Alle Insights

A Data Centre Is Not One Asset: How AI Infrastructure Is Becoming a Stack of Securitisable Cash Flows

AI-driven data-centre investment is pushing securitisation beyond a simple real-estate story. US issuance now exceeds $25 billion annually, Europe is developing quickly, and recent US regulatory guidance shows why a structure described as “ABS” in the market may not be an asset-backed security under the statutory definition. The deeper lesson is that one facility can contain several different investable rights, contracts, receivables and financing layers.

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When Trade Routes Break, an Invoice Stops Being Just an Invoice

The prolonged disruption around the Strait of Hormuz is pushing up demand for trade finance while banks and development institutions manage tighter limits, higher commodity values and more complex risk. In that environment, an invoice is not enough: the receivable needs a traceable record of the underlying trade, shipment, delivery, acceptance, financing, restrictions and settlement history.

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A Legal Claim, a Funding Right and a Security Are Not the Same Asset

Litigation finance is moving closer to institutional private credit: law-firm loans are being backed by expected fee receivables, portfolios are attracting larger pools of capital, and consumer legal-funding advances have been securitised. The opportunity is real—but so is the need to distinguish the underlying claim from the funding agreement, legal-fee receivable and investment security built around it.

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When an Invoice Becomes Financial Infrastructure: India’s TReDS Experiment

India is pushing MSME invoices deeper into financial infrastructure by requiring central public-sector enterprises to settle MSME purchases through RBI-regulated TReDS platforms. The important lesson is not simply that invoices can be discounted online. It is that financing works better when the invoice, buyer acceptance, current amount, settlement status and financing history are connected as one traceable record.

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Private Credit Has a Data Problem Before It Has a Liquidity Problem

Private credit was built around negotiated loans that could be held for years. In 2026, rising defaults, redemption pressure and a fast-growing secondary market are testing that assumption. When a portfolio needs liquidity, the quality of the underlying loan record suddenly matters just as much as the headline yield.

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The NPL Ratio Is Low—But the Risk Has Not Disappeared

Euro area banks still report historically low aggregate NPL ratios, yet the ECB is seeing rising bankruptcies, vulnerable forborne exposures and a tightening effect from credit-quality indicators. For servicers and portfolio managers, the lesson is clear: problem-loan management depends on current loan-by-loan evidence, not only a headline NPL ratio.

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Energy Performance Is Becoming Credit Information: What Mortgage Lenders Need to Record

The ECB’s July 2026 bank lending survey shows that energy performance and physical climate risk are already influencing housing credit standards and demand. For lenders and asset managers, the practical lesson is that a mortgage-related asset needs a current, source-backed record of the loan, property, valuation, energy performance, physical risk and later changes—not only the original mortgage documents.

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Collateral Is Not Static: What the ECB’s New Climate Factor Means for Secured Credit

The ECB is extending climate factors to certain non-financial corporate credit claims used as Eurosystem collateral. The decision is a useful reminder for lenders: collateral value, borrower risk and supporting evidence can change after origination, so a secured-loan record should remain current and reviewable throughout its lifecycle.

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From Clay Tablets to Asset Passports: Why Trusted Records Still Matter

From ancient clay accounts to digital Asset Passports, the medium has changed but the essential questions remain: who are the parties, what was agreed, which evidence supports it and what changed later?

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Trading Is Not Settlement: The Infrastructure Behind a Market Transaction

Agreeing a transaction is only one step. Asset records, identity checks, clearing, settlement, payment and messaging perform different functions before ownership and obligations can be treated as completed.

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The Missing Layer Between Documents and Markets

Many assets do not reach a market because the rights, restrictions and evidence behind them remain fragmented across documents and systems. A structured Rights Passport can help bridge the gap without pretending that digitisation, tokenisation or a private record automatically creates ownership, transferability or liquidity.

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When Software Can Act, Who Is Responsible? The Case for an AI Agent Passport

As AI agents gain access to tools, data and business workflows, organisations need to know which agent is acting, who controls it, what it may do and which rights apply. An AI Agent Passport could provide a structured, versioned and auditable record without treating the agent as a person or a security.

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