  The notion of term graph encodes a refinement of inductively generated syntax
in which regard is paid to the the sharing and discard of subterms. Inductively
generated syntax has an abstract expression in terms of initial algebras for
certain endofunctors on the category of sets, which permits one to go beyond
the set-based case, and speak of inductively generated syntax in other
settings. In this paper we give a similar abstract expression to the notion of
term graph. Aspects of the concrete theory are redeveloped in this setting, and
applications beyond the realm of sets discussed.
