In Apr 2020, Airbnb raised $1 billion in a debt-equity deal with two respected private equity firms: Silver Lake and Sixth Street Partners. Facing steep revenue losses due to the coronavirus, the travel platform badly needs capital and is willing to pay more than 10% interest per annum to get it. Why did Airbnb decide to pay a high-interest rate on the bond? What type of signal did the company release to the public by raising debts in the pandemic?