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Vehikul ryadom s balansom: Broadcom, CDS giperskeylerov i vopros na 60 milliardov dollarov

CDS Broadcom rasshirilsya na etoy nedele, i rynok oshibochno vosprinyal eto kak priznak bedstviya. Eto ne tak. Rynok nachinaet zakladyvat v tseny soobshchaemyy zabalansovyy instrument finansirovaniya chipov II na 60 milliardov dollarov, chastichnuyu garantiyu i mladshiy transh pervykh ubytkov na 30 milliardov dollarov, na fone samostoyatelnogo kredita, kotoryy deystvitelno silen pri 0,33 raza chistogo dolga k EBITDA i reytinge A minus. Podpisannyy razbor ot deska po arkhitekture SPV, chetyrem kanalam uslovnykh obyazatelstv dlya derzhateley obligatsiy Broadcom, krivoy obligatsiy, kotoraya uzhe uchityvaet eto na dlinnom kontse, traektorii ot 60 milliardov k 370 milliardam, rekordnomu neperevarivaniyu predlozheniya v segmente investment grade i khvostu otchetnosti Nvidia. Opublikovano 22 avgusta 2026 goda Djellal Djouad.