Program and guest
In the 3 November edition of the Bloomberg Surveillance podcast, the segment featuring Bob Michele, head of fixed income at J.P. Morgan Asset Management, begins at approximately 0:37. Original English title: Bloomberg Surveillance TV: November 3rd, 2026 | Bloomberg Surveillance. The subtitles cover 0:00–21:56; this article covers only Michele’s segment, not the later segments featuring Marcus and Ives.
Key points
- Michele opens by discussing cracks in the credit market: hyperscaler-related spreads have widened by 25 to 30 basis points, while spreads for other issuers have widened by only 2 to 4 basis points. The divergence is clear, but remains localized. 0:59
- Taking Oracle’s bond issue as an example, spreads first widened, but the offering was ultimately completed successfully and oversubscribed by about three and a half times, showing that money is still seeking yield in the market. 1:21
- Issuers have become more sensitive to the pace of supply. Some deals were reduced in size by about 5 billion dollars, with issuers stating in advance that they would not issue again for the next three to six months. This transparency helps execution. 2:03
- Discussing the midterm elections and data center locations, Michele mentioned that the outcomes of the gubernatorial races in Texas, Oklahoma and Georgia could affect conditions attached to data center construction, including bridge repairs, school construction, road repairs and power supply. 3:44
Background and notes
In the 3 November edition of the Bloomberg Surveillance podcast, Michele’s segment focuses on cracks in the credit market, hyperscaler bond issuance and conditions for locating data centers. The subtitles cover 0:00–21:56; this article covers only Michele’s segment, beginning at approximately 0:37, and not the later segments featuring Marcus and Ives. The views and timestamps are paraphrased from the original subtitles; each timestamp marks the beginning of the corresponding passage.