Deborah Cunningham News
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The 10 biggest prime U.S. money market funds redirected investments from German to Swiss banks in March as Swiss banks’ funding needs rose and the euro- region’s sovereign debt crisis flared up again.
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U.S. money-market funds more than doubled their short-term loans to French banks in January, ending six months during which they reduced funding.
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Kevin Kennedy says it’s tougher now to be a money-fund manager than at any point in his three decades in the business.
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The market for U.S. Treasury bills is poised to shrink the most since early 2010, creating a shortage in the debt and helping keep government borrowing costs near record lows.
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U.S. money-market fund managers have cut their lending to French banks at a pace that may force the banks to raise capital by selling assets, according to William Prophet, a desk analyst at Deutsche Bank Securities Inc.
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Money funds are covering small losses on their investments to avoid unsettling clients when tighter U.S. rules will require them to disclose even small shortfalls.
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A planned change in deposit insurance fees for U.S. banks may lower already near-zero short-term interest rates, according to strategists at Barclays Plc, Bank of America Merrill Lynch and the Royal Bank of Canada.
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The six largest U.S. money market funds have eliminated their lending to Italian and Spanish banks, reduced investments in French banks and are favoring Swiss securities for their $511 billion of assets.
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The impasse in Washington over raising the federal debt ceiling has exposed U.S. money-market mutual fund clients to increased danger, according to Moody’s Investors Service.
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A Standard & Poor’s plan to change the way it rates the credit risk of counterparties in repurchase agreements will boost costs for broker-dealers who draw cash through the arrangements and shrink the pool of liquid assets for money funds, according to industry participants.
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