Welcome to Animal Spirits, a show about markets, life, and investing.

Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, and watching.

Michael Batnick and Ben Carlson work for Ritholz Wealth Management.

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discussed in this podcast. Welcome to Animal Spirits with Michael and Ben.

Disney is attempting to raise $11 billion at different

maturities. The yield curve looks like something that comes from the Treasury Department.

It's really remarkable.

They're borrowing $2 billion over the next 20 years.

They're paying 3.5%.

So this graph that you show here shows 3.8% going out 40 years, which is pretty wild.

The demand for credit right now is insane.

And this is one of the reasons we've been talking about, these mega cap companies getting stronger in this crisis because Disney has the ability to borrow like this, whereas a lot of other smaller and mid-sized businesses just don't.

Especially when you think about, Disney is a company that is in peril right now.

They're theme parks, they open the one in Shanghai, but everywhere else are closed,

they don't have their cruises open, they're losing money, they stop their dividend. They're letting people go and they still have the ability to raise a ton of money at an extremely low interest rate. I mean, I'm sure if you told people 10, 15, 20 years ago, a company could borrow like this.

That's not the US government.

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