Senior Credit Officer Opinion Survey on Dealer Financing Terms September 2016
PrintAccessible Version of Figures
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 | NC | -15 | NC | NC | -10 | NC | -25 | -25 | NC | NC | -10 | NC | -15 |
| 2010:Q3 | 10 | NC | -15 | NC | NC | -15 | NC | -15 | -25 | NC | NC | -25 | NC | -20 |
| 2010:Q4 | 15 | NC | -25 | NC | NC | -10 | NC | -15 | -45 | NC | NC | -15 | NC | -15 |
| 2011:Q1 | 25 | NC | -30 | NC | NC | -10 | NC | -30 | -35 | NC | NC | -25 | NC | -10 |
| 2011:Q2 | 25 | NC | -40 | 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 |
| 2013:Q1 | 9 | 59 | -9 | 6 | -5 | -5 | -5 | -18 | -9 | 0 | 0 | -5 | -5 | -9 |
| 2013:Q2 | 5 | 64 | -9 | -12 | -4 | 0 | -5 | 9 | -9 | -12 | -9 | -5 | -5 | 0 |
| 2013:Q3 | 23 | 55 | 14 | 12 | 9 | 5 | 5 | 0 | 5 | 22 | -5 | -5 | 0 | -14 |
| 2013:Q4 | 18 | 46 | 4 | 0 | -5 | 0 | 0 | -9 | -5 | 22 | -5 | 0 | -5 | -14 |
| 2014:Q1 | 14 | 31 | 0 | 6 | -5 | 0 | -5 | 0 | -9 | 17 | 0 | -5 | -5 | -9 |
| 2014:Q2 | 5 | 18 | 4 | -12 | 0 | 0 | -5 | -9 | -9 | -6 | 0 | -14 | 0 | -14 |
| 2014:Q3 | 14 | 23 | -5 | 0 | 5 | 5 | 5 | -4 | -18 | 0 | 0 | -9 | 0 | -10 |
| 2014:Q4 | 5 | 18 | 18 | 12 | 0 | 5 | 0 | 0 | -5 | -6 | 0 | 5 | 0 | 0 |
| 2015:Q1 | 19 | 33 | 4 | 0 | 0 | 10 | -5 | 5 | 0 | 0 | 5 | 0 | 5 | 10 |
| 2015:Q2 | 14 | 38 | 19 | 6 | 0 | 0 | 0 | 10 | 0 | 0 | 0 | -5 | 0 | 5 |
| 2015:Q3 | 10 | 30 | 15 | 27 | 10 | 0 | 11 | 10 | 0 | 7 | 5 | -10 | -6 | 5 |
| 2015:Q4 | 10 | 33 | 24 | 12 | 14 | 5 | 10 | 20 | 5 | 0 | 0 | -5 | 0 | 10 |
| 2016:Q2 | 10 | 20 | 0 | 0 | -5 | 0 | -5.88 | -5 | 5 | 11.76 | 5 | 0 | 0 | 5 |
| 2016:Q3 | 17.39 | 4.35 | -4.35 | 0 | 0 | 0 | 0 | 0 | -4.35 | 5.26 | 4.35 | -4.35 | 10 | 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 | -42.86 | 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 |
| 2013:Q1 | 27 | 6 | 5 | 0 | 0 | 0 | 5 | 0 |
| 2013:Q2 | 22 | 0 | 0 | 10 | 5 | 0 | 0 | 0 |
| 2013:Q3 | -18 | -33 | -5 | 0 | 5 | 0 | 10 | 0 |
| 2013:Q4 | -9 | -33 | 0 | 0 | 5 | 6 | 0 | 0 |
| 2014:Q1 | -39 | 0 | 5 | 5 | 0 | 0 | 0 | |
| 2014:Q2 | 4 | -6 | -5 | 0 | 5 | 0 | 0 | 0 |
| 2014:Q3 | 23 | 12 | -5 | 0 | 0 | 0 | 0 | 0 |
