Advanced Theory & Practice of Bonds

IBF Recognized Under FTS
1-2 December 2021

Two-day immersive course on bonds designed for private bankers and advisors. 90% funding* available to eligible company-sponsored candidates.

The world’s largest cruise operator Carnival Corp is planning to refinance its relatively costly dollar bonds issued during the peak of the pandemic in April last year via a $1.5bn loan. As per Bloomberg, the company began marketing the loan to investors at the 3-month Libor (3mL) + 3.25%. Proceeds from the loan will likely be used to refinance its 11.5% 2023s issued at 99 in April 2020 that have rallied since then to currently trade at 112.88 yielding 2.59%. While the original amount issued was $4bn, the company bought back about $2bn worth of the 2023s using proceeds from its $2.4bn 4% bonds due 2028 issued in late July this year. The new 2028s have inched higher since issuance at 100 to 101.125 currently to yield 3.8%.

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