The Ledger / What money costs a company, month by month
What money costs a company, month by month
The price of borrowing in the US, the UK and the euro area since January 2015: the base rates central banks set, what banks charge companies on new loans, what the bond market charges, and whether US banks are tightening. Rates are in per cent a year; spreads and changes are in basis points (100 bp is one percentage point). Monthly figures are averages of daily data; the Fed's loan officer survey is quarterly and shows the net share of banks tightening standards, those tightening less those easing. The latest values are the latest published, and the 12 and 36 month changes compare them with the same date one and three years earlier. The margin is the bank loan rate less the base rate in the same month. FRED carries the ICE BofA bond spreads and yields for the last three years only, so they start in November 2023; Moody's Baa yield and spread give the long view. SOFR starts in April 2018, the federal funds rate covers the years before it. The Bank of England stopped its loans-by-size series in 2015, so the UK small-firm rate is its SME series, from 2016. The current month is an average of the days so far.
FRED, Federal Reserve Bank of St. Louis (https://fred.stlouisfed.org/graph/fredgraph.csv?id=SOFR and likewise FEDFUNDS, MPRIME, DGS2, DGS10, DBAA, BAA10Y, BAMLC0A4CBBB, BAMLC0A4CBBBEY, BAMLH0A0HYM2, BAMLH0A0HYM2EY, BAMLH0A3HYC, DRTSCILM, DRTSCIS; ICE BofA indices used under ICE's terms). Bank of England Database (https://www.bankofengland.co.uk/boeapps/database/_iadb-fromshowcolumns.asp?csv.x=yes&SeriesCodes=IUMABEDR,IUMASOIA,CFMBJ82,CFMBJ83,CFMZ6LD,CFMHSDC&CSVF=TN&UsingCodes=Y&Datefrom=01/Jan/2014&Dateto=now). ECB Data Portal (https://data-api.ecb.europa.eu/service/data/FM/D.U2.EUR.4F.KR.DFR.LEV, EST/B.EU000A2X2A25.WT, MIR/M.U2.B.A2I.AM.R.A.2240.EUR.N, MIR/M.U2.B.A2A.A.R.1.2240.EUR.N and MIR/M.U2.B.A2A.A.R.2.2240.EUR.N, format=csvdata). Our calculations.
The price of money now
- SOFR, US overnight rate
- 3.92%
- US bank prime rate
- 7.00%
- 10-year US Treasury
- 4.84%
- Baa corporate bond yield
- 6.41%
- High yield bond yield
- 8.07%
- High yield spread, bp
- 348
- High yield spread since Nov 2023, bp
- 259 to 461
- US banks tightening for small firms, net
- 5.1%
- UK Bank Rate
- 3.75%
- UK new bank loans to companies
- 5.47%
- UK new bank loans to SMEs
- 6.55%
- UK company margin over Bank Rate, bp
- 172
- The same, 2015 to 2019 average, bp
- 208
- UK SME margin over Bank Rate, bp
- 280
- ECB deposit rate
- 2.50%
- Euro area cost of bank borrowing for companies
- 3.90%
- Euro area margin over the deposit rate, bp
- 152
- The same, 2015 to 2019 average, bp
- 220
- Euro area small-loan premium, bp
- 79
From the base rate to what a company pays
The latest value of each rate and how far it sits above the base rate in the same month. Changes in basis points.
14 rows
| Where | Rate | Latest | Over the base, bp | Change, 12 months, bp | Change, 36 months, bp | As of |
|---|---|---|---|---|---|---|
| US | Base: SOFR, overnight | 3.92% | 0 | 1 | -140 | 2026-11-05 |
| US | Bank prime loan rate | 7.00% | 310 | -23 | -150 | 2026-10-01 |
| US | Baa corporate bond | 6.41% | 246 | 54 | -2 | 2026-11-05 |
| US | BBB corporate bond | 5.93% | 198 | 85 | -40 | 2026-11-05 |
| US | High yield bond | 8.07% | 412 | 124 | -69 | 2026-11-05 |
| UK | Base: Bank Rate | 3.75% | 0 | -25 | -150 | 2026-10-31 |
| UK | New floating-rate bank loan to a company | 5.28% | 153 | -25 | -136 | 2026-09-30 |
| UK | New bank loan to a company | 5.47% | 172 | -7 | -116 | 2026-09-30 |
| UK | New bank loan to an SME | 6.55% | 280 | 37 | -104 | 2026-09-30 |
| UK | All bank loans companies have outstanding | 5.86% | 211 | -11 | -95 | 2026-09-30 |
| Euro area | Base: ECB deposit facility rate | 2.50% | 0 | 50 | -150 | 2026-11-08 |
| Euro area | Bank loan over €1m | 3.64% | 127 | 40 | -128 | 2026-09-01 |
| Euro area | All new bank loans to companies | 3.90% | 152 | 40 | -121 | 2026-09-01 |
| Euro area | Bank loan of €250k or less | 4.43% | 205 | 44 | -125 | 2026-09-01 |
Every series: latest, change, range
Low and high since January 2015, or since the series starts.
23 rows
| Where | Series | Latest | Change, 12 months, bp | Change, 36 months, bp | Low | In | High | In | From | As of |
|---|---|---|---|---|---|---|---|---|---|---|
| US | SOFR, overnight | 3.92% | 1 | -140 | 0.01% | 2020-03 | 5.40% | 2023-12 | 2018-04 | 2026-11-05 |
| US | Effective federal funds rate | 3.88% | -21 | -145 | 0.05% | 2020-04 | 5.33% | 2023-08 | 2015-01 | 2026-10-01 |
| US | Bank prime loan rate | 7.00% | -23 | -150 | 3.25% | 2015-01 | 8.50% | 2023-08 | 2015-01 | 2026-10-01 |
| US | 2-year Treasury | 4.46% | 83 | -37 | 0.09% | 2021-02 | 5.19% | 2023-10 | 2015-01 | 2026-11-05 |
| US | 10-year Treasury | 4.84% | 67 | 27 | 0.52% | 2020-08 | 5.31% | 2026-10 | 2015-01 | 2026-11-05 |
| US | Moody's Baa corporate bond yield | 6.41% | 54 | -2 | 3.11% | 2020-12 | 6.81% | 2023-10 | 2015-01 | 2026-11-05 |
| US | Moody's Baa spread over the 10-year Treasury | 1.57% | -13 | -29 | 1.36% | 2024-11 | 4.31% | 2020-03 | 2015-01 | 2026-11-05 |
| US | ICE BofA BBB spread (OAS) | 1.16% | 14 | -42 | 0.92% | 2026-05 | 1.58% | 2023-11 | 2023-11 | 2026-11-05 |
| US | ICE BofA BBB effective yield | 5.93% | 85 | -40 | 4.86% | 2025-10 | 6.40% | 2023-11 | 2023-11 | 2026-11-05 |
| US | ICE BofA US high yield spread (OAS) | 3.48% | 43 | -60 | 2.59% | 2025-01 | 4.61% | 2025-04 | 2023-11 | 2026-11-05 |
| US | ICE BofA US high yield effective yield | 8.07% | 124 | -69 | 6.39% | 2025-09 | 8.83% | 2023-11 | 2023-11 | 2026-11-05 |
| US | ICE BofA CCC and lower spread (OAS) | 13.20% | 435 | 309 | 6.90% | 2025-01 | 13.56% | 2026-10 | 2023-11 | 2026-11-05 |
| UK | Bank Rate | 3.75% | -25 | -150 | 0.10% | 2020-04 | 5.25% | 2023-09 | 2015-01 | 2026-10-31 |
| UK | SONIA | 3.73% | -23 | -145 | 0.05% | 2021-11 | 5.20% | 2024-05 | 2015-01 | 2026-10-31 |
| UK | New bank loans to companies (PNFCs), effective rate | 5.47% | -7 | -116 | 1.05% | 2020-05 | 7.18% | 2024-05 | 2015-01 | 2026-09-30 |
| UK | New floating-rate bank loans to companies | 5.28% | -25 | -136 | 1.10% | 2020-05 | 7.26% | 2024-05 | 2015-01 | 2026-09-30 |
| UK | New bank loans to SMEs | 6.55% | 37 | -104 | 0.98% | 2020-05 | 7.82% | 2024-05 | 2016-01 | 2026-09-30 |
| UK | All outstanding bank loans to companies | 5.86% | -11 | -95 | 2.41% | 2021-01 | 6.92% | 2024-06 | 2015-01 | 2026-09-30 |
| Euro area | ECB deposit facility rate | 2.50% | 50 | -150 | -0.50% | 2019-09 | 4.00% | 2023-09 | 2015-01 | 2026-11-08 |
| Euro area | Euro short-term rate (€STR) | 2.44% | 51 | -146 | -0.59% | 2022-03 | 3.91% | 2024-06 | 2019-10 | 2026-11-05 |
| Euro area | Composite cost of bank borrowing for companies | 3.90% | 40 | -121 | 1.36% | 2021-12 | 5.28% | 2023-10 | 2015-01 | 2026-09-01 |
| Euro area | New bank loans to companies over €1m | 3.64% | 40 | -128 | 1.04% | 2021-03 | 5.12% | 2023-10 | 2015-01 | 2026-09-01 |
| Euro area | New bank loans to companies of €250k or less | 4.43% | 44 | -125 | 1.58% | 2020-05 | 5.81% | 2023-11 | 2015-01 | 2026-09-01 |
Year by year
Annual averages of the monthly figures. 2026 runs to the latest month.
12 rows
| Year | Fed funds | US prime | US 10-year | Baa yield | Baa spread, bp | Bank Rate | UK company loans | UK SME loans | UK margin, bp | ECB deposit | Euro company loans | Euro margin, bp |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015 | 0.13% | 3.26% | 2.14% | 5.00% | 286 | 0.50% | 2.58% | 208 | -0.21% | 2.25% | 246 | |
| 2016 | 0.40% | 3.51% | 1.84% | 4.72% | 287 | 0.40% | 2.60% | 3.22% | 221 | -0.38% | 1.92% | 230 |
| 2017 | 1.00% | 4.10% | 2.33% | 4.44% | 211 | 0.29% | 2.43% | 3.16% | 214 | -0.40% | 1.76% | 216 |
| 2018 | 1.83% | 4.90% | 2.91% | 4.80% | 189 | 0.60% | 2.70% | 3.44% | 210 | -0.40% | 1.66% | 206 |
| 2019 | 2.16% | 5.28% | 2.14% | 4.38% | 223 | 0.75% | 2.64% | 3.41% | 189 | -0.43% | 1.58% | 201 |
| 2020 | 0.38% | 3.54% | 0.89% | 3.60% | 271 | 0.23% | 1.87% | 2.15% | 164 | -0.50% | 1.51% | 201 |
| 2021 | 0.08% | 3.25% | 1.44% | 3.39% | 195 | 0.11% | 2.12% | 2.45% | 202 | -0.50% | 1.46% | 196 |
| 2022 | 1.68% | 4.85% | 2.95% | 5.07% | 212 | 1.46% | 3.23% | 3.91% | 177 | 0.08% | 2.04% | 197 |
| 2023 | 5.02% | 8.19% | 3.96% | 5.86% | 190 | 4.68% | 6.35% | 7.01% | 168 | 3.30% | 4.69% | 139 |
| 2024 | 5.14% | 8.31% | 4.21% | 5.75% | 155 | 5.11% | 6.81% | 7.42% | 170 | 3.73% | 4.95% | 121 |
| 2025 | 4.21% | 7.37% | 4.29% | 6.00% | 170 | 4.25% | 5.91% | 6.50% | 165 | 2.26% | 3.70% | 144 |
| 2026 | 3.67% | 6.79% | 4.56% | 6.17% | 161 | 3.75% | 5.54% | 6.33% | 179 | 2.18% | 3.69% | 157 |
United States, month by month
Monthly averages. Spreads are over Treasuries of matching maturity, in basis points; the ICE BofA series start in November 2023.
143 rows
| Month | Fed funds | SOFR | Prime | 2-year | 10-year | Baa yield | Baa spread, bp | BBB spread, bp | High yield | High yield spread, bp | CCC spread, bp |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-11 | 3.95% | 4.56% | 4.90% | 6.44% | 154 | 115 | 8.08% | 341 | 1,313 | ||
| 2026-10 | 3.88% | 3.90% | 7.00% | 4.74% | 5.13% | 6.59% | 146 | 107 | 8.11% | 322 | 1,283 |
| 2026-09 | 3.75% | 3.75% | 6.87% | 4.65% | 4.99% | 6.47% | 148 | 98 | 7.52% | 276 | 1,086 |
| 2026-08 | 3.63% | 3.64% | 6.75% | 4.22% | 4.68% | 6.32% | 163 | 98 | 7.06% | 270 | 1,026 |
| 2026-07 | 3.63% | 3.62% | 6.75% | 4.22% | 4.60% | 6.19% | 159 | 97 | 7.05% | 274 | 983 |
| 2026-06 | 3.63% | 3.63% | 6.75% | 4.11% | 4.47% | 6.00% | 153 | 93 | 6.94% | 273 | 952 |
| 2026-05 | 3.63% | 3.59% | 6.75% | 4.00% | 4.48% | 6.10% | 162 | 96 | 6.92% | 277 | 930 |
| 2026-04 | 3.64% | 3.64% | 6.75% | 3.80% | 4.32% | 6.03% | 171 | 103 | 6.86% | 293 | 938 |
| 2026-03 | 3.64% | 3.65% | 6.75% | 3.71% | 4.25% | 6.04% | 179 | 110 | 7.05% | 319 | 970 |
| 2026-02 | 3.64% | 3.67% | 6.75% | 3.47% | 4.13% | 5.81% | 169 | 99 | 6.58% | 292 | 900 |
| 2026-01 | 3.64% | 3.66% | 6.75% | 3.54% | 4.21% | 5.88% | 166 | 97 | 6.49% | 274 | 860 |
| 2025-12 | 3.72% | 3.80% | 6.83% | 3.50% | 4.14% | 5.90% | 175 | 101 | 6.59% | 289 | 881 |
| 2025-11 | 3.88% | 3.98% | 7.00% | 3.55% | 4.09% | 5.86% | 176 | 106 | 6.76% | 308 | 905 |
| 2025-10 | 4.09% | 4.20% | 7.23% | 3.52% | 4.06% | 5.74% | 167 | 99 | 6.57% | 292 | 839 |
| 2025-09 | 4.22% | 4.30% | 7.38% | 3.57% | 4.12% | 5.83% | 171 | 97 | 6.48% | 279 | 800 |
| 2025-08 | 4.33% | 4.34% | 7.50% | 3.70% | 4.26% | 6.00% | 173 | 99 | 6.70% | 290 | 819 |
| 2025-07 | 4.33% | 4.34% | 7.50% | 3.88% | 4.39% | 6.10% | 171 | 101 | 6.86% | 289 | 849 |
| 2025-06 | 4.33% | 4.32% | 7.50% | 3.89% | 4.38% | 6.15% | 176 | 110 | 7.11% | 313 | 912 |
| 2025-05 | 4.33% | 4.31% | 7.50% | 3.92% | 4.42% | 6.29% | 186 | 122 | 7.40% | 335 | 909 |
| 2025-04 | 4.33% | 4.35% | 7.50% | 3.78% | 4.28% | 6.18% | 190 | 138 | 7.96% | 403 | 1,032 |
| 2025-03 | 4.33% | 4.33% | 7.50% | 3.97% | 4.28% | 5.93% | 165 | 114 | 7.24% | 317 | 839 |
| 2025-02 | 4.33% | 4.34% | 7.50% | 4.21% | 4.45% | 5.92% | 147 | 102 | 6.97% | 271 | 720 |
| 2025-01 | 4.33% | 4.32% | 7.50% | 4.27% | 4.63% | 6.08% | 145 | 102 | 7.12% | 272 | 716 |
| 2024-12 | 4.48% | 4.53% | 7.65% | 4.23% | 4.39% | 5.80% | 141 | 100 | 7.02% | 276 | 727 |
| 2024-11 | 4.64% | 4.64% | 7.81% | 4.26% | 4.36% | 5.78% | 142 | 101 | 6.97% | 270 | 725 |
| 2024-10 | 4.83% | 4.85% | 8.00% | 3.97% | 4.10% | 5.63% | 154 | 108 | 6.88% | 293 | 778 |
| 2024-09 | 5.13% | 5.15% | 8.30% | 3.62% | 3.72% | 5.42% | 169 | 120 | 6.85% | 326 | 895 |
| 2024-08 | 5.33% | 5.33% | 8.50% | 3.97% | 3.87% | 5.60% | 173 | 124 | 7.18% | 337 | 969 |
| 2024-07 | 5.33% | 5.34% | 8.50% | 4.50% | 4.25% | 5.84% | 159 | 116 | 7.43% | 316 | 941 |
| 2024-06 | 5.33% | 5.33% | 8.50% | 4.74% | 4.31% | 5.82% | 151 | 115 | 7.62% | 320 | 933 |
| 2024-05 | 5.33% | 5.31% | 8.50% | 4.86% | 4.48% | 5.95% | 147 | 111 | 7.71% | 312 | 910 |
| 2024-04 | 5.33% | 5.32% | 8.50% | 4.87% | 4.54% | 6.00% | 146 | 114 | 7.87% | 323 | 891 |
| 2024-03 | 5.33% | 5.31% | 8.50% | 4.59% | 4.21% | 5.75% | 155 | 119 | 7.51% | 318 | 858 |
| 2024-02 | 5.33% | 5.31% | 8.50% | 4.54% | 4.21% | 5.77% | 156 | 122 | 7.66% | 336 | 921 |
| 2024-01 | 5.33% | 5.32% | 8.50% | 4.32% | 4.06% | 5.68% | 162 | 127 | 7.64% | 355 | 933 |
| 2023-12 | 5.33% | 5.34% | 8.50% | 4.46% | 4.02% | 5.64% | 162 | 134 | 7.72% | 357 | 916 |
| 2023-11 | 5.33% | 5.32% | 8.50% | 4.88% | 4.50% | 6.29% | 179 | 148 | 8.55% | 395 | 989 |
| 2023-10 | 5.33% | 5.31% | 8.50% | 5.07% | 4.80% | 6.63% | 183 | ||||
| 2023-09 | 5.33% | 5.31% | 8.50% | 5.02% | 4.38% | 6.16% | 178 | ||||
| 2023-08 | 5.33% | 5.30% | 8.50% | 4.90% | 4.17% | 6.02% | 185 | ||||
| 2023-07 | 5.12% | 5.09% | 8.29% | 4.83% | 3.90% | 5.74% | 184 | ||||
| 2023-06 | 5.08% | 5.06% | 8.25% | 4.64% | 3.75% | 5.75% | 201 | ||||
| 2023-05 | 5.06% | 5.02% | 8.23% | 4.13% | 3.57% | 5.77% | 219 | ||||
| 2023-04 | 4.83% | 4.81% | 8.00% | 4.02% | 3.46% | 5.53% | 207 | ||||
| 2023-03 | 4.65% | 4.64% | 7.82% | 4.30% | 3.66% | 5.71% | 205 | ||||
| 2023-02 | 4.57% | 4.54% | 7.74% | 4.53% | 3.75% | 5.59% | 185 | ||||
| 2023-01 | 4.33% | 4.30% | 7.50% | 4.21% | 3.53% | 5.50% | 197 | ||||
| 2022-12 | 4.10% | 4.07% | 7.27% | 4.29% | 3.62% | 5.59% | 198 | ||||
| 2022-11 | 3.78% | 3.72% | 6.95% | 4.50% | 3.89% | 6.07% | 217 | ||||
| 2022-10 | 3.08% | 3.04% | 6.25% | 4.38% | 3.98% | 6.26% | 228 | ||||
| 2022-09 | 2.56% | 2.51% | 5.73% | 3.86% | 3.52% | 5.69% | 217 | ||||
| 2022-08 | 2.33% | 2.28% | 5.50% | 3.25% | 2.90% | 5.15% | 225 | ||||
| 2022-07 | 1.68% | 1.61% | 4.85% | 3.04% | 2.90% | 5.21% | 232 | ||||
| 2022-06 | 1.21% | 1.10% | 4.38% | 3.00% | 3.14% | 5.27% | 212 | ||||
| 2022-05 | 0.77% | 0.72% | 3.94% | 2.62% | 2.90% | 5.12% | 222 | ||||
| 2022-04 | 0.33% | 0.29% | 3.50% | 2.54% | 2.75% | 4.66% | 191 | ||||
| 2022-03 | 0.20% | 0.16% | 3.37% | 1.91% | 2.13% | 4.29% | 217 | ||||
| 2022-02 | 0.08% | 0.05% | 3.25% | 1.44% | 1.93% | 3.97% | 203 | ||||
| 2022-01 | 0.08% | 0.05% | 3.25% | 0.98% | 1.76% | 3.58% | 182 | ||||
| 2021-12 | 0.08% | 0.05% | 3.25% | 0.68% | 1.46% | 3.30% | 183 | ||||
| 2021-11 | 0.08% | 0.05% | 3.25% | 0.51% | 1.56% | 3.28% | 172 | ||||
| 2021-10 | 0.08% | 0.05% | 3.25% | 0.39% | 1.58% | 3.35% | 177 | ||||
| 2021-09 | 0.08% | 0.05% | 3.25% | 0.24% | 1.37% | 3.23% | 186 | ||||
| 2021-08 | 0.09% | 0.05% | 3.25% | 0.22% | 1.28% | 3.24% | 196 | ||||
| 2021-07 | 0.10% | 0.05% | 3.25% | 0.22% | 1.32% | 3.24% | 193 | ||||
| 2021-06 | 0.08% | 0.03% | 3.25% | 0.20% | 1.52% | 3.44% | 193 | ||||
| 2021-05 | 0.06% | 0.01% | 3.25% | 0.15% | 1.62% | 3.62% | 200 | ||||
| 2021-04 | 0.07% | 0.01% | 3.25% | 0.16% | 1.64% | 3.60% | 197 | ||||
| 2021-03 | 0.07% | 0.02% | 3.25% | 0.15% | 1.61% | 3.74% | 213 | ||||
| 2021-02 | 0.08% | 0.04% | 3.25% | 0.12% | 1.26% | 3.42% | 216 | ||||
| 2021-01 | 0.09% | 0.07% | 3.25% | 0.13% | 1.08% | 3.24% | 216 | ||||
| 2020-12 | 0.09% | 0.08% | 3.25% | 0.14% | 0.93% | 3.16% | 223 | ||||
| 2020-11 | 0.09% | 0.09% | 3.25% | 0.17% | 0.87% | 3.30% | 243 | ||||
| 2020-10 | 0.09% | 0.09% | 3.25% | 0.15% | 0.79% | 3.44% | 265 | ||||
| 2020-09 | 0.09% | 0.09% | 3.25% | 0.13% | 0.68% | 3.36% | 268 | ||||
| 2020-08 | 0.10% | 0.09% | 3.25% | 0.14% | 0.65% | 3.27% | 262 | ||||
| 2020-07 | 0.09% | 0.11% | 3.25% | 0.15% | 0.62% | 3.31% | 269 | ||||
| 2020-06 | 0.08% | 0.08% | 3.25% | 0.19% | 0.73% | 3.64% | 291 | ||||
| 2020-05 | 0.05% | 0.05% | 3.25% | 0.17% | 0.67% | 3.95% | 328 | ||||
| 2020-04 | 0.05% | 0.02% | 3.25% | 0.22% | 0.66% | 4.13% | 347 | ||||
| 2020-03 | 0.65% | 0.61% | 3.78% | 0.45% | 0.87% | 4.29% | 342 | ||||
| 2020-02 | 1.58% | 1.59% | 4.75% | 1.33% | 1.50% | 3.61% | 211 | ||||
| 2020-01 | 1.55% | 1.55% | 4.75% | 1.52% | 1.76% | 3.77% | 201 | ||||
| 2019-12 | 1.55% | 1.55% | 4.75% | 1.61% | 1.86% | 3.88% | 202 | ||||
| 2019-11 | 1.55% | 1.57% | 4.75% | 1.61% | 1.81% | 3.94% | 213 | ||||
| 2019-10 | 1.83% | 1.86% | 4.99% | 1.55% | 1.71% | 3.92% | 222 | ||||
| 2019-09 | 2.04% | 2.27% | 5.15% | 1.65% | 1.70% | 3.91% | 222 | ||||
| 2019-08 | 2.13% | 2.13% | 5.25% | 1.57% | 1.63% | 3.87% | 225 | ||||
| 2019-07 | 2.40% | 2.45% | 5.50% | 1.84% | 2.06% | 4.28% | 222 | ||||
| 2019-06 | 2.38% | 2.39% | 5.50% | 1.81% | 2.07% | 4.46% | 239 | ||||
| 2019-05 | 2.39% | 2.42% | 5.50% | 2.21% | 2.40% | 4.63% | 223 | ||||
| 2019-04 | 2.42% | 2.48% | 5.50% | 2.34% | 2.53% | 4.70% | 217 | ||||
| 2019-03 | 2.41% | 2.42% | 5.50% | 2.41% | 2.57% | 4.84% | 226 | ||||
| 2019-02 | 2.40% | 2.40% | 5.50% | 2.50% | 2.68% | 4.95% | 227 | ||||
| 2019-01 | 2.40% | 2.47% | 5.50% | 2.54% | 2.71% | 5.12% | 241 | ||||
| 2018-12 | 2.27% | 2.35% | 5.35% | 2.68% | 2.83% | 5.13% | 230 | ||||
| 2018-11 | 2.20% | 2.22% | 5.25% | 2.86% | 3.12% | 5.22% | 211 | ||||
| 2018-10 | 2.19% | 2.18% | 5.25% | 2.86% | 3.15% | 5.07% | 191 | ||||
