When they accounted “for smaller, less liquid loans, as well as lending facilities that are held by banks, the size of the market is more like US$2.2 trillion. Around US$1.8 trillion of this is typically held by non-bank institutions.” It is important to note that larger more liquid leverage loan amount is comparable to the amount of U.S. subprime mortgages before the 2008 financial crisis.
![Global leveraged loan market.](https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fblogs-images.forbes.com%2Fmayrarodriguezvalladares%2Ffiles%2F2019%2F09%2FBOEEstimateLevLoans-1200x507.jpg)