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The Winning Credit Trades That Made Debt Investors Rich in 2020

  • Airbnb hands lenders a windfall after initial public offering
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As the pandemic took hold, few industries were in more desperate need of capital than cruise lines.

As the pandemic took hold, few industries were in more desperate need of capital than cruise lines.

Photographer: Tim Rue/Bloomberg

It was a year like no other in credit.

Markets plunged at the onset of the pandemic, sending entire sectors teetering toward oblivion. Once solid companies were suddenly paying double-digit yields in a mad scramble for liquidity, while venerable household names could be scooped up for pennies on the dollar.