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This basket consists of stocks that benefit from the needs of aging baby boomers.
UnitedHealth Group Incorporated
The Procter & Gamble Company
Royal Caribbean Cruises Ltd.
Service Corporation International
Matthews International Corporation
LifePoint Health, Inc.
A cruise line, a discount retail mall operator, and a restaurant chain might not be at their best right now, but they should lead the way in the pandemic recovery efforts.
The Australian Dollar may have closed higher, but it posted its high for the session nearly five hours before the U.S. Non-Farm Payrolls report.
Cruise ship stocks surged on Friday after a surprising jobs report boosted investors' hopes for a faster-than-expected economic recovery. As of 1:30 p.m. EDT, shares of Carnival (NYSE: CCL), Royal Caribbean (NYSE: RCL), and Norwegian Cruise Line Holdings (NYSE: NCLH) were all up more than 20%. The U.S. economy added 2.5 million jobs in May, according to the Labor Department, which brought the unemployment rate down to 13.3%.
Shares of Royal Caribbean (NYSE: RCL) rose 10.9% in May, according to data provided by S&P Global Market Intelligence. Royal Caribbean provided a business update in early May regarding COVID-19. CEO Richard Fain also provided details on actions taken to provide guests with flexibility and peace of mind.
The Australian dollar went parabolic during the week, crashing into resistance at the 0.70 level. This is a market that at the very least needs to digest gains.
After a shock jobs number out of the United States, it looks like perhaps the demise of the United States was prematurely.
(Bloomberg) -- Royal Caribbean Cruises Ltd. sold $2 billion of bonds on Thursday, the cruise liner’s second outing in the credit market in less than a month as its seeks to boost liquidity while the coronavirus keeps ships at port.The three-year bonds sold at par with a coupon of 9.125%, significantly lower than where it priced similar debt last month. Those borrowing rates were also lower than earlier discussions of 9.25% to 9.5%, according to people familiar with the matter.The unsecured notes are structured with a similar priority guarantee as the bonds Royal Caribbean sold in May, but are linked to a different pool of seven ships valued at about $7.7 billion. Bondholders are first in line for those assets, even though they are unsecured, according to a person familiar with the matter.The company has the ability to issue $1.7 billion of debt with this structure, leaving $700 million remaining, according to a report by CreditSights analysts James Dunn and Laura Berman. The bonds will be issued out of a new subsidiary that will own 100% of ships including Symphony of the Seas and Oasis of the Seas, “the crown jewels of the fleet in that they are the newest, most modernized ships, with an average age of less than five years”, the analysts said.Royal Caribbean also raised $1 billion through three-year convertible bonds, which priced with a 4.25% coupon, below the initial offering range of 5% to 5.5%, and at the high-end of the marketed conversion premium, or 25%. The convertible bonds are unsecured and do not have the same guarantee as the other bonds, according to a news release.Proceeds from the offering will be used to add cash to the cruise company’s balance sheet, bringing the total to about $6.6 billion, according to deal documents seen by Bloomberg. Including the new sale, total debt will sit at about $18.9 billion, or $12.3 billion excluding the cash. Royal Caribbean is burning about $250 million to $275 million of cash per month, the company disclosed earlier.The new $2 billion of cash will give the company enough liquidity to last until at least mid-2021 even if cruises don’t resume by then, according to a report on Thursday by Moody’s Investors Service. It assigned the notes a rating of Ba2, or two levels below investment grade, and its outlook remains negative.A representative for Royal Caribbean declined to comment. A representative for JPMorgan Chase & Co., which is leading both offerings, didn’t respond to request for comment.Shares of Royal Caribbean are up 5% in premarket trading on Friday.Unique StructureRoyal Caribbean sold $3.3 billion of secured bonds in May at steep yields of about 11.7% and 12.3% for the three-year and five-year notes, respectively. Strong demand allowed it to cut the interest rate slightly on the three-year notes at the time.Those bonds have rallied amid a broad recovery in credit markets, with the three-year and five-year notes yielding between 8.6% to 8.7%, according to Trace data. The company’s quick return to the bond market on Thursday comes as Wall Street banks are urging companies to tap the market while they can.The gradual reopening of businesses after months-long shutdowns and a pick up in manufacturing activity have given investors reason for optimism in recent weeks. But underwriters who cater to heavily indebted corporations are offering their clients a bleak preview of what may lie ahead.Royal Caribbean’s bonds issued in May used a unique structure that allowed the company to pledge assets to investors while getting around a secured debt limit from its investment-grade style covenants. Loan document restrictions mean the company still can’t exceed its secured debt cap of $1.66 billion because the company fell into junk ratings.Read more: Behind Royal Caribbean’s lifeline, a shrewd bond maneuverS&P Global Ratings graded the new guaranteed notes at BB and placed the company’s ratings on review for downgrade on expectations the new debt could hurt cash flows and pressure recovery plans.The company fell into junk in May after Moody’s downgraded the unsecured debt rating to Ba2. S&P cut the company to high yield in April.Royal Caribbean’s offering is one of several deals from companies in the cruise sector. Viking Cruises Ltd. sold $675 million of secured bonds in May at a 13% coupon after adding investor protections. Carnival Corp. completed a $4 billion secured offering in April and Norwegian Cruise Line Holdings Ltd. sold $675 million of secured notes in May.(Updates with convertible bond pricing in fifth graph, and Friday’s pre-market stock move)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
If the RBNZ does adopt negative rates, New Zealand would join Japan, Sweden, Denmark and other European countries that have done the same.