| 2018-09 | 1.95% | 1.97% | 5.03% | 2.77% | 3.00% | 4.88% | 188 | ||||
| 2018-08 | 1.91% | 1.92% | 5.00% | 2.64% | 2.89% | 4.77% | 188 | ||||
| 2018-07 | 1.91% | 1.91% | 5.00% | 2.61% | 2.89% | 4.79% | 190 | ||||
| 2018-06 | 1.82% | 1.84% | 4.89% | 2.53% | 2.91% | 4.83% | 192 | ||||
| 2018-05 | 1.70% | 1.73% | 4.75% | 2.51% | 2.98% | 4.83% | 185 | ||||
| 2018-04 | 1.69% | 1.74% | 4.75% | 2.38% | 2.87% | 4.67% | 180 | ||||
| 2018-03 | 1.51% | 4.58% | 2.28% | 2.84% | 4.64% | 180 | |||||
| 2018-02 | 1.42% | 4.50% | 2.18% | 2.86% | 4.51% | 165 | |||||
| 2018-01 | 1.41% | 4.50% | 2.03% | 2.58% | 4.26% | 167 | |||||
| 2017-12 | 1.30% | 4.40% | 1.84% | 2.40% | 4.22% | 182 | |||||
| 2017-11 | 1.16% | 4.25% | 1.70% | 2.35% | 4.27% | 192 | |||||
| 2017-10 | 1.15% | 4.25% | 1.55% | 2.36% | 4.32% | 196 | |||||
| 2017-09 | 1.15% | 4.25% | 1.38% | 2.20% | 4.30% | 210 | |||||
| 2017-08 | 1.16% | 4.25% | 1.34% | 2.21% | 4.31% | 210 | |||||
| 2017-07 | 1.15% | 4.25% | 1.37% | 2.32% | 4.39% | 207 | |||||
| 2017-06 | 1.04% | 4.13% | 1.34% | 2.19% | 4.37% | 218 | |||||
| 2017-05 | 0.91% | 4.00% | 1.30% | 2.30% | 4.55% | 225 | |||||
| 2017-04 | 0.90% | 4.00% | 1.24% | 2.30% | 4.57% | 227 | |||||
| 2017-03 | 0.79% | 3.88% | 1.31% | 2.48% | 4.68% | 220 | |||||
| 2017-02 | 0.66% | 3.75% | 1.20% | 2.42% | 4.64% | 222 | |||||
| 2017-01 | 0.65% | 3.75% | 1.21% | 2.43% | 4.66% | 223 | |||||
| 2016-12 | 0.54% | 3.64% | 1.20% | 2.49% | 4.83% | 234 | |||||
| 2016-11 | 0.41% | 3.50% | 0.98% | 2.14% | 4.71% | 257 | |||||
| 2016-10 | 0.40% | 3.50% | 0.84% | 1.76% | 4.38% | 261 | |||||
| 2016-09 | 0.40% | 3.50% | 0.77% | 1.63% | 4.31% | 268 | |||||
| 2016-08 | 0.40% | 3.50% | 0.74% | 1.56% | 4.24% | 268 | |||||
| 2016-07 | 0.39% | 3.50% | 0.67% | 1.50% | 4.22% | 271 | |||||
| 2016-06 | 0.38% | 3.50% | 0.73% | 1.64% | 4.52% | 288 | |||||
| 2016-05 | 0.37% | 3.50% | 0.82% | 1.81% | 4.68% | 287 | |||||
| 2016-04 | 0.37% | 3.50% | 0.77% | 1.81% | 4.79% | 298 | |||||
| 2016-03 | 0.36% | 3.50% | 0.88% | 1.89% | 5.13% | 324 | |||||
| 2016-02 | 0.38% | 3.50% | 0.73% | 1.78% | 5.34% | 356 | |||||
| 2016-01 | 0.34% | 3.50% | 0.90% | 2.09% | 5.45% | 336 | |||||
| 2015-12 | 0.24% | 3.37% | 0.98% | 2.24% | 5.46% | 321 | |||||
| 2015-11 | 0.12% | 3.25% | 0.88% | 2.26% | 5.46% | 319 | |||||
| 2015-10 | 0.12% | 3.25% | 0.64% | 2.07% | 5.34% | 327 | |||||
| 2015-09 | 0.14% | 3.25% | 0.71% | 2.17% | 5.34% | 317 | |||||
| 2015-08 | 0.14% | 3.25% | 0.70% | 2.17% | 5.19% | 302 | |||||
| 2015-07 | 0.13% | 3.25% | 0.67% | 2.32% | 5.20% | 288 | |||||
| 2015-06 | 0.13% | 3.25% | 0.69% | 2.36% | 5.13% | 276 | |||||
| 2015-05 | 0.12% | 3.25% | 0.61% | 2.20% | 4.89% | 269 | |||||
| 2015-04 | 0.12% | 3.25% | 0.54% | 1.94% | 4.48% | 255 | |||||
| 2015-03 | 0.11% | 3.25% | 0.64% | 2.04% | 4.54% | 250 | |||||
| 2015-02 | 0.11% | 3.25% | 0.62% | 1.98% | 4.51% | 253 | |||||
| 2015-01 | 0.11% | 3.25% | 0.55% | 1.88% | 4.45% | 257 |
United Kingdom, month by month
Monthly averages, sterling. Company loans are new advances to private non-financial corporations; the margin is the company loan rate less Bank Rate.
143 rows
| Month | Bank Rate | SONIA | New company loans | Floating | New SME loans | All outstanding | Company margin, bp | SME margin, bp | SME premium, bp |
|---|---|---|---|---|---|---|---|---|---|
| 2026-11 | |||||||||
| 2026-10 | 3.75% | 3.73% | |||||||
| 2026-09 | 3.75% | 3.73% | 5.47% | 5.28% | 6.55% | 5.86% | 172 | 280 | 108 |
| 2026-08 | 3.75% | 3.73% | 5.57% | 5.40% | 6.63% | 5.84% | 182 | 288 | 106 |
| 2026-07 | 3.75% | 3.73% | 5.62% | 5.42% | 6.61% | 5.82% | 187 | 286 | 99 |
| 2026-06 | 3.75% | 3.73% | 5.42% | 5.32% | 6.36% | 5.79% | 167 | 261 | 94 |
| 2026-05 | 3.75% | 3.73% | 5.35% | 5.26% | 6.18% | 5.76% | 160 | 243 | 83 |
| 2026-04 | 3.75% | 3.73% | 5.52% | 5.46% | 6.16% | 5.78% | 177 | 241 | 64 |
| 2026-03 | 3.75% | 3.73% | 5.52% | 5.48% | 6.11% | 5.80% | 177 | 236 | 59 |
| 2026-02 | 3.75% | 3.73% | 5.66% | 5.62% | 6.26% | 5.77% | 191 | 251 | 60 |
| 2026-01 | 3.75% | 3.73% | 5.71% | 5.69% | 6.14% | 5.80% | 196 | 239 | 43 |
| 2025-12 | 3.90% | 3.88% | 5.64% | 5.66% | 6.14% | 5.86% | 174 | 224 | 50 |
| 2025-11 | 4.00% | 3.97% | 5.64% | 5.63% | 6.18% | 5.91% | 164 | 218 | 54 |
| 2025-10 | 4.00% | 3.97% | 5.77% | 5.75% | 6.26% | 5.93% | 177 | 226 | 49 |
| 2025-09 | 4.00% | 3.97% | 5.54% | 5.53% | 6.18% | 5.97% | 154 | 218 | 64 |
| 2025-08 | 4.05% | 4.02% | 5.68% | 5.68% | 6.35% | 5.98% | 163 | 230 | 67 |
| 2025-07 | 4.25% | 4.22% | 5.80% | 5.82% | 6.41% | 6.14% | 155 | 216 | 61 |
| 2025-06 | 4.25% | 4.21% | 5.94% | 5.92% | 6.51% | 6.17% | 169 | 226 | 57 |
| 2025-05 | 4.30% | 4.26% | 5.60% | 5.58% | 6.54% | 6.18% | 130 | 224 | 94 |
| 2025-04 | 4.50% | 4.46% | 6.39% | 6.43% | 6.79% | 6.32% | 189 | 229 | 40 |
