Accessible version of figures

Senior Credit Officer Opinion Survey on Dealer Financing Terms June 2018

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

Net percentage

Date 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: Trading REITs+ Panel 3: Respondents tightening price terms to: Mutual funds+* 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: Trading REITs+ Panel 5: Respondents tightening nonprice terms to: Mutual funds+* 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
2010:Q2 55 NC -15 NC NC -10 NC -25 -25 NC NC -10 NC -15
2010:Q3 10 NC -15 NC NC -15 NC -15 -25 NC NC -25 NC -20
2010:Q4 15 NC -25 NC NC -10 NC -15 -45 NC NC -15 NC -15
2011:Q1 25 NC -30 NC NC -10 NC -30 -35 NC NC -25 NC -10
2011:Q2 25 NC -40 NC NC -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
2012:Q4 23 64 5 18 4 5 -5 0 0 -5 5 -10 -5 -9
2013:Q1 9 59 -9 6 -5 -5 -5 -18 -9 0 0 -5 -5 -9
2013:Q2 5.0 64.0 -9.0 -12.0 -4.0 0.0 -5.0 9.0 -9.0 -12.0 -9.0 -5.0 -5.0 0.0
2013:Q3 23.0 55.0 14.0 12.0 9.0 5.0 5.0 0.0 5.0 22.0 -5.0 -5.0 0.0 -14.0
2013:Q4 18.0 46.0 4.0 0.0 -5.0 0.0 0.0 -9.0 -5.0 22.0 -5.0 0.0 -5.0 -14.0
2014:Q1 14.0 31.0 0.0 6.0 -5.0 0.0 -5.0 0.0 -9.0 17.0 0.0 -5.0 -5.0 -9.0
2014:Q2 5.0 18.0 4.0 -12.0 0.0 0.0 -5.0 -9.0 -9.0 -6.0 0.0 -14.0 0.0 -14.0
2014:Q3 14.0 23.0 -5.0 0.0 5.0 5.0 5.0 -4.0 -18.0 0.0 0.0 -9.0 0.0 -10.0
2014:Q4 5.0 18.0 18.0 12.0 0.0 5.0 0.0 0.0 -5.0 -6.0 0.0 5.0 0.0 0.0
2015:Q1 19.0 33.0 4.0 0.0 0.0 10.0 -5.0 5.0 0.0 0.0 5.0 0.0 5.0 10.0
2015:Q2 14.0 38.0 19.0 6.0 0.0 0.0 0.0 10.0 0.0 0.0 0.0 -5.0 0.0 5.0
2015:Q3 10.0 30.0 15.0 27.0 10.0 0.0 11.0 10.0 0.0 7.0 5.0 -10.0 -6.0 5.0
2015:Q4 10.0 33.0 24.0 12.0 14.0 5.0 10.0 20.0 5.0 0.0 0.0 -5.0 0.0 10.0
2016:Q1 19.0 14.3 23.8 14.3 14.3 4.8 14.3 19.0 4.8 9.5 4.8 0.0 4.8 9.5
2016:Q2 10.0 20.0 0.0 0.0 -5.0 0.0 -5.9 -5.0 5.0 11.8 5.0 0.0 0.0 5.0
2016:Q3 17.4 4.3 -4.3 0.0 0.0 0.0 0.0 -4.4 -4.3 5.3 4.3 -4.3 10.0 0.0
2016:Q4 0.0 8.7 4.4 5.3 0.0 0.0 0.0 8.7 -8.7 5.3 0.0 0.0 0.0 -4.4
2017:Q1 4.6 13.6 -4.6 -5.6 4.6 5.0 -5.3 9.1 0.0 0.0 0.0 0.0 0.0 -4.6
2017:Q2 0.0 8.7 -21.7 -5.3 -4.3 -4.5 -4.8 -4.3 -17.4 0.0 -4.3 4.5 -4.8 -4.3
2017:Q3 8.7 8.7 -17.4 -17.4 4.4 4.4 0.0 0.0 -8.7 0.0 0.0 9.5 4.6 -4.4
2017:Q4 0.0 17.4 -21.7 -21.7 -4.3 -8.7 -8.7 -4.3 -21.7 -15.0 0.0 -14.3 -4.8 0.0
2018:Q1 0.0 13.1 -13.0 -10.0 0.0 -4.5 -4.8 4.4 -21.7 -10.0 -8.7 -13.6 -4.8 0.0
2018:Q2 0.0 13.1 -13.0 -4.3 -30.0 0.0 -4.8 0.0 -17.4 -4.3 -15.0 -10.0 0.0 -8.7

