Djellal Djouad
Independent Researcher in Quantitative Derivatives. Founder of CrossVol Research. Signed, first-person notes from the desk on volatility, dealer positioning and cross-asset flow.
The Vehicle Beside the Balance Sheet: Broadcom, Hyperscaler CDS, and the 60 Billion Dollar Question
Broadcom's CDS widened this week and the tape misread it as distress. It is not. The market is starting to price a reported 60 billion dollar off-balance-sheet AI chip financing vehicle, a partial guarantee, and a 30 billion dollar junior first-loss tranche, against a standalone credit that is genuinely strong at 0.33 times net debt to EBITDA and A minus. A signed desk read on the SPV architecture, the four contingent-liability channels for Broadcom bondholders, the bond curve already pricing it at the long end, the trajectory from 60 billion to 370 billion, record investment grade supply indigestion, and the Nvidia earnings tail. Published 22 August 2026 by Djellal Djouad.
Same Symptoms, Different Disease: why 2026 is not a rerun of 2022
Europe's Diesel Winter: the 2026 energy shock every market is pricing except equities
The Complex Voted: Brent Cracked 100 and Every Desk Called It a Spike
