Senior Credit Officer Opinion Survey, June 2022 - Accessible Version

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

Net percentage

Index Panel 1: Respondents increasing resources and attention to management of concentrated exposure to: Dealers Panel 2: Respondents increasing resources and attention to management of concentrated exposure to: Central counterparties Panel 3: Respondents tightening price terms to: Hedge funds Panel 3: Respondents tightening price terms to: Mutual funds+ Panel 3: Respondents tightening price terms to: Trading REITs+ Panel 4: Respondents tightening price terms to: Insurance companies Panel 4: Respondents tightening price terms to: Separately managed accounts+ Panel 4: Respondents tightening price terms to: Nonfinancial corporations Panel 5: Respondents tightening nonprice terms to: Hedge funds Panel 5: Respondents tightening nonprice terms to: Mutual funds+ Panel 5: Respondents tightening nonprice terms to: Trading REITs+ Panel 6: Respondents tightening nonprice terms to: Insurance companies Panel 6: Respondents tightening nonprice terms to: Separately managed accounts+ Panel 6: Respondents tightening nonprice terms to: Nonfinancial corporations
6/30/2010 55 NA NA NA NA NA NA NA NA NA NA NA NA NA
9/30/2010 10 NA NA NA NA NA NA NA NA NA NA NA NA NA
12/31/2010 15 NA NA NA NA NA NA NA NA NA NA NA NA NA
3/31/2011 25 NA NA NA NA NA NA NA NA NA NA NA NA NA
6/30/2011 25 NA NA NA NA NA NA NA NA NA NA NA NA NA
9/30/2011 76.2 57.15 4.77 NA 16.67 NA NA NA -23.8 NA 5.27 NA NA NA
12/31/2011 90 65 30 0 23.53 5.27 5 35 25 0 16.67 -10.52 -5.26 20
3/31/2012 30 55 -10 -10 -5.88 5 -10.52 -10 -10 -5 -11.11 5 -5 0
6/30/2012 45.46 68.19 4.55 -9.09 17.65 0 -14.28 -4.54 -4.54 -9.09 -5.55 -4.76 -4.76 4.55
9/30/2012 36.37 59.1 0 -4.54 0 -9.52 -4.54 -13.63 0 -13.63 -22.22 -14.28 -9.09 -9.09
12/31/2012 22.73 63.64 4.55 4.55 17.65 4.77 -4.76 0 0 4.55 -5.55 -9.52 -4.76 -9.09
3/31/2013 9.1 59.1 -9.09 -4.54 5.89 -4.76 -5 -18.18 -9.09 0 0 -4.76 -5 -9.09
6/30/2013 4.55 63.64 -9.09 -4.54 -11.76 0 -5 9.1 -9.09 -9.09 -11.11 -4.76 -4.76 0
9/30/2013 22.73 54.55 13.64 9.1 11.77 4.55 4.77 0 4.55 -4.54 22.23 -4.54 0 -13.63
12/31/2013 18.19 45.46 4.55 -4.54 0 0 0 -9.09 -4.54 -4.54 22.23 0 -5 -13.63
3/31/2014 13.64 31.82 0 -4.54 5.89 0 -4.76 0 -9.09 0 16.67 -4.54 -4.76 -9.09
6/30/2014 4.55 18.19 4.55 0 -11.76 0 -4.76 -9.09 -9.09 0 -5.55 -13.63 0 -13.63
