Senior Credit Officer Opinion Survey on Dealer Financing Terms
September 2012
PrintAccessible version of figures
Exhibit 1: Management of Concentrated Credit Exposures and Indicators of Supply of Credit
| Panel 1 | Panel 2 | Panel 3 | Panel 4 | Panel 5 | Panel 6 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Reports of increasing resources and attention to management of concentrated exposures to dealers | Reports of increasing resources and attention to management of concentrated exposures to central counterparties+ | Reports of tightening price terms to hedge funds | Reports of tightening price terms to trading REITs | Reports of tightening price terms to mutual funds*,+ | Reports of tightening price terms to insurance companies | Reports of tightening price terms to separately managed accounts+ | Reports of tightening price terms to nonfinancial corporations | Reports of tightening nonprice terms to hedge funds | Reports of tightening nonprice terms to trading REITs+ | Reports of tightening nonprice terms to mutual funds*,+ | Reports of tightening nonprice terms to insurance companies | Reports of tightening nonprice terms to separately managed accounts+ | Reports of tightening nonprice terms to nonfinancial corporations |
| 2010:Q2 | 55 | ND | -15 | ND | ND | -10 | NC | -25 | -25 | NC | NC | -10 | NC | -15 |
| 2010:Q3 | 10 | ND | -15 | ND | ND | -15 | NC | -15 | -25 | NC | NC | -25 | NC | -20 |
| 2010:Q4 | 15 | ND | -25 | ND | ND | -10 | NC | -15 | -45 | NC | NC | -15 | NC | -15 |
| 2011:Q1 | 25 | ND | -30 | ND | ND | -10 | NC | -30 | -35 | NC | NC | -25 | NC | -10 |
| 2011:Q2 | 25 | ND | -40 | ND | ND | -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 |
+. Note: This question was added in the September 2011 survey. Return to table
*. Note: Includes mutual funds, exchange-traded funds, pension plans, and endowments. Return to table
Exhibit 2: Use of Financial Leverage
| Panel 1 | Panel 2 | Panel 3 | Panel 4 | Panel 5 | Panel 6 | |||
|---|---|---|---|---|---|---|---|---|
| Date | Respondents reporting increased use of leverage by hedge funds | Respondents reporting increased use of leverage by trading REITs | Respondents reporting increased use of leverage by insurance companies | Respondents reporting increased use of leverage by separately managed accounts | Respondents reporting increased use of leverage by mutual funds | Respondents reporting increased use of leverage by exchange-traded funds | Respondents reporting increased use of leverage by pension funds | Respondents reporting increased use of leverage by endowments |
| 2011:Q3 | -42.86 | NC | 15 | 4.76 | 5 | 6.25 | 0 | 0 |
| 2011:Q4 | -55 | 0 | 0 | -5 | 0 | 0 | 5.26 | 0 |
| 2012:Q1 | -20 | 15 | 5 | 5 | 5 | 6 | 5 | 5 |
| 2012:Q2 | -22.73 | 4.55 | 4.76 | -9.52 | 0 | 0 | 0 | 0 |
| 2012:Q3 | -4.55 | 5.88 | -4.76 | 0 | 0 | 0 | 0 | 0 |
Note: This question was added in the September 2011 survey.
Exhibit 3: Measures of Demand of Funding and Market Functioning
| Panel 1 | Panel 2 | Panel 3 | Panel 4 | Panel 5 | Panel 6 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Respondents reporting increased demand for funding of high-grade corporate bonds | Respondents reporting increased demand for funding of high-yield corporate bonds+ | Respondents reporting increased demand for funding of equities | Respondents reporting increased demand for funding of CMBS | Respondents reporting increased demand for funding of agency RMBS | Respondents reporting increased demand for funding of non-agency RMBS+ | Respondents reporting increased demand for funding of consumer ABS+ | Respondents reporting an improvement in liquidity and functioning in the underlying markets for high-grade corporate bonds | Respondents reporting an improvement in liquidity and functioning in the underlying markets for high-yield corporate bonds+ | Respondents reporting an improvement in liquidity and functioning in the underlying markets for CMBS+ | Respondents reporting an improvement in liquidity and functioning in the underlying markets for agency RMBS | Respondents reporting an improvement in liquidity and functioning in the underlying markets for non-agency RMBS+ | Respondents reporting an improvement in liquidity and functioning in the underlying markets for consumer ABS+ |
| 2010:Q2 | 23.53 | NC | 25 | NC | 33.33 | NC | NC | -5.88 | NC | NC | 5.56 | NC | NC |
| 2010:Q3 | 26.67 | NC | 5.26 | NC | 29.41 | NC | NC | 40 | NC | NC | 11.76 | NC | NC |
| 2010:Q4 | 20 | NC | 30 | NC | 27.78 | NC | NC | 40 | NC | NC | 11.11 | NC | NC |
| 2011:Q1 | 33.33 | NC | 27.78 | NC | 52.94 | NC | NC | 40 | NC | NC | 17.65 | NC | NC |
| 2011:Q2 | 31.25 | NC | -5 | NC | 33.33 | NC | NC | 50 | NC | NC | 22.22 | NC | NC |
| 2011:Q3 | 18.75 | 23.08 | -5 | -15.38 | 31.58 | 12.5 | 0 | -31.25 | -57.14 | -61.54 | -31.58 | -26.67 | -36.36 |
| 2011:Q4 | 0 | 7.14 | 0 | 0 | -5.56 | -13.33 | 16.67 | -33.33 | -50 | -45.45 | -38.89 | -50 | -50 |
| 2012:Q1 | 13 | 20 | 15 | 15 | 12 | 13 | 18 | 25 | 19 | 31 | 18 | 21 | 27 |
| 2012:Q2 | 16.67 | 18.75 | 4.55 | -7.69 | 45 | 18.75 | 0 | 0 | -6.25 | -7.69 | -5 | 0 | 8.33 |
| 2012:Q3 | 0 | 11.11 | 4.55 | 14.29 | 25 | 37.5 | -8.33 | 10.53 | 5.88 | 35.71 | 10 | 37.5 | 8.33 |
+. Note: This question was added in the September 2011 survey. Return to table