| 2014:Q4 | 0 | 0 | 0 | 5 | 0 | 0 | 0 | |
| 2015:Q1 | 14 | -6 | 0 | 0 | 10 | 0 | 0 | 0 |
| 2015:Q2 | 12 | 0 | 0 | 5 | 0 | 0 | 0 | |
| 2015:Q3 | -5 | 0 | 5 | -6 | 5 | 0 | 0 | 0 |
| 2015:Q4 | 10 | 6 | 5 | 0 | 0 | 0 | 0 | 0 |
| 2016:Q1 | -4.76 | 4.76 | 4.76 | -4.76 | 0 | 0 | 0 | 0 |
| 2016:Q2 | -15 | 6.25 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2016:Q3 | 4.35 | 5.26 | 0 | 0 | 4.55 | 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 | 23.53 | 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 | 12.50 | 0 | -31.25 | -57.14 | -61.54 | -31.58 | -26.67 | -36.36 |
| 2011:Q4 | 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 | 11.11 | 4.55 | 14.29 | 25 | 37.50 | -8.33 | 10.53 | 5.88 | 35.71 | 10 | 37.50 | 8.33 | |
| 2012:Q4 | 11 | 0 | 5 | 15 | 29 | 13 | 0 | 11 | 5 | 31 | -10 | 27 | 0 |
| 2013:Q1 | 12 | 25 | 13 | 38 | 40 | 64 | 0 | 12 | 18 | 23 | 0 | 21 | 20 |
| 2013:Q2 | 21 | 33 | 9 | 29 | 10 | 40 | 14 | 21 | 6 | 14 | -10 | 20 | 7 |
| 2013:Q3 | 7 | 0 | 0 | -27 | 13 | 0 | -22 | 6 | -30 | -26 | -40 | -31 | |
| 2013:Q4 | 6 | 7 | -5 | 31 | 5 | 33 | 8 | 6 | -6 | 23 | -5 | 20 | 8 |
| 2014:Q1 | 0 | 0 | 15 | 0 | 44 | 0 | 11 | 11 | 15 | 5 | 33 | -8 | |
| 2014:Q2 | 6 | 12 | 9 | 13 | 15 | 44 | 7 | 5 | 6 | 20 | -5 | 31 | 0 |
| 2014:Q3 | -5 | 12 | 0 | 21 | 0 | 36 | 0 | 0 | 0 | 7 | 0 | 7 | 0 |
| 2014:Q4 | 24 | 5 | 13 | 5 | 33 | 7 | -6 | 12 | 0 | -15 | 7 | 0 | |
| 2015:Q1 | -6 | 25 | 10 | 17 | 6 | 29 | 8 | -6 | -7 | 0 | 0 | 14 | 0 |
| 2015:Q2 | -6 | 12 | 19 | 7 | 0 | 29 | 14 | 0 | -12 | 7 | -11 | 7 | 0 |
| 2015:Q3 | -12 | 6 | 10 | 0 | 11 | 33 | 0 | -19 | -35 | -30 | -17 | -7 | -31 |
| 2015:Q4 | -6 | 18 | 0 | 14 | 11 | 27 | 15 | 18 | -12 | -21 | -16 | -7 | -16 |
| 2016:Q1 | 9.52 | 19.05 | -19.05 | -9.52 | 0 | 9.52 | 4.76 | -19.05 | -42.86 | -28.57 | -23.81 | -33.33 | -23.81 |
| 2016:Q2 | 5.56 | 12.50 | 10 | 9.09 | 11.11 | 21.43 | 18.18 | 5.56 | 0 | -18.18 | 11.11 | 0 | 0 |
| 2016:Q3 | 15.79 | 21.05 | 14.29 | 0 | 14.29 | 26.67 | 16.67 | 5 | -15 | 13.33 | 4.55 | 6.67 | 28.57 |
* Note: This question was added in the September 2011 survey. Return to text
Last update: October 6, 2016
