| 2016 | 2015 | 2014 | |
|---|---|---|---|
| ABS (Public + 144A) | 62,534,2 | 110,343.2 | 107,773.4 |
| ABS (Public + 144A excluding CDOs) | 53,408.0 | 77,943.4 | 77,363.6 |
| ABS (Public Only) | 26,366.5 | 43,691.0 | 47,980.4 |
| ABS (144A Only) | 36,167.7 | 66,652.2 | 59,793.1 |
| Non-Agency MBS | 32,387.5 | 52,305.0 | 30,742.8 |
| Agency MBS | 70,315.3 | 73,636.2 | 80,216.3 |
| CMBS | 36,987.8 | 41,592.9 | 23,073.8 |
| Source: Thomson Reuters | |||
Bank of America Securities research shows this sector has had its best year since at least 2017, but some trends in the market point to a need for caution.
Almost all the super senior classes of notes PMT Loan Trust, 2026-INV8 —A1 through A27—are expected to pay coupons of 5.0%, 5.5% or 6.0%, the same coupons as the previous transaction.
JPMorganChase, Goldman Sachs, Citi, Morgan Stanley, Wells Fargo and Bank of America are among the biggest backers of data centers. Community opposition isn't slowing them down, but it's making them rethink their approach to managing risks.
Advantageous arbitrage remains a challenge due to some leverage loan spread compression, but the right level of volatility could relieve it for some existing deals.
The securitization is backed by a 174,000-square-foot, 30-megawatt hyperscale data center in Elk Grove Village near Chicago.
The deal is backed by recently originated, 30-year fixed-rate mortgages with an average combined loan-to-value ratio of 75.1%, according to Morningstar DBRS.
