Results of the June 2026 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD)

The June 2026 survey covered a period of heightened market volatility from March to May 2026. Escalating conflict in the Middle East triggered an oil supply shock that drove commodity prices sharply higher. This weighed on risk sentiment in March, while in April and May markets recovered strongly. Over the review period, market-implied policy rate expectations rose considerably. Against this backdrop, credit terms and conditions proved broadly resilient, with survey respondents reporting that overall terms had eased slightly for all counterparty types for a second consecutive quarter. The easing was due entirely to price terms, as non-price terms remained basically unchanged across the board. Looking ahead, respondents expected credit terms to remain basically unchanged from June to August 2026, with only a very small net percentage expecting price terms to tighten somewhat for banks and dealers.