9/30/2014 13.64 22.73 -4.54 4.55 0 4.77 5 -4.54 -18.18 0 0 -9.09 0 -9.09
12/31/2014 4.55 18.19 18.19 0 11.77 4.77 0 0 -4.54 0 -5.55 4.55 0 0
3/31/2015 19.05 33.34 4.77 0 0 10 -5 4.77 0 4.77 0 0 5 9.53
6/30/2015 14.29 38.1 19.05 0 5.89 0 0 9.53 0 0 0 -4.76 0 4.77
9/30/2015 10 30 15 10 26.67 0 11.12 10 0 5 6.25 -10 -5.55 5
12/31/2015 9.53 33.34 23.81 14.29 11.77 5 10 19.05 4.77 0 0 -4.76 0 9.53
3/31/2016 19.05 14.29 23.81 14.29 16.67 5 17.65 19.05 4.77 4.77 11.12 0 5.56 9.53
6/30/2016 10 20 0 -5 0 0 -5.88 -5 5 5 11.77 0 0 5
9/30/2016 17.4 4.35 -4.34 0 0 0 0 -4.34 -4.34 4.35 5.27 -4.34 10 0
12/31/2016 0 8.7 4.35 0 5.27 0 0 8.7 -8.69 0 5.27 0 0 -4.34
3/31/2017 4.55 13.64 -4.54 4.55 -5.55 5 -5.26 9.1 0 0 0 0 0 -4.54
6/30/2017 0 8.7 -21.73 -4.34 -5.26 -4.54 -4.76 -4.34 -17.39 -4.34 0 4.55 -4.76 -4.34
9/30/2017 8.7 8.7 -17.39 4.35 -21.05 4.77 0 0 -8.69 0 0 9.53 4.55 -4.34
12/31/2017 0 17.4 -21.73 -4.34 -25 -9.52 -9.52 -4.34 -21.73 0 -15 -14.28 -4.76 0
3/31/2018 0 13.05 -13.04 0 -10 -4.54 -4.76 4.35 -21.73 -8.69 -10 -13.63 -4.76 0
6/30/2018 0 13.05 -13.04 -4.34 -30 0 -4.76 0 -17.39 -4.34 -15 -10 0 -8.69
9/30/2018 -4.34 4.35 -4.34 -8.69 -10.52 0 -4.54 0 -4.34 0 -5.26 -4.76 0 -4.34
12/31/2018 -8.69 30.44 -4.34 0 0 0 -4.76 13.05 -4.34 0 -15 -4.76 0 0
3/31/2019 -4.34 8.7 -8.69 -4.34 -14.28 0 -4.76 4.35 -8.69 0 -4.76 0 0 -8.69
6/30/2019 4.35 17.4 -4.34 -4.34 -19.04 0 -4.76 -8.69 -8.69 0 -9.52 0 0 0
9/30/2019 4.55 13.64 -22.72 -4.54 -20 0 -5 -13.63 0 -4.54 -5 -4.76 0 -4.54
12/31/2019 4.55 22.73 4.55 0 0 4.77 5 0 4.55 0 -10 0 5 -9.09
3/31/2020 13.05 21.74 -4.34 -13.04 -13.63 -4.54 -4.34 -13.04 4.35 -4.34 -4.54 -4.54 0 -4.34
6/30/2020 65.22 56.53 78.27 34.79 80 38.1 30 39.14 78.27 43.48 85 38.1 30 39.14
9/30/2020 34.79 34.79 -8.69 -17.39 21.06 -5.26 -18.18 -8.69 13.05 -8.69 42.11 0 -18.18 13.05
12/31/2020 13.05 17.4 -4.34 -13.04 -10.52 -4.54 -14.28 -13.04 -4.34 -4.34 5.27 -4.54 -14.28 -13.04
3/31/2021 26.09 13.05 -8.69 -8.69 -15 -4.76 -9.09 -8.69 -4.34 0 -20 0 0 -13.04
6/30/2021 13.05 17.4 -8.69 -17.39 -26.31 -19.04 -14.28 -4.34 4.35 0 -21.05 -4.76 -4.76 0
9/30/2021 4.35 4.35 -4.34 -4.34 0 0 -4.76 0 17.4 0 -15.78 0 0 4.35
12/31/2021 13.05 13.05 -8.69 0 -10.52 -5 -5 4.35 13.05 4.35 0 5 5 4.35
3/31/2022 4.35 17.4 4.35 4.35 10.53 9.53 4.77 8.7 8.7 8.7 0 9.53 9.53 8.7
6/30/2022 8.7 13.05 21.74 8.7 15.79 0 14.29 17.4 17.4 4.35 5.56 4.55 9.53 17.4

