Reeling cruise behemoths Carnival Corp and Royal Caribbean Group have been staying afloat during the coronavirus downturn in a seemingly bottomless ocean of secured debt.
But even the deepest seas have a floor, and both companies are now at or near the limit on how much debt they can back by their assets.
Arnold Donald-led Carnival Corp, as of 14 July, reached a self-imposed 25% loan-to-value (LTV) ratio limit on first-priority notes by putting $7bn worth of them against $28bn in collateral value.
