US DATA: Fed’s Sept Sr Credit Officer Opinion Survey on Dealer
Financing covered 20 big banks and was conducted Aug 16-Sept 3 for
changes between June and Aug. “Overall, the responses to the September
survey indicated an easing in credit terms across counterparty types and
for a range of securities financing transactions over the previous three
months. Dealers also noted an increase in demand for funding for most
types of securities. By contrast, respondents reported little change in
the terms and conditions prevalent in OTC derivatives markets over the
reference pd.” Dealers loosened credit to hedge funds and pvt pools,
insurance cos and other institutions, and nonfinancial firms as clients
wanted more favorable terms. Few increased resources devoted to managmt
of concentrated credit exposures. Nonprice credit terms were little chgd