US Dollar Funding Markets During the Covid-19 Crisis - the Money Market Fund Turmoil [open pdf - 0B]
From the Document: "The Covid-19 [coronavirus disease 2019] crisis severely disrupted the functioning of short-term US dollar funding markets, in particular the commercial paper and certificate of deposit segments. Commercial paper (CP) is a form of short-term unsecured debt commonly issued by banks and non-financial corporations and primarily held by prime money market funds (MMFs). Certificates of deposit (CDs) are unsecured debt instruments issued by banks and largely held by non-bank investors, including prime MMFs. Both instruments are important sources of US dollar funding for banks, especially for non-US headquartered banks."
BIS Bulletin No. 14; Bank for International Settlements Bulletin No. 14
2020 Bank for International Settlements
Bank for International Settlements: https://www.bis.org/