Dollar high yield and convertible bond buyers dived straight into the riskiest possible end of the market on Wednesday, snapping up rescue issues for cruise operator Carnival Corporation, a firm at the centre of the coronavirus storm. Carnival pledged nearly all its ships to back bondholders’ investments, while convert investors spied a chance to double their money — if the cruise industry can bounce back. Aidan Gregory, Jon Hay, Sam Kerr and Owen Sanderson report.
Unlock this article.
The content you are trying to view is exclusive to our subscribers.