Norway's Royal Caribbean Cruises, one of the largest cruise ship companies in the world, yesterday secured more cash in the bond markets than it originally planned as strong investor demand allowed the company to double the size of its "junk" bond issue.
The deal had been expected to be worth €500m ($650m), but a mixture of demand from traditional high-yield and high-grade investors enabled the company to sell €1bn of bonds at 145 basis points over mid-swaps â the low end of initial price guidance.
