Senior Credit Officer Opinion Survey, June 2023 - 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
06/30/2010 55 NA NA NA NA NA NA NA NA NA NA NA NA NA
09/30/2010 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
03/31/2011 25 NA NA NA NA NA NA NA NA NA NA NA NA NA
06/30/2011 25 NA NA NA NA NA NA NA NA NA NA NA NA NA
09/30/2011 76.19 57.14 4.76 NA 16.67 NA NA NA -23.81 NA 5.26 NA NA NA
12/31/2011 90 65 30 0 23.53 5.26 5 35 25 0 16.67 -10.53 -5.26 20
03/31/2012 30 55 -10.0 -10.0 -5.88 5 -10.53 -10.0 -10.0 -5.0 -11.11 5 -5.0 0
06/30/2012 45.45 68.18 4.55 -9.09 17.65 0 -14.29 -4.55 -4.55 -9.09 -5.56 -4.76 -4.76 4.55
09/30/2012 36.36 59.09 0 -4.55 0 -9.52 -4.55 -13.64 0 -13.64 -22.22 -14.29 -9.09 -9.09
12/31/2012 22.73 63.64 4.55 4.55 17.65 4.76 -4.76 0 0 4.55 -5.56 -9.52 -4.76 -9.09
03/31/2013 9.09 59.09 -9.09 -4.55 5.88 -4.76 -5.0 -18.18 -9.09 0 0 -4.76 -5.0 -9.09
06/30/2013 4.55 63.64 -9.09 -4.55 -11.76 0 -5.0 9.09 -9.09 -9.09 -11.11 -4.76 -4.76 0
09/30/2013 22.73 54.55 13.64 9.09 11.76 4.55 4.76 0 4.55 -4.55 22.22 -4.55 0 -13.64
12/31/2013 18.18 45.45 4.55 -4.55 0 0 0 -9.09 -4.55 -4.55 22.22 0 -5.0 -13.64
03/31/2014 13.64 31.82 0 -4.55 5.88 0 -4.76 0 -9.09 0 16.67 -4.55 -4.76 -9.09
06/30/2014 4.55 18.18 4.55 0 -11.76 0 -4.76 -9.09 -9.09 0 -5.56 -13.64 0 -13.64
09/30/2014 13.64 22.73 -4.55 4.55 0 4.76 5 -4.55 -18.18 0 0 -9.09 0 -9.09
12/31/2014 4.55 18.18 18.18 0 11.76 4.76 0 0 -4.55 0 -5.56 4.55 0 0
03/31/2015 19.05 33.33 4.76 0 0 10 -5.0 4.76 0 4.76 0 0 5 9.52
06/30/2015 14.29 38.1 19.05 0 5.88 0 0 9.52 0 0 0 -4.76 0 4.76
09/30/2015 10 30 15 10 26.67 0 11.11 10 0 5 6.25 -10.0 -5.56 5
12/31/2015 9.52 33.33 23.81 14.29 11.76 5 10 19.05 4.76 0 0 -4.76 0 9.52
03/31/2016 19.05 14.29 23.81 14.29 16.67 5 17.65 19.05 4.76 4.76 11.11 0 5.56 9.52
06/30/2016 10 20 0 -5.0 0 0 -5.88 -5.0 5 5 11.76 0 0 5
09/30/2016 17.39 4.35 -4.35 0 0 0 0 -4.35 -4.35 4.35 5.26 -4.35 10 0
12/31/2016 0 8.7 4.35 0 5.26 0 0 8.7 -8.7 0 5.26 0 0 -4.35
03/31/2017 4.55 13.64 -4.55 4.55 -5.56 5 -5.26 9.09 0 0 0 0 0 -4.55
06/30/2017 0 8.7 -21.74 -4.35 -5.26 -4.55 -4.76 -4.35 -17.39 -4.35 0 4.55 -4.76 -4.35
09/30/2017 8.7 8.7 -17.39 4.35 -21.05 4.76 0 0 -8.7 0 0 9.52 4.55 -4.35
12/31/2017 0 17.39 -21.74 -4.35 -25.0 -9.52 -9.52 -4.35 -21.74 0 -15.0 -14.29 -4.76 0
03/31/2018 0 13.04 -13.04 0 -10.0 -4.55 -4.76 4.35 -21.74 -8.7 -10.0 -13.64 -4.76 0
06/30/2018 0 13.04 -13.04 -4.35 -30.0 0 -4.76 0 -17.39 -4.35 -15.0 -10.0 0 -8.7
09/30/2018 -4.35 4.35 -4.35 -8.7 -10.53 0 -4.55 0 -4.35 0 -5.26 -4.76 0 -4.35
