Accessible version of figures
Senior Credit Officer Opinion Survey on Dealer Financing Terms September 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: 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2010:Q2 | 55 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 2010:Q3 | 10 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 2010:Q4 | 15 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 2011:Q1 | 25 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 2011:Q2 | 25 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 2011:Q3 | 76.2 | 57.15 | 4.77 | NA | 16.67 | NA | NA | NA | -23.8 | NA | 5.27 | NA | NA | NA |
| 2011:Q4 | 90 | 65 | 30 | 0 | 23.53 | 5.27 | 5 | 35 | 25 | 0 | 16.67 | -10.52 | -5.26 | 20 |
| 2012:Q1 | 30 | 55 | -10 | -10 | -5.88 | 5 | -10.52 | -10 | -10 | -5 | -11.11 | 5 | -5 | 0 |
| 2012:Q2 | 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 |
| 2012:Q3 | 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 |
| 2012:Q4 | 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 |
| 2013:Q1 | 9.1 | 59.1 | -9.09 | -4.54 | 5.89 | -4.76 | -5 | -18.18 | -9.09 | 0 | 0 | -4.76 | -5 | -9.09 |
| 2013:Q2 | 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 |
| 2013:Q3 | 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 |
| 2013:Q4 | 18.19 | 45.46 | 4.55 | -4.54 | 0 | 0 | 0 | -9.09 | -4.54 | -4.54 | 22.23 | 0 | -5 | -13.63 |
| 2014:Q1 | 13.64 | 31.82 | 0 | -4.54 | 5.89 | 0 | -4.76 | 0 | -9.09 | 0 | 16.67 | -4.54 | -4.76 | -9.09 |
| 2014:Q2 | 4.55 | 18.19 | 4.55 | 0 | -11.76 | 0 | -4.76 | -9.09 | -9.09 | 0 | -5.55 | -13.63 | 0 | -13.63 |
| 2014:Q3 | 13.64 | 22.73 | -4.54 | 4.55 | 0 | 4.77 | 5 | -4.54 | -18.18 | 0 | 0 | -9.09 | 0 | -9.09 |
| 2014:Q4 | 4.55 | 18.19 | 18.19 | 0 | 11.77 | 4.77 | 0 | 0 | -4.54 | 0 | -5.55 | 4.55 | 0 | 0 |
| 2015:Q1 | 19.05 | 33.34 | 4.77 | 0 | 0 | 10 | -5 | 4.77 | 0 | 4.77 | 0 | 0 | 5 | 9.53 |
| 2015:Q2 | 14.29 | 38.1 | 19.05 | 0 | 5.89 | 0 | 0 | 9.53 | 0 | 0 | 0 | -4.76 | 0 | 4.77 |
| 2015:Q3 | 10 | 30 | 15 | 10 | 26.67 | 0 | 11.12 | 10 | 0 | 5 | 6.25 | -10 | -5.55 | 5 |
| 2015:Q4 | 9.53 | 33.34 | 23.81 | 14.29 | 11.77 | 5 | 10 | 19.05 | 4.77 | 0 | 0 | -4.76 | 0 | 9.53 |
| 2016:Q1 | 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 |
| 2016:Q2 | 10 | 20 | 0 | -5 | 0 | 0 | -5.88 | -5 | 5 | 5 | 11.77 | 0 | 0 | 5 |
| 2016:Q3 | 17.4 | 4.35 | -4.34 | 0 | 0 | 0 | 0 | -4.34 | -4.34 | 4.35 | 5.27 | -4.34 | 10 | 0 |
| 2016:Q4 | 0 | 8.7 | 4.35 | 0 | 5.27 | 0 | 0 | 8.7 | -8.69 | 0 | 5.27 | 0 | 0 | -4.34 |
| 2017:Q1 | 4.55 | 13.64 | -4.54 | 4.55 | -5.55 | 5 | -5.26 | 9.1 | 0 | 0 | 0 | 0 | 0 | -4.54 |
| 2017:Q2 | 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 |
| 2017:Q3 | 8.7 | 8.7 | -17.39 | 4.35 | -21.05 | 4.77 | 0 | 0 | -8.69 | 0 | 0 | 9.53 | 4.55 | -4.34 |
