Crane Data's MFI International shows total assets in "offshore" money market mutual funds, U.S.-style funds domiciled in Ireland or Luxemburg and denominated in USD, Euro and GBP (sterling), down just slightly year-to-date in 2018. Through 8/14/18, MFII assets are down $40 billion to $791 billion, but much of this is due to dollar appreciation. U.S. Dollar (USD) money funds (158) account for about half ($420 billion, or 53.1%) of the total, while Euro (EUR) money funds (98) total E81 billion and Pound Sterling (GBP) funds (110) total L209 billion. `USD funds are down a mere $5 billion, YTD, defying predictions of large repatriation-related outflows. Euro funds, however, are feeling the pain of pending European MMF reforms; they're down E17 billion YTD. GBP funds are down L10B. We review out latest MFI International statistics and "offshore" MF Portfolio Holdings, below. (Note: We hope to see you next month in London for our 6th annual European Money Fund Symposium, Sept. 20-21 at the London Tower Bridge Hilton.)
USD MMFs yield 1.85% (7-Day) on average (as of 8/14/18), up from 1.19% at the end of 2017 and 0.56% at the end of 2016. EUR MMFs yield -0.47 on average, up from -0.55% on 12/29/17 and -0.49% on 12/30/16, while GBP MMFs yield 0.50%, up from 0.24% at the end of 2017 and 0.19% at the end of 2016. (See our latest Money Fund Intelligence International for more on the "offshore" money fund marketplace.)
Crane's latest MFI International Money Fund Portfolio Holdings, with data (as of 7/31/18), shows that European-domiciled US Dollar MMFs, on average, consist of 28% in Commercial Paper (CP), 20% in Certificates of Deposit (CDs), 17% in Treasury securities, 17% in Repurchase Agreements (Repo), 16% in Other securities (primarily Time Deposits), and 2% in Government Agency securities. USD funds have on average 32.5% of their portfolios maturing Overnight, 10.5% maturing in 2-7 Days, 23.3% maturing in 8-30 Days, 11.5% maturing in 31-60 Days, 10.1% maturing in 61-90 Days, 9.7% maturing in 91-180 Days, and 2.3% maturing beyond 181 Days. USD holdings are affiliated with the following countries: US (26.1%), France (16.5%), Japan (9.6%), Canada (9.0%), United Kingdom (6.4%), Sweden (6.2%), The Netherlands (5.9%), Germany (5.6%), Australia (3.6%), China (2.7%), Singapore (2.0%), and Switzerland (1.6%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $81.2 billion (17.1% of total assets), BNP Paribas with $23.5B (4.9%), Credit Agricole with $19.4B (4.1%), Wells Fargo with $12.9B (2.7%), Mitsubishi UFJ Financial Group Inc with $12.0B (2.5%), Barclays PLC with $11.0B (2.3%), Societe Generale with $10.4B (2.2%), Toronto-Dominion Bank with $10.1B (2.1%), Mizuho Corporate Bank Ltd with $9.6B (2.0%), and ING Bank with $9.6B (2.0%).
Euro MMFs tracked by Crane Data contain, on average 47% in CP, 26% in CDs, 21% in Other (primarily Time Deposits), 5% in Repo, 1% in Agency securities, and 0% in Treasuries. EUR funds have on average 20.8% of their portfolios maturing Overnight, 7.9% maturing in 2-7 Days, 16.6% maturing in 8-30 Days, 23.1% maturing in 31-60 Days, 13.4% maturing in 61-90 Days, 16.6% maturing in 91-180 Days and 1.5% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (27.9%), Japan (16.1%), the US (10.4%), the Netherlands (7.5%), Sweden (6.8%), Germany (6.4%), Switzerland (4.8%), Canada (4.0%), China (3.6%), and Belgium (3.4%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E4.4B (5.5%), BNP Paribas with E4.3B (5.4%), Mitsubishi UFJ Financial Group Inc with E3.1B (3.9%), Svenska Handelsbanken with E2.8B (3.5%), ING Bank with E2.7B (3.4%), Mizuho Corporate Bank Ltd with E2.6B (3.2%), Credit Mutuel with E2.6B (3.2%), Procter & Gamble Co with E2.4B (3.0%), Toronto-Dominion Bank with E2.4B (2.9%), and Norinchukin Bank with E2.3B (2.9%).
