12 April 2023

• Credit terms and conditions tightened for all counterparty types over December 2022 to February 2023 review period and year to March
• Maximum amount and maximum maturity of funding offered against euro-denominated government bonds increased over review period
• Initial margin requirements for most non-centrally cleared over-the-counter derivatives increased over review period

The March 2023 Survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets (SESFOD) marks the tenth anniversary of this survey. The three-monthly SESFOD is an important input into the ECB’s financial stability and market functioning analyses such as the Financial Stability Review.

On balance, overall credit terms and conditions tightened slightly over the December 2022 to February 2023 review period for all counterparty types. Price and non-price terms tightened for all counterparty types except sovereigns, and in particular for…