Public Debt CNAV
Money market funds.
A constant net asset value (CNAV) per share money market fund, substantially invested in public debt.
At least 99.5% of the portfolio must be invested in public debt securities, reverse repo secured with government securities, and cash.
Money market fund (MMF) reforms
- "Full implementation of MMF reforms won't take place until February 2019, but treasurers need to start preparing for the replacement of [prime] constant net asset value (CNAV) funds with two new categories:
- - the Public Debt CNAV fund, and
- - the low-volatility NAV (LNAV) fund.
- According to research from rating agency Moody's, LVNAV MMFs are likely to attract most of the funds currently invested in prime CNAV MMFs."
- The Treasurer magazine, June 2018, p21 - Sarah Rundell, freelance journalist specialising in treasury and investment issues.