## Figure 1.18. The Investor Base for Emerging Market Sovereign and Corporate Debt

## Source details

**Canonical URL:** [Figure 1.18. The Investor Base for Emerging Market Sovereign and Corporate Debt](https://www.imf.org/-/media/files/publications/gfsr/2018/oct/ch1/pdf/figure1-18.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2018/oct/ch1/pdf/figure1-18.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2018/oct/ch1/pdf/figure1-18.pdf.json)

---

### Key findings (figure caption statements)
- The share of nonbank foreign holders of sovereign debt has increased in many emerging markets since 2013.
- Among them, multisector bond funds hold concentrated positions in some emerging markets.
- ... where the investor base is dominated by regional investors.
- International corporate debt issuance in emerging markets has reached new highs, led by China and the rest of EM Asia.

### Panel 1 — Foreign Holders of Sovereign Debt, by Type
- Metric: Percent of total.
- Vertical axis tick labels shown in the figure: 0, 20, 40, 60, 80.
- Investor categories (as labeled in the figure):
  - Bank
  - Nonbank
  - Official
  - Asian banks
  - Asian nonbank investors
  - U.S. funds
  - European funds
  - Latin American investors
  - Middle East investors
  - EM dedicated funds
  - Unidentified
  - China
  - EM Asia (excluding China)
  - Latin America
  - EM Europe
  - MENA
- Country/label string shown in the figure: IDNCOLARGMEXTURZAFBRAPOLMYS

### Panel 2 — Multisector Bond Fund Exposure to Emerging Market Sovereign Debt
- Metric: Percent of total foreign holdings, since 2010:Q1.
- Vertical axis tick labels shown in the figure: 0, 5, 10, 15, 20, 25, 30, 35.
- Country/label string shown in the figure: MYSHUNCHLUKRRUSCOLIDNARGINDMEXBRAURY
- Note in figure: "The data in panel 2 are calculated using Bloomberg’s PORT function for a sample of 40 multisector bond funds."

### Panel 3 — Total EM Corporate Issuance and Share of Issuance by Region
- Metrics:
  - Four-quarter rolling in billions of U.S. dollars (absolute issuance).
  - Share (percent).
- Horizontal/vertical axis tick labels shown in the figure for issuance: 0, 200, 400, 600, 800, 1,000.
- Share axis tick labels shown: 0, 20, 40, 60, 80, 100.
- Regions labeled in the figure:
  - EM Asia
  - Latin America
  - EM Europe
  - MENA
- The figure includes a label "17" adjacent to the regional share axis.

### Panel 4 — Holders of Hard-Currency Corporate Debt, by Type
- Metric: Percent.
- Vertical axis tick labels shown in the figure: 0, 20, 40, 60, 80, 100.
- (No additional numeric values are provided in the figure image beyond axis tick marks.)

### Data sources and notes (as shown in the figure)
- Sources: Arslanalp and Tsuda (2014, update); Asian Development Bank; Bank for International Settlements; Bloomberg Finance L.P.; Bond Radar; JPMorgan Chase & Co; and IMF staff estimates.
- Note: Data labels in this figure use International Organization for Standardization (ISO) country codes. EM = emerging market; MENA = Middle East and North Africa.

*Figure 1.18, as presented in the source PDF (figure1-18).*

---


_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/oct/ch1/pdf/figure1-18.pdf_