U.S. Prime Money-Market Funds Pull $8 Billion From Deutsche Bank
This article is for subscribers only.
The biggest U.S. prime money-market funds cut their investments in Deutsche Bank AG by $8.1 billion in October, the largest drop among 35 of the largest banks in Europe, the U.S., Japan and Canada, Bloomberg analysis shows.
The amount of Deutsche Bank short-term obligations held by the eight biggest U.S. funds eligible to purchase corporate debt, which included offerings from Fidelity Investments, JPMorgan Chase & Co. and BlackRock Inc., declined by 56 percent to $6.3 billion from Sept. 30 to Oct. 31, according to monthly portfolio updates compiled by Bloomberg and published in today’s Bloomberg Risk newsletter.