The market for collateralized corporate and commercial loans skyrocketed to $49.1 billion last year, more than triple the volume for 1996 and nearly 10 times the amount issued in 1995.

The issues-securities known as collateralized debt obligations that are made up of loans, bonds, or both-became an "established" part of the asset- backed securities market last year, according to a report from Moody's Investors Service.

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