Crane Data's MFI International shows that assets in European or "offshore" money market mutual just keep growing, hitting a record $1.056 trillion in August after breaking above $1.0 trillion for the first time ever three months ago. These U.S.-style funds, domiciled in Ireland or Luxemburg and denominated in US Dollars, Pound Sterling and Euros, have increased by $12.0 billion over the last 30 days; they're up by $179.3 billion (20.5%) year-to-date. Offshore US Dollar money funds, which broke over $500 billion in January, are up $7.5 billion over the last 30 days and up $69.7 billion YTD to $564.2 billion. Euro funds are up E38.0 billion over the past month, and YTD they're up E34.5 billion to E133.2 billion. GBP money funds have fallen by L3.5 billion over 30 days, but are up by L37.7 billion YTD to L224.9B. U.S. Dollar (USD) money funds (192) account for over half (53.4%) of the "European" money fund total, while Euro (EUR) money funds (94) make up 14.0% and Pound Sterling (GBP) funds (122) total 30.2%. 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 0.11% (7-Day) on average (as of 8/13/20), down from 1.59% on 12/31/19 and 2.29% at the end of 2018. EUR MMFs yield -0.57% on average, compared to -0.59% at year-end 2019 and -0.49% on 12/31/18. Meanwhile, GBP MMFs yielded 0.06%, down from 0.64% as of 12/31/19 and 0.64% at the end of 2018. (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 August MFII Portfolio Holdings, with data as of 7/31/20, show that European-domiciled US Dollar MMFs, on average, consist of 23.8% in Commercial Paper (CP), 15.6% in Certificates of Deposit (CDs), 16.6% in Repo, 31.2% in Treasury securities, 11.2% in Other securities (primarily Time Deposits) and 1.6% in Government Agency securities. USD funds have on average 32.9% of their portfolios maturing Overnight, 7.2% maturing in 2-7 Days, 13.0% maturing in 8-30 Days, 15.1% maturing in 31-60 Days, 12.7% maturing in 61-90 Days, 14.7% maturing in 91-180 Days and 4.4% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the US (41.2%), France (12.2%), Japan (8.4%), Canada (7.7%), the United Kingdom (5.0%), Germany (4.6%), the Netherlands (4.3%), Sweden (3.3%), Switzerland (2.2%), Norway (2.1%), Australia (1.9%), Belgium (1.4%), China (1.3%) and Singapore (1.1%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $198.5 billion (30.5% of total assets), Fixed Income Clearing Co with $22.8B (3.5%), Credit Agricole with $19.2B (2.9%), Barclays PLC with $17.4B (2.7%), BNP Paribas with $15.9B (2.4%), Sumitomo Mitsui Banking Corp with $15.8B (2.4%), Mizuho Corporate Bank Ltd with $14.0B (2.1%), Mitsubishi UFJ Financial Group Inc with $13.2B (2.0%), Toronto-Dominion Bank with $12.0B (1.8%) and RBC with $11.7B (1.8%).
Euro MMFs tracked by Crane Data contain, on average 37.3% in CP, 16.2% in CDs, 24.1% in Other (primarily Time Deposits), 16.3% in Repo, 5.1% in Treasuries and 1.0% in Agency securities. EUR funds have on average 33.2% of their portfolios maturing Overnight, 9.3% maturing in 2-7 Days, 11.1% maturing in 8-30 Days, 15.6% maturing in 31-60 Days, 11.3% maturing in 61-90 Days, 17.2% maturing in 91-180 Days and 2.3% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (33.4%), the U.S. (11.3%), Japan (10.7%), Germany (7.8%), Sweden (6.4%), Canada (4.6%), Belgium (4.5%), the U.K. (4.1%), the Netherlands (4.0%), Switzerland (3.7%), Austria (2.7%), China (2.0%) and Abu Dhabi (1.4%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E7.7B (6.1%), BNP Paribas with E7.6B (6.0%), BPCE SA with E5.9B (4.6%), Republic of France with E5.1B (4.0%), Citi with E5.0B (3.9%), Societe Generale with E4.3B (3.4%), Mizuho Corporate Bank Ltd with E4.2B (3.3%), JP Morgan with E3.8B (3.0%), Svenska Handelsbanken with E3.7B (2.9%) and DZ bank AG with E3.6B (2.9%).
The GBP funds tracked by MFI International contain, on average (as of 7/31/20): 31.1% in CDs, 19.3% in CP, 25.4% in Other (Time Deposits), 17.9% in Repo, 5.5% in Treasury and 0.8% in Agency. Sterling funds have on average 36.2% of their portfolios maturing Overnight, 9.2% maturing in 2-7 Days, 12.9% maturing in 8-30 Days, 11.5% maturing in 31-60 Days, 10.1% maturing in 61-90 Days, 14.7% maturing in 91-180 Days and 5.4% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: France (20.0%), the U.K. (19.6%), Japan (15.1%), Canada (9.8%), the U.S. (5.1%), the Netherlands (4.6%), Germany (4.5%), Australia (3.5%), Sweden (3.5%), Abu Dhabi (2.9%) and China (2.1%).
The 10 Largest Issuers to "offshore" GBP money funds include: the UK Treasury with L28.0B (11.4%), Mizuho Corporate Bank Ltd with L11.9B (4.8%), BNP Paribas with L11.9B (4.8%), Sumitomo Mitsui Banking Corp with L9.3B (3.8%), Credit Agricole with L9.3B (3.8%), BPCE SA with L8.1B (3.3%), RBC with L8.0B (3.3%), Agence Central de Organismes de Securite Sociale with L7.6B (3.1%), Mitsubishi UFJ Financial Group Inc with L7.4B (3.0%) and First Abu Dhabi Bank with L7.1B (2.9%).
