Buzzberg Cup Live

Real Yield 7/9/2026

Watch on YouTube ↗  |  July 09, 2026 at 20:23  |  40:25  |  Bloomberg Markets
Speakers
Zachary Griffiths — Head of U.S. Investment Grade & Macro Strategy, CreditSights
Subadra Rajappa — Head of Research at Societe Generale
Vineer Bhansali — Editor, The Economic Times

Summary

Geopolitical tensions and resilient inflation weigh on bonds as the Fed is expected to stay on hold. Record tech debt issuance pressures spreads, but Amazon’s recent deal looks like a buying opportunity. Meanwhile, high-quality CLOs attract demand for floating rate exposure, and CLO ETF assets top $50 billion.

  • U.S. retaliatory strikes against Iran renew geopolitical and inflation fears.
  • Fed minutes show rate hikes discussed but base case is on hold; long-end yields seen drifting lower.
  • Tech giants issue massive debt to fund AI expansion, with Amazon’s $25B deal getting a softer reception.
  • Loan repricing wave accelerates as limited new-money supply forces investors to accept lower coupons.
  • High-quality CLOs are favored for floating rate exposure in a higher-for-longer rate environment.
  • CLO ETF assets surpass $50 billion, with AAA tranches dominating, signaling a new influential investor base.
  • Jersey City faces a budget deficit and a proposed 15% property tax hike.
  • Ben Bernanke joins Anthropic’s oversight trust, highlighting AI’s broad economic impact.
Ideas
Subadra Rajappa Head of Research at Societe Generale 11:55
Long-end yields to fall on Fed hold
Base case is the Fed keeps policy on hold through year-end and well into next year, which would likely lead to even lower long-end bond yields.
Long-end U.S. Treasury bonds MED
Zachary Griffiths Head of U.S. Investment Grade & Macro Strategy, CreditSights 27:27
Buy Amazon bonds on higher concessions
Amazon's $25 billion bond sale saw lower demand and wider concessions than typical, but the analyst rates Amazon an outperform and sees the higher concessions as a buying opportunity.
Amazon bonds HIGH
Zachary Griffiths Head of U.S. Investment Grade & Macro Strategy, CreditSights 32:05
Buy high-quality CLOs for floating rate
With markets expecting rates to remain high, floating rate exposure becomes a tailwind versus fixed rate. High-quality CLOs capture that floating rate benefit while avoiding the riskiest credits, making them an attractive place to put cash.
High-quality CLOs MED
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This Bloomberg Markets video, published July 09, 2026, features Subadra Rajappa, Zachary Griffiths discussing Long-end U.S. Treasury bonds, Amazon bonds, High-quality CLOs. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Subadra Rajappa, Zachary Griffiths  · Tickers: Long-end U.S. Treasury bonds, Amazon bonds, High-quality CLOs