Glossary / finance terms

Master trust

A securitisation structure that lets an issuer issue multiple series of notes over time, under one master indenture, against a shared and growing pool of assets.

Randeep Bubbra | Lawyer | Making the next generation of infrastructure financeableUpdated 26 October 2026Professional profile ↗

How it works

A master trust is a securitisation structure under which an issuer can issue several series of notes over time, all backed by one shared pool of assets and one master indenture. New assets can be added and new series issued without starting a new structure.

In GPU and data centre deals

Many data centre ABS programmes use a master trust, adding new leased buildings to the pool and issuing new series as the business grows. Each series has its own series supplement setting its size, coupon, rating and anticipated repayment date. Investors need to understand how new assets and series affect the existing noteholders.

What gets negotiated

Conditions for adding assets and issuing new series
Pool-wide tests such as DSCR and concentration limits
Ranking between series and classes
Variable funding notes within the programme

In the filed deals

STACK, Vantage, Compass, Centersquare and Aligned all issue data centre ABS through master trust structures.

For in-house counsel

Master trust in the filed documents

Where the term turns up in filed contracts and what is market, for the lender’s or the borrower’s side. Previews are open; the full text is free with InfraCompute Weekly.

What’s market: Cash trap level in data centre ABSWhere is the cash trap set in data centre securitisations?
Clause library: Amortisation period (rapid amortisation) in data centre ABSThe second, lower trigger. If coverage falls further, the notes stop being interest-only and all excess cash goes to repay…
Financing clause libraryCash traps, coverage ratios, cures and step-in, from the filed deals.
The legal desk for in-house counselContract library, issues lists, checklists and English law notes.

Explanatory definition, not a statement that a particular transaction contains this term or a substitute for its contractual definition.

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