Royal Caribbean Cruises Ltd. today launched a $3.3 billion bond offering. They will use 28 ships as collateral. It’s not currently known if its 28 of the current and partially completed ships in the Royal Caribbean International fleet or 28 of the 52 ships currently sailing for all brands under Royal Caribbean Cruises Ltd.Allure of the Seas Departing Port Everglades. 11/6/2016The worrying condition of these is that they plan on using the funds they receive from investors buying these bonds to pay off just over $2.3 billion they’ve previously borrowed. It’s using debt to pay for other debt which is a bit worrying but not surprising in this specific market.The latest numbers have them at a net loss of around $1.4b for Q1 which will formally be announced shortly.