I happened to be doing some research on commercial paper and at least historically, mutual funds had been big buyers of it, mainly due to the yield advantage over T-Bills. Recently, I wanted check out a few the bigger money market funds that invest in CP. Apparently, these funds were shut down or merged into government funds. I checked out Vanguard, Fidelity and PIMCO and none of them have MM funds that invest in CP. They only have MM funds that invest in government issues. Vanguard made this change in August. I assume the change is related to yields being so low but yields being low is not a new thing.
Is there anyone here on the buy side who has some insight on this topic?
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