欧洲央行公布了针对欧元计价证券融资和场外衍生品市场的最新调查结果[1]。本次调查覆盖2026年3月至5月期间，由来自欧元区的14家大型银行和欧元区外的12家大型银行共26家机构参与回应[1]。
调查表明，所有交易对手类型的信贷条款在该季度连续第二个季度小幅放松，主要驱动力源于价格条款的下降，而非价格条款基本保持稳定[1]。在中东冲突引发的油价上涨和市场波动影响下，融资市场出现明显变化：资产支持证券融资利率上升的净幅达31%[1]，高收益债券和国内政府债券融资利率上升的净幅各为29%[1]。同时，股票担保融资的担保品需求增加净幅为33%[1]。
该调查由欧洲央行每年进行四次，参考期分别为3月、5月、8月和11月结束的三个月期间[1]。
The European Central Bank has published the results of its June 2026 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets (SESFOD), covering the period from March to May 2026.[1] The survey, conducted among 26 major banks—14 from the eurozone and 12 from outside the eurozone—reveals that credit terms across all counterparty types have continued to ease for the second consecutive quarter, primarily driven by declines in price terms, while non-price terms remained largely stable.[1]
Among respondents, 31 percent reported a net increase in asset-backed securities financing rates, while 29 percent each noted rising financing rates for high-yield bonds and domestic government bonds.[1] On the collateral side, 33 percent of respondents indicated a net increase in financing demand for equities as collateral.[1] These developments occurred against a backdrop of rising oil prices and heightened market volatility stemming from Middle East tensions.[1]
The SESFOD survey is conducted four times annually, with reference periods ending in March, May, August, and November.[1]