Didn’t most high yield debt instrument perform in the 80’s in spite of the government forcing some institutions to dump their junk bonds portfolios?
Junk as in unsecured is not necessarily a bad bet, and can perform quite well.
The cruise business is dead in the short term. The operators are holding a lot of debt for the vessels that they can’t sail.
Every time they want to get back to business, there is some new variant of the Fauci Flu, that stops them from resuming normal operations. Almost seems to be a concerted effort to bankrupt them out of business.
That’s my view from the cheap seats...somebody doesn’t want them back in business, and anyone who would take unsecured debt from a business with a target on it is not a good play in the short term.