(Bloomberg) -- Australia’s dollar broke through the key 70 U.S. cents mark on expectations that markets have witnessed the worst of the coronavirus’ carnage on the global economy.The Aussie jumped as much 0.9% on Friday to 70.04 U.S. cents, the highest level since early January when the virus outbreak had yet to explode into a pandemic. It has risen 27% after sliding to a near 18-year low in March, and is seen as a favored asset to buy among investors cheering the re-opening of economies from Singapore to Germany.“The Aussie is on a tear, and with markets undergoing a massive reappraisal of risk, it’s hard to rule out the currency rallying even more,” said Janu Chan, senior economist at St. George Bank Ltd. in Sydney. “The currency is one of the easiest ways for investors to express their risk sentiment, and Australia’s containment of the virus, the RBA’s refraining from going down the path of negative interest rates are certainly helping.”The Aussie could rise to 75 U.S. cents next year as it benefits from a cocktail of supportive monetary and fiscal policies, improving risk sentiment and the nation’s record trade surplus, Thomas Nash, a strategist at HSBC Bank Australia, wrote in a note. “Buying AUD in the depths of recession has been profitable in the past -- this time should be no different.”It was trading back below the key level at 69.92 cents at 5:05 p.m. Sydney time.The rebound in risk sentiment comes as a set of daily gauges from Bloomberg Economics showed almost all of the economies it monitored witnessed a pick-up in activity in the past two months. The Aussie has been particularly sensitive to these changes given the country’s position as a major commodities exporter and the developed economy with the most direct exposure to China.The currency also received an inadvertent boost from Reserve Bank of Australia Governor Philip Lowe, who refrained from talking down the currency’s strength at a recent policy meeting.Risks AboundTo be sure, there are risks to the Aussie’s gains.Rising U.S.-China trade tensions could spur fresh selloffs. Data Wednesday also showed that the Australian economy contracted in the first three months of the year, virtually guaranteeing an end to its nearly 29-year recession-free run.Economists expect the current quarter to be the most damaging for Australia.“The recent price action is an exaggerated rendition of the global economy’s normalization in the wake of the Covid-19 shock,” said Valentin Marinov, head of G-10 currency research at Credit Agricole in London. “The rally in risk-correlated and commodity currencies may start losing momentum going forward.”(Adds quotes from St. George Bank and Credit Agricole)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
It’s all about the U.S labor statistics later today. How’s Trump going to spin this one? Perhaps more attacks on China…
In the latest trading session, Royal Caribbean (RCL) closed at $57.69, marking a -0.72% move from the previous day.
