How Royal Caribbean created a liquidity lifeline despite a ratings downgrade and an uncertain future.

Lenders are suddenly raising prices and placing anti–cash-hoarding stipulations, interest-rate floors, and mandatory prepayment clauses into new loans, even with investment-grade borrowers.

Some corporations have turned to pricier term loans or new credit lines rather than tapping existing ones, typically to stay in the good graces of lenders as recession looms.

Yields in the CP market have reached levels not seen since 2008, leaving some corporates scrambling to find cash elsewhere.