US DATA: Jun-Aug Fed Sr Credit Officer Survey (SCOOS) on Dealer
Financing covers 22 main banks answering on Aug 14-27 and finds “no
signif changes in the credit terms” for most counterparties but did note
slight easing for some incl REITs & unlevered institutions such as
pensions, mutual fds, endowments, ins cos. Many said different’l terms
to most-favored hedge funds and trading REITs had increased as these
increased efforts to negotiate. Dealers said leverage by all counterptys
had remained unch, but they increased of resources and attention to
managing concentrated exposures. Demand for financing RMBS rose; 2/5
said liquidity & functioning in underlying RMBS and CMBS improved. Cash
accounted for the vast majority of collateral currently posted as init’l
margin vs OTC derivs and they expect more Tsys to be used ahead. More
details are on the MNI Main wire.