*Note: On November 4, 2022, the Senior Credit Officer Opinion Survey, column labels “Trading REITs” and “Mutual funds” in Panel 3 (Respondents tightening price terms ) and Panel 5 (Respondents tightening nonprice terms) were swapped.

Note: REIT is real estate investment trust.

+The question was added to the survey in September 2011.Return to text

Source: Federal Reserve Board, Senior Credit Officer Opinion Survey on Dealer Financing Terms.

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Exhibit 2: Use of Financial Leverage

Net percentage

Index Panel 1: Respondents reporting increased use of leverage by: Hedge Funds Panel 2: Respondents reporting increased use of leverage by: Trading REITs Panel 3: Respondents reporting increased use of leverage by: Insurance Companies Panel 4: Respondents reporting increased use of leverage by: Separately Managed Accounts Panel 5: Respondents reporting increased use of leverage by: Mutual Funds Panel 5: Respondents reporting increased use of leverage by: Exchange-Traded Funds Panel 6: Respondents reporting increased use of leverage by: Pension Funds Panel 6: Respondents reporting increased use of leverage by: Endowments
6/30/2010 NA NA NA NA NA NA NA NA
9/30/2010 NA NA NA NA NA NA NA NA
12/31/2010 NA NA NA NA NA NA NA NA
3/31/2011 NA NA NA NA NA NA NA NA
6/30/2011 NA NA NA NA NA NA NA NA
9/30/2011 -42.85 NA NA NA NA NA NA NA
12/31/2011 -55 0 0 -5 0 0 5.27 0
3/31/2012 -20 15 5 5 5 5.56 5.27 5.27
6/30/2012 -22.72 4.55 4.77 -9.52 0 0 0 0
9/30/2012 -4.54 5.89 -4.76 0 0 0 0 0
12/31/2012 9.1 16.67 0 0 4.77 0 4.77 0
3/31/2013 27.28 5.56 4.77 0 0 0 5 0
6/30/2013 22.73 0 0 9.53 4.77 0 0 0
9/30/2013 -18.18 -33.33 -4.54 0 4.77 0 10 0
12/31/2013 -9.09 -33.33 0 0 5 5.56 0 0
3/31/2014 0 -38.88 0 4.77 5 0 0 0
6/30/2014 4.55 -5.55 -4.54 0 5 0 0 0
9/30/2014 22.73 11.77 -4.54 0 0 0 0 0
12/31/2014 0 0 0 0 4.77 0 0 0
3/31/2015 14.29 -5.88 0 0 10 0 0 0
6/30/2015 0 11.77 0 0 5 0 0 0
9/30/2015 -5 0 5 -5.55 5 0 0 0
12/31/2015 9.53 5.89 4.77 0 0 0 0 0
3/31/2016 -4.76 5.89 5 -5.55 0 0 0 0
6/30/2016 -15 6.25 0 0 0 0 0 0
9/30/2016 4.35 5.27 0 0 4.55 0 0 0
12/31/2016 17.4 -5.26 0 0 4.77 0 0 0
3/31/2017 0 0 0 -5.26 0 0 0 0
6/30/2017 4.35 0 0 0 0 0 0 0
9/30/2017 17.4 5.27 0 4.55 4.55 0 0 0
12/31/2017 0 -15 0 0 4.77 4.77 5 5.27
3/31/2018 0 5 0 5 0 0 0 0
6/30/2018 0 5 0 -4.76 5 5.27 0 0
9/30/2018 4.35 5.27 0 0 0 0 0 0
12/31/2018 0 0 0 0 0 0 0 0
3/31/2019 -8.69 -4.76 0 0 0 0 0 0
6/30/2019 4.35 9.53 4.55 4.77 0 0 0 0
9/30/2019 -4.54 10 5 0 0 0 0 0
12/31/2019 4.55 10 0 0 0 0 0 0
3/31/2020 0 4.55 0 0 0 4.77 0 0
6/30/2020 -65.21 -75 -4.76 -10 -15 -20 -10 -10
9/30/2020 -4.34 -42.1 5.56 -9.09 -11.11 -11.11 -10.52 -10.52
12/31/2020 -17.39 -10.52 0 4.77 0 0 0 0
3/31/2021 -4.34 15 0 4.55 0 0 0 0
6/30/2021 -8.69 0 0 0 0 0 0 0
9/30/2021 -21.73 5.27 0 -4.76 0 0 0 0
12/31/2021 -13.04 0 10 0 0 0 0 0
3/31/2022 -8.69 0 0 -4.76 0 0 0 0
6/30/2022 -26.08 0 0 -4.76 0 0 0 0

Note: REIT is real estate investment trust.

