May 10, 2013 / 5:51 PM / 5 years ago

US prime money funds raise euro zone exposure in April-JPMorgan

NEW YORK, May 10 (Reuters) - U.S. prime money market funds slightly increased their holdings of euro zone bank debt in April after Cyprus received a bailout to manage its bank problems, according to a report by JPMorgan Securities released on Friday.

The report showed the funds raised their ownership of euro zone securities by $3 billion to $206 billion last month, led by modest pickups in German and French bank debt that included commercial paper, repurchase agreements and time deposits.

In March, these funds slashed their holdings in euro zone bank debt by $44 billion, which was the largest monthly decline since last June.

Renewed purchases in euro zone paper in April brought prime funds’ exposure to the region up by $4 billion since end of December 2012, JPMorgan said.

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