Vault-13

ROYAL CARIBBEAN GROUP RCL 6 08.15.25

NOTE 6.000% 8/1 · US DOMESTIC · CUSIP 780153BQ4

64 institutional holders +3 vs Q4 2023
63,340,30163.3m shares reported held*
$3.1bnreported value*
11 new 13 added 20 reduced 8 sold out net sold ≈ $15.2m (+34.1m 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 ($6.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $49.77.

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

0255075Q3 23: 59Q4 23: 61Q1 24: 6464Q3 23Q4 23Q1 24
Numbers
QuarterHolders
Q3 202359
Q4 202361
Q1 202464

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 23: 29 bought or addedQ4 23: 31 cut or sold outQ4 23Q1 24: 24 bought or addedQ1 24: 28 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 20232931
Q1 20242428

Biggest buyers

Opti Capital Management, LP New +30,000,000+30.0m
AQR Arbitrage LLC New +25,650,000+25.6m
BNP PARIBAS FINANCIAL MARKETS New +14,012,000+14.0m
D. E. Shaw & Co., Inc. Added +6,317,000+6.3m
PRICE T ROWE ASSOCIATES INC /MD/ New +6,145,000+6.1m
JPMORGAN CHASE & CO Added +4,928,000+4.9m
CITIGROUP INC Added +4,121,000+4.1m
LORD, ABBETT & CO. LLC Added +3,962,000+4.0m
III Capital Management Added +2,950,000+3.0m
TENOR CAPITAL MANAGEMENT Co., L.P. Added +2,499,000+2.5m

Biggest sellers

Opti Capital Management, LP Sold out -30,000,000-30.0m
TWO SIGMA INVESTMENTS, LP Reduced -12,500,000-12.5m
DLD Asset Management, LP Reduced -10,665,000-10.7m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Sold out -9,272,000-9.3m
Sculptor Capital LP Reduced -9,000,000-9.0m
WHITEBOX ADVISORS LLC Reduced -6,000,000-6.0m
LAZARD ASSET MANAGEMENT LLC Reduced -4,701,000-4.7m
GOLDMAN SACHS GROUP INC Sold out -4,285,000-4.3m
VOYA INVESTMENT MANAGEMENT LLC Reduced -4,000,000-4.0m
WELLS FARGO & COMPANY/MN Reduced -3,655,000-3.7m

