PBF steady; AMC flat; Wynn Las Vegas, Macau, MