Google guarantees the leases and takes 20 percent of Anthropic's Texas campus. Inside the credit substitution behind the $15 billion Nexus deal, and the $35 billion backstop template it extends.
Unlike the monoline bond insurers pre-GFC, Google is fully aware of what its guarantee is worth. Pricing in upside equity participation to its credit guarantee is just smart risk management.
Unlike the monoline bond insurers pre-GFC, Google is fully aware of what its guarantee is worth. Pricing in upside equity participation to its credit guarantee is just smart risk management.
Absolutely. Such projects wouldn’t be possible without this backstop.