Business is booming for cell tower lease operators, thanks to the busy lifestyles that prompt Americans to rely more heavily on wireless communication devices, advanced technology that could take advantage of the industry's existing infrastructure and high barriers to entry that create a virtually protected market. Capital market experts expect to see steady growth in the securitization of cell tower lease payments, which parallels gains in the wireless telecommunications business.
Slow and steady growth, in this case, does not translate to stodginess or tedium. Cell tower ABS issuers have included a couple of unique features in recent deals. In early to midspring, two substantial transactions, the $1.7 billion American Tower Trust and the $480.2 million Global Tower deal, came to market, and both transactions included notable features.