Morning Commentary: Caesars Entertainment convertibles gain over morning; Ensco notes active

By Cristal Cody

Tupelo, Miss., Oct. 13 – Caesars Entertainment Corp.’s convertible bonds traded more than 2 points better over the morning on Friday.

The company’s 5% convertibles due Oct. 15, 2024 were up at 188.25 compared to where the bonds went out on Thursday at 186.34, a source said.

Caesars Entertainment’s convertible bonds have traded heavily over the week, according to market sources.

Caesars Entertainment’s stock gained 2 cents to $12.30 in morning trading.

The Las Vegas-based gaming and entertainment company exited Chapter 11 bankruptcy proceedings and announced on Oct. 6 that it has completed the merger with Caesars Acquisition Co. and finalized the restructuring of Caesars Entertainment Operating Co., Inc. and debtor subsidiaries.

In the broader market, convertibles were seen trading mixed to modestly weaker over the morning, according to a market source.

In other trading early Friday, Ensco plc’s 3% convertible senior notes due Jan. 31, 2024 were active but modestly weaker at 84.34, a source said.

The London-based offshore drilling company’s subsidiary, Ensco Jersey Finance Ltd., sold $650 million of the bonds in a private placement offering on Dec. 6, 2016.

Ensco’s shares climbed 36 cents, or 6.77%, to $5.68 in mid-morning trading.

The company announced on Oct. 6 it had completed its acquisition of Atwood Oceanics, Inc.

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