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BoE Credit Conditions Preview: Defaults Likely To Be Focus

CREDIT MACRO

BoE credit conditions survey out 0930 tmrw (11-Apr) following the ECB bank lending survey on 9th, which showed little change other than slightly weaker corporate loan demand. We feel the pattern of defaults is likely to be the focus though moving rate expectations may be impacting pricing, too.


  • Supply: household credit availability was slightly positive in 4Q23 with an expectation of muted supply again this quarter.
  • Demand: this was negative across mortgages (both purchase and refi) and unsecured (cards and other) but with expectations that most would improve. In corporate demand, demand was, again, muted and with expectations of improvements, outside of SMEs.
  • Pricing: spreads for households widened with a view they’d tighten again this quarter with corporates broadly unchanged and with a view of a similar outturn.
  • Defaults: these rose across the household sector with lenders seeing further increases this quarter.
Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK
Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK

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