Vault-13

ROYAL CARIBBEAN GROUP RCL 2.875 11.15.23

NOTE 2.875%11/1 · US DOMESTIC · CUSIP 780153BF8

37 institutional holders +13 vs Q1 2023
22,662,27122.7m shares reported held*
$313.5mreported value*
16 new 5 added 6 reduced 3 sold out net bought ≈ $15.2m (+21.4m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $13.84.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

02040Q3 22: 34Q4 22: 30Q1 23: 24Q2 23: 3737Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202234
Q4 202230
Q1 202324
Q2 202337

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q4 22: 7 bought or addedQ4 22: 16 cut or sold outQ4 22Q1 23: 10 bought or addedQ1 23: 14 cut or sold outQ1 23Q2 23: 21 bought or addedQ2 23: 9 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022716
Q1 20231014
Q2 2023219

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2.5m$5m$7.5m$10mQ3 22 calls: $0Q3 22 puts: $9.3mQ3 22P/C —Q4 22 calls: $0Q4 22 puts: $0Q4 22P/C —Q1 23 calls: $0Q1 23 puts: $0Q1 23P/C —Q2 23 calls: $0Q2 23 puts: $0Q2 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$0$9.3m—
Q4 2022$0$0—
Q1 2023$0$0—
Q2 2023$0$0—

Biggest buyers

III Capital Management New +27,500,000+27.5m
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +20,100,000+20.1m
LMR Partners LLP New +15,000,000+15.0m
D. E. Shaw & Co., Inc. Added +12,885,000+12.9m
MIZUHO SECURITIES USA LLC New +12,426,000+12.4m
MOORE CAPITAL MANAGEMENT, LP New +10,000,000+10.0m
Man Group plc New +9,183,000+9.2m
BANK OF MONTREAL /CAN/ New +6,987,000+7.0m
Centiva Capital, LP New +6,000,000+6.0m
Jefferies Financial Group Inc. New +5,206,000+5.2m

Biggest sellers

VOYA INVESTMENT MANAGEMENT LLC Reduced -107,455,000-107.5m
Point72 Asset Management, L.P. Sold out -10,000,000-10.0m
MORGAN STANLEY Reduced -3,500,000-3.5m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -2,796,000-2.8m
ABSOLUTE INVESTMENT ADVISERS, LLC Sold out -1,000,000-1.0m
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Reduced -250,000-250.0k
STATE STREET CORP Reduced -150,000-150.0k
NOMURA HOLDINGS INC Sold out -28,708-28.7k
BARCLAYS PLC Reduced -5,000-5.0k

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 D. E. Shaw & Co., Inc. 0.06% of their portfolio New York, NY 30,120,00030.1m $38.8m $38.8m 0.06% Added +12.9m +12,885,000
2 III Capital Management 2.77% of their portfolio BOCA RATON, FL 27,500,00027.5m $35.4m $35.4m 2.77% New
3 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.04% of their portfolio BALA CYNWYD, PA 20,100,00020.1m $25.9m $25.9m 0.04% New
4 LAZARD ASSET MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 20,000,00020.0m $25.7m $25.7m 0.03% Unchanged
5 VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio ATLANTA, GA 18,720,00018.7m $24.1m $24.1m 0.02% Reduced -107.5m -107,455,000
6 LMR Partners LLP 0.44% of their portfolio LONDON, X0 15,000,00015.0m $19.3m $19.3m 0.44% New
7 BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio PARIS, I0 12,611,00012.6m $16.1m $16.1m 0.03% Unchanged
8 MIZUHO SECURITIES USA LLC 0.53% of their portfolio NEW YORK, NY 12,426,00012.4m $16.0m $16.0m 0.53% New
9 MOORE CAPITAL MANAGEMENT, LP 0.31% of their portfolio NEW YORK, NY 10,000,00010.0m $12.9m $12.9m 0.31% New
10 Man Group plc 0.04% of their portfolio LONDON, X0 9,183,0009.2m $11.8m $11.8m 0.04% New
11 Capital Research Global Investors 0.00% of their portfolio Los Angeles, CA 8,613,0008.6m $11.1m $11.1m 0.00% Unchanged
12 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 6,987,0007.0m $8.9m $8.9m 0.00% New
13 Centiva Capital, LP 0.39% of their portfolio New York, NY 6,000,0006.0m $7.7m $7.7m 0.39% New
14 Jefferies Financial Group Inc. 0.14% of their portfolio NEW YORK, NY 5,206,0005.2m $6.7m $6.7m 0.14% New
15 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 5,000,0005.0m $5.0m $5.0m 0.00% New
16 EDMOND DE ROTHSCHILD HOLDING S.A. 0.13% of their portfolio CHAMBESY, V8 4,925,0004.9m $6.3m $6.3m 0.13% Unchanged
17 ADVENT CAPITAL MANAGEMENT /DE/ 0.12% of their portfolio NEW YORK, NY 4,704,0004.7m $6.0m $6.0m 0.12% Reduced -2.8m -2,796,000
18 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 4,250,0004.2m $5.5m $5.5m 0.01% Reduced -250.0k -250,000
19 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 3,400,0003.4m $4.4m $4.4m 0.00% Added +1.1m +1,087,000
20 Fore Capital, LLC 7.58% of their portfolio New York, NY 3,292,0003.3m $4.2m $4.2m 7.58% Unchanged
21 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,228,0003.2m $4.2m $4.2m 0.00% New
22 TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio NEW YORK, NY 2,750,0002.8m $3.5m $3.5m 0.01% Unchanged
23 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,819,0001.8m $2.3m $2.3m 0.00% Added +400.0k +400,000
24 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,416,0001.4m $1.8m $1.8m 0.00% Reduced -3.5m -3,500,000
25 BOOTHBAY FUND MANAGEMENT, LLC 0.05% of their portfolio NEW YORK, NY 1,304,0001.3m $1.7m $1.7m 0.05% New
26 SHENKMAN CAPITAL MANAGEMENT INC 0.10% of their portfolio NEW YORK, NY 997,000997.0k $1.3m $1.3m 0.10% New
27 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 900,000900.0k $1.1m $1.1m 0.00% Added +400.0k +400,000
28 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 900,000900.0k $1.2m $1.2m 0.00% Reduced -150.0k -150,000
29 Kohlberg Kravis Roberts & Co. L.P. 0.03% of their portfolio NEW YORK, NY 656,000656.0k $843.3k $843.3k 0.03% Added +275.0k +275,000
30 PUTNAM INVESTMENTS LLC 0.00% of their portfolio BOSTON, MA 230,000230.0k $294.5k $294.5k 0.00% Unchanged
31 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 100,000100.0k $128.8k $128.8k 0.00% New
32 Employees Retirement System of Texas 0.00% of their portfolio AUSTIN, TX 100,000100.0k $129.0k $129.0k 0.00% Unchanged
33 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 57,00057.0k $73.6k $73.6k 0.00% New
34 SG Americas Securities, LLC 0.02% of their portfolio NEW YORK, NY 20,00020.0k $2.5m $2.5m 0.02% Unchanged
35 Triton Wealth Management, PLLC 0.37% of their portfolio SUN CITY, AZ 6,2716.3k $658.7k $658.7k 0.37% New
36 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 1,0001.0k $1.3k $1.3k 0.00% Reduced -5.0k -5,000
37 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged