## boxfigure1-3-1

## Source details

**Canonical URL:** [boxfigure1-3-1](https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/boxfigure1-3-1.pdf)

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### Figure summary
- Title: Figure 1.3.1. Nonbanks Have Increased Their Credit Exposure in the US Leveraged Loan Market
- Key point: The US leveraged loan investor base has shifted further toward CLOs and asset managers.
- Additional note from graphic: CLO formation and loan fund growth remain robust.

### Panel 1: US Leveraged Loan Investor Base (Percent of new issuance)
- Caption line: 1. US Leveraged Loan Investor Base (Percent of new issuance)
- Visual timeline labels (verbatim): 10305070911131517 0102030405060708090 2017 2006
- Y-axis tick labels (verbatim): 0 20 40 60 80 100 120 140 0 20 40 60 80 100 120 140 160 180 200
- Investor categories listed in the figure (verbatim order):
  - CLO
  - Loan mutual funds
  - Hedge, distressed, and high-yield funds
  - Insurance companies
  - Finance companies
  - Banks and securities firms

### Panel 2: US CLO Issuance and Bank Loan Fund Assets under Management (Billions of US dollars)
- Caption line: 2. US CLO Issuance and Bank Loan Fund Assets under Management (Billions of US dollars)
- Series labels (verbatim):
  - CLO issuance (left scale)
  - Bank loan mutual fund and ETF AUM (right scale)
- Percent labels and numeric annotations appearing in figure (verbatim sequence):
  - 1%
  - 57%
  - 48%
  - 5%10%21%
  - 6%
  - 10%14%6%20%
  - 2%
- Explanatory note in figure: CLO issuance (left scale) Bank loan mutual fund and ETF AUM (right scale)

### Notes and sources
- Note: AUM = assets under management; CLO = collateralized loan obligation; ETF = exchange-traded fund.
- Sources: EPFR Global; S&P Leveraged Commentary and Data; and IMF staff calculations.

*Source: boxfigure1-3-1*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/boxfigure1-3-1.pdf_