Results of the September 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 June 2025 and August 2025, with a slight tightening of non-price terms across banks and dealers and non-financial corporations. Price terms eased slightly for hedge funds, insurance companies, investment funds and sovereigns. Balance sheet availability was the main explanation given for tightening pressures, followed by the financial strength of counterparties. However, for price terms, these tightening pressures were offset by easing pressures from general market liquidity and competition from other institutions. Looking ahead, none of the respondents indicated that they expected a change in overall credit terms for any of the counterparty types in the fourth quarter of 2025 (Chart 1).