| 2025-03 | 4.50% | 4.46% | 6.21% | 6.22% | 6.75% | 6.34% | 171 | 225 | 54 |
| 2025-02 | 4.54% | 4.49% | 6.20% | 6.23% | 6.90% | 6.38% | 166 | 236 | 70 |
| 2025-01 | 4.75% | 4.70% | 6.47% | 6.51% | 7.00% | 6.51% | 172 | 225 | 53 |
| 2024-12 | 4.75% | 4.70% | 6.29% | 6.34% | 7.06% | 6.58% | 154 | 231 | 77 |
| 2024-11 | 4.80% | 4.75% | 6.56% | 6.59% | 7.17% | 6.61% | 176 | 237 | 61 |
| 2024-10 | 5.00% | 4.95% | 6.68% | 6.73% | 7.26% | 6.75% | 168 | 226 | 58 |
| 2024-09 | 5.00% | 4.95% | 6.59% | 6.63% | 7.16% | 6.77% | 159 | 216 | 57 |
| 2024-08 | 5.00% | 4.95% | 6.75% | 6.81% | 7.30% | 6.77% | 175 | 230 | 55 |
| 2024-07 | 5.25% | 5.20% | 6.90% | 6.98% | 7.60% | 6.88% | 165 | 235 | 70 |
| 2024-06 | 5.25% | 5.20% | 6.85% | 6.94% | 7.53% | 6.92% | 160 | 228 | 68 |
| 2024-05 | 5.25% | 5.20% | 7.18% | 7.26% | 7.82% | 6.88% | 193 | 257 | 64 |
| 2024-04 | 5.25% | 5.20% | 6.97% | 6.99% | 7.59% | 6.87% | 172 | 234 | 62 |
| 2024-03 | 5.25% | 5.19% | 6.95% | 7.05% | 7.49% | 6.88% | 170 | 224 | 54 |
| 2024-02 | 5.25% | 5.19% | 6.97% | 7.03% | 7.55% | 6.85% | 172 | 230 | 58 |
| 2024-01 | 5.25% | 5.19% | 7.01% | 7.07% | 7.50% | 6.84% | 176 | 225 | 49 |
| 2023-12 | 5.25% | 5.19% | 6.78% | 6.83% | 7.46% | 6.82% | 153 | 221 | 68 |
| 2023-11 | 5.25% | 5.19% | 7.00% | 7.09% | 7.65% | 6.80% | 175 | 240 | 65 |
| 2023-10 | 5.25% | 5.19% | 6.88% | 6.91% | 7.34% | 6.78% | 163 | 209 | 46 |
| 2023-09 | 5.25% | 5.19% | 6.63% | 6.64% | 7.59% | 6.81% | 138 | 234 | 96 |
| 2023-08 | 5.23% | 5.16% | 6.97% | 7.01% | 7.65% | 6.71% | 174 | 242 | 68 |
| 2023-07 | 5.00% | 4.93% | 6.72% | 6.74% | 7.19% | 6.51% | 172 | 219 | 47 |
| 2023-06 | 4.66% | 4.59% | 6.36% | 6.40% | 7.13% | 6.32% | 170 | 247 | 77 |
| 2023-05 | 4.42% | 4.35% | 6.17% | 6.20% | 6.86% | 6.04% | 174 | 244 | 69 |
| 2023-04 | 4.25% | 4.18% | 5.89% | 5.91% | 6.52% | 5.91% | 164 | 227 | 63 |
| 2023-03 | 4.08% | 4.00% | 5.76% | 5.81% | 6.36% | 5.79% | 168 | 228 | 60 |
| 2023-02 | 3.98% | 3.90% | 5.82% | 5.86% | 6.43% | 5.65% | 185 | 245 | 61 |
| 2023-01 | 3.50% | 3.43% | 5.24% | 5.24% | 5.92% | 5.30% | 174 | 242 | 68 |
| 2022-12 | 3.25% | 3.18% | 4.88% | 4.88% | 5.84% | 5.14% | 163 | 259 | 96 |
| 2022-11 | 2.93% | 2.86% | 4.33% | 4.27% | 5.52% | 4.82% | 140 | 259 | 119 |
| 2022-10 | 2.25% | 2.19% | 3.81% | 3.75% | 4.74% | 4.33% | 156 | 249 | 93 |
| 2022-09 | 1.92% | 1.86% | 3.59% | 3.52% | 4.28% | 4.08% | 167 | 236 | 69 |
| 2022-08 | 1.68% | 1.62% | 3.35% | 3.29% | 4.15% | 3.87% | 167 | 247 | 80 |
| 2022-07 | 1.25% | 1.19% | 3.18% | 3.13% | 3.62% | 3.56% | 193 | 237 | 44 |
| 2022-06 | 1.14% | 1.08% | 3.11% | 3.08% | 3.49% | 3.48% | 197 | 235 | 38 |
| 2022-05 | 0.98% | 0.92% | 2.86% | 2.80% | 3.44% | 3.35% | 188 | 246 | 58 |
| 2022-04 | 0.75% | 0.69% | 2.41% | 2.32% | 2.85% | 3.15% | 166 | 210 | 44 |
| 2022-03 | 0.62% | 0.56% | 2.94% | 2.92% | 3.49% | 3.05% | 232 | 287 | 55 |
| 2022-02 | 0.47% | 0.42% | 2.30% | 2.22% | 3.11% | 2.95% | 182 | 264 | 81 |
| 2022-01 | 0.25% | 0.20% | 2.02% | 1.98% | 2.40% | 2.81% | 177 | 215 | 38 |
| 2021-12 | 0.17% | 0.11% | 2.03% | 1.98% | 2.51% | 2.75% | 186 | 234 | 48 |
| 2021-11 | 0.10% | 0.05% | 2.05% | 1.82% | 2.64% | 2.70% | 195 | 254 | 59 |
| 2021-10 | 0.10% | 0.05% | 1.89% | 1.84% | 2.43% | 2.66% | 179 | 233 | 54 |
| 2021-09 | 0.10% | 0.05% | 1.88% | 1.78% | 2.37% | 2.65% | 178 | 227 | 49 |
| 2021-08 | 0.10% | 0.05% | 2.27% | 2.24% | 2.74% | 2.65% | 217 | 264 | 47 |
| 2021-07 | 0.10% | 0.05% | 1.79% | 1.76% | 2.47% | 2.55% | 169 | 237 | 68 |
| 2021-06 | 0.10% | 0.05% | 2.38% | 2.38% | 2.58% | 2.55% | 228 | 248 | 20 |
| 2021-05 | 0.10% | 0.05% | 2.26% | 2.27% | 2.99% | 2.50% | 216 | 289 | 73 |
| 2021-04 | 0.10% | 0.05% | 1.82% | 1.69% | 1.93% | 2.42% | 172 | 183 | 11 |
| 2021-03 | 0.10% | 0.05% | 2.44% | 2.46% | 2.28% | 2.44% | 234 | 218 | -16 |
| 2021-02 | 0.10% | 0.05% | 2.96% | 3.14% | 2.38% | 2.43% | 286 | 228 | -58 |
| 2021-01 | 0.10% | 0.05% | 1.70% | 1.74% | 2.09% | 2.41% | 160 | 199 | 39 |
| 2020-12 | 0.10% | 0.05% | 1.81% | 1.77% | 2.32% | 2.45% | 171 | 222 | 51 |
| 2020-11 | 0.10% | 0.05% | 1.66% | 1.64% | 2.04% | 2.45% | 156 | 194 | 38 |
| 2020-10 | 0.10% | 0.05% | 1.69% | 1.64% | 1.83% | 2.46% | 159 | 173 | 14 |
| 2020-09 | 0.10% | 0.05% | 1.65% | 1.62% | 1.72% | 2.52% | 155 | 162 | 7 |
| 2020-08 | 0.10% | 0.06% | 1.63% | 1.62% | 1.74% | 2.53% | 153 | 164 | 11 |
| 2020-07 | 0.10% | 0.06% | 1.74% | 1.68% | 1.65% | 2.66% | 164 | 155 | -9 |
| 2020-06 | 0.10% | 0.06% | 1.34% | 1.44% | 1.18% | 2.79% | 124 | 108 | -16 |
| 2020-05 | 0.10% | 0.07% | 1.05% | 1.10% | 0.98% | 2.86% | 95 | 88 | -7 |
| 2020-04 | 0.10% | 0.07% | 2.26% | 2.10% | 2.49% | 2.98% | 216 | 239 | 23 |
| 2020-03 | 0.35% | 0.32% | 2.36% | 2.30% | 3.01% | 3.21% | 201 | 266 | 65 |
| 2020-02 | 0.75% | 0.71% | 2.56% | 2.47% | 3.44% | 3.30% | 181 | 269 | 88 |