Source: Federal Reserve Board, Senior Credit Officer Opinion Survey on Dealer Financing Terms.

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Exhibit 3: Measures of Demand for Funding and Market Functioning

Net percentage

Index Panel 1: Respondents reporting increased demand for funding of: High-grade corporate bonds Panel 1: Respondents reporting increased demand for funding of: High-yield corporate bonds+ Panel 2: Respondents reporting increased demand for funding of: Equities Panel 2: Respondents reporting increased demand for funding of: CMBS+ Panel 3: Respondents reporting increased demand for funding of: Agency RMBS Panel 3: Respondents reporting increased demand for funding of: Non-agency RMBS+ Panel 4: Respondents reporting increased demand for funding of: Consumer ABS+ Panel 5: Respondents reporting an improvement in liquidity and functioning in the underlying markets for: High-grade corporate bonds Panel 5: Respondents reporting an improvement in liquidity and functioning in the underlying markets for: High-yield corporate bonds+ Panel 5: Respondents reporting an improvement in liquidity and functioning in the underlying markets for: CMBS+ Panel 6: Respondents reporting an improvement in liquidity and functioning in the underlying markets for: Agency RMBS Panel 6: Respondents reporting an improvement in liquidity and functioning in the underlying markets for: Non-agency RMBS+ Panel 6: Respondents reporting an improvement in liquidity and functioning in the underlying markets for: Consumer ABS+
6/30/2010 NA NA NA NA NA NA NA NA NA NA NA NA NA
9/30/2010 NA NA NA NA NA NA NA NA NA NA NA NA NA
12/31/2010 NA NA NA NA NA NA NA NA NA NA NA NA NA
3/31/2011 NA NA NA NA NA NA NA NA NA NA NA NA NA
6/30/2011 NA NA NA NA NA NA NA NA NA NA NA NA NA
9/30/2011 NA NA NA NA NA NA NA NA NA NA NA NA NA
12/31/2011 0 7.15 0 0 -5.55 -13.33 16.67 -33.33 -50 -45.45 -38.88 -50 -50
3/31/2012 12.5 20 15 15.39 11.77 13.34 18.19 25 18.75 30.77 17.65 21.43 27.28
6/30/2012 16.67 18.75 4.55 -7.69 45 18.75 0 0 -6.25 -7.69 -5 0 8.34
9/30/2012 0 11.12 4.55 14.29 25 37.5 -8.33 10.53 5.89 35.72 10 37.5 8.34
12/31/2012 11.12 0 4.55 15.39 28.58 13.34 0 11.12 5.56 30.77 -9.52 26.67 0
3/31/2013 11.77 25 13.64 38.47 40 64.29 0 11.77 17.65 23.08 0 21.43 20
6/30/2013 21.06 33.34 9.1 28.58 10 40 14.29 21.06 5.56 14.29 -10 20 7.15
9/30/2013 0 6.67 0 0 -26.31 13.34 0 -22.22 6.25 -30.76 -26.31 -40 -30.76
12/31/2013 5.89 6.25 -4.76 30.77 5 33.34 7.7 5.89 -6.25 23.08 -5 20 7.7
3/31/2014 0 0 0 15.39 0 43.75 0 10.53 11.12 15.39 5 33.34 -7.69
6/30/2014 5.27 11.77 9.53 13.34 15 43.75 7.15 5.27 5.89 20 -5 31.25 0