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

* Note: Tis question whas added in the September 2011 survey.Return to text

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Exhibit 2: Use of Financial Leverage

Net percentage

Date 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
2011:Q3 -42.9 NC 15.0 4.8 5.0 6.3 0.0 0.0
2011:Q4 -55.0 0.0 0.0 -5.0 0.0 0.0 5.3 0.0
2012:Q1 -20.0 15.0 5.0 5.0 5.0 6.0 5.0 5.0
2012:Q2 -22.7 4.6 4.8 -9.5 0.0 0.0 0.0 0.0
2012:Q3 -4.6 5.9 -4.8 0.0 0.0 0.0 0.0 0.0
2012:Q4 9.0 17.0 0.0 0.0 5.0 0.0 5.0 0.0
2013:Q1 27.0 6.0 5.0 0.0 0.0 0.0 5.0 0.0
2013:Q2 22.0 0.0 0.0 10.0 5.0 0.0 0.0 0.0
2013:Q3 -18.0 -33.0 -5.0 0.0 5.0 0.0 10.0 0.0
2013:Q4 -9.0 -33.0 0.0 0.0 5.0 6.0 0.0 0.0
2014:Q1 0.0 -39.0 0.0 5.0 5.0 0.0 0.0 0.0
2014:Q2 4.0 -6.0 -5.0 0.0 5.0 0.0 0.0 0.0
2014:Q3 23.0 12.0 -5.0 0.0 0.0 0.0 0.0 0.0
2014:Q4 0.0 0.0 0.0 0.0 5.0 0.0 0.0 0.0
2015:Q1 14.0 -6.0 0.0 0.0 10.0 0.0 0.0 0.0
2015:Q2 0.0 12.0 0.0 0.0 5.0 0.0 0.0 0.0
2015:Q3 -5.0 0.0 5.0 -6.0 5.0 0.0 0.0 0.0
2015:Q4 10.0 6.0 5.0 0.0 0.0 0.0 0.0 0.0
2016:Q1 -4.8 4.8 4.8 -4.8 0.0 0.0 0.0 0.0
2016:Q2 -15.0 6.3 0.0 0.0 0.0 0.0 0.0 0.0
2016:Q3 4.3 5.3 0.0 0.0 4.5 0.0 0.0 0.0
2016:Q4 17.4 -5.3 0.0 0.0 4.8 0.0 0.0 0.0
2017:Q1 0.0 0.0 0.0 -5.3 0.0 0.0 0.0 0.0
2017:Q2 4.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0
2017:Q3 17.4 5.3 0.0 4.6 4.6 0.0 0.0 0.0
2017:Q4 0.0 -15.0 0.0 0.0 4.8 4.8 5.0 5.3
2018:Q1 0.0 5.0 0.0 5.0 0.0 0.0 0.0 0.0
2018:Q2 0.0 5.0 0.0 -4.8 5.0 5.3 0.0 0.0

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Exhibit 3: Measures of Demand for Funding and Market Functioning

