At height of Covid crisis, eurozone MMFs scrambled for cash

MMFs hold the bulk of eurozone banks’ commercial paper

When financial markets flew into a coronavirus-induced panic in March, eurozone money market funds (MMFs) witnessed huge outflows. Short of cash to honour redemptions, some funds had to ask banks to buy back the short-term commercial paper they’d sold them.

Data from the European Central Bank shows that outflows neared 8% of assets under management (AUM) between March 13 and March 20, and were more severe for dollar-denominated funds than their euro-denominated counterparts. Low volatility net

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