Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds fell over the past month to $1.034 trillion. USD, EUR & GBP MMFs all declined over the past 30 days. European MMF assets remain below their record high of $1.101 trillion set in mid-December 2021. These U.S.-style money funds, domiciled in Ireland or Luxembourg but denominated in US Dollars, Pound Sterling and Euros, decreased by $20.4 billion over the 30 days through 1/13. The totals are up $19.2 billion (1.9%) year-to-date. (Note that any increases in the U.S. dollar caused Euro and Sterling totals to decline when they're translated back into dollars. 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.)
Offshore US Dollar money funds are down $4.1 billion over the last 30 days and are up $16.3 billion YTD to $565.8 billion. Euro funds decreased E10.5 billion over the past month. YTD, they're down E0.4 billion to E180.0 billion. GBP money funds decreased L5.2 billion over 30 days; they are up by L2.8 billion YTD to L266.3B. U.S. Dollar (USD) money funds (196) account for half (53.9%) of the "European" money fund total, while Euro (EUR) money funds (91) make up 16.9% and Pound Sterling (GBP) funds (126) total 29.1%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Wednesday), below.
Offshore USD MMFs yield 4.23% (7-Day) on average (as of 12/13/22), up from 3.79% a month earlier. Yields averaged 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 4 months ago; they're yielding 1.70% on average, up from 1.26% a month ago and up from -0.80% on 12/31/21. They averaged -0.71% at year-end 2020, -0.59% at year-end 2019 and -0.49% at year-end 2018. Meanwhile, GBP MMFs yielded 3.28%, up 39 bps from a month ago, and up from 0.01% on 12/31/21. Sterling yields were 0.00% on 12/31/20, 0.64% on 12/31/19 and 0.64% on 12/31/18.
Crane's January MFI International Portfolio Holdings, with data as of 12/31/22, show that European-domiciled US Dollar MMFs, on average, consist of 27% in Commercial Paper (CP), 15% in Certificates of Deposit (CDs), 35% in Repo, 10% in Treasury securities, 11% in Other securities (primarily Time Deposits) and 2% in Government Agency securities. USD funds have on average 61.6% of their portfolios maturing Overnight, 4.5% maturing in 2-7 Days, 9.4% maturing in 8-30 Days, 11.3% maturing in 31-60 Days, 4.8% maturing in 61-90 Days, 6.3% maturing in 91-180 Days and 2.1% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the US (33.4%), Canada (14.0%), France (12.6%), Japan (11.9%), Sweden (4.8%), the Netherlands (4.1%), Australia (4.0%), the U.K. (3.4%), Germany (1.9%) and Spain (1.6%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $59.5 billion (10.2% of total assets), Federal Reserve Bank of New York with $50.4B (8.7%), Fixed Income Clearing Corp with $34.7B (6.0%), RBC with $22.9B (3.9%), BNP Paribas with $19.1B (3.3%), Sumitomo Mitsui Banking Corp with $18.7B (3.2%), Credit Agricole with $15.4B (2.6%), Bank of Nova Scotia with $14.7B (2.5%), Toronto-Dominion Bank with $13.6B (2.3%) and Mizuho Corporate Bank Ltd with $13.3B (2.3%).
Euro MMFs tracked by Crane Data contain, on average 47% in CP, 27% in CDs, 15% in Other (primarily Time Deposits), 6% in Repo, 5% in Treasuries and 0% in Agency securities. EUR funds have on average 31.5% of their portfolios maturing Overnight, 10.4% maturing in 2-7 Days, 21.8% maturing in 8-30 Days, 20.8% maturing in 31-60 Days, 4.6% maturing in 61-90 Days, 6.5% maturing in 91-180 Days and 4.4% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (32.1%), Japan (15.0%), the U.S. (6.6%), Germany (6.4%), Canada (5.9%), the U.K. (5.8%), Sweden (5.5%), Belgium (3.8%), the Netherlands (3.6%) and Supranational (2.6%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E8.2B (4.8%), Credit Mutuel with E7.5B (4.4%), Republic of France with E7.4B (4.4%), BNP Paribas with E7.1B (4.2%), Societe Generale with E6.4B (3.8%), Mizuho Corporate Bank Ltd with E6.1B (3.6%), Sumitomo Mitsui Banking Corp with E6.1B (3.6%), Mitsubishi UFJ Financial Group Inc with E5.6B (3.3%), Barclays PLC with E5.1B (3.0%) and BPCE SA with E4.8B (2.8%).
The GBP funds tracked by MFI International contain, on average (as of 12/31/22): 39% in CDs, 22% in CP, 22% in Other (Time Deposits), 13% in Repo, 4% in Treasury and 0% in Agency. Sterling funds have on average 30.6% of their portfolios maturing Overnight, 8.0% maturing in 2-7 Days, 15.6% maturing in 8-30 Days, 29.8% maturing in 31-60 Days, 6.1% maturing in 61-90 Days, 6.7% maturing in 91-180 Days and 3.1% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: Japan (17.6%), Canada (15.9%), France (13.4%), the U.K. (11.5%), the Netherlands (7.0%), Australia (6.6%), Germany (5.4%), Sweden (3.9%), the U.S. (2.7%) and Belgium (2.5%).
The 10 Largest Issuers to "offshore" GBP money funds include: Mitsubishi UFJ Financial Group Inc with L11.2B (5.6%), UK Treasury with L8.9B (4.4%), RBC with L7.6B (3.8%), Sumitomo Mitsui Trust Bank with L7.4B (3.7%), Mizuho Corporate Bank Ltd with L7.0B (3.5%), Bank of Nova Scotia with L6.9B (3.4%), Toronto-Dominion Bank with L6.6B (3.3%), Sumitomo Mitsui Banking Corp with L6.3B (3.1%), Nordea Bank with L6.3B (3.1%) and ABN Amro Bank with L5.2B (2.6%).