Holders, Q1 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 D. E. Shaw & Co., Inc. 0.60% of their portfolio New York, NY 165,817,000165.8m $471.6m $471.6m 0.60% Added +6.3m +6,317,000
2 Hudson Bay Capital Management LP 2.78% of their portfolio STAMFORD, CT 111,450,000111.5m $316.9m $316.9m 2.78% Unchanged
3 Linden Advisors LP 1.93% of their portfolio New York, NY 85,900,00085.9m $244.2m $244.2m 1.93% Reduced -500.0k -500,000
4 WHITEBOX ADVISORS LLC 8.11% of their portfolio MINNEAPOLIS, MN 75,050,00075.0m $213.3m $213.3m 8.11% Reduced -6.0m -6,000,000
5 TWO SIGMA INVESTMENTS, LP 0.49% of their portfolio NEW YORK, NY 69,698,00069.7m $198.1m $198.1m 0.49% Reduced -12.5m -12,500,000
6 III Capital Management 9.68% of their portfolio BOCA RATON, FL 59,888,00059.9m $170.2m $170.2m 9.68% Added +3.0m +2,950,000
7 CSS LLC/IL 11.57% of their portfolio CHICAGO, IL 50,150,00050.1m $142.7m $142.7m 11.57% Unchanged
8 Calamos Advisors LLC 0.58% of their portfolio NAPERVILLE, IL 41,785,00041.8m $118.8m $118.8m 0.58% Added +92.0k +92,000
9 LORD, ABBETT & CO. LLC 0.15% of their portfolio JERSEY CITY, NJ 32,908,00032.9m $93.6m $93.6m 0.15% Added +4.0m +3,962,000
10 Sculptor Capital LP 1.97% of their portfolio New York, NY 31,497,00031.5m $89.6m $89.6m 1.97% Reduced -9.0m -9,000,000
11 MILLENNIUM MANAGEMENT LLC 0.07% of their portfolio NEW YORK, NY 30,389,00030.4m $86.4m $86.4m 0.07% Unchanged
12 Opti Capital Management, LP 6.54% of their portfolio New York, NY 30,000,00030.0m $85.3m $85.3m 6.54% New
13 SONA ASSET MANAGEMENT (US) LLC 7.39% of their portfolio NEW YORK, NY 30,000,00030.0m $85.0m $85.0m 7.39% Unchanged
14 AQR Arbitrage LLC 2.56% of their portfolio Greenwich, CT 25,650,00025.6m $73.0m $73.0m 2.56% New
15 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 24,693,00024.7m $70.3m $70.3m 0.00% Unchanged
16 TENOR CAPITAL MANAGEMENT Co., L.P. 1.05% of their portfolio NEW YORK, NY 22,999,00023.0m $65.6m $65.6m 1.05% Added +2.5m +2,499,000
17 VOYA INVESTMENT MANAGEMENT LLC 0.06% of their portfolio ATLANTA, GA 22,655,00022.7m $64.5m $64.5m 0.06% Reduced -4.0m -4,000,000
18 Mint Tower Capital Management B.V. 20.36% of their portfolio AMSTERDAM, P7 20,075,00020.1m $55.8m $55.8m 20.36% Reduced -1.4m -1,425,000
19 FMR LLC 0.00% of their portfolio BOSTON, MA 17,815,00017.8m $50.6m $50.6m 0.00% Added +2.1m +2,150,000
20 BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio PARIS, I0 14,012,00014.0m $39.8m $39.8m 0.05% New
21 DLD Asset Management, LP 6.62% of their portfolio NEW YORK, NY 13,500,00013.5m $38.4m $38.4m 6.62% Reduced -10.7m -10,665,000
22 Alberta Investment Management Corp 0.36% of their portfolio EDMONTON, A0 12,500,00012.5m $35.6m $35.6m 0.36% Unchanged
23 Skaana Management L.P. 7.34% of their portfolio BROOKLYN, NY 9,460,0009.5m $26.9m $26.9m 7.34% Reduced -2.1m -2,100,000
24 LAZARD ASSET MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 9,351,0009.4m $26.6m $26.6m 0.03% Reduced -4.7m -4,701,000
25 BlackRock Inc. 0.00% of their portfolio New York, NY 9,252,0009.3m $26.3m $26.3m 0.00% Added +927.0k +927,000
26 Flow State Investments, L.P. 7.49% of their portfolio CHICAGO, IL 9,000,0009.0m $25.6m $25.6m 7.49% Added +1.0m +1,000,000
27 MacKay Shields LLC 0.62% of their portfolio New York, NY 7,855,0007.9m $22.4m $22.4m 0.62% Unchanged
28 ADVENT CAPITAL MANAGEMENT /DE/ 0.51% of their portfolio NEW YORK, NY 7,031,0007.0m $20.1m $20.1m 0.51% Reduced -1.8m -1,846,000
29 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 6,145,0006.1m $17.4m $17.4m 0.00% New
30 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 5,910,0005.9m $16.8m $16.8m 0.00% Added +4.9m +4,928,000
