Assets in "offshore" money market mutual funds, U.S.-style funds domiciled in Dublin, Luxemburg or the Cayman Islands, marketed to multinational corporations and subsidiaries outside the U.S. and denominated in USD, Euro and GBP (sterling), rose by $33.7 billion to $712.9 billion in the first quarter of 2014. U.S. Dollar (USD) funds (142) tracked by Crane Data's Money Fund Intelligence International account for over half ($385.9 billion, or 54.1%) of the total, while Euro (EUR) money funds (98) total E72.0 billion (about $99.0 in USD) and Pound Sterling (GBP) funds (95) total L136.8 ($227.9 in USD). Offshore USD MMFs yielded 0.03% on average as of March 31, 2014, while EUR MMFs yielded 0.07% and GBP MMFs yielded 0.28% (our Crane MFII 7-Day Yield Indexes). We review the latest MFI International Money Fund Portfolio Holdings below for the three major currencies, and we also give details on our second annual European Money Fund Symposium (Sept. 22-23 in London). Note: Offshore money market funds are not available for sale to U.S. investors.
The USD funds tracked by MFI International contain, on average 24.6% in Certificates of Deposit (CDs), 24.1% in Commercial Paper (CP), 16.9% in Treasury securities, 15.7% in Other securities (primarily Time Deposits), 14.5% in Repurchase Agreements (Repo), 3.7% in Government Agency securities and 0.5% in VRDNs (Variable-Rate Demand Notes). USD funds have on average 28.5% of their portfolios maturing Overnight, 7.2% maturing in 2-7 Days, 18.1% maturing in 8-30 Days, 24.6% maturing in 31-90 Days, 15.9% maturing in 91-180 Days, and 5.7% maturing beyond 181 Days. USD holdings are affiliated with the following countries: US (32.6%), France (13.8%), Canada (8.7%), Japan (8.4%), Sweden (7.0%), Great Britain (6.0%), Germany (5.6%), Australia (4.8%), Netherlands (4.5%), and Switzerland (2.6%).
The 20 Largest Issuers to "offshore" USD money funds include: the US Treasury with $76.0 billion (16.6% of total portfolio assets), Credit Agricole with $21.4B (4.7%), the Federal Reserve Bank of New York with $18.0B (3.9%), Bank of Tokyo-Mitsubishi UFJ Ltd with $15.2B (3.3%), BNP Paribas with $14.7B (3.2%), Natixis with $12.8B (2.8%), Bank of Nova Scotia with $11.2B (2.4%), Barclays PLC $10.5B (2.3%), Svenska Handelsbanken with $10.4B (2.3%), Skandinaviska Enskilda Banken AB (SEB) with $10.0B (2.2%), `Sumitomo Mitsui Banking Co with $9.2B (2.0%), Rabobank with $8.8B (1.9%), JP Morgan with $8.5B (1.9%), Deutsche Bank AG with $8.2B (1.8%), HSBC with $7.6B (1.7%), RBC with $7.4B (1.6%), Toronto-Dominion Bank with $7.3B (1.6%), Wells Fargo with $7.2B (1.6%), Federal Home Loan Bank with $7.1B (1.5%), and Nordea Bank with $7.0B (1.5%).
The EUR funds tracked by MFI International contain, on average 38.9% in CDs, 24.4% in CP, 17.8% in Other (primarily Time Deposits), 9.8% in Repo, 5.3% in Agency securities, 3.4% in Treasury securities, and 0.3% in VRDNs. Euro funds have on average 25.2% of their portfolios maturing Overnight, 6.7% maturing in 2-7 Days, 19.4% maturing in 8-30 Days, 29.5% maturing in 31-90 Days, 16.0% maturing in 91-180 Days, and 3.3% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (30.4%), Germany (15.9%), Netherlands (11.8%), Great Britain (9.2%), Japan (6.9%), Sweden (6.7%), US (5.9%), Belgium (2.3%), Finland (2.1%), and Austria (1.4%).
The 15 Largest Issuers to "offshore" EUR money funds include: BNP Paribas with E5.3B (7.4%), FMS Wertmanagement with E4.7B (6.5%), Republic of France with E3.5B (4.8%), Rabobank with E3.1B (4.3%), HSBC with E2.8B (3.9%), Societe Generale with E2.6B (3.6%), Credit Agricole with E2.4B (3.3%), Barclays PLC with E2.0B (2.8%), ING Bank with E2.0B (2.8%), Credit Mutuel with E2.0B (2.8%), Svenska Handelsbanken with E1.9B (2.7%), Nordea Bank with E1.7B (2.4%), Bank of Tokyo-Mitsubishi UFJ Ltd with E1.6B (2.2%), Pohjola Bank PLC with E1.5B (2.1%), and JP Morgan with E1.5B (2.1%).
The GBP funds tracked by MFI International contain, on average 32.2% in CP, 29.6% in Other (Time Deposits), 25.5% in CDs, 7.2% in Repo, 2.9% in Treasury, 2.2% in Agency, and 0.4% in VRDNs. Sterling funds have on average 27.1% of their portfolios maturing Overnight, 4.3% maturing in 2-7 Days, 19.7% maturing in 8-30 Days, 31.2% maturing in 31-90 Days, 14.0% maturing in 91-180 Days, and 3.6% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: Great Britain (19.1%), France (16.8%), Germany (10.7%), Netherlands (9.4%), Japan (8.2%), Sweden (8.0%), US (6.2%), Switzerland (4.6%), Australia (4.0%), and Canada (3.7%).
The 15 Largest Issuers to "offshore" GBP money funds include: Lloyds TSB Bank PLC with L5.7B (5.4%), BNP Paribas with L4.8B (4.5%), FMS Wertmanagement with L4.7B (4.5%), Nordea Bank with L4.3B (4.1%), Rabobank with L4.1B (3.9%), Credit Agricole with L4.0B (3.8%), Standard Chartered Bank with L3.6B (3.4%), ING Bank with L3.4B (3.2%), UK Treasury with L3.3B (3.1%), Bank of Tokyo-Mitsubishi UFJ Ltd with L3.3B (3.1%), HSBC with L3.3B (3.1%), Sumitomo Mitsui Banking Co with L3.1B (2.9%), Barclays PLC with L3.0B (2.8%), Oversea-Chinese Banking Co with L2.9B (2.7%), and JP Morgan with L2.9B (2.7%). (E-mail us at info@cranedata.com (or call 508-439-4419) to request a copy of our latest MFI International or MFII Portfolio Holdings.)
Finally, Crane Data has published the preliminary agenda and is now accepting registrations for its second annual European Money Fund Symposium, which will take place Sept. 22-23, 2014, at the London Tower Hilton in London, England. (Visit www.euromfs.com for details.) Our inaugural European event last September in Dublin attracted over 100 money fund professionals, and we expect this year's event to be even bigger and better. Sponsorships and a handful of speaking slots are still available. Contact us for the full brochure and for more details.
