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Smaller and largely unrated non-investment grade entities compose the assets, but the historical managed portfolio and securitized delinquencies and losses remain low, even during recessions.
The top 20 obligors account for 32.0% of the aggregate securitization value, while the top 10 represent 18.8%, a moderately elevated concentration.
Greenspan's 18 years as Fed chief, from 1987 until his retirement at the start of 2006, were marked by a stock market boom and low unemployment.
The public and large institution segment make up 89.7% of obligors, up from the 87.7% seen in DEFT 2025-2, an increase that was driven largely by an increase in the large enterprise institution segment.
Across US CMBS and ABS, JPMorgan projects annual data center securitization issuance could reach $30 billion to $40 billion in both 2026 and 2027.
