It’s a significant step for the market in Europe, where only two data center ABS deals have been publicly syndicated so far, both by Vantage Data Centers, to support campuses in Wales and Germany. This type of securitization, which allows investors to buy bond tranches of varying risk backed by data center leases, is already a key financing tool in the US, with issuance topping $15 billion last year, according to data compiled by Bloomberg.