US money market funds drop eurozone banks
US prime money market funds’ holdings of eurozone bank debt dropped by around $44bn in March — the largest decrease since June — as the fallout from the Republic of Cyprus’s bail-out negotiations left investors across the Atlantic wary, analysts said this week.
Unsecured debt in the form of commercial paper, certificates of deposit and asset backed commercial paper declined by $18bn while repo and time deposits fell by $27bn, new figures from JP Morgan show.
A sell-off was not believed to be the cause of the decrease, however.
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