Results of the June 2025 Survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD)

  • Price and non-price credit terms and conditions remained largely unchanged between March 2025 and May 2025, tightening slightly for certain counterparty types
  • Demand for lending against collateral and financing rates/spreads increased across all asset classes except equities
  • Tariff turmoil in April 2025 had a limited but slightly negative impact on bank clients’ ability to meet margin calls

Published on the 31st of July 2025

Price and non-price credit terms and conditions remained largely unchanged between March 2025 and May 2025, with a slight tightening of non-price terms across banks and dealers, non-financial corporations and sovereigns. For price terms, survey responses indicated no net change. General market liquidity and functioning was most frequently cited as the primary driver behind tightening. Looking ahead, some survey respondents expect credit terms and conditions to ease slightly in the third quarter of 2025. However, the vast majority (86%) stated that, overall, no changes were foreseen. (Chart 1).

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Results of the June 2025 Survey on credit terms and conditions in euro... (PDF - 184 Ko)

Updated on the 31st of July 2025

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