Structured Finance
Our structured finance research page offers in-depth insights into market trends across traditional sectors, including ABS, RMBS, CMBS, CLOs, and other structured credit, together with coverage of complex, non-traditional transactions that draw on multidisciplinary expertise.
Decoding Data Center Risk: A Multi-Dimensional Analysis
The data center industry is undergoing rapid transformation, as seen in significant changes in the sector's dynamics over the past few years. Once characterized by relatively small, long-term contracted facilities with investment-grade tenants and fully mitigated construction risk, today's project finance data centers have evolved into massive complexes, sometimes exceeding 2 gigawatts capacity. Alongside this growth, the risk landscape has shifted, introducing new challenges such as construction, operational, refinancing and, increasingly, reletting risks. The latter risk, in particular, has generated a considerable amount of inquiry from market participants, especially regarding S&P Global Ratings' assessment of it from a ratings perspective.
European Nonbank Lending Growth Fuels Securitization
Europe’s nonbank lending sector is set for continued expansion, supported by tighter bank lending conditions and growing borrower demand for more flexible credit options. At the same time, nonbanks are increasingly able to scale through capital market funding and balance sheet partnerships, including securitization, warehouse lines, and forward‑flow agreements. Growth jurisdictions such as the Netherlands, the U.K., and Ireland are likely to deepen their nonbank lending penetration as digital adoption accelerates, mortgage broker networks expand, and securitization markets continue to grow. However, nonbank securitization lenders continue to face unique challenges, including volatile funding costs, asset-liability liquidity mismatches, and limited access to central bank support.
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