February Opens With Over $27Billion Issuance Surge.

The first week of February wrapped up on a strong note with investors absorbing over $27 billion in new issuance. Among the standout US ABS deals were the $1.5 billion Ford Credit (FORDR) 2026-1 Auto ABS which was 50% upsized on investor demand and a Cologix Data Centers (CLGIX) 2026-1 / 2026-2 $1.35billion Data Centers ABS which priced under Rule 4(a)(2).

The CMBS market also fairly active, with over $6 billion of Conduit and SASB bonds pricing for the week. The largest CMBS offering, BX 2026-CSMO, was a $3 billion floating-rate securitization backed by a mortgage loan for The Cosmopolitan Resort and Casino in Las Vegas.

Fitch: Telecoms Scale Fiber thru ABS, JVS and Partnerships

Fitch Ratings released a comment today on the recent expansion and state of the US Telecom sector.

• "U.S. telecom companies are accelerating fiber expansion through off-balance-sheet joint ventures (JVs) and partnerships. These structures help telecoms keep reported leverage in check while financing network growth through special-purpose vehicles that attract private capital."
• "Fiber ABS public issuance is also rising, providing non-recourse, lower-cost takeout financing as new buildouts stabilize. This approach aligns corporate capital allocation priorities with abundant thirdparty capital. However, it can reduce financial transparency and increase risk if JV-related debt scales or securitization market conditions weaken."
• "Fitch expects leverage to rise in 2026 for some investment-grade issuers, including AT&T, Crown Castle, and Verizon because of acquisitions and shareholder returns. With leverage headroom limited for several investment-grade issuers, JVs and partnerships offer a capital-light path to sustain fiber expansions."
• "Although these structures are currently immaterial to Fitch’s corporate ratings, they can reduce transparency. A material increase in JV scale or the emergence of support features such as guarantees or purchase commitments could prompt Fitch to make issuer-specific analytical adjustments."

(Source: Fitch Ratings)

Please see full report: IGM_Structured_Finance_Monitor_- Weekly_US_Edition January 23 2026.pdf