Fitch欧洲信贷市场月报.pdf

European Money Market Funds Q210 – July 2010 Quarterly Analysts Summary London This is the second issue of Fitch Ratings’ European Money Market Funds Roxana Mahboubian Quarterly report, commenting on trends, developments and pertinent issues in +44 207 070 5811 the European money market funds (MMF) industry. This report primarily focuses roxana.mahboubian@ on the changes in the six months to May 2010. Paris Aymeric Poizot, CFA, CAIA In Q110, assets under management (AUM) in European MMFs experienced +33 1 44 29 92 76 their fourth consecutive quarter of negative growth. As at the end of Q110, aymeric.poizot@ European MMFs stood at EUR1.26trn, a 10% decrease from the historical high Charlotte Quiniou, CFA of EUR1.40bn in Q109. However, AUM in ‘AAA’-rated CNAV (constant net asset +33 1 44 29 92 81 value) European MMFs experienced a 1.1% growth in their asset base in Q110, charlotte.quiniou@ and a further 5.8% in Q210. New York Roger Merritt Money market fund managers are currently expecting interest rates across +1 212 908 0636 euro, sterling and US dollar to remain stable, at least until the end of the year, roger.merritt@ with the Federal Reserve potentially being the first central bank to raise rates. The US dollar and sterling Libor curves steepened in Q2, reflecting anticip