Senior Credit Officer Opinion Survey on Dealer Financing Terms
September 2012

Accessible version of figures

Exhibit 1: Management of Concentrated Credit Exposures and Indicators of Supply of Credit

Panel 1 Panel 2 Panel 3 Panel 4 Panel 5 Panel 6
Date Reports of increasing resources and attention to management of concentrated exposures to dealers Reports of increasing resources and attention to management of concentrated exposures to central counterparties+ Reports of tightening price terms to hedge funds Reports of tightening price terms to trading REITs Reports of tightening price terms to mutual funds*,+ Reports of tightening price terms to insurance companies Reports of tightening price terms to separately managed accounts+ Reports of tightening price terms to nonfinancial corporations Reports of tightening nonprice terms to hedge funds Reports of tightening nonprice terms to trading REITs+ Reports of tightening nonprice terms to mutual funds*,+ Reports of tightening nonprice terms to insurance companies Reports of tightening nonprice terms to separately managed accounts+ Reports of tightening nonprice terms to nonfinancial corporations
2010:Q2 55 ND -15 ND ND -10 NC -25 -25 NC NC -10 NC -15
2010:Q3 10 ND -15 ND ND -15 NC -15 -25 NC NC -25 NC -20
2010:Q4 15 ND -25 ND ND -10 NC -15 -45 NC NC -15 NC -15
2011:Q1 25 ND -30 ND ND -10 NC -30 -35 NC NC -25 NC -10
2011:Q2 25 ND -40 ND ND -30 NC -35 -35 NC NC -25 NC -10
2011:Q3 76.19 57.14 4.76 16.67 0 4.76 0 19.05 -23.81 5.26 -9.52 0 -4.76 9.52
2011:Q4 90 65 30 23.53 0 5.26 5 35 25 16.67 0 -10.53 -5.26 20
2012:Q1 30 55 -10 -6 -10 5 -11 -10 -10 -11 -5 5 -5 0
2012:Q2 45.45 68.18 4.55 17.65 -9.09 0 -14.29 -4.55 -4.55 -5.56 -9.09 -4.76 -4.76 4.55
2012:Q3 36.36 59.09 0 0 -4.55 -9.52 -4.55 -13.64 0 -22.22 -13.64 -14.29 -9.09 -9.09

+. Note: This question was added in the September 2011 survey.  Return to table

*. Note: Includes mutual funds, exchange-traded funds, pension plans, and endowments.  Return to table

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Exhibit 2: Use of Financial Leverage

Panel 1 Panel 2 Panel 3 Panel 4 Panel 5 Panel 6
Date Respondents reporting increased use of leverage by hedge funds Respondents reporting increased use of leverage by trading REITs Respondents reporting increased use of leverage by insurance companies Respondents reporting increased use of leverage by separately managed accounts Respondents reporting increased use of leverage by mutual funds Respondents reporting increased use of leverage by exchange-traded funds Respondents reporting increased use of leverage by pension funds Respondents reporting increased use of leverage by endowments
2011:Q3 -42.86 NC 15 4.76 5 6.25 0 0
2011:Q4 -55 0 0 -5 0 0 5.26 0
2012:Q1 -20 15 5 5 5 6 5 5
2012:Q2 -22.73 4.55 4.76 -9.52 0 0 0 0
2012:Q3 -4.55 5.88 -4.76 0 0 0 0 0

Note: This question was added in the September 2011 survey.

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Exhibit 3: Measures of Demand of Funding and Market Functioning

Panel 1 Panel 2 Panel 3 Panel 4 Panel 5 Panel 6
Date Respondents reporting increased demand for funding of high-grade corporate bonds Respondents reporting increased demand for funding of high-yield corporate bonds+ Respondents reporting increased demand for funding of equities Respondents reporting increased demand for funding of CMBS Respondents reporting increased demand for funding of agency RMBS Respondents reporting increased demand for funding of non-agency RMBS+ Respondents reporting increased demand for funding of consumer ABS+ Respondents reporting an improvement in liquidity and functioning in the underlying markets for high-grade corporate bonds Respondents reporting an improvement in liquidity and functioning in the underlying markets for high-yield corporate bonds+ Respondents reporting an improvement in liquidity and functioning in the underlying markets for CMBS+ Respondents reporting an improvement in liquidity and functioning in the underlying markets for agency RMBS Respondents reporting an improvement in liquidity and functioning in the underlying markets for non-agency RMBS+ Respondents reporting an improvement in liquidity and functioning in the underlying markets for consumer ABS+
2010:Q2 23.53 NC 25 NC 33.33 NC NC -5.88 NC NC 5.56 NC NC
2010:Q3 26.67 NC 5.26 NC 29.41 NC NC 40 NC NC 11.76 NC NC
2010:Q4 20 NC 30 NC 27.78 NC NC 40 NC NC 11.11 NC NC
2011:Q1 33.33 NC 27.78 NC 52.94 NC NC 40 NC NC 17.65 NC NC
2011:Q2 31.25 NC -5 NC 33.33 NC NC 50 NC NC 22.22 NC NC
2011:Q3 18.75 23.08 -5 -15.38 31.58 12.5 0 -31.25 -57.14 -61.54 -31.58 -26.67 -36.36
2011:Q4 0 7.14 0 0 -5.56 -13.33 16.67 -33.33 -50 -45.45 -38.89 -50 -50
2012:Q1 13 20 15 15 12 13 18 25 19 31 18 21 27
2012:Q2 16.67 18.75 4.55 -7.69 45 18.75 0 0 -6.25 -7.69 -5 0 8.33
2012:Q3 0 11.11 4.55 14.29 25 37.5 -8.33 10.53 5.88 35.71 10 37.5 8.33

+. Note: This question was added in the September 2011 survey.  Return to table

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