(Bloomberg Opinion) -- Carnival Corp.’s planned $3 billion bond sale on April 1 is bound to make a fool out of someone. It’s just not clear whether it will be the investors buying the cruise-line operator’s debt or the company.The case for investors looking foolish: Carnival’s ships are grounded, which of course cuts off its dominant source of revenue. The company’s share price has tumbled from $51 at the start of the year to about $14 as it expects a loss in 2020. Even if it manages to raise $6 billion through bond and stock sales as planned, analysts say that only gives Carnival an 18.5-month liquidity cushion to wait out the coronavirus-induced halt. That’s not much comfort, given that the bonds mature in twice that time and it’s anyone’s guess when — or if — the cruise business returns to normal.The company, on the other hand, is on the verge of paying vastly...
(Bloomberg) -- New Residential Investment Corp., a real estate investment trust focused on housing, is selling a portfolio of debt with a face value of $6 billion, according to people with knowledge of the matter.The REIT, managed by an affiliate of Fortress Investment Group LLC, has been selling the non-agency debt over the past week to a range of institutional investors, with the transactions expected to be finalized Tuesday, said one of the people, who asked not to be identified because the deals are private. A New Residential representative declined to comment.The loans were sold at a discount, said one of the people. The exact pricing couldn’t immediately be learned. New Residential, which has seen its stock sink more than 65% this year, has a market value of about $2.2 billion. Earlier Tuesday, the New York-based REIT said it would cut its quarterly dividend 90% to preserve liquidity.The U.S. mortgage market...
Mack Financial Services (MFS) is offering several enhanced and unique finance programs to help customers of all segments during the current coronavirus situation. ...
If after seeing Amarin (AMRN) stock tumble 35% over the past year, you consoled yourself with the knowledge that "at least it can't get any worse" -- surprise! It just got worse.On Monday, a judge for the United States District Court for the District of Nevada ruled against Amarin and in favor of two generic drug manufacturers seeking to produce drugs based on Amarin's Vascepa hypertriglyceridemia treatment, invalidating six Amarin patents in the process. Of course, Amarin quickly promised to "vigorously pursue all available remedies, including an appeal of the Court’s decision and a preliminary injunction pending appeal to ... prevent launch of generic versions of VASCEPA in the United States." And management was similarly quick to reassure investors that "geographies outside the United States in which VASCEPA is sold ... are not subject to this litigation and judgment" and "no generic litigation is pending outside the United States."Those reassuring words...