| 2020-01 | 0.75% | 0.71% | 2.68% | 2.58% | 3.37% | 3.29% | 193 | 262 | 69 |
| 2019-12 | 0.75% | 0.71% | 2.54% | 2.47% | 3.29% | 3.28% | 179 | 254 | 75 |
| 2019-11 | 0.75% | 0.71% | 2.60% | 2.48% | 3.39% | 3.24% | 185 | 264 | 79 |
| 2019-10 | 0.75% | 0.71% | 2.65% | 2.48% | 3.54% | 3.26% | 190 | 279 | 89 |
| 2019-09 | 0.75% | 0.71% | 3.05% | 2.10% | 3.40% | 3.27% | 230 | 265 | 35 |
| 2019-08 | 0.75% | 0.71% | 2.56% | 2.37% | 3.32% | 3.27% | 181 | 257 | 76 |
| 2019-07 | 0.75% | 0.71% | 2.56% | 2.44% | 3.35% | 3.30% | 181 | 260 | 79 |
| 2019-06 | 0.75% | 0.71% | 2.47% | 2.33% | 3.30% | 3.31% | 172 | 255 | 83 |
| 2019-05 | 0.75% | 0.71% | 2.86% | 2.45% | 3.54% | 3.32% | 211 | 279 | 68 |
| 2019-04 | 0.75% | 0.71% | 2.68% | 2.51% | 3.47% | 3.34% | 193 | 272 | 79 |
| 2019-03 | 0.75% | 0.71% | 2.52% | 2.42% | 3.35% | 3.34% | 177 | 260 | 83 |
| 2019-02 | 0.75% | 0.71% | 2.57% | 2.42% | 3.51% | 3.34% | 182 | 276 | 94 |
| 2019-01 | 0.75% | 0.71% | 2.66% | 2.46% | 3.49% | 3.35% | 191 | 274 | 83 |
| 2018-12 | 0.75% | 0.70% | 2.65% | 2.54% | 3.35% | 3.31% | 190 | 260 | 70 |
| 2018-11 | 0.75% | 0.70% | 2.72% | 2.44% | 3.68% | 3.27% | 197 | 293 | 96 |
| 2018-10 | 0.75% | 0.70% | 2.77% | 2.51% | 3.48% | 3.30% | 202 | 273 | 71 |
| 2018-09 | 0.75% | 0.70% | 2.59% | 2.51% | 3.31% | 3.30% | 184 | 256 | 72 |
| 2018-08 | 0.74% | 0.69% | 2.72% | 2.49% | 3.72% | 3.26% | 198 | 298 | 100 |
| 2018-07 | 0.50% | 0.45% | 2.61% | 2.41% | 3.41% | 3.20% | 211 | 291 | 80 |
| 2018-06 | 0.50% | 0.45% | 2.69% | 2.48% | 3.37% | 3.22% | 219 | 287 | 68 |
| 2018-05 | 0.50% | 0.45% | 2.76% | 2.51% | 3.47% | 3.19% | 226 | 297 | 71 |
| 2018-04 | 0.50% | 0.46% | 2.83% | 2.77% | 3.43% | 3.18% | 233 | 293 | 60 |
| 2018-03 | 0.50% | 0.46% | 2.65% | 2.58% | 3.32% | 3.09% | 215 | 282 | 67 |
| 2018-02 | 0.50% | 0.46% | 2.79% | 2.72% | 3.44% | 3.06% | 229 | 294 | 65 |
| 2018-01 | 0.50% | 0.46% | 2.67% | 2.59% | 3.30% | 3.05% | 217 | 280 | 63 |
| 2017-12 | 0.50% | 0.46% | 2.61% | 2.53% | 3.36% | 2.96% | 211 | 286 | 75 |
| 2017-11 | 0.49% | 0.45% | 2.57% | 2.49% | 3.18% | 2.91% | 208 | 269 | 61 |
| 2017-10 | 0.25% | 0.21% | 2.39% | 2.33% | 3.22% | 2.82% | 214 | 297 | 83 |
| 2017-09 | 0.25% | 0.21% | 2.41% | 2.30% | 3.11% | 2.81% | 216 | 286 | 70 |
| 2017-08 | 0.25% | 0.21% | 2.39% | 2.29% | 3.23% | 2.79% | 214 | 298 | 84 |
| 2017-07 | 0.25% | 0.21% | 2.32% | 2.24% | 3.00% | 2.78% | 207 | 275 | 68 |
| 2017-06 | 0.25% | 0.21% | 2.40% | 2.28% | 3.13% | 2.87% | 215 | 288 | 73 |
| 2017-05 | 0.25% | 0.21% | 2.28% | 2.11% | 3.17% | 2.89% | 203 | 292 | 89 |
| 2017-04 | 0.25% | 0.21% | 2.36% | 2.26% | 3.07% | 2.90% | 211 | 282 | 71 |
| 2017-03 | 0.25% | 0.21% | 2.47% | 2.34% | 3.09% | 2.92% | 222 | 284 | 62 |
| 2017-02 | 0.25% | 0.21% | 2.52% | 2.42% | 3.22% | 2.94% | 227 | 297 | 70 |
| 2017-01 | 0.25% | 0.21% | 2.39% | 2.29% | 3.11% | 2.93% | 214 | 286 | 72 |
| 2016-12 | 0.25% | 0.21% | 2.27% | 2.18% | 3.00% | 2.94% | 202 | 275 | 73 |
| 2016-11 | 0.25% | 0.21% | 2.47% | 2.33% | 3.13% | 2.96% | 222 | 288 | 66 |
| 2016-10 | 0.25% | 0.21% | 2.50% | 2.40% | 3.10% | 2.96% | 225 | 285 | 60 |
| 2016-09 | 0.25% | 0.21% | 2.51% | 2.39% | 3.06% | 2.99% | 226 | 281 | 55 |
| 2016-08 | 0.28% | 0.25% | 2.58% | 2.52% | 3.10% | 3.03% | 230 | 282 | 52 |
| 2016-07 | 0.50% | 0.46% | 2.59% | 2.53% | 3.23% | 3.13% | 209 | 273 | 64 |
| 2016-06 | 0.50% | 0.46% | 2.83% | 2.58% | 3.38% | 3.14% | 233 | 288 | 55 |
| 2016-05 | 0.50% | 0.46% | 2.65% | 2.51% | 3.37% | 3.13% | 215 | 287 | 72 |
| 2016-04 | 0.50% | 0.47% | 2.79% | 2.62% | 3.30% | 3.13% | 229 | 280 | 51 |
| 2016-03 | 0.50% | 0.46% | 2.71% | 2.60% | 3.31% | 3.13% | 221 | 281 | 60 |
| 2016-02 | 0.50% | 0.47% | 2.70% | 2.57% | 3.33% | 3.15% | 220 | 283 | 63 |
| 2016-01 | 0.50% | 0.47% | 2.65% | 2.56% | 3.32% | 3.16% | 215 | 282 | 67 |
| 2015-12 | 0.50% | 0.46% | 2.76% | 2.64% | 3.13% | 226 | |||
| 2015-11 | 0.50% | 0.46% | 2.59% | 2.63% | 3.12% | 209 | |||
| 2015-10 | 0.50% | 0.46% | 2.61% | 2.66% | 3.12% | 211 | |||
| 2015-09 | 0.50% | 0.45% | 2.63% | 2.74% | 3.12% | 213 | |||
| 2015-08 | 0.50% | 0.46% | 2.63% | 2.82% | 3.14% | 213 | |||
| 2015-07 | 0.50% | 0.45% | 2.55% | 2.64% | 3.13% | 205 | |||
| 2015-06 | 0.50% | 0.46% | 2.64% | 2.67% | 3.14% | 214 | |||
| 2015-05 | 0.50% | 0.46% | 2.50% | 2.64% | 3.14% | 200 | |||
| 2015-04 | 0.50% | 0.46% | 2.63% | 2.66% | 3.13% | 213 | |||
| 2015-03 | 0.50% | 0.46% | 2.43% | 2.61% | 3.15% | 193 | |||
| 2015-02 | 0.50% | 0.45% | 2.37% | 2.79% | 3.15% | 187 | |||
| 2015-01 | 0.50% | 0.44% | 2.57% | 2.70% | 3.16% | 207 |
Euro area, month by month
New bank loans to non-financial companies, annualised agreed rates. The composite cost of borrowing weights loans of every size and fixation; the small-loan premium is loans of €250k or less against loans over €1m.
