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 $1.258 trillion, while yields were mostly flat. Assets for USD, EUR & GBP MMFs all rose over the past month. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023 and 2024. These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $15.6 billion over the 30 days through 4/11. The totals are up $60.8 billion (5.1%) year-to-date for 2024, they were 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.) (Note too: For those attending TEXPO 2024, the Texas Treasury & Financial conference, April 14-16 in Houston, stop by Booth #504 to say "Howdy" to Crane Data!)
Offshore US Dollar money funds increased $7.8 billion over the last 30 days and are up $22.0 billion YTD to $671.5 billion; they increased $100.0 billion in 2023. Euro funds increased E3.9 billion over the past month. YTD, they're up E18.0 billion to E253.0 billion, for 2023, they increased by E54.5 billion. GBP money funds increased L2.9 billion over 30 days, and they're up L13.3 billion YTD at L248.7B, for 2023, they fell L28.1 billion. U.S. Dollar (USD) money funds (211) account for over half (53.4%) of the "European" money fund total, while Euro (EUR) money funds (119) make up 21.7% and Pound Sterling (GBP) funds (142) total 25.0%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Friday), below.
Offshore USD MMFs yield 5.24 (7-Day) on average (as of 4/11/24), down 1 bp from a month earlier. Yields averaged 4.20% on 12/30/22, 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 in the second half of 2022 but they should remain flat until the ECB moves rates again. They're yielding 3.85% on average, down 1 bp from a month ago and up from 1.48% on 12/30/22, -0.80% on 12/31/21, -0.71% at year-end 2020, -0.59% at year-end 2019 and -0.49% at year-end 2018. Meanwhile, GBP MMFs broke the 5.0% barrier 9 months ago and now yield 5.16%, down 2 bps from a month ago, and up from 3.17% on 12/30/22. Sterling yields were 0.01% on 12/31/21, 0.00% on 12/31/20, 0.64% on 12/31/19 and 0.64% on 12/31/18.
Crane's April MFI International Portfolio Holdings, with data as of 3/31/24, show that European-domiciled US Dollar MMFs, on average, consist of 26% in Commercial Paper (CP), 16% in Certificates of Deposit (CDs), 21% in Repo, 25% in Treasury securities, 11% in Other securities (primarily Time Deposits) and 1% in Government Agency securities. USD funds have on average 39.0% of their portfolios maturing Overnight, 11.3% maturing in 2-7 Days, 10.3% maturing in 8-30 Days, 11.7% maturing in 31-60 Days, 7.0% maturing in 61-90 Days, 12.3% maturing in 91-180 Days and 8.3% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the US (41.4%), France (11.8%), Canada (9.2%), Japan (8.1%), Sweden (5.2%), the Netherlands (4.8%), the U.K. (3.8%), Germany (3.1%), Australia (3.1%), and Belgium (1.9%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $166.5 billion (24.7% of total assets), Fixed Income Clearing Corp with $31.1B (4.6%), BNP Paribas with $18.3B (2.7%), RBC with $17.1B (2.5%), Credit Agricole with $16.0B (2.4%), JP Morgan with $15.6B (2.3%), Toronto-Dominion Bank with $12.5B (1.9%), Skandinaviska Enskilda Banken AB with $12.4B (1.8%), Mizuho Corporate Bank Ltd with $12.1B (1.8%), and Nordea Bank with $12.0B (1.8%).
Euro MMFs tracked by Crane Data contain, on average 47% in CP, 20% in CDs, 19% in Other (primarily Time Deposits), 13% in Repo, 1% in Treasuries and 0% in Agency securities. EUR funds have on average 40.3% of their portfolios maturing Overnight, 9.4% maturing in 2-7 Days, 16.8% maturing in 8-30 Days, 9.0% maturing in 31-60 Days, 7.2% maturing in 61-90 Days, 9.6% maturing in 91-180 Days and 7.7% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (31.0%), Japan (12.6%), the U.S. (8.0%), Germany (7.2%), Canada (6.6%), the U.K. (6.4%), the Netherlands (6.0%), Austria (4.6%), Sweden (4.1%), and Belgium (3.1%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E13.2B (6.1%), BNP Paribas with E13.1B (6.1%), Societe Generale with E8.3B (3.8%), Credit Mutuel with E7.9B (3.6%), Mitsubishi UFJ Financial Group Inc with E7.5B (3.5%), BPCE SA with E7.3B (3.4%), Republic of France with E6.9B (3.2%), Erste Group Bank AG with E6.8B (3.2%), Landesbank Baden-Wurttemberg with E6.6B (3.1%), and JP Morgan with E6.3B (2.9%).
The GBP funds tracked by MFI International contain, on average (as of 3/31/24): 39% in CDs, 19% in CP, 21% in Other (Time Deposits), 17% in Repo, 3% in Treasury and 1% in Agency. Sterling funds have on average 35.8% of their portfolios maturing Overnight, 7.8% maturing in 2-7 Days, 9.3% maturing in 8-30 Days, 12.1% maturing in 31-60 Days, 10.5% maturing in 61-90 Days, 17.2% maturing in 91-180 Days and 7.2% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: France (17.6%), the U.K. (15.4%), Japan (14.5%), Canada (14.1%), the U.S. (9.5%), Australia (7.8%), Sweden (4.2%), the Netherlands (3.4%), Singapore (2.7%) and Abu Dhabi (2.0%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L16.3B (7.9%), BNP Paribas with L9.2B (4.5%), Toronto-Dominion Bank with L9.1B (4.4%), Sumitomo Mitsui Banking Corp with L7.4B (3.6%), JP Morgan with L7.3B (3.5%), RBC with L7.0B (3.4%), Mitsubishi UFJ Financial Group Inc with L6.8B (3.3%), Credit Agricole with L6.7B (3.3%), Mizuho Corporate Bank Ltd with L6.3B (3.1%), and National Australia Bank Ltd with L6.2B (3.0%).
