ABS & Mortgage Credit Weekly: Securitized Data Centers Remain Resilient, Resecuritized non-QM Offer Value

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ABS & Mortgage Credit Weekly: Securitized Data Centers Remain Resilient, Resecuritized non-QM Offer Value

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24 Jul 2026 14:49:18 ET │ 25 pages

ABS & Mortgage Credit Weekly

Securitized Data Centers Remain Resilient, Resecuritized non-QM

Offer Value

Eugene Belostotsky AC

CITI'S TAKE +1-212-816-8432

Securitized data center spreads remain resilient, even as data center eugene.belostotsky@citi.com

corporate spreads are significantly wider over the past two weeks. AC Isabella ChenResecuritized non-QM seniors offer a ~10bp OAS pickup over new

origination non-QM, supported by a more favorable convexity profile. +1-212-723-0039

isabella.chen@citi.com

Securitized Data Centers Resilient — Recently-issued hyperscale ABS are roughly John Jenkins, CFA AC

flat to marginally wider WoW but remain at or tighter than issuance levels. +1-212-816-3418

Securitized data center bonds are higher rated and have more diverse collateral than john.jenkins@citi.com

corporate issuance. Data center corporate IG spreads are 25-55bp wider over the

past two weeks and remain wide of their issuance levels. Maria Zhang AC

+1-212-816-4213

Data Center Financing — We’ve already seen $17B in securitized data center maria.yunxi.zhang@citi.com

issuance this year. The corporate IG market has absorbed $26B across four data

center deals YTD, while the HY market has issued $36B across 16 transactions. With thanks to

Daniel Oliva

Non-QM Resecuritization Resurgence — Resecuritization non-QM issuance

reached $6B in 2026YTD driven by increased call activity. Resecuritization collateral

features lower FICOs, higher cash-out share, but lower LTVs compared to new

origination production. We expect resecuritizations to exhibit higher delinquencies