Bloomberg Surveillance Bloomberg Surveillance TV: February 24th, 2026
10 snips
Feb 24, 2026 Beth Kindig, CEO and tech analyst focused on semiconductors and AI hardware. Doreen Edelman, trade law partner specializing in tariffs and national security. Bob Michele, CIO for global fixed income, currency and commodities with macro market expertise. They discuss Nvidia product cycles and valuation, tariff legality and refund paths after a Supreme Court ruling, and why bonds are behaving as a risk counterbalance for investors.
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Early Cracks In Structured Credit
- Structured credit shows early cracks with falling CLO equity prices reminiscent of 2005–2008 structured-credit stress.
- Michele compares plunging CLO-equity values and tranche moves to the triple B-minus deterioration seen before the financial crisis.
Private Credit Stress Is Liquidity And Quality
- Private credit issues reflect both liquidity and asset-quality concerns because loans differ by origination channel and secondary market liquidity.
- Michele stresses amend-and-extend activity and whether loans sit in portfolios or flow into CLO credit enhancement drives stress.
Monitor First-Mover Loan Sales For Liquidity Clues
- Watch first-mover sales to see if markets are functioning; heavy selling near par suggests immediate liquidity is intact.
- Michele advises monitoring rolling loans and behind-the-scenes restructurings as leading indicators before a recession.