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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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January 12, 2009 4:10 PM ET
Investors continued to pile into money-market mutual funds in December, pushing total assets held by such funds to $3.9 trillion for the week ended Jan. 7, according to data from the Investment Company Institute. Money funds now hold more assets than stock funds, which held $6.5 trillion in assets at the beginning of 2008. Assets at money-market funds increased by more than 20% during the year, as both retail and institutional investors fled the stock market for safer holdings. Such a flight to quality pushed yields down dramatically across all fund types. As of the end of the December, the average yield on government, state tax-exempt, tax-exempt and Treasury funds had all fallen below 1.00%, according to money fund tracker Crane Data. Only prime money funds beat that mark, yielding 1.22% on average. Treasury funds on average offered the lowest yield at just 0.10%, Crane data showed, with 45 funds offering no yield or in some cases negative yields. But even money market funds weren’t immune to the credit crisis last year: In September for only the second time ever, a money-market fund “broke the buck,” as the Reserve Primary Fund was walloped by exposure to Lehman Brothers debt. That event wreaked havoc on the money fund industry and prompted the Federal Reserve to implement a money market backstop program. While that backstop helped the industry regain lost assets and then some, it comes with a price: In its monthly Money Fund Intelligence newsletter, Crane Data estimated that a full one-third of the 90 managers of money market funds will disclose losses related to support actions. Additionally, a growing number of Treasury funds are faced with partial fee waivers in order to keep yields at or above zero, the newsletter said.
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Latest News
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CRAIN'S BENEFITS OUTLOOK 2009
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