143 rows
| Month | ECB deposit | €STR | Cost of borrowing | Loans over €1m | Loans to €250k | Margin, bp | Small-loan premium, bp |
|---|---|---|---|---|---|---|---|
| 2026-11 | 2.50% | 2.44% | |||||
| 2026-10 | 2.50% | 2.44% | |||||
| 2026-09 | 2.38% | 2.31% | 3.90% | 3.64% | 4.43% | 152 | 79 |
| 2026-08 | 2.25% | 2.19% | 3.77% | 3.46% | 4.28% | 152 | 82 |
| 2026-07 | 2.25% | 2.18% | 3.80% | 3.59% | 4.23% | 155 | 64 |
| 2026-06 | 2.12% | 2.04% | 3.79% | 3.61% | 4.30% | 167 | 69 |
| 2026-05 | 2.00% | 1.93% | 3.63% | 3.39% | 4.23% | 163 | 84 |
| 2026-04 | 2.00% | 1.93% | 3.62% | 3.40% | 4.08% | 162 | 68 |
| 2026-03 | 2.00% | 1.93% | 3.58% | 3.37% | 4.06% | 158 | 69 |
| 2026-02 | 2.00% | 1.93% | 3.51% | 3.24% | 4.02% | 151 | 78 |
| 2026-01 | 2.00% | 1.93% | 3.57% | 3.36% | 3.93% | 157 | 57 |
| 2025-12 | 2.00% | 1.93% | 3.57% | 3.40% | 4.00% | 157 | 60 |
| 2025-11 | 2.00% | 1.93% | 3.50% | 3.24% | 4.04% | 150 | 80 |
| 2025-10 | 2.00% | 1.93% | 3.51% | 3.26% | 3.98% | 151 | 72 |
| 2025-09 | 2.00% | 1.92% | 3.50% | 3.24% | 3.99% | 150 | 75 |
| 2025-08 | 2.00% | 1.92% | 3.46% | 3.18% | 3.91% | 146 | 73 |
| 2025-07 | 2.00% | 1.92% | 3.52% | 3.31% | 3.91% | 152 | 60 |
| 2025-06 | 2.08% | 2.01% | 3.61% | 3.35% | 4.06% | 153 | 71 |
| 2025-05 | 2.25% | 2.17% | 3.66% | 3.38% | 4.10% | 141 | 72 |
| 2025-04 | 2.43% | 2.34% | 3.80% | 3.56% | 4.15% | 137 | 59 |
| 2025-03 | 2.59% | 2.50% | 3.94% | 3.69% | 4.31% | 135 | 62 |
| 2025-02 | 2.79% | 2.69% | 4.11% | 3.88% | 4.50% | 132 | 62 |
| 2025-01 | 3.00% | 2.92% | 4.25% | 4.04% | 4.50% | 125 | 46 |
| 2024-12 | 3.14% | 3.06% | 4.36% | 4.13% | 4.76% | 122 | 63 |
| 2024-11 | 3.25% | 3.16% | 4.52% | 4.26% | 4.95% | 127 | 69 |
| 2024-10 | 3.43% | 3.34% | 4.67% | 4.47% | 4.98% | 124 | 51 |
| 2024-09 | 3.64% | 3.56% | 4.80% | 4.57% | 5.18% | 116 | 61 |
| 2024-08 | 3.75% | 3.66% | 5.01% | 4.86% | 5.26% | 126 | 40 |
| 2024-07 | 3.75% | 3.66% | 5.06% | 4.89% | 5.29% | 131 | 40 |
| 2024-06 | 3.84% | 3.75% | 5.08% | 4.90% | 5.49% | 124 | 59 |
| 2024-05 | 4.00% | 3.91% | 5.12% | 4.88% | 5.52% | 112 | 64 |
| 2024-04 | 4.00% | 3.91% | 5.20% | 5.03% | 5.45% | 120 | 42 |
| 2024-03 | 4.00% | 3.91% | 5.20% | 5.03% | 5.54% | 120 | 51 |
| 2024-02 | 4.00% | 3.91% | 5.16% | 4.90% | 5.59% | 116 | 69 |
| 2024-01 | 4.00% | 3.90% | 5.19% | 5.00% | 5.50% | 119 | 50 |
| 2023-12 | 4.00% | 3.90% | 5.24% | 5.08% | 5.62% | 124 | 54 |
| 2023-11 | 4.00% | 3.90% | 5.25% | 5.03% | 5.81% | 125 | 78 |
| 2023-10 | 4.00% | 3.90% | 5.28% | 5.12% | 5.77% | 128 | 65 |
| 2023-09 | 3.84% | 3.75% | 5.11% | 4.92% | 5.68% | 127 | 76 |
| 2023-08 | 3.74% | 3.64% | 5.01% | 4.86% | 5.59% | 127 | 73 |
| 2023-07 | 3.50% | 3.40% | 4.95% | 4.81% | 5.51% | 145 | 70 |
| 2023-06 | 3.33% | 3.24% | 4.78% | 4.66% | 5.29% | 145 | 63 |
| 2023-05 | 3.18% | 3.08% | 4.58% | 4.42% | 5.08% | 140 | 66 |
| 2023-04 | 3.00% | 2.90% | 4.39% | 4.23% | 4.86% | 139 | 63 |
| 2023-03 | 2.66% | 2.57% | 4.22% | 4.09% | 4.77% | 156 | 68 |
| 2023-02 | 2.38% | 2.27% | 3.86% | 3.65% | 4.49% | 148 | 84 |
| 2023-01 | 2.00% | 1.90% | 3.64% | 3.46% | 4.20% | 164 | 74 |
| 2022-12 | 1.68% | 1.57% | 3.41% | 3.35% | 3.88% | 173 | 53 |
| 2022-11 | 1.48% | 1.37% | 3.11% | 3.01% | 3.55% | 163 | 54 |
| 2022-10 | 0.75% | 0.66% | 2.72% | 2.55% | 3.21% | 197 | 66 |
| 2022-09 | 0.42% | 0.36% | 2.40% | 2.33% | 2.71% | 198 | 38 |
| 2022-08 | 0.00% | -0.08% | 1.87% | 1.68% | 2.32% | 187 | 64 |
| 2022-07 | -0.42% | -0.51% | 1.79% | 1.60% | 2.20% | 221 | 60 |
| 2022-06 | -0.50% | -0.58% | 1.83% | 1.81% | 2.07% | 233 | 26 |
| 2022-05 | -0.50% | -0.58% | 1.55% | 1.31% | 1.99% | 205 | 68 |
| 2022-04 | -0.50% | -0.58% | 1.51% | 1.27% | 1.99% | 201 | 72 |
| 2022-03 | -0.50% | -0.58% | 1.49% | 1.29% | 1.89% | 199 | 60 |
| 2022-02 | -0.50% | -0.58% | 1.42% | 1.15% | 1.88% | 192 | 73 |
| 2022-01 | -0.50% | -0.58% | 1.43% | 1.18% | 1.93% | 193 | 75 |
| 2021-12 | -0.50% | -0.58% | 1.36% | 1.12% | 1.89% | 186 | 77 |
| 2021-11 | -0.50% | -0.57% | 1.39% | 1.11% | 1.89% | 189 | 78 |
| 2021-10 | -0.50% | -0.57% | 1.44% | 1.17% | 1.90% | 194 | 73 |
| 2021-09 | -0.50% | -0.57% | 1.49% | 1.27% | 1.88% | 199 | 61 |
| 2021-08 | -0.50% | -0.57% | 1.44% | 1.20% | 1.86% | 194 | 66 |
| 2021-07 | -0.50% | -0.57% | 1.48% | 1.25% | 1.93% | 198 | 68 |
| 2021-06 | -0.50% | -0.56% | 1.47% | 1.19% | 1.93% | 197 | 74 |
| 2021-05 | -0.50% | -0.56% | 1.47% | 1.18% | 1.92% | 197 | 74 |
| 2021-04 | -0.50% | -0.57% | 1.56% | 1.33% | 2.00% | 206 | 67 |
| 2021-03 | -0.50% | -0.56% | 1.40% | 1.04% | 1.94% | 190 | 90 |
| 2021-02 | -0.50% | -0.56% | 1.49% | 1.19% | 1.96% | 199 | 77 |
| 2021-01 | -0.50% | -0.56% | 1.50% | 1.19% | 2.04% | 200 | 85 |
| 2020-12 | -0.50% | -0.56% | 1.51% | 1.30% | 1.96% | 201 | 66 |
| 2020-11 | -0.50% | -0.56% | 1.52% | 1.25% | 1.98% | 202 | 73 |
| 2020-10 | -0.50% | -0.55% | 1.54% | 1.28% | 1.99% | 204 | 71 |
| 2020-09 | -0.50% | -0.55% | 1.52% | 1.25% | 1.96% | 202 | 71 |
| 2020-08 | -0.50% | -0.55% | 1.51% | 1.28% | 1.87% | 201 | 59 |
| 2020-07 | -0.50% | -0.55% | 1.52% | 1.25% | 1.90% | 202 | 65 |
| 2020-06 | -0.50% | -0.55% | 1.50% | 1.25% | 1.74% | 200 | 49 |
| 2020-05 | -0.50% | -0.54% | 1.46% | 1.21% | 1.58% | 196 | 37 |
| 2020-04 | -0.50% | -0.54% | 1.47% | 1.21% | 1.62% | 197 | 41 |
| 2020-03 | -0.50% | -0.53% | 1.46% | 1.14% | 1.96% | 196 | 82 |
| 2020-02 | -0.50% | -0.54% | 1.52% | 1.14% | 2.06% | 202 | 92 |
| 2020-01 | -0.50% | -0.54% | 1.55% | 1.16% | 2.17% | 205 | 101 |
| 2019-12 | -0.50% | -0.54% | 1.56% | 1.27% | 2.07% | 206 | 80 |