9/30/2014 -5.26 11.12 0 21.43 0 35.72 0 0 0 7.15 0 7.15 0
12/31/2014 0 23.53 4.77 12.5 5 33.34 6.67 -5.55 11.77 0 -15 6.67 0
3/31/2015 -5.88 25 9.53 16.67 5.56 28.58 8.34 -5.88 -6.25 0 0 14.29 0
6/30/2015 -5.55 11.77 19.05 7.15 0 28.58 14.29 0 -11.76 7.15 -10.52 7.15 0
9/30/2015 -12.5 5.89 10 0 11.12 33.34 0 -18.75 -35.29 -30.76 -16.66 -6.66 -30.76
12/31/2015 -5.88 17.65 0 14.29 10.53 26.67 15.39 17.65 -11.76 -21.42 -15.78 -6.66 -15.38
3/31/2016 11.12 22.23 -19.04 -16.66 0 14.29 9.1 -22.22 -50 -50 -27.77 -50 -45.45
6/30/2016 5.56 12.5 10 9.1 11.12 21.43 18.19 5.56 0 -18.18 11.12 0 0
9/30/2016 15.79 21.06 14.29 0 14.29 26.67 16.67 5 -15 13.34 4.55 6.67 28.58
12/31/2016 0 21.06 23.81 6.25 5 0 7.7 -5 0 18.75 -4.76 6.25 20
3/31/2017 5.27 20 30 -6.66 5.27 0 0 14.29 0 13.34 -5 26.67 35.72
6/30/2017 -10 10 47.62 -25 4.77 12.5 -8.33 13.64 20 18.75 4.55 37.5 15.39
9/30/2017 9.53 5.27 4.77 0 -4.76 0 6.67 0 -5.26 11.77 4.77 5.89 0
12/31/2017 9.1 5 28.58 -12.5 4.77 -12.5 0 0 0 12.5 0 12.5 16.67
3/31/2018 9.1 5.27 19.05 -6.25 9.53 -6.25 -14.28 0 -10.52 6.25 4.77 0 13.34
6/30/2018 9.53 -5.26 -19.04 -6.25 0 0 -12.5 0 -5.26 -6.25 4.77 0 0
9/30/2018 8.7 4.77 -28.57 -5.88 9.53 0 0 8.7 -4.76 5.89 4.77 -5.55 5.89
12/31/2018 4.55 10.53 -14.28 0 19.05 11.77 12.5 -9.09 -5.26 -17.64 0 -5.88 -11.76
3/31/2019 0 5.27 -23.8 -6.25 10 0 6.25 0 -5.26 6.25 0 11.77 5.89
6/30/2019 9.53 10.53 20 0 14.29 5.89 12.5 -4.76 -10.52 12.5 9.53 11.77 5.89
9/30/2019 4.77 0 25 0 9.53 5.56 6.25 -4.76 0 -6.66 -4.76 0 -5.88
12/31/2019 0 5.56 21.06 6.67 9.53 6.25 0 0 -5.26 6.67 -4.76 -6.25 0
3/31/2020 -4.54 0 19.05 6.67 13.64 22.23 13.34 13.05 0 0 9.1 5.56 12.5
6/30/2020 55 50 -30 50 0 50 53.34 -33.33 -57.89 -81.25 -36.36 -83.33 -56.25
9/30/2020 10 5.56 35 -5.88 -4.76 -5.88 -20 38.1 42.11 47.06 28.58 47.06 62.5
12/31/2020 19.05 22.23 35 -17.64 0 -11.76 -12.5 13.64 26.32 23.53 14.29 17.65 35.3
3/31/2021 10 16.67 45 6.25 0 0 -14.28 9.53 15.79 18.75 9.53 31.25 33.34
6/30/2021 0 0 30 0 -23.8 -10.52 0 18.19 9.53 17.65 9.53 26.32 31.25
9/30/2021 10 25 5.27 20 -19.04 11.77 13.34 -4.76 0 20 4.77 17.65 6.25
12/31/2021 -5 10.53 25 12.5 4.77 0 0 9.53 5 12.5 0 5.89 0
3/31/2022 0 -10.52 -5 17.65 0 11.77 13.34 0 0 -5.88 -4.76 -5.88 -6.66
6/30/2022 4.77 5.27 -25 0 -4.76 11.77 13.34 -13.63 -5 -16.66 -19.04 -5.88 -13.33

Note: CMBS is commercial mortgage-backed securities, RMBS is residential mortgage-backed securities, and ABS is asset-backed securities.

+The question was added to the survey in September 2011.Return to text

Source: Federal Reserve Board, Senior Credit Officer Opinion Survey on Dealer Financing Terms.

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Last Update: June 23, 2022