Results of the June 2024 Survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD)

Overall credit terms and conditions eased somewhat between March and May 2024. This outcome was in line with the expectations of a further easing of overall credit terms and conditions that had been expressed in the March 2024 survey. While overall price terms eased more than expected, non-price terms – contrary to expectations – did not tighten and instead remained unchanged. The overall easing of conditions in general, and of price terms in particular, was reflected across all counterparty types. Respondents mainly attributed the easing of price terms to an improvement in general market liquidity, competition from other institutions and improvements in the current or expected financial strength of counterparties. For the first time since the start of the survey in 2013, survey respondents expected overall, price and non-price terms to remain unchanged across all counterparty types for the three months ahead (in this case for the period from June to August 2024).