According to @KobeissiLetter, the delinquency rate on Commercial Mortgage-Backed Securities (CMBS) for office properties surged by 103 basis points in January, reaching a record 12.3%. This surpasses the peak level seen during the post-2008 Financial Crisis by 1.6 percentage points. Such an increase marks a 600% rise in CMBS delinquency rates, raising concerns about the stability of the commercial real estate sector.

According to @KobeissiLetter, US secured debt issuance tied to data centers is projected to reach a record $25.4 billion in 2025, a 112% jump from $12.0 billion in 2024 (source: @KobeissiLetter). Since 2022, data center debt issuance growth totals approximately 1,854% (source: @KobeissiLetter). Bank of America estimates roughly $49 billion of outstanding data center Asset-Backed Securities and Commercial Mortgage-Backed Securities, underscoring a sizable securitized credit base in this segment (source: Bank of America via @KobeissiLetter). The post attributes the surge to the AI investment boom, indicating elevated primary supply for data center-linked secured credit in 2025 that traders need to incorporate into pricing and spread monitoring (source: @KobeissiLetter).