12/31/2018 -8.7 30.43 -4.35 0 0 0 -4.76 13.04 -4.35 0 -15.0 -4.76 0 0
03/31/2019 -4.35 8.7 -8.7 -4.35 -14.29 0 -4.76 4.35 -8.7 0 -4.76 0 0 -8.7
06/30/2019 4.35 17.39 -4.35 -4.35 -19.05 0 -4.76 -8.7 -8.7 0 -9.52 0 0 0
09/30/2019 4.55 13.64 -22.73 -4.55 -20.0 0 -5.0 -13.64 0 -4.55 -5.0 -4.76 0 -4.55
12/31/2019 4.55 22.73 4.55 0 0 4.76 5 0 4.55 0 -10.0 0 5 -9.09
03/31/2020 13.04 21.74 -4.35 -13.04 -13.64 -4.55 -4.35 -13.04 4.35 -4.35 -4.55 -4.55 0 -4.35
06/30/2020 65.22 56.52 78.26 34.78 80 38.1 30 39.13 78.26 43.48 85 38.1 30 39.13
09/30/2020 34.78 34.78 -8.7 -17.39 21.05 -5.26 -18.18 -8.7 13.04 -8.7 42.11 0 -18.18 13.04
12/31/2020 13.04 17.39 -4.35 -13.04 -10.53 -4.55 -14.29 -13.04 -4.35 -4.35 5.26 -4.55 -14.29 -13.04
03/31/2021 26.09 13.04 -8.7 -8.7 -15.0 -4.76 -9.09 -8.7 -4.35 0 -20.0 0 0 -13.04
06/30/2021 13.04 17.39 -8.7 -17.39 -26.32 -19.05 -14.29 -4.35 4.35 0 -21.05 -4.76 -4.76 0
09/30/2021 4.35 4.35 -4.35 -4.35 0 0 -4.76 0 17.39 0 -15.79 0 0 4.35
12/31/2021 13.04 13.04 -8.7 0 -10.53 -5.0 -5.0 4.35 13.04 4.35 0 5 5 4.35
03/31/2022 4.35 17.39 4.35 4.35 10.53 9.52 4.76 8.7 8.7 8.7 0 9.52 9.52 8.7
06/30/2022 8.7 13.04 21.74 8.7 15.79 0 14.29 17.39 17.39 4.35 5.56 4.55 9.52 17.39
09/30/2022 4.55 4.55 18.18 9.09 26.32 5 10 22.73 13.64 0 21.05 5 5 22.73
12/31/2022 15 10 30 25 44.44 5.26 22.22 35 35 15 27.78 0 11.11 20
03/31/2023 0 10 5 5 18.75 0 5.56 15 5 5 12.5 0 5.56 20
06/30/2023 42.86 19.05 14.29 23.81 29.41 4.76 15.79 23.81 23.81 14.29 11.76 0 15.79 14.29

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.

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
06/30/2010 NA NA NA NA NA NA NA NA
09/30/2010 NA NA NA NA NA NA NA NA
12/31/2010 NA NA NA NA NA NA NA NA
03/31/2011 NA NA NA NA NA NA NA NA
06/30/2011 NA NA NA NA NA NA NA NA
09/30/2011 -42.86 NA NA NA NA NA NA NA
12/31/2011 -55.0 0 0 -5.0 0 0 5.26 0
03/31/2012 -20.0 15 5 5 5 5.56 5.26 5.26
06/30/2012 -22.73 4.55 4.76 -9.52 0 0 0 0
09/30/2012 -4.55 5.88 -4.76 0 0 0 0 0
12/31/2012 9.09 16.67 0 0 4.76 0 4.76 0
03/31/2013 27.27 5.56 4.76 0 0 0 5 0
06/30/2013 22.73 0 0 9.52 4.76 0 0 0
09/30/2013 -18.18 -33.33 -4.55 0 4.76 0 10 0
12/31/2013 -9.09 -33.33 0 0 5 5.56 0 0
03/31/2014 0 -38.89 0 4.76 5 0 0 0
06/30/2014 4.55 -5.56 -4.55 0 5 0 0 0
09/30/2014 22.73 11.76 -4.55 0 0 0 0 0
12/31/2014 0 0 0 0 4.76 0 0 0
03/31/2015 14.29 -5.88 0 0 10 0 0 0
06/30/2015 0 11.76 0 0 5 0 0 0
09/30/2015 -5.0 0 5 -5.56 5 0 0 0
12/31/2015 9.52 5.88 4.76 0 0 0 0 0
03/31/2016 -4.76 5.88 5 -5.56 0 0 0 0
06/30/2016 -15.0 6.25 0 0 0 0 0 0
