Results of the March 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 December 2024 and February 2025
  • Financing rates/spreads and haircuts in securities financing transactions decreased across most asset classes
  • Demand for funding secured against domestic government bonds decreased for the first time since 2021

Published on the 2nd of May 2025

Price and non-price credit terms and conditions remained largely unchanged between December 2024 and February 20251, which broadly corresponds to expectations expressed in the previous quarter. For price terms, survey responses indicated no net change, while for non-price terms a very minor net tightening was reported. For the second quarter of 2025, some survey respondents expected a slight tightening in credit terms and conditions. However, the vast majority (88%) stated that, overall, no changes were foreseen (Chart 1). 

Updated on the 2nd of May 2025