4 billion (2.1%) year-to-date for 2025, they were up $235.3 billion (19.7%) for 2024 and up $166.9 billion (16.2%) for the year 2023. (Note that currency moves in the U.S. dollar cause Euro and Sterling totals to shift when they're translated back into totals in U.S. dollars. See our latest MFI International for more on the "offshore" money fund marketplace. These funds are only available to qualified, non-U.S. investors and are almost entirely institutional.)
Offshore US Dollar money funds increased $16.7 billion over the last 30 days and are up $16.8 billion YTD to $760.4 billion; they increased $94.1 billion in 2024. Euro funds increased E6.3 billion over the past month. YTD, they're up E0.4 billion to E318.2 billion, for 2024, they increased by E82.9 billion. GBP money funds increased L2.7 million over 30 days, and they're up L9.9 billion YTD at L264.6B, for 2024, they rose L19.3 billion. U.S. Dollar (USD) money funds (260) account for over half (52.0%) of the "European" money fund total, while Euro (EUR) money funds (180) make up 24.0% and Pound Sterling (GBP) funds (171) total 24.0%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Wednesday), below.
Offshore USD MMFs yield 4.33% (7-Day) on average (as of 1/14/25), down 22 basis points from a month earlier. Yields averaged 4.20% on 12/30/22 and 0.03% on 12/31/21. EUR MMFs, which left negative yield territory in the second half of 2022, yield 2.88% on average, down 20 bps from a month ago and up from 1.48% on 12/30/22 and -0.80% on 12/31/21. Meanwhile, GBP MMFs broke above the 5.0% barrier 17 months ago, but they broke back below 5.0% 6 months ago. They now yield 4.65%, down 3 bps from a month ago, but up from 3.17% on 12/30/22. Sterling yields were 0.01% on 12/31/21.
Crane's December MFI International Portfolio Holdings, with data as of 12/31/24, show that European-domiciled US Dollar MMFs, on average, consist of 28% in Commercial Paper (CP), 16% in Certificates of Deposit (CDs), 21% in Repo, 23% in Treasury securities, 10% in Other securities (primarily Time Deposits) and 2% in Government Agency securities. USD funds have on average 42.3% of their portfolios maturing Overnight, 3.2% maturing in 2-7 Days, 14.3% maturing in 8-30 Days, 10.6% maturing in 31-60 Days, 7.3% maturing in 61-90 Days, 16.1% maturing in 91-180 Days and 6.3% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the US (38.7%), Canada (11.6%), France (10.7%), Japan (10.2%), Australia (5.6%), the U.K. (3.4%), Germany (3.4%), the Netherlands (2.9%), Finland (2.6%) and Sweden (2.2%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $173.7 billion (23.2% of total assets), Fixed Income Clearing Corp with $44.4B (5.9%), RBC with $24.5B (3.3%), Mizuho Corporate Bank with $20.5B (2.7%), Toronto-Dominion Bank with $19.9B (2.7%), Australia & New Zealand Banking Group Ltd with $18.4B (2.5%), Credit Agricole with $18.2B (2.4%), Nordea Bank with $18.1B (2.4%), Mitsubishi UFJ Financial Group Inc with $17.9B (2.4%) and Societe Generale with $14.9B (2.0%).
Euro MMFs tracked by Crane Data contain, on average 40% in CP, 25% in CDs, 15% in Other (primarily Time Deposits), 17% in Repo, 3% in Treasuries and 0% in Agency securities. EUR funds have on average 34.1% of their portfolios maturing Overnight, 9.4% maturing in 2-7 Days, 19.0% maturing in 8-30 Days, 15.8% maturing in 31-60 Days, 6.2% maturing in 61-90 Days, 9.4% maturing in 91-180 Days and 6.1% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (30.1%), Japan (12.3%), Canada (9.5%), the U.S. (7.1%), Germany (6.8%), the Netherlands (5.9%), the U.K. (4.4%), Australia (3.6%), Austria (3.5%) and Belgium (3.0%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E18.4B (6.3%), Republic of France with E15.9B (5.5%), BNP Paribas with E15.1B (5.2%), Sumitomo Mitsui Banking Corp with E9.7B (3.4%), Societe Generale with E8.7B (3.0%), Toronto-Dominion Bank with E8.6B (3.0%), Mitsubishi UFJ Financial Group Inc with E8.3B (2.9%), Mizuho Corporate Bank Ltd with E7.8B (2.7%), Bank of Nova Scotia with E7.3B (2.5%) and JP Morgan with E6.6B (2.3%).
The GBP funds tracked by MFI International contain, on average (as of 12/31/24): 38% in CDs, 19% in CP, 22% in Other (Time Deposits), 17% in Repo, 3% in Treasury and 1% in Agency. Sterling funds have on average 34.6% of their portfolios maturing Overnight, 4.0% maturing in 2-7 Days, 16.6% maturing in 8-30 Days, 15.4% maturing in 31-60 Days, 8.3% maturing in 61-90 Days, 13.7% maturing in 91-180 Days and 7.4% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: France (15.5%), Japan (15.2%), Canada (13.1%), the U.K. (12.9%), Australia (10.4%), the U.S. (7.8%), the Netherlands (3.9%), Singapore (3.5%), Finland (2.9%), and Abu Dhabi (2.5%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L16.1B (6.6%), RBC with L11.9B (4.9%), Mizuho Corporate Bank Ltd with L10.4B (4.3%), Sumitomo Mitsui Trust Bank with L10.1B (4.2%), Toronto-Dominion Bank with L9.4B (3.9%), Mitsubishi UFJ Financial Group Inc with L9.3B (3.8%), BNP Paribas with L8.6B (3.6%), National Australia Bank Ltd with L8.3B (3.4%), Commonwealth Bank of Australia with L7.9B (3.3%) and JP Morgan with L6.9B (2.8%).
