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From Stable to Floating NAV
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Implications for Prime and Municipal Money Market Funds
Starting on October 14, 2016, the U.S. Securities and Exchange Commission (SEC) rules will require institutional prime and municipal money market funds to migrate from a stable $1.00 price per share to a floating new asset value (NAV). The new rules allow all prime and municipal money market funds to temporarily prevent investors from making withdrawals or to impose fees for investors who redeem shares under certain extraordinary circumstances. The changes were proposed after the financial crisis of 2007-08, when the Reserve Primary Fund dripped below this price and “broke the buck,” prompting a run of redemptions from institutional prime money market funds.
The new rules will have implications for how institutional investors use and evaluate money market funds, and have therefore raised a number of questions in advance of the rule change later this year.
Each week the Fixed Income team releases its views on macro strategies including duration, country, cross macro and currency, and sector strategies such as securitized debt, corporate credit and emerging markets debt.