Notes

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.