| 2017:Q4 | 0 | 17.4 | -21.73 | -4.34 | -25 | -9.52 | -9.52 | -4.34 | -21.73 | 0 | -15 | -14.28 | -4.76 | 0 |
| 2018:Q1 | 0 | 13.05 | -13.04 | 0 | -10 | -4.54 | -4.76 | 4.35 | -21.73 | -8.69 | -10 | -13.63 | -4.76 | 0 |
| 2018:Q2 | 0 | 13.05 | -13.04 | -4.34 | -30 | 0 | -4.76 | 0 | -17.39 | -4.34 | -15 | -10 | 0 | -8.69 |
| 2018:Q3 | -4.34 | 4.35 | -4.34 | -8.69 | -10.52 | 0 | -4.54 | 0 | -4.34 | 0 | -5.26 | -4.76 | 0 | -4.34 |
*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: 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 |
|---|---|---|---|---|---|---|---|---|
| 2010:Q2 | NA | NA | NA | NA | NA | NA | NA | NA |
| 2010:Q3 | NA | NA | NA | NA | NA | NA | NA | NA |
| 2010:Q4 | NA | NA | NA | NA | NA | NA | NA | NA |
| 2011:Q1 | NA | NA | NA | NA | NA | NA | NA | NA |
| 2011:Q2 | NA | NA | NA | NA | NA | NA | NA | NA |
| 2011:Q3 | -42.85 | NA | NA | NA | NA | NA | NA | NA |
| 2011:Q4 | -55 | 0 | 0 | -5 | 0 | 0 | 5.27 | 0 |
| 2012:Q1 | -20 | 15 | 5 | 5 | 5 | 5.56 | 5.27 | 5.27 |
| 2012:Q2 | -22.72 | 4.55 | 4.77 | -9.52 | 0 | 0 | 0 | 0 |
| 2012:Q3 | -4.54 | 5.89 | -4.76 | 0 | 0 | 0 | 0 | 0 |
| 2012:Q4 | 9.1 | 16.67 | 0 | 0 | 4.77 | 0 | 4.77 | 0 |
| 2013:Q1 | 27.28 | 5.56 | 4.77 | 0 | 0 | 0 | 5 | 0 |
| 2013:Q2 | 22.73 | 0 | 0 | 9.53 | 4.77 | 0 | 0 | 0 |
| 2013:Q3 | -18.18 | -33.33 | -4.54 | 0 | 4.77 | 0 | 10 | 0 |
| 2013:Q4 | -9.09 | -33.33 | 0 | 0 | 5 | 5.56 | 0 | 0 |
| 2014:Q1 | 0 | -38.88 | 0 | 4.77 | 5 | 0 | 0 | 0 |
| 2014:Q2 | 4.55 | -5.55 | -4.54 | 0 | 5 | 0 | 0 | 0 |
| 2014:Q3 | 22.73 | 11.77 | -4.54 | 0 | 0 | 0 | 0 | 0 |
| 2014:Q4 | 0 | 0 | 0 | 0 | 4.77 | 0 | 0 | 0 |
| 2015:Q1 | 14.29 | -5.88 | 0 | 0 | 10 | 0 | 0 | 0 |
| 2015:Q2 | 0 | 11.77 | 0 | 0 | 5 | 0 | 0 | 0 |
| 2015:Q3 | -5 | 0 | 5 | -5.55 | 5 | 0 | 0 | 0 |
| 2015:Q4 | 9.53 | 5.89 | 4.77 | 0 | 0 | 0 | 0 | 0 |
| 2016:Q1 | -4.76 | 5.89 | 5 | -5.55 | 0 | 0 | 0 | 0 |
| 2016:Q2 | -15 | 6.25 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2016:Q3 | 4.35 | 5.27 | 0 | 0 | 4.55 | 0 | 0 | 0 |
| 2016:Q4 | 17.4 | -5.26 | 0 | 0 | 4.77 | 0 | 0 | 0 |
| 2017:Q1 | 0 | 0 | 0 | -5.26 | 0 | 0 | 0 | 0 |
| 2017:Q2 | 4.35 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2017:Q3 | 17.4 | 5.27 | 0 | 4.55 | 4.55 | 0 | 0 | 0 |
| 2017:Q4 | 0 | -15 | 0 | 0 | 4.77 | 4.77 | 5 | 5.27 |
| 2018:Q1 | 0 | 5 | 0 | 5 | 0 | 0 | 0 | 0 |
| 2018:Q2 | 0 | 5 | 0 | -4.76 | 5 | 5.27 | 0 | 0 |
| 2018:Q3 | 4.35 | 5.27 | 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 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 2010:Q3 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 2010:Q4 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 2011:Q1 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 2011:Q2 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 2011:Q3 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA |
