Erstrangig besicherte Bankdarlehen, sogenannte "Senior Loans", sind für institutionelle Anleger eine interessante Anlageklasse, denn sie verbinden ein attraktives Risiko-Rendite-Profil mit guten Diversifikationseigenschaften. Als Senior- oder Leveraged Loans bezeichnet man vorrangig zu bedienende Bankdarlehen ohne Investment-Grade-Rating, der Tranchenumfang solcher Kredite kann von 50 Millionen Euro bis über drei Milliarden Euro reichen. Credit Suisse zufolge lag das Gesamtvolumen des Senior-Loan-Marktes Ende 2009 bei 1.631 Milliarden US-Dollar. Gelegentlich werden Senior Loans auch über ihren Renditeaufschlag gegenüber dem Geldmarkt definiert. Der S&P European Leveraged Loan Index (ELLI) etwa umfasst gesamtfällige Kredite mit einem Renditeaufschlag von mindestens 125 Basispunkten über Dreimonatsgeld bei Begebung.
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