Senior Credit Officer Opinion Survey on Dealer Financing Terms
December 2012

Accessible 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 Respondents increasing resources and attention to management of concentrated exposures to: Dealers Respondents increasing resources and attention to management of concentrated exposures to: Central counterparties+ Respondents tightening price terms to: Hedge funds Respondents tightening price terms to: Trading REITs Respondents tightening price terms to: Mutual funds+* Respondents tightening price terms to: Insurance companies Respondents tightening price terms to: Separately managed accounts+ Respondents tightening price terms to: Nonfinancial corporations Respondents tightening nonprice terms to: Hedge funds Respondents tightening nonprice terms to: Trading REITs+ Respondents tightening nonprice terms to: Mutual funds+ Respondents tightening nonprice terms to: Insurance companies Respondents tightening nonprice terms to: Separately managed accounts+ Respondents tightening nonprice terms to: Nonfinancial corporations
2010:Q2 55 NC NC NC NC -10 NC -25 -25 NC NC -10 NC -15
2010:Q3 10 NC NC NC NC -15 NC -15 -25 NC NC -25 NC -20
2010:Q4 15 NC NC NC NC -10 NC -15 -45 NC NC -15 NC -15
2011:Q1 25 NC NC NC NC -10 NC -30 -35 NC NC -25 NC -10
2011:Q2 25 NC NC 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

+. Note: This question was added in the September 2011 survey.  Return to table

*. Includes mutual funds, exchange-traded funds, pension plans, and endowments.  Return to table

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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
2012:Q4 9 17 0 0 5 0 5 0

Note: This question was added in the September 2011 survey.

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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
2012:Q4 11 0 5 15 29 13 0 11 5 31 -10 27 0

+. Note: This question was added in the September 2011 survey.  Return to table

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Exhibit 4: Collateral Transformation Transactions

Panel 1 (Top) Panel 2 (Bottom)
2012:Q4 Dealers Hedge funds Trading REITs Mutuals funds and ETFs Pension plans and endowments Insurance companies Separately managed accounts
Providng pristine collateral: Current activity 26 0 0 12 22 18 7
Providing pristine collateral: Discussion of prospective transactions 42 47 27 36 44 47 47
Sourcing pristine collateral: Current activity 26 6 0 18 22 24 13
Sourcing pristine collateral: Discussion of prospective transactions 37 61 35 35 39 65 32

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