Who Stands Behind It

Three of the largest capital structures disclosed anywhere in seventy-two hours were not purchases. Nvidia is reportedly discussing a backstop of roughly $250bn so OpenAI can lease a 10GW Ohio campus. Kuwait signed a $16bn lease-and-leaseback of its crude pipelines. Saudi Arabia PIF signed memoranda worth up to $24.5bn. Meanwhile marine insurance has not withdrawn from the Strait of Hormuz - Lloyds and Chubb opened new capacity on 19 June, and the Lloyds Market Association says safety concerns rather than availability are driving ships away. Cover simply costs $10m to $14m a voyage now. The guarantee was not withdrawn. It was repriced to a level at which almost nobody exercises it.

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