U.S. prime money market funds increased their holdings of euro zone bank debt in May as a part of a broader move into higher-yielding investments, according to a report by JPMorgan Securities released on Wednesday.
The report showed the funds raised their ownership of euro zone securities by $12 billion, to $217 billion, last month, led by an increase in French bank debt that included certificates of deposits and time deposits, JPMorgan said.
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On a year-to-date basis, the funds' euro zone bank exposure increased by $15 billion.
(Editing by James Dalgleish)
(This story was corrected in the first paragraph to say Wednesday instead of Tuesday)