The GBP funds tracked by MFI International contain, on average (as of 7/31/18): 43% in CDs, 27% in Other (Time Deposits), 17% in CP, 9% in Repo, 3% in Treasury, and 1% in Agency. Sterling funds have on average 22.1% of their portfolios maturing Overnight, 11.4% maturing in 2-7 Days, 18.5% maturing in 8-30 Days, 18.7% maturing in 31-60 Days, 13.9% maturing in 61-90 Days, 11.4% maturing in 91-180 Days, and 3.9% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: France (18.1%), Japan (15.8%), United Kingdom (14.4%), The Netherlands (9.7%), Canada (7.2%), Australia (5.8%), United States (5.3%), Sweden (4.4%), Germany (4.0%), and Singapore (3.7%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L11.2B (7.0%), Credit Agricole with L6.3B (4.0%), BPCE SA with L6.2B (3.9%), Toronto-Dominion Bank with L6.1B (3.8%), Mizuho Corporate Bank Ltd with E6.0B (3.8%), BNP Paribas with L5.6B (3.5%), Sumitomo Mitsui Banking Co with L5.5B (3.5%), Rabobank with E5.3B (3.3%), Sumitomo Mitsui Trust Bank with L5.2B (3.3%), and ING Bank with L5.1B (3.2%).
In other news, Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics and summary yesterday. Our weekly holdings track a shifting subset of our monthly Portfolio Holdings collection, and the latest cut (with data as of August 10) includes Holdings information from 63 money funds (down 6 from 69 on July 27), representing $1.137 trillion (down from $1.254 billion on July 27) of the $2.985 (38.1%) in total money fund assets tracked by Crane Data. (For our latest monthly Money Fund Portfolio Holdings numbers, see our August 10 News, "August Money Fund Portfolio Holdings: Treasuries, CP, CD Show Jumps.")
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Repurchase Agreements (Repo) totaling $401.9 billion (down from $468.4 billion on July 27), or 35.3%, Treasury debt totaling $340.0 billion (down from $351.3 billion) or 29.9%, and Government Agency securities totaling $248.2 billion (down from $269.1 billion), or 21.8%. Commercial Paper (CP) totaled $45.5 billion (down from $53.9 billion), or 4.0%, and Certificates of Deposit (CDs) totaled $42.4 billion (down from $46.4 billion), or 3.7%. A total of $31.4 billion or 2.8%, was listed in the Other category (primarily Time Deposits), and VRDNs accounted for $28.1 billion, or 2.5%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $340.0 billion (29.9% of total holdings), Federal Home Loan Bank with $195.1B (17.2%), BNP Paribas with $61.1 billion (5.4%), Federal Farm Credit Bank with $35.1B (3.1%), RBC with $34.6B (3.0%), Wells Fargo with $23.7B (2.1%), Nomura with $22.0B (1.9%), Credit Agricole with $21.8B (1.9%), Natixis with $21.6B (1.9%), and ING Bank with $19.3B (1.7%).
The Ten Largest Funds tracked in our latest Weekly Holdings update include: JP Morgan US Govt ($140.8B), Fidelity Inv MM: Govt Port ($110.4B), Goldman Sachs FS Govt ($96.0B), Wells Fargo Govt MMkt ($72.2B), Dreyfus Govt Cash Mgmt ($68.8B), Morgan Stanley Inst Liq Govt ($54.5B), Goldman Sachs FS Trs Instruments ($52.8B), JP Morgan Prime MM ($42.1B), JP Morgan 100% US Trs MMkt ($39.4B), and Fidelity Inv MM: MMkt Port ($38.1B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
