Thought I was being shown notes, and the one-pager says data center ABS

You're a bondholder, not a lender to anybody you can call. The trust owns or has a claim on the facilities, tenants pay rent into it, the rent pays your coupon, and if it stops paying an indenture trustee acts for all the holders. Nobody hands you a 32MW building.

The part I'd chase on that sheet is the lease term against your 5 year paper. If the average remaining lease is 8 years and your bond matures in 5, you're not getting paid out of rent, you're getting paid out of somebody's willingness to refinance the trust in year 5. That's a different risk than "investment grade tenant."

Also check the minimum. Most of what I've seen priced this way trades in 100k blocks or larger, so it may not be a thing you can buy in retail size at all.

One correction to arbor, because it tripped me up too. An ABS like this is a claim on a ring-fenced pool of specific facilities and their leases. A corporate bond from a data center REIT is a claim on the whole company. People say "secured by leases" about both and they aren't the same thing at all, and the ABS is usually the one where you can see the actual asset list.

Which is why I'd read the asset list before the coupon. What I'd want to know facility by facility is whether the power is energized and contracted or still sitting in an interconnection queue, because the whole sector's bottleneck right now is power delivery timelines, not tenant demand. A stabilized leased box with power in the ground is a genuinely scarce thing. A powered shell waiting on a substation is a hope.

Rating agency presale reports usually spell that out asset by asset, and they're free to read. Worth doing before you decide whether mid 5s is generous or thin.