...15 Issuers Concentrate 50% of Sterling MMF Assets Fitch-rated European money market funds (MMFs) denominated in sterling were invested across 114 issuers or counterparties at end-March 2014, up from 101 at end-December 2013. Lloyds and Credit Agricole remain the top held issuers and counterparties, with total exposure of 10.6%. Banks from the major European markets continue to dominate sterling MMFs. There has been some reallocation among issuers through the quarter with Lloyds, Standard Chartered Bank, National Australia Bank and Bank of America consolidating their position as important issuers for sterling MMFs. In contrast, exposure to Deutsche Bank has halved over the past three months, reaching 1.8% at end-March and Mizuho allocation was reduced to less than 1% from 2.3% a quarter ago. MMFs and Changing Sovereign Support Assumptions for Banks Sterling MMFs allocation to banks whose Outlooks have been revised to Negative as part of Fitch Ratings review of sovereign support assumptions...
