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AI’s credit boom makes the guarantor harder to see

BIS researchers map how leases, guarantees and financing vehicles spread AI infrastructure exposure through banks and institutional investors. They find limited wider bond-market spillovers so far, while warning that individual balance sheets can understate shared dependencies.

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A data centre can sit inside a separate financing vehicle while much of its economic support still rests on a familiar technology company. For lenders, the important question is where the losses would land if the tenant leaves. The corporate boundary is only the beginning of the answer.

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