Fertitta has history of issuing corporate bonds to raise capital, as he did to purchase the Rockets. In March, Fertitta told Bloomberg his businesses were expected to generate roughly $700 million, of which $250 million would be used to service debt. Fertitta added he has sufficient “liquidity to ride this out. I can’t go forever but I can go for a few months.” But though his latest move is described as insurance, it raised red flags for sports investors. One banker hinted Fertitta offering such a high return signals shares of the Rockets could become available should he need more liquidity to protect his businesses.