摩根士丹利策略师表示，随着公司争相利用不同债券市场为其人工智能项目融资，用于数据中心开发的资产支持证券（ABS）融资利差将继续扩大。
Spreads on asset backed securities funding data-center developments will continue to widen as companies rush to tap different debt markets to finance their artificial intelligence endeavors, according to Morgan Stanley strategists.
策略师詹姆斯·伊根和卡罗琳·坎贝尔等人在10月22日的报告中写道，AAA级数据中心ABS利差在200个基点左右看起来具有吸引力，但投资者的共识似乎是利差将进一步扩大。他们补充称，数据中心ABS资本结构的更低层级也将出现这种情况，尽管扩大速度可能会放缓。
AAA data-center spreads around 200 basis points look attractive, but the consensus among investors seems to be that there will be further widening, strategists including James Egan and Carolyn Campbell wrote in an Oct. 22 note. This will also happen further down the data-center ABS capital stack, though the pace is likely to slow, they added.
据策略师称，投资者要求更高补偿，因为他们质疑现有的ABS结构是否能提供足够的保护，以应对未来十年因AI而导致的世界快速演变。
Investors are demanding more compensation as they question whether existing ABS structures provide enough protection against how the world will rapidly evolve over the next decade because of AI, according to the strategists.
他们写道：“越来越多地，我们认为投资者关注发起人风险，并正在市场上筛选赢家和输家。”“对于摊销或其他去杠杆结构，存在近乎一致的需求。”投资者也对GPU支持的ABS前景表现出更大兴趣，因为他们预期此类债券期限较短且完全摊销，同时提供额外利差。部分由AI芯片贷款（即GPU贷款）支持的ABS已开始进入这一小众市场。
“Increasingly, we think investors are focused on sponsor risk and are sorting through winners and losers in the market,” they wrote. “There is a nearly unanimous demand for amortizing or otherwise deleveraging structures.”Investors are also showing more interest in the prospect of GPU-backed ABS, as they expect such bonds to be shorter-dated and fully amortizing while offering additional spread. ABS backed in part by AI chip loans, known as GPU loans, are already starting to filter through the niche market.
策略师写道：“我们预计，如果且当此类交易推出时，市场反应将相当积极。”“利差仍将由底层合同强度和交易对手风险驱动，但如果结构对投资者有利，他们可能会感到放心。”美国银行表示，近期贷款市场波动为新发行CLO权益的增持创造了更具吸引力的机会，因为低于面值交易的贷款占比更高。
“We expect such a deal to be fairly well received by the market if and when it does come,” the strategists wrote. “Spread will still be driven by underlying contracts strength and counterparty risk, but investors are likely to get comfortable if the structure works in their favor.”Recent loan-market volatility is creating more attractive opportunities for new-issue CLO equity to ramp, with a higher share of loans trading below par, according to Bank of America Corp.
目前已有八笔美国资产支持证券（ABS）交易在排队等候，预计将于本周定价，其中包括Enterprise和Accelerated Assets的发行。穆迪上周还发布了多笔即将进行的交易的预售报告，包括US Signal的首笔联合定位数据中心交易，以及Truist发行的海事和房车信贷挂钩票据。
Eight US ABS deals are already in the queue and expected to price this week, including offerings from Enterprise and Accelerated Assets. Moody’s also published presale reports last week for several upcoming transactions, including US Signal’s inaugural co-location data-center deal, and marine and RV credit-linked notes from Truist.