Infrastructure debt follows a different pattern
Jim Hempstead outlines the $3.5 trillion global infrastructure debt universe, covering utilities, water, midstream, and transportation assets. Infrastructure defaults at four times the lower rate than non-financial corporates due to long-lived hard assets and strong revenue mechanisms. The discussion highlights growing investor appetite from private capital and introduces the evolving credit profile of data centres, which are migrating from speculative to investment grade as hyperscalers absorb construction risk.