Results of the March 2026 survey on credit terms in euro-denominated markets

The European Central Bank (ECB) released the results of the March 2026 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD).

The survey indicates that credit terms and conditions eased slightly for most counterparty types between December 2025 and February 2026. This easing was mainly driven by improved market liquidity, increased competition among institutions, and the financial strength of counterparties.

In securities financing markets, demand for funding increased across all collateral types, with higher funding availability and slightly increased maximum maturity. Financing rates/spreads rose for most collateral types, except non-domestic high-quality government bonds. Haircuts decreased marginally in some collateral types, with liquidity conditions largely unchanged or improving for certain government bonds.

In OTC derivatives markets, there was a minor decline in initial margin requirements. The maximum exposure and maturity of trades remained stable, and valuation disputes decreased slightly in volume and duration. Terms for new or renegotiated master agreements and collateral posting eased marginally.

Compared to March 2025, overall terms and conditions for securities financing and OTC derivatives were largely unchanged in non-price terms but tightened in price terms. The stringency of credit terms and haircuts remained stable year-over-year.

The survey data, available on the ECB Data Portal, covers responses from 26 large banks, including 14 euro area banks and 12 outside the euro area. The ECB conducts SESFOD four times annually, covering changes over three-month periods ending in February, May, August, and November.

Detailed data series, guidelines, and publications related to SESFOD are accessible on the ECB’s website.