09/30/2016 4.35 5.26 0 0 4.55 0 0 0
12/31/2016 17.39 -5.26 0 0 4.76 0 0 0
03/31/2017 0 0 0 -5.26 0 0 0 0
06/30/2017 4.35 0 0 0 0 0 0 0
09/30/2017 17.39 5.26 0 4.55 4.55 0 0 0
12/31/2017 0 -15.0 0 0 4.76 4.76 5 5.26
03/31/2018 0 5 0 5 0 0 0 0
06/30/2018 0 5 0 -4.76 5 5.26 0 0
09/30/2018 4.35 5.26 0 0 0 0 0 0
12/31/2018 0 0 0 0 0 0 0 0
03/31/2019 -8.7 -4.76 0 0 0 0 0 0
06/30/2019 4.35 9.52 4.55 4.76 0 0 0 0
09/30/2019 -4.55 10 5 0 0 0 0 0
12/31/2019 4.55 10 0 0 0 0 0 0
03/31/2020 0 4.55 0 0 0 4.76 0 0
06/30/2020 -65.22 -75.0 -4.76 -10.0 -15.0 -20.0 -10.0 -10.0
09/30/2020 -4.35 -42.11 5.56 -9.09 -11.11 -11.11 -10.53 -10.53
12/31/2020 -17.39 -10.53 0 4.76 0 0 0 0
03/31/2021 -4.35 15 0 4.55 0 0 0 0
06/30/2021 -8.7 0 0 0 0 0 0 0
09/30/2021 -21.74 5.26 0 -4.76 0 0 0 0
12/31/2021 -13.04 0 10 0 0 0 0 0
03/31/2022 -8.7 0 0 -4.76 0 0 0 0
06/30/2022 -26.09 0 0 -4.76 0 0 0 0
09/30/2022 -18.18 -5.26 5 -5.0 0 0 -5.0 -5.0
12/31/2022 -25.0 5.56 0 -5.56 -10.53 -5.56 -11.11 -5.56
03/31/2023 5 -6.25 5.26 0 0 0 0 0
06/30/2023 -14.29 -5.88 0 0 -5.56 0 0 0

Note: REIT is real estate investment trust.

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

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+
06/30/2010 NA NA NA NA NA NA NA NA NA NA NA NA NA
09/30/2010 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
03/31/2011 NA NA NA NA NA NA NA NA NA NA NA NA NA
06/30/2011 NA NA NA NA NA NA NA NA NA NA NA NA NA
09/30/2011 NA NA NA NA NA NA NA NA NA NA NA NA NA
12/31/2011 0 7.14 0 0 -5.56 -13.33 16.67 -33.33 -50.0 -45.45 -38.89 -50.0 -50.0
03/31/2012 12.5 20 15 15.38 11.76 13.33 18.18 25 18.75 30.77 17.65 21.43 27.27
06/30/2012 16.67 18.75 4.55 -7.69 45 18.75 0 0 -6.25 -7.69 -5.0 0 8.33
09/30/2012 0 11.11 4.55 14.29 25 37.5 -8.33 10.53 5.88 35.71 10 37.5 8.33
12/31/2012 11.11 0 4.55 15.38 28.57 13.33 0 11.11 5.56 30.77 -9.52 26.67 0
03/31/2013 11.76 25 13.64 38.46 40 64.29 0 11.76 17.65 23.08 0 21.43 20
06/30/2013 21.05 33.33 9.09 28.57 10 40 14.29 21.05 5.56 14.29 -10.0 20 7.14
09/30/2013 0 6.67 0 0 -26.32 13.33 0 -22.22 6.25 -30.77 -26.32 -40.0 -30.77
12/31/2013 5.88 6.25 -4.76 30.77 5 33.33 7.69 5.88 -6.25 23.08 -5.0 20 7.69
03/31/2014 0 0 0 15.38 0 43.75 0 10.53 11.11 15.38 5 33.33 -7.69
06/30/2014 5.26 11.76 9.52 13.33 15 43.75 7.14 5.26 5.88 20 -5.0 31.25 0
09/30/2014 -5.26 11.11 0 21.43 0 35.71 0 0 0 7.14 0 7.14 0
12/31/2014 0 23.53 4.76 12.5 5 33.33 6.67 -5.56 11.76 0 -15.0 6.67 0
03/31/2015 -5.88 25 9.52 16.67 5.56 28.57 8.33 -5.88 -6.25 0 0 14.29 0