| 2011:Q4 | 0 | 7.15 | 0 | 0 | -5.55 | -13.33 | 16.67 | -33.33 | -50 | -45.45 | -38.88 | -50 | -50 |
| 2012:Q1 | 12.5 | 20 | 15 | 15.39 | 11.77 | 13.34 | 18.19 | 25 | 18.75 | 30.77 | 17.65 | 21.43 | 27.28 |
| 2012:Q2 | 16.67 | 18.75 | 4.55 | -7.69 | 45 | 18.75 | 0 | 0 | -6.25 | -7.69 | -5 | 0 | 8.34 |
| 2012:Q3 | 0 | 11.12 | 4.55 | 14.29 | 25 | 37.5 | -8.33 | 10.53 | 5.89 | 35.72 | 10 | 37.5 | 8.34 |
| 2012:Q4 | 11.12 | 0 | 4.55 | 15.39 | 28.58 | 13.34 | 0 | 11.12 | 5.56 | 30.77 | -9.52 | 26.67 | 0 |
| 2013:Q1 | 11.77 | 25 | 13.64 | 38.47 | 40 | 64.29 | 0 | 11.77 | 17.65 | 23.08 | 0 | 21.43 | 20 |
| 2013:Q2 | 21.06 | 33.34 | 9.1 | 28.58 | 10 | 40 | 14.29 | 21.06 | 5.56 | 14.29 | -10 | 20 | 7.15 |
| 2013:Q3 | 0 | 6.67 | 0 | 0 | -26.31 | 13.34 | 0 | -22.22 | 6.25 | -30.76 | -26.31 | -40 | -30.76 |
| 2013:Q4 | 5.89 | 6.25 | -4.76 | 30.77 | 5 | 33.34 | 7.7 | 5.89 | -6.25 | 23.08 | -5 | 20 | 7.7 |
| 2014:Q1 | 0 | 0 | 0 | 15.39 | 0 | 43.75 | 0 | 10.53 | 11.12 | 15.39 | 5 | 33.34 | -7.69 |
| 2014:Q2 | 5.27 | 11.77 | 9.53 | 13.34 | 15 | 43.75 | 7.15 | 5.27 | 5.89 | 20 | -5 | 31.25 | 0 |
| 2014:Q3 | -5.26 | 11.12 | 0 | 21.43 | 0 | 35.72 | 0 | 0 | 0 | 7.15 | 0 | 7.15 | 0 |
| 2014:Q4 | 0 | 23.53 | 4.77 | 12.5 | 5 | 33.34 | 6.67 | -5.55 | 11.77 | 0 | -15 | 6.67 | 0 |
| 2015:Q1 | -5.88 | 25 | 9.53 | 16.67 | 5.56 | 28.58 | 8.34 | -5.88 | -6.25 | 0 | 0 | 14.29 | 0 |
| 2015:Q2 | -5.55 | 11.77 | 19.05 | 7.15 | 0 | 28.58 | 14.29 | 0 | -11.76 | 7.15 | -10.52 | 7.15 | 0 |
| 2015:Q3 | -12.5 | 5.89 | 10 | 0 | 11.12 | 33.34 | 0 | -18.75 | -35.29 | -30.76 | -16.66 | -6.66 | -30.76 |
| 2015:Q4 | -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 |
| 2016:Q1 | 11.12 | 22.23 | -19.04 | -16.66 | 0 | 14.29 | 9.1 | -22.22 | -50 | -50 | -27.77 | -50 | -45.45 |
| 2016:Q2 | 5.56 | 12.5 | 10 | 9.1 | 11.12 | 21.43 | 18.19 | 5.56 | 0 | -18.18 | 11.12 | 0 | 0 |
| 2016:Q3 | 15.79 | 21.06 | 14.29 | 0 | 14.29 | 26.67 | 16.67 | 5 | -15 | 13.34 | 4.55 | 6.67 | 28.58 |
| 2016:Q4 | 0 | 21.06 | 23.81 | 6.25 | 5 | 0 | 7.7 | -5 | 0 | 18.75 | -4.76 | 6.25 | 20 |
| 2017:Q1 | 5.27 | 20 | 30 | -6.66 | 5.27 | 0 | 0 | 14.29 | 0 | 13.34 | -5 | 26.67 | 35.72 |
| 2017:Q2 | -10 | 10 | 47.62 | -25 | 4.77 | 12.5 | -8.33 | 13.64 | 20 | 18.75 | 4.55 | 37.5 | 15.39 |
| 2017:Q3 | 9.53 | 5.27 | 4.77 | 0 | -4.76 | 0 | 6.67 | 0 | -5.26 | 11.77 | 4.77 | 5.89 | 0 |
| 2017:Q4 | 9.1 | 5 | 28.58 | -12.5 | 4.77 | -12.5 | 0 | 0 | 0 | 12.5 | 0 | 12.5 | 16.67 |
| 2018:Q1 | 9.1 | 5.27 | 19.05 | -6.25 | 9.53 | -6.25 | -14.28 | 0 | -10.52 | 6.25 | 4.77 | 0 | 13.34 |
| 2018:Q2 | 9.53 | -5.26 | -19.04 | -6.25 | 0 | 0 | -12.5 | 0 | -5.26 | -6.25 | 4.77 | 0 | 0 |
| 2018:Q3 | 8.7 | 4.77 | -28.57 | -5.88 | 9.53 | 0 | 0 | 8.7 | -4.76 | 5.89 | 4.77 | -5.55 | 5.89 |
* Note: This question was added in the September 2011 survey. Return to text