Accessible Version
Who Owns U.S. CLO Securities? Accessible Data
Figure 1: U.S. CLOs Outstanding (in $ billions)
| Date | CLOs Outstanding ($ billions) |
|---|---|
| 2006Q1 | 145,074.0 |
| 2006Q2 | 167,269.6 |
| 2006Q3 | 208,676.4 |
| 2006Q4 | 214,494.8 |
| 2007Q1 | 233,512.4 |
| 2007Q2 | 265,836.8 |
| 2007Q3 | 281,135.9 |
| 2007Q4 | 291,360.4 |
| 2008Q1 | 295,844.3 |
| 2008Q2 | 300,748.3 |
| 2008Q3 | 301,874.0 |
| 2008Q4 | 308,296.9 |
| 2009Q1 | 309,723.2 |
| 2009Q2 | 308,160.8 |
| 2009Q3 | 304,408.3 |
| 2009Q4 | 299,148.2 |
| 2010Q1 | 293,340.8 |
| 2010Q2 | 289,137.5 |
| 2010Q3 | 285,141.6 |
| 2010Q4 | 279,549.2 |
| 2011Q1 | 273,899.6 |
| 2011Q2 | 268,386.7 |
| 2011Q3 | 266,362.2 |
| 2011Q4 | 263,986.1 |
| 2012Q1 | 256,747.7 |
| 2012Q2 | 258,103.6 |
| 2012Q3 | 264,878.0 |
| 2012Q4 | 280,283.9 |
| 2013Q1 | 297,854.5 |
| 2013Q2 | 296,775.9 |
| 2013Q3 | 298,339.3 |
| 2013Q4 | 307,621.3 |
| 2014Q1 | 323,394.1 |
| 2014Q2 | 338,570.4 |
| 2014Q3 | 366,665.6 |
| 2014Q4 | 388,000.9 |
| 2015Q1 | 411,835.6 |
| 2015Q2 | 434,276.8 |
| 2015Q3 | 437,789.5 |
| 2015Q4 | 447,662.6 |
| 2016Q1 | 448,825.8 |
| 2016Q2 | 457,106.1 |
| 2016Q3 | 458,061.8 |
| 2016Q4 | 476,785.2 |
| 2017Q1 | 478,406.3 |
| 2017Q2 | 493,862.8 |
| 2017Q3 | 511,283.2 |
| 2017Q4 | 541,053.2 |
| 2018Q1 | 548,829.9 |
| 2018Q2 | 583,539.8 |
| 2018Q3 | 595,616.3 |
| 2018Q4 | 616,944.5 |
Source: SIFMA.
Figure 2: Life Stages of a Typical U.S. CLO
Figure 2 shows the “life stages” of a typical U.S. CLO over a timeline of five years. The “ramp-up period” stretches from the beginning of the timeline to the nine-month mark. The “no-call period” covers two and a half years, from the six-month mark to the end of the third year. The “reinvestment period” stretches for four years, from the six-month mark to the four-and-a-half-year mark.
Figure 3: U.S. CLOs in the TIC Data
Figure 3 shows the movements of capital related to U.S. CLOs that are captured by the TIC reporting system. For a typical U.S. CLO, securities that are issued out of the Cayman Islands and sold to U.S. investors are captured on the TIC SHC(A) as U.S. claims on the Cayman Islands. The underlying U.S. loans that are sold to the CLO-issuer (the special purpose entity resident in the Cayman Islands) are captured on the TIC BL2 as U.S. liabilities to the Cayman Islands.