## figure1-13

## Source details

**Canonical URL:** [figure1-13](https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-13.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-13.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-13.pdf.json)

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### Panel summaries and units
- Panel 1: High-Yield Bond versus Leveraged Loan Debt Outstanding (Billions of US dollars; billions of euros)
- Panel 2: US Leveraged Loan Investor Base: Banks versus Nonbanks (Percent of primary market issuance)
  - Note: Institutional investors include finance companies, insurance companies, hedge funds, distressed debt funds, loan mutual funds, and collateralized loan obligations (CLOs).
- Panel 3: Leveraged Loan Issuance by Use of Proceeds (Percent)
- Panel 4: US Bank Holdings of Collateralized Loan Obligations (Billions of US dollars; percent)
- Panel 5: US CLO Year-End 2018 Investor Base (Percent of new CLO issuance)
  - Panel 5 is based on estimates from Citi.
- Panel 6: US and EU AAA-rated CLO Spreads Hedged to the Japanese Yen (Basis points)
  - JGB = Japanese government bond; JPY = Japanese yen; LBOs = leveraged buy-outs; M&A = mergers and acquisitions.

### Key findings and observations
- The amount of leveraged loans is almost as large as that of high-yield bonds.
- Nonbanks have taken a larger role in financing highly indebted firms.
- The share of proceeds used to fund acquisitions and shareholder enhancements is large.
- US bank holdings of collateralized loan obligations remain relatively small.
- Collateralized loan obligations have enjoyed a stable bid from asset managers and banks.
- Attractive currency-hedged returns have maintained a strong bid from foreign banks.

### Chart elements and notable numeric labels (as shown)
- Scales and axis labels appearing in the figure include:
  - Vertical scales showing values: 0, 500, 250, 750, 1,000, 1,250, 1,500
  - Secondary vertical scales showing values: 0, 150, 100, 50, 200, 250, 300, 350
  - Percent scales: 0, 20, 10, 40, 30, 60, 50, 70, 80, 90, 100
  - Time/years appearing on charts: sequences such as 2004 06 08 10 12 14 16 18; and 1994 97 2000 03 06 09 12 15 18
  - Leveraged loan issuance percent scale example: 0.0, 0.5, 1.0, 1.5, 2.0, 2.5, 3.0, 3.5
  - Issuance year sequence for leveraged loan uses: 2005 06 07 08 09 10 11 12 13 14 15 16 17 18 2009 10 11 12 13 14 15 16 17 18 (as labeled)
  - CLO investor breakdown categories shown: Banks and securities firms; Asset managers; Banks; Hedge funds; Insurance and pensions; Mutual and structured credit funds; Total CLO holdings (left scale); CLO holdings as a percent of total securities (right scale)
  - Credit tranche labels: AAA, Mezzanine, Equity

### Interpretive notes (from figure caption and notes)
- Sources cited in the figure: Bloomberg Finance L.P.; Citi; Federal Reserve Y-9C Reports; S&P Leveraged Commentary & Data; SNL Financial; and IMF staff calculations.
- Panel 5 investor-base estimates are from Citi.
- Abbreviations used in the figure: JGB = Japanese government bond; JPY = Japanese yen; LBOs = leveraged buy-outs; M&A = mergers and acquisitions.

*Source: figure1-13 (PDF).*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-13.pdf_