31 SSI INVESTMENT MANAGEMENT LLC 1.23% of their portfolio Los Angeles, CA 5,716,0005.7m $16.2m $16.2m 1.23% Reduced -402.0k -402,000
32 CITIGROUP INC 0.01% of their portfolio NEW YORK, NY 4,166,0004.2m $11.9m $11.9m 0.01% Added +4.1m +4,121,000
33 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 3,650,0003.6m $10.4m $10.4m 0.00% Reduced -550.0k -550,000
34 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 3,541,0003.5m $10.1m $10.1m 0.00% Reduced -500.0k -500,000
35 BOOTHBAY FUND MANAGEMENT, LLC 0.26% of their portfolio NEW YORK, NY 3,210,0003.2m $9.1m $9.1m 0.26% Reduced -3.3m -3,334,000
36 Paloma Partners Management Co 0.86% of their portfolio GREENWICH, CT 2,100,0002.1m $6.0m $6.0m 0.86% Unchanged
37 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 1,998,0002.0m $5.7m $5.7m 0.00% New
38 KORNITZER CAPITAL MANAGEMENT INC /KS 0.05% of their portfolio SHAWNEE MISSION, KS 1,000,0001.0m $2.8m $2.8m 0.05% Unchanged
39 WESTWOOD HOLDINGS GROUP INC 0.02% of their portfolio DALLAS, TX 1,000,0001.0m $2.9m $2.9m 0.02% Unchanged
40 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 750,000750.0k $2.1m $2.1m 0.00% Reduced -440.0k -440,000
41 CREDIT SUISSE AG/ 0.00% of their portfolio ZURICH, V8 740,000740.0k $740.0k $740.0k 0.00% Reduced -260.0k -260,000
42 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 732,000732.0k $2.1m $2.1m 0.00% Reduced -3.7m -3,655,000
43 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 653,000653.0k $1.9m $1.9m 0.00% Unchanged
44 EDMOND DE ROTHSCHILD HOLDING S.A. 0.03% of their portfolio CHAMBESY, V8 600,000600.0k $1.7m $1.7m 0.03% New
45 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio FRANKFURT AM MAIN, 2M 450,000450.0k $1.3m $1.3m 0.00% Unchanged
46 AGF MANAGEMENT LTD 0.01% of their portfolio TORONTO, A6 350,000350.0k $994.7k $994.7k 0.01% Reduced -100.0k -100,000
47 Central Pacific Bank - Trust Division 0.11% of their portfolio HONOLULU, HI 315,000315.0k $904.7k $904.7k 0.11% First filing
48 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 313,000313.0k $891.1k $891.1k 0.00% Added +36.0k +36,000
49 Liberty Mutual Group Asset Management Inc. 0.14% of their portfolio Boston, MA 175,000175.0k $497.4k $497.4k 0.14% Unchanged
50 LOOMIS SAYLES & CO L P 0.03% of their portfolio BOSTON, MA 153,096153.1k $21.3m $21.3m 0.03% Added +128.0k +128,030
51 Capital World Investors 0.00% of their portfolio LOS ANGELES, CA 152,000152.0k $432.7k $432.7k 0.00% Unchanged
52 FIRST HAWAIIAN BANK 0.01% of their portfolio HONOLULU, HI 121,000121.0k $343.9k $343.9k 0.01% Unchanged
53 Calamos Wealth Management LLC 0.01% of their portfolio NAPERVILLE, IL 88,00088.0k $250.3k $250.3k 0.01% Added +2.0k +2,000
54 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 65,00065.0k $184.7k $184.7k 0.00% Unchanged
55 Warberg Asset Management LLC 0.03% of their portfolio WINNETKA, IL 39,00039.0k $110.9k $110.9k 0.03% New
56 Virtus Investment Advisers, LLC 0.06% of their portfolio HARTFORD, CT 30,00030.0k $85.3k $85.3k 0.06% New
57 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 18,00018.0k $50.9k $50.9k 0.00% New
58 Squarepoint Ops LLC 0.19% of their portfolio NEW YORK, NY 16,50016.5k $46.9m $46.9m 0.19% New
59 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 15,00015.0k $42.6k $42.6k 0.00% Unchanged
60 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 8,0008.0k $2.3m $2.3m 0.01% Reduced -12.0k -12,000
61 Triton Wealth Management, PLLC 0.59% of their portfolio SUN CITY, AZ 6,2056.2k $851.6k $851.6k 0.59% Reduced -269 -269
62 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 3,0003.0k $8.5k $8.5k 0.00% New
63 Alken Asset Management Ltd 0.04% of their portfolio LONDON, X0 600600 $1.7k $1.7k 0.04% Unchanged
64 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged