Program and guest
The hosts of Bloomberg Surveillance’s morning program speak with Oaktree Capital’s David Rosenberg. Original English title: Bloomberg Surveillance 11/4/2026. The subtitles cover 0:00–143:58; this article covers only Rosenberg’s interview segment (42:00–56:01) and does not cover the segments featuring the program’s other guests.
Key points
- Voters do not want data centers in their backyards, and new projects will very likely have to bring their own power in the future. 43:27
- Oaktree currently has no exposure to data centers. Early yields were compressed to the point that investors were better off buying a food-sector bond with the same yield. 44:59
- Bankers still have hundreds of billions of dollars to raise. Existing buyers are full, and new buyers need to emerge. 45:41
- In the past, some deals were several times oversubscribed even without disclosing tenants or allowing buyers to see the leases. Now buyers can finally demand terms based on bond-market logic. 46:55
- Existing data center debt trades at yields of about 8%–9%, and new debt will probably need to yield above 10% to attract buyers. 47:18
Background and notes
This edition of Bloomberg Surveillance is a morning program featuring multiple guests. The subtitles cover 0:00–143:58; this article covers Rosenberg’s interview at 42:00–56:01 and does not cover the other guest segments. The views and timestamps are paraphrased from the original subtitles; each timestamp marks the start of the corresponding passage.