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 $1.244 trillion, while yields were mostly flat. Assets for USD and EUR MMFs both rose over the past month, while GBP MMF assets fell. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023 and 2024 (though they are just below the record currently). These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $7.0 billion over the 30 days through 5/13. The totals are up $46.9 billion (3.9%) 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.)
Offshore US Dollar money funds increased $4.7 billion over the last 30 days and are up $16.3 billion YTD to $665.8 billion; they increased $100.0 billion in 2023. Euro funds increased E4.4 billion over the past month. YTD, they're up E14.1 billion to E249.0 billion, for 2023, they increased by E54.5 billion. GBP money funds decreased L1.9 billion over 30 days, and they're up L10.1 billion YTD at L245.5B, for 2023, they fell L28.1 billion. U.S. Dollar (USD) money funds (214) account for over half (53.5%) of the "European" money fund total, while Euro (EUR) money funds (120) make up 21.6% and Pound Sterling (GBP) funds (143) total 24.9%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Tuesday), below.
Offshore USD MMFs yield 5.23 (7-Day) on average (as of 5/13/24), 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 3.84% 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 10 months ago and now yield 5.15%, down 1 bp 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 4/30/24, show that European-domiciled US Dollar MMFs, on average, consist of 25% in Commercial Paper (CP), 17% in Certificates of Deposit (CDs), 22% in Repo, 23% in Treasury securities, 12% in Other securities (primarily Time Deposits) and 1% in Government Agency securities. USD funds have on average 44.8% of their portfolios maturing Overnight, 8.5% maturing in 2-7 Days, 9.9% maturing in 8-30 Days, 8.9% maturing in 31-60 Days, 7.6% maturing in 61-90 Days, 12.7% maturing in 91-180 Days and 7.7% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the US (39.2%), France (12.0%), Japan (9.4%), Canada (8.5%), Sweden (5.8%), the U.K. (4.9%), the Netherlands (4.4%), Australia (3.4%), Germany (2.5%) and Belgium (1.7%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $151.7 billion (22.7% of total assets), Fixed Income Clearing Corp with $39.9B (6.0%), Credit Agricole with $20.2B (3.0%), Barclays PLC with $17.7B (2.6%), Mizuho Corporate Bank Ltd <b:>`_ with $16.4B (2.5%), BNP Paribas with $15.1B (2.3%), JP Morgan with $14.9B (2.2%), RBC with $14.2B (2.1%), Nordea Bank with $13.8B (2.1%) and Bank of America with $13.0B (1.9%).
Euro MMFs tracked by Crane Data contain, on average 45% in CP, 19% in CDs, 19% in Other (primarily Time Deposits), 15% in Repo, 1% in Treasuries and 1% in Agency securities. EUR funds have on average 37.3% of their portfolios maturing Overnight, 8.9% maturing in 2-7 Days, 14.4% maturing in 8-30 Days, 13.2% maturing in 31-60 Days, 8.5% maturing in 61-90 Days, 10.5% maturing in 91-180 Days and 7.2% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (33.3%), Japan (11.9%), the U.S. (8.3%), Germany (8.0%), Canada (6.7%), the U.K. (5.7%), Sweden (4.4%), Austria (4.3%), Australia (3.3%) and Spain (3.1%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E15.7B (6.9%), BNP Paribas with E12.0B (5.3%), Credit Mutuel with E9.5B (4.2%), Republic of France with E8.3B (3.7%), Societe Generale with E7.7B (3.4%), Mitsubishi UFJ Financial Group Inc with E7.5B (3.3%), JP Morgan with E7.4B (3.3%), BPCE SA with E7.3B (3.2%), Erste Group Bank AG with E6.6B (2.9%) and DZ Bank AG with E6.5B (2.9%).
The GBP funds tracked by MFI International contain, on average (as of 4/30/24 ): 38% in CDs, 18% in CP, 23% in Other (Time Deposits), 17% in Repo, 4% in Treasury and 0% in Agency. Sterling funds have on average 31.7% of their portfolios maturing Overnight, 10.7% maturing in 2-7 Days, 10.4% maturing in 8-30 Days, 12.2% maturing in 31-60 Days, 13.5% maturing in 61-90 Days, 13.2% maturing in 91-180 Days and 8.3% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: France (16.4%), Japan (15.4%), the U.K. (13.8%), Canada (12.6%), the U.S. (9.9%), Australia (9.1%), Sweden (4.7%), the Netherlands (3.7%), Singapore (2.9%) and Abu Dhabi (2.3%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L17.5B (7.7%), Toronto-Dominion Bank with L10.0B (4.4%), BNP Paribas with L8.5B (3.8%), Mitsubishi UFJ Financial Group Inc with L8.5B (3.7%), Mizuho Corporate Bank Ltd with L8.2B (3.6%), Sumitomo Mitsui Banking Corp with L7.5B (3.3%), JP Morgan with L7.1B (3.1%), Commonwealth Bank of Australia with L6.9B (3.1%), Sumitomo Mitsui Trust Bank with L6.7B (3.0%), and BPCE SA with L6.5B (2.9%).
