One of the fastest growing has been asset-backed commercial paper, which soared from only $ billion outstanding at the end of 1989 to about $ billion as of year-end 2003. Commercial mortgage securitizations have also proliferated noticeably since the early 1990s.
The dollar amount of outstanding securities backed by commercial and multifamily mortgages has risen from $ billion at the end of 1989 to just under  BIS Review 24/2004  1  $ billion as of this past September. In addition, commercial banks and finance companies have moved business loans off their books through the development of collateralized debt obligations.