| 2019-11 | -0.50% | -0.54% | 1.55% | 1.19% | 2.10% | 205 | 91 |
| 2019-10 | -0.50% | -0.55% | 1.56% | 1.20% | 2.11% | 206 | 91 |
| 2019-09 | -0.44% | 1.54% | 1.15% | 2.08% | 198 | 93 | |
| 2019-08 | -0.40% | 1.52% | 1.14% | 2.12% | 192 | 98 | |
| 2019-07 | -0.40% | 1.57% | 1.22% | 2.18% | 197 | 96 | |
| 2019-06 | -0.40% | 1.55% | 1.18% | 2.18% | 195 | 100 | |
| 2019-05 | -0.40% | 1.57% | 1.17% | 2.21% | 197 | 104 | |
| 2019-04 | -0.40% | 1.62% | 1.22% | 2.21% | 202 | 99 | |
| 2019-03 | -0.40% | 1.65% | 1.27% | 2.22% | 205 | 95 | |
| 2019-02 | -0.40% | 1.65% | 1.23% | 2.22% | 205 | 99 | |
| 2019-01 | -0.40% | 1.63% | 1.22% | 2.22% | 203 | 100 | |
| 2018-12 | -0.40% | 1.64% | 1.32% | 2.19% | 204 | 87 | |
| 2018-11 | -0.40% | 1.66% | 1.30% | 2.24% | 206 | 94 | |
| 2018-10 | -0.40% | 1.64% | 1.27% | 2.21% | 204 | 94 | |
| 2018-09 | -0.40% | 1.65% | 1.26% | 2.23% | 205 | 97 | |
| 2018-08 | -0.40% | 1.63% | 1.20% | 2.24% | 203 | 104 | |
| 2018-07 | -0.40% | 1.63% | 1.25% | 2.21% | 203 | 96 | |
| 2018-06 | -0.40% | 1.68% | 1.30% | 2.29% | 208 | 99 | |
| 2018-05 | -0.40% | 1.62% | 1.18% | 2.33% | 202 | 115 | |
| 2018-04 | -0.40% | 1.70% | 1.30% | 2.34% | 210 | 104 | |
| 2018-03 | -0.40% | 1.73% | 1.34% | 2.40% | 213 | 106 | |
| 2018-02 | -0.40% | 1.71% | 1.26% | 2.36% | 211 | 110 | |
| 2018-01 | -0.40% | 1.65% | 1.18% | 2.39% | 205 | 121 | |
| 2017-12 | -0.40% | 1.71% | 1.36% | 2.38% | 211 | 102 | |
| 2017-11 | -0.40% | 1.72% | 1.30% | 2.44% | 212 | 114 | |
| 2017-10 | -0.40% | 1.73% | 1.31% | 2.45% | 213 | 114 | |
| 2017-09 | -0.40% | 1.73% | 1.28% | 2.49% | 213 | 121 | |
| 2017-08 | -0.40% | 1.75% | 1.32% | 2.50% | 215 | 118 | |
| 2017-07 | -0.40% | 1.74% | 1.32% | 2.49% | 214 | 117 | |
| 2017-06 | -0.40% | 1.76% | 1.34% | 2.47% | 216 | 113 | |
| 2017-05 | -0.40% | 1.76% | 1.31% | 2.52% | 216 | 121 | |
| 2017-04 | -0.40% | 1.82% | 1.41% | 2.52% | 222 | 111 | |
| 2017-03 | -0.40% | 1.83% | 1.40% | 2.53% | 223 | 113 | |
| 2017-02 | -0.40% | 1.77% | 1.25% | 2.57% | 217 | 132 | |
| 2017-01 | -0.40% | 1.79% | 1.30% | 2.61% | 219 | 131 | |
| 2016-12 | -0.40% | 1.81% | 1.42% | 2.57% | 221 | 115 | |
| 2016-11 | -0.40% | 1.83% | 1.34% | 2.61% | 223 | 127 | |
| 2016-10 | -0.40% | 1.84% | 1.34% | 2.66% | 224 | 132 | |
| 2016-09 | -0.40% | 1.86% | 1.37% | 2.66% | 226 | 129 | |
| 2016-08 | -0.40% | 1.84% | 1.30% | 2.70% | 224 | 140 | |
| 2016-07 | -0.40% | 1.87% | 1.39% | 2.74% | 227 | 135 | |
| 2016-06 | -0.40% | 1.90% | 1.42% | 2.70% | 230 | 128 | |
| 2016-05 | -0.40% | 1.92% | 1.38% | 2.89% | 232 | 151 | |
| 2016-04 | -0.40% | 2.01% | 1.45% | 2.94% | 241 | 149 | |
| 2016-03 | -0.35% | 2.05% | 1.48% | 2.99% | 240 | 151 | |
| 2016-02 | -0.30% | 2.03% | 1.43% | 3.10% | 233 | 167 | |
| 2016-01 | -0.30% | 2.11% | 1.53% | 3.14% | 241 | 161 | |
| 2015-12 | -0.27% | 2.10% | 1.62% | 3.02% | 237 | 140 | |
| 2015-11 | -0.20% | 2.14% | 1.55% | 3.14% | 234 | 159 | |
| 2015-10 | -0.20% | 2.16% | 1.58% | 3.18% | 236 | 160 | |
| 2015-09 | -0.20% | 2.23% | 1.66% | 3.23% | 243 | 157 | |
| 2015-08 | -0.20% | 2.16% | 1.52% | 3.24% | 236 | 172 | |
| 2015-07 | -0.20% | 2.18% | 1.63% | 3.27% | 238 | 164 | |
| 2015-06 | -0.20% | 2.25% | 1.71% | 3.19% | 245 | 148 | |
| 2015-05 | -0.20% | 2.27% | 1.66% | 3.32% | 247 | 166 | |
| 2015-04 | -0.20% | 2.35% | 1.72% | 3.39% | 255 | 167 | |
| 2015-03 | -0.20% | 2.37% | 1.75% | 3.43% | 257 | 168 | |
| 2015-02 | -0.20% | 2.38% | 1.67% | 3.54% | 258 | 187 | |
| 2015-01 | -0.20% | 2.45% | 1.77% | 3.64% | 265 | 187 |
Are US banks tightening?
Fed Senior Loan Officer Opinion Survey: net share of banks tightening standards for commercial and industrial loans. Above zero, more banks are tightening than easing. Gap is small firms less large.
48 rows
| Survey | Large and middle-market firms | Small firms | Gap, points |
|---|---|---|---|
| 2026-10 | 1.7% | 5.1% | 3.4 |
| 2026-07 | 0.0% | 1.8% | 1.8 |
| 2026-04 | 8.1% | 6.6% | -1.5 |
| 2026-01 | 5.3% | 8.9% | 3.6 |
| 2025-10 | 6.5% | 8.3% | 1.8 |
| 2025-07 | 9.5% | 8.2% | -1.3 |
| 2025-04 | 18.5% | 15.9% | -2.6 |
| 2025-01 | 6.2% | 11.1% | 4.9 |
| 2024-10 | 0.0% | 13.3% | 13.3 |
| 2024-07 | 7.9% | 8.2% | 0.3 |
| 2024-04 | 15.6% | 19.7% | 4.1 |
| 2024-01 | 14.5% | 18.6% | 4.1 |
| 2023-10 | 33.9% | 30.4% | -3.5 |
| 2023-07 | 50.8% | 49.2% | -1.6 |
| 2023-04 | 46.0% | 46.7% | 0.7 |
| 2023-01 | 44.8% | 43.8% | -1.0 |
| 2022-10 | 39.1% | 31.8% | -7.3 |
| 2022-07 | 24.2% | 22.2% | -2.0 |
| 2022-04 | -1.5% | 0.0% | 1.5 |
| 2022-01 | -14.5% | -9.4% | 5.1 |
| 2021-10 | -18.2% | -11.1% | 7.1 |
| 2021-07 | -32.4% | -25.7% | 6.7 |
| 2021-04 | -15.1% | -12.9% | 2.2 |
| 2021-01 | 5.5% | 11.4% | 5.9 |
| 2020-10 | 37.7% | 31.3% | -6.4 |
| 2020-07 | 71.2% | 70.0% | -1.2 |
| 2020-04 | 41.5% | 39.7% | -1.8 |
| 2020-01 | 0.0% | -1.4% | -1.4 |
| 2019-10 | 5.4% | 5.6% | 0.2 |
| 2019-07 | -2.8% | -5.8% | -3.0 |
| 2019-04 | -4.2% | 0.0% | 4.2 |
| 2019-01 | 2.8% | 4.3% | 1.5 |
| 2018-10 | -15.9% | -3.1% | 12.8 |
| 2018-07 | -15.9% | -7.6% | 8.3 |
| 2018-04 | -11.3% | -3.0% | 8.3 |
| 2018-01 | -10.0% | 0.0% | 10.0 |
| 2017-10 | -8.5% | -8.8% | -0.3 |
| 2017-07 | -3.9% | -4.1% | -0.2 |
| 2017-04 | -2.8% | -2.9% | -0.1 |
| 2017-01 | 1.4% | 0.0% | -1.4 |
| 2016-10 | 1.5% | -1.5% | -3.0 |
| 2016-07 | 8.5% | 7.1% | -1.4 |
| 2016-04 | 11.6% | 5.8% | -5.8 |
| 2016-01 | 8.2% | 4.2% | -4.0 |
| 2015-10 | 7.4% | 1.5% | -5.9 |
| 2015-07 | -7.0% | -6.0% | 1.0 |
| 2015-04 | -5.3% | -1.4% | 3.9 |
| 2015-01 | -5.5% | -5.7% | -0.2 |