Spreads have risen; the issuance of securitised portfolios of household loans has collapsed; corporate bond issuance has fallen (Charts 10-11). It is pretty clear that, for the time being, there has been an adverse shift in the supply of credit from the non-banking sector.
In part, that seems to be due to investors becoming less confident that they can base decisions about exposures to complex credit portfolios on rating agency ratings; this is akin to lenders deciding that their monitoring of risk was less good than they thought.