Net percentage

Date 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+
2010:Q2 23.5 NC 25.0 NC 33.3 NC NC -5.9 NC NC 5.6 NC NC
2010:Q3 26.7 NC 5.3 NC 29.4 NC NC 40.0 NC NC 11.8 NC NC
2010:Q4 20.0 NC 30.0 NC 27.8 NC NC 40.0 NC NC 11.1 NC NC
2011:Q1 33.3 NC 27.8 NC 52.9 NC NC 40.0 NC NC 17.7 NC NC
2011:Q2 31.3 NC -5.0 NC 33.3 NC NC 50.0 NC NC 22.2 NC NC
2011:Q3 18.8 23.1 -5.0 -15.4 31.6 12.5 0.0 -31.3 -57.1 -61.5 -31.6 -26.7 -36.4
2011:Q4 0.0 7.1 0.0 0.0 -5.6 -13.3 16.7 -33.3 -50.0 -45.5 -38.9 -50.0 -50.0
2012:Q1 13.0 20.0 15.0 15.0 12.0 13.0 18.0 25.0 19.0 31.0 18.0 21.0 27.0
2012:Q2 16.7 18.8 4.6 -7.7 45.0 18.8 0.0 0.0 -6.3 -7.7 -5.0 0.0 8.3
2012:Q3 0.0 11.1 4.6 14.3 25.0 37.5 -8.3 10.5 5.9 35.7 10.0 37.5 8.3
2012:Q4 11.0 0.0 5.0 15.0 29.0 13.0 0.0 11.0 5.0 31.0 -10.0 27.0 0.0
2013:Q1 12.0 25.0 13.0 38.0 40.0 64.0 0.0 12.0 18.0 23.0 0.0 21.0 20.0
2013:Q2 21.0 33.0 9.0 29.0 10.0 40.0 14.0 21.0 6.0 14.0 -10.0 20.0 7.0
2013:Q3 0.0 7.0 0.0 0.0 -27.0 13.0 0.0 -22.0 6.0 -30.0 -26.0 -40.0 -31.0
2013:Q4 6.0 7.0 -5.0 31.0 5.0 33.0 8.0 6.0 -6.0 23.0 -5.0 20.0 8.0
2014:Q1 0.0 0.0 0.0 15.0 0.0 44.0 0.0 11.0 11.0 15.0 5.0 33.0 -8.0
2014:Q2 6.0 12.0 9.0 13.0 15.0 44.0 7.0 5.0 6.0 20.0 -5.0 31.0 0.0
2014:Q3 -5.0 12.0 0.0 21.0 0.0 36.0 0.0 0.0 0.0 7.0 0.0 7.0 0.0
2014:Q4 0.0 24.0 5.0 13.0 5.0 33.0 7.0 -6.0 12.0 0.0 -15.0 7.0 0.0
2015:Q1 -6.0 25.0 10.0 17.0 6.0 29.0 8.0 -6.0 -7.0 0.0 0.0 14.0 0.0
2015:Q2 -6.0 12.0 19.0 7.0 0.0 29.0 14.0 0.0 -12.0 7.0 -11.0 7.0 0.0
2015:Q3 -12.0 6.0 10.0 0.0 11.0 33.0 0.0 -19.0 -35.0 -30.0 -17.0 -7.0 -31.0
2015:Q4 -6.0 18.0 0.0 14.0 11.0 27.0 15.0 18.0 -12.0 -21.0 -16.0 -7.0 -16.0
2016:Q1 9.5 19.1 -19.1 -9.5 0.0 9.5 4.8 -19.1 -42.9 -28.6 -23.8 -33.3 -23.8
2016:Q2 5.6 12.5 10.0 9.1 11.1 21.4 18.2 5.6 0.0 -18.2 11.1 0.0 0.0
2016:Q3 15.8 21.1 14.3 0.0 14.3 26.7 16.7 5.0 -15.0 13.3 4.5 6.7 28.6
2016:Q4 0.0 21.1 23.8 6.3 5.0 0.0 7.7 -5.0 0.0 18.8 -4.8 6.3 20.0
2017:Q1 5.3 20.0 30.0 -6.7 5.3 0.0 0.0 14.3 0.0 13.3 -5.0 26.7 35.7
2017:Q2 -10.0 10.0 47.6 -25.0 4.8 12.5 -8.3 13.6 20.0 18.8 4.5 37.5 15.4
2017:Q3 8.7 4.4 4.4 0.0 -4.4 0.0 4.4 0.0 -4.4 8.7 4.4 4.4 0.0
2017:Q4 8.7 4.3 26.1 -8.7 4.3 -8.7 0.0 0.0 0.0 8.7 0.0 8.7 13.0
2018:Q1 9.1 5.3 19.1 -6.3 9.5 -6.3 -14.3 0.0 -10.5 6.3 4.8 0.0 13.3
2018:Q2 9.5 -5.3 -19.0 -6.3 0.0 0.0 -12.5 0.0 -5.3 -6.3 4.8 0.0 0.0

* Note: This question was added in the September 2011 survey.Return to text

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Last Update: June 21, 2018