(Reuters Breakingviews) - Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.
Royal Caribbean Cruise Limited "Symphony of the Seas" ship leaves the STX Les Chantiers de l'Atlantique shipyard site in Saint-Nazaire, France, March 24, 2018. REUTERS/Stephane MaheCRUISING FOR A BRUISING. Royal Caribbean Cruises is the latest in its sector to raise debt secured on some of its ships – it’s targeting $3.3 billion. Whether the biggest floating city of all, Symphony of the Seas, is included is unclear.
The commander-in-chief gained leverage by nominating three new board members after the five-director body resisted past calls. Washington critics say investments in Chinese companies threaten U.S. national interests amid heightened tensions with Beijing over Covid-19. The coronavirus gives a new public health justification for doing this. Businesses that can’t use a bank often have to deal only in cash, and the exchange of paper money is theoretically a way to transmit the virus. Granted, the new rules would still have to pass the Senate, where previous cannabis banking legislation languished. But it shows how the crisis might give stalled reforms the chance for an opportunistic second toke.
WHIP ROUND. AMS investors are once again being asked to present the other cheek. Buried in the invitational blurb for its June 3 annual meeting, the Austrian sensor maker revealed it was seeking permission to issue securities exchangeable into 27 million new shares – worth about 340 million euros at the current price. The capital hike, which would help pay for its ill-starred 4.6 billion-euro purchase of headlight maker Osram, comes less than two months after a 1.7 billion-euro rights issue.
Aston raised a combined 536 million pounds in April via a rights issue and share placement – in the process making Stroll its largest shareholder and executive chairman. Even so, its position has improved from critical to merely hazardous: cratering sales mean net debt stands at over 10 times trailing 12 months earnings before interest, tax, depreciation and amortisation.
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