Senior Credit Officer Opinion Survey on Dealer Financing Terms
Accessible version of figures
Senior Credit Officer Opinion Survey on Dealer Financing Terms March 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 | 55.0 | NC | -15.0 | NC | NC | -10.0 | NC | -25.0 | -25.0 | NC | NC | -10.0 | NC | -15.0 |
| 2010:Q3 | 10.0 | NC | -15.0 | NC | NC | -15.0 | NC | -15.0 | -25.0 | NC | NC | -25.0 | NC | -20.0 |
| 2010:Q4 | 15.0 | NC | -25.0 | NC | NC | -10.0 | NC | -15.0 | -45.0 | NC | NC | -15.0 | NC | -15.0 |
| 2011:Q1 | 25.0 | NC | -30.0 | NC | NC | -10.0 | NC | -30.0 | -35.0 | NC | NC | -25.0 | NC | -10.0 |
| 2011:Q2 | 25.0 | NC | -40.0 | NC | NC | -30.0 | NC | -35.0 | -35.0 | NC | NC | -25.0 | NC | -10.0 |
| 2011:Q3 | 76.2 | 57.1 | 4.8 | 16.7 | 0.0 | 4.8 | 0.0 | 19.1 | -23.8 | 5.3 | -9.5 | 0.0 | -4.8 | 9.5 |
| 2011:Q4 | 90.0 | 65.0 | 30.0 | 23.5 | 0.0 | 5.3 | 5.0 | 35.0 | 25.0 | 16.7 | 0.0 | -10.5 | -5.3 | 20.0 |
| 2012:Q1 | 30.0 | 55.0 | -10.0 | -6.0 | -10.0 | 5.0 | -11.0 | -10.0 | -10.0 | -11.0 | -5.0 | 5.0 | -5.0 | 0.0 |
| 2012:Q2 | 45.5 | 68.2 | 4.6 | 17.7 | -9.1 | 0.0 | -14.3 | -4.6 | -4.6 | -5.6 | -9.1 | -4.8 | -4.8 | 4.6 |
| 2012:Q3 | 36.4 | 59.1 | 0.0 | 0.0 | -4.6 | -9.5 | -4.6 | -13.6 | 0.0 | -22.2 | -13.6 | -14.3 | -9.1 | -9.1 |
| 2012:Q4 | 23.0 | 64.0 | 5.0 | 18.0 | 4.0 | 5.0 | -5.0 | 0.0 | 0.0 | -5.0 | 5.0 | -10.0 | -5.0 | -9.0 |
| 2013:Q1 | 9.0 | 59.0 | -9.0 | 6.0 | -5.0 | -5.0 | -5.0 | -18.0 | -9.0 | 0.0 | 0.0 | -5.0 | -5.0 | -9.0 |
| 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 |
* Note: This question was added in the September 2011 survey.Return to text
+ Note: Includes mutual funds, exchange-traded funds, pension plans, and endowments.Return to text
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 |
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 |
* Note: This question was added in the September 2011 survey.Return to text
Last Update:
March 29, 2018