I thought the RCL bond refinancing was handled well at good rates. If RCL can start to get their balance sheet in better shape it may be a great entry point. Big if of course, so many unknowns.
Barrons has a story on cruise line debt today (2 quotes below)
"" In the bond market, some Carnival debt issues now have yields of 14% to 16%. Norwegian Cruise Line debt yields 11% to 14%, while Royal Caribbean debt is yielding 12% to 14%, based on Bloomberg data. Debt prices were down two to six points based on face values of 100 cents on the dollar. The three cruise line operators have junk-grade ratings of single-B from S&P."
"Royal Caribbean’s 11.625% issue due in 2027, another 144A issue, trades at 91 to yield around 14%. Its 7.5% bonds due in 2027 trade around 78 and yield 13.5%."
S&P 500 Fibonacci support levels 50% - 3505, 61.8% - 3197.