06/30/2015 -5.56 11.76 19.05 7.14 0 28.57 14.29 0 -11.76 7.14 -10.53 7.14 0
09/30/2015 -12.5 5.88 10 0 11.11 33.33 0 -18.75 -35.29 -30.77 -16.67 -6.67 -30.77
12/31/2015 -5.88 17.65 0 14.29 10.53 26.67 15.38 17.65 -11.76 -21.43 -15.79 -6.67 -15.38
03/31/2016 11.11 22.22 -19.05 -16.67 0 14.29 9.09 -22.22 -50.0 -50.0 -27.78 -50.0 -45.45
06/30/2016 5.56 12.5 10 9.09 11.11 21.43 18.18 5.56 0 -18.18 11.11 0 0
09/30/2016 15.79 21.05 14.29 0 14.29 26.67 16.67 5 -15.0 13.33 4.55 6.67 28.57
12/31/2016 0 21.05 23.81 6.25 5 0 7.69 -5.0 0 18.75 -4.76 6.25 20
03/31/2017 5.26 20 30 -6.67 5.26 0 0 14.29 0 13.33 -5.0 26.67 35.71
06/30/2017 -10.0 10 47.62 -25.0 4.76 12.5 -8.33 13.64 20 18.75 4.55 37.5 15.38
09/30/2017 9.52 5.26 4.76 0 -4.76 0 6.67 0 -5.26 11.76 4.76 5.88 0
12/31/2017 9.09 5 28.57 -12.5 4.76 -12.5 0 0 0 12.5 0 12.5 16.67
03/31/2018 9.09 5.26 19.05 -6.25 9.52 -6.25 -14.29 0 -10.53 6.25 4.76 0 13.33
06/30/2018 9.52 -5.26 -19.05 -6.25 0 0 -12.5 0 -5.26 -6.25 4.76 0 0
09/30/2018 8.7 4.76 -28.57 -5.88 9.52 0 0 8.7 -4.76 5.88 4.76 -5.56 5.88
12/31/2018 4.55 10.53 -14.29 0 19.05 11.76 12.5 -9.09 -5.26 -17.65 0 -5.88 -11.76
03/31/2019 0 5.26 -23.81 -6.25 10 0 6.25 0 -5.26 6.25 0 11.76 5.88
06/30/2019 9.52 10.53 20 0 14.29 5.88 12.5 -4.76 -10.53 12.5 9.52 11.76 5.88
09/30/2019 4.76 0 25 0 9.52 5.56 6.25 -4.76 0 -6.67 -4.76 0 -5.88
12/31/2019 0 5.56 21.05 6.67 9.52 6.25 0 0 -5.26 6.67 -4.76 -6.25 0
03/31/2020 -4.55 0 19.05 6.67 13.64 22.22 13.33 13.04 0 0 9.09 5.56 12.5
06/30/2020 55 50 -30.0 50 0 50 53.33 -33.33 -57.89 -81.25 -36.36 -83.33 -56.25
09/30/2020 10 5.56 35 -5.88 -4.76 -5.88 -20.0 38.1 42.11 47.06 28.57 47.06 62.5
12/31/2020 19.05 22.22 35 -17.65 0 -11.76 -12.5 13.64 26.32 23.53 14.29 17.65 35.29
03/31/2021 10 16.67 45 6.25 0 0 -14.29 9.52 15.79 18.75 9.52 31.25 33.33
06/30/2021 0 0 30 0 -23.81 -10.53 0 18.18 9.52 17.65 9.52 26.32 31.25
09/30/2021 10 25 5.26 20 -19.05 11.76 13.33 -4.76 0 20 4.76 17.65 6.25
12/31/2021 -5.0 10.53 25 12.5 4.76 0 0 9.52 5 12.5 0 5.88 0
03/31/2022 0 -10.53 -5.0 17.65 0 11.76 13.33 0 0 -5.88 -4.76 -5.88 -6.67
06/30/2022 4.76 5.26 -25.0 0 -4.76 11.76 13.33 -13.64 -5.0 -16.67 -19.05 -5.88 -13.33
09/30/2022 10 11.11 -5.26 6.67 -10.0 12.5 13.33 4.76 0 -20.0 0 -18.75 -6.67
12/31/2022 0 5.88 -23.53 23.08 0 33.33 21.43 -10.53 -27.78 -21.43 -5.56 -13.33 -21.43
03/31/2023 -11.11 -11.76 -5.88 -6.25 0 0 0 10.53 -11.11 12.5 5.56 20 28.57
06/30/2023 21.05 11.11 -15.79 6.25 10 12.5 14.29 -15.0 -10.53 -31.25 -15.0 0 -14.29

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 22, 2023