Carnival makes collateral-free market return

Carnival Cruise ship Costa Fortuna from co media gallery 12May20 575x375
By Owen Sanderson
19 Nov 2020

Carnival Corporation, the world’s largest cruise operator, is marketing its first unsecured bond since the Covid-19 crisis began, taking advantage of the vaccine rally and optimism about the industry’s future to source uncollateralised funding.

Carnival moved early and aggressively to raise funds when the coronavirus crisis hit, pledging most of its fleet of cruise liners to raise $4bn of new secured debt in early April, along with equity and convertible bonds.

As capital markets have recovered, it has tweaked its capital ...

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