Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds rose over the past month to $1.055 trillion led by a surge in USD & EUR funds. GBP MMFs declined over the past 30 days. European MMF assets remain just below their record high of $1.101 trillion set in mid-December 2021. These U.S.-style money funds, domiciled in Ireland or Luxembourg but denominated in US Dollars, Pound Sterling and Euros, increased by $30.2 billion over the 30 days through 12/13. The totals are down $8.4 billion (-0.8%) year-to-date. (Note that any increases in the U.S. dollar caused Euro and Sterling totals to decline when they're translated back into dollars.) (For those of you attending at our Money Fund University today and tomorrow, welcome to Boston! We hope you enjoy the show.... You may access the conference materials at the bottom of our "Content" page or via our "Money Fund University 2022 Download Center.")
Offshore US Dollar money funds are up $19.3 billion over the last 30 days and are up $22.2 billion YTD to $556.7 billion. Euro funds increased E16.1 billion over the past month. YTD, they're up E31.7 billion to E190.1 billion. GBP money funds decreased L4.4 billion over 30 days; they are up by L23.1 billion YTD to L270.2B. U.S. Dollar (USD) money funds (196) account for half (52.8%) of the "European" money fund total, while Euro (EUR) money funds (91) make up 17.8% and Pound Sterling (GBP) funds (126) total 29.4%. 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 3.79% (7-Day) on average (as of 12/13/22), up from 3.67% a month earlier. Yields averaged 0.03% on 12/31/21, 0.05% on 12/31/20, 1.59% on 12/31/19 and 2.29% on 12/31/18. EUR MMFs finally left negative yield territory 3 months ago; they're yielding 1.26% on average, up from 1.17% a month ago and up from -0.80% on 12/31/21. They averaged -0.71% at year-end 2020, -0.59% at year-end 2019 and -0.49% at year-end 2018. Meanwhile, GBP MMFs yielded 2.89%, up 13 bps from a month ago, and up from 0.01% on 12/31/21. Sterling yields were 0.00% on 12/31/20, 0.64% on 12/31/19 and 0.64% on 12/31/18. (See our latest MFI International for more on the "offshore" money fund marketplace. Note that these funds are only available to qualified, non-U.S. investors.)
Crane's October MFI International Portfolio Holdings, with data as of 11/30/22, show that European-domiciled US Dollar MMFs, on average, consist of 26% in Commercial Paper (CP), 14% in Certificates of Deposit (CDs), 32% in Repo, 10% in Treasury securities, 17% in Other securities (primarily Time Deposits) and 1% in Government Agency securities. USD funds have on average 63.4% of their portfolios maturing Overnight, 6.8% maturing in 2-7 Days, 8.7% maturing in 8-30 Days, 6.1% maturing in 31-60 Days, 5.3% maturing in 61-90 Days, 7.5% maturing in 91-180 Days and 2.3% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the US (28.5%), France (14.3%), Canada (13.9%), Japan (10.8%), Sweden (7.1%), the Netherlands (5.1%), the U.K. (4.1%), Australia (3.7%), Germany (1.9%) and Austria (1.7%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $56.5 billion (9.8% of total assets), Federal Reserve Bank of New York with $38.0B (6.6%), RBC with $30.5B (5.3%), Credit Agricole with $23.4B (4.1%), BNP Paribas with $21.8B (3.8%), Sumitomo Mitsui Banking Corp with $17.4B (3.0%), Mizuho Corporate Bank Ltd with $14.7B (2.6%), Fixed Income Clearing Corp with $14.7B (2.6%), Skandinaviska Enskilda Banken AB with $14.1B (2.5%) and Barclays PLC with $13.5B (2.3%).
Euro MMFs tracked by Crane Data contain, on average 45% in CP, 18% in CDs, 23% in Other (primarily Time Deposits), 9% in Repo, 4% in Treasuries and 1% in Agency securities. EUR funds have on average 34.7% of their portfolios maturing Overnight, 11.4% maturing in 2-7 Days, 5.5% maturing in 8-30 Days, 22.0% maturing in 31-60 Days, 17.6% maturing in 61-90 Days, 5.2% maturing in 91-180 Days and 3.6% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (33.5%), Japan (13.7%), the U.S. (7.7%), Germany (6.1%), the U.K. (5.7%), the Netherlands (5.6%), Canada (5.0%), Austria (4.9%), Sweden (4.2%) and Belgium (3.2%).
The 10 Largest Issuers to "offshore" EUR money funds include: Republic of France with E10.8B (6.0%), Credit Agricole with E9.8B (5.4%), BNP Paribas with E7.3B (4.1%), Societe Generale with E6.6B (3.7%), Erste Group Bank AG with E6.0B (3.3%), Mizuho Corporate Bank Ltd with E5.9B (3.3%), Sumitomo Mitsui Banking Corp with E5.7B (3.2%), Credit Mutuel with E5.6B (3.1%), Barclays PLC with E5.2B (2.9%) and BPCE SA with E5.1B (2.8%).
The GBP funds tracked by MFI International contain, on average (as of 11/30/22): 33% in CDs, 22% in CP, 28% in Other (Time Deposits), 15% in Repo, 2% in Treasury and 0% in Agency. Sterling funds have on average 40.0% of their portfolios maturing Overnight, 8.0% maturing in 2-7 Days, 5.1% maturing in 8-30 Days, 14.8% maturing in 31-60 Days, 23.3% maturing in 61-90 Days, 5.5% maturing in 91-180 Days and 3.2% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: Japan (20.4%), Canada (15.5%), France (15.3%), the U.K. (9.8%), the Netherlands (7.0%), Australia (5.6%), the U.S. (4.9%), Germany (3.6%), Sweden (3.3%) and Spain (2.7%).
The 10 Largest Issuers to "offshore" GBP money funds include: Mitsubishi UFJ Financial Group Inc with L9.5B (5.8%), Mizuho Corporate Bank Ltd with L9.2B (5.5%), Bank of Nova Scotia with L7.1B (4.3%), RBC with L6.2B (3.7%), Barclays with L6.0B (3.6%), Sumitomo Mitsui Trust Bank with L5.6B (3.4%), BNP Paribas with L5.3B (3.2%), Sumitomo Mitsui Banking Corp with L5.0B (3.1%), Toronto-Dominion Bank with L5.0B (3.0%) and Banco Santander with L4.3B (2.6%).
