Jefferies and Santander failed to offload a block of bonds tied to an Oracle facility in New Mexico at 89 cents on the dollar. Approximately $18 billion of the project's debt has shifted into stressed territory, reflecting investor concerns over the timeline for completion.

Construction delays stemming from local pushback in New Mexico caused the current valuation drop. This trend follows a period of increasing wariness from bondholders regarding the facility's ability to overcome regional opposition and meet its build-out schedule.