Invacare Corporation (NYSE: IVC) (the "Company") announced the completion today of its previously announced separate private exchange transactions in which certain holders of its 5.0% Convertible Senior Notes due 2021 (the "2021 Notes") and certain holders of its 4.5% Convertible Senior Notes due 2022 (the "2022 Notes") exchanged approximately $35.4 million in aggregate principal amount of 2021 Notes and $38.5 million in aggregate principal amount of 2022 Notes, for aggregate consideration of approximately $73.9 million in aggregate principal amount of new 5.0% Series II Convertible Senior Exchange Notes due 2024 (the "New Notes"). Exchanging holders of the 2021 Notes received an equal principal amount of New Notes, plus an amount of cash equal to the accrued and unpaid interest on the exchanged 2021 Notes up to, but excluding the closing date and approximately $4.2 million in cash. Exchanging holders of the 2022 Notes received an equal principal amount of New Notes, plus an amount of cash equal to the accrued and unpaid interest on the exchanged 2022 Notes up to, but excluding the closing date and approximately $1.3 million in cash. Following the closing of these transactions, approximately $25.7 million in aggregate principal amount of the 2021 Notes and $81.5 million in aggregate principal amount of the 2022 Notes remain outstanding with terms unchanged.
After being downgraded to junk status in May, Royal Caribbean scrambles to raise as much money as it can.
A dry-docked Royal Caribbean Cruises (NYSE: RCL) is heading back to the debt markets to raise cash and boost its liquidity during the COVID-19 pandemic. The cruise ship operator is raising an additional $2 billion in bonds and convertible notes less than one month after it sold over $3 billion in senior secured notes at high interest rates. To attract investors, it gave them priority interest in entities that owned 28 of its cruise ships, putting them second in line to collect if Royal Caribbean ran aground.
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In the current session, Procter & Gamble Inc. (NYSE: PG) is trading at $116.64, after a 0.51% spike. Over the past month, the stock increased by 0.60%, and in the past year, by 7.28%. With performance like this, long-term shareholders optimistic but others are more likely to look into the price-to-earnings ratio to see if the stock might be overvalued.Assuming that all other factors are held constant, this could present itself as an opportunity for shareholders trying to capitalize on the higher share price. The stock is currently below from its 52 week high by 8.94%.The P/E ratio measures the current share price to the company's EPS. It is used by long-term investors to analyze the company's current performance against its past earnings, historical data and aggregate market data for the industry or the indices, such as S&P 500. A higher P/E indicates that investors expect the company to perform better in the future, and the stock is probably overvalued, but not necessarily. It also shows that investors are willing to pay a higher share price currently, because they expect the company to perform better in the upcoming quarters. This leads investors to also remain optimistic about rising dividends in the future.Depending on the particular phase of a business cycle, some industries will perform better than others.Procter & Gamble Inc. has a better P/E ratio of 63.07 than the aggregate P/E ratio of 19.48 of the Household & Personal Products industry. Ideally, one might believe that Procter & Gamble Inc. might perform better in the future than its industry group, but it's probable that the stock is overvalued.price to earnings ratio is not always a great indicator of the company's performance. Depending on the earnings makeup of a company, investors may not be able to attain key insights from trailing earnings.See more from Benzinga * Morning Market Stats in 5 Minutes * Procter & Gamble: Q3 Earnings Insights(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Silversea Cruises, the leading ultra-luxury cruise line, has taken delivery of its first-ever destination-specific ship, Silver Origin, from Dutch shipyard De Hoop. An intimate ceremony, held on Wednesday June 3, 2020, marked the first in-person cruise ship delivery since the pandemic prompted a global lockdown.
Goldman likes the managed care companies that are big and involved with Medicare supplemental insurance.
UnitedHealth rebounded from its 21-day line, clearly in a buy zone now. It's had various buy points but has been hitting resistance near old highs.
Don’t count Peter Tchir, head of market strategy at Academy Securities, in the markets-are-irrational camp. In an absolute stunner, the Labor Department reported 2.5 million jobs were added in May, and a decline in the unemployment rate of 1.4 percentage points to 13.3%.
The roaring convertible securities market had record monthly issuance in May. The strong pace is now continuing into June as companies like (PANW) and (SPLK) tap the market with offerings of over $1 billion. Issuance so far this year has been $51.7 billion and should rise to $52.8 billion based on two announced deals that are expected to be priced Friday. The total for all of last year was $53.1 billion, Bank of America Securities data show.
Royal Caribbean Cruises Ltd. (NYSE: RCL) (the "Company") today announced that it has priced its concurrent private offerings of $1.0 billion aggregate principal amount of 9.125% Senior Guaranteed Notes due 2023 (the "Senior Notes"), and $1.0 billion aggregate principal amount of 4.250% Convertible Senior Notes due 2023 (the "Convertible Notes" and, collectively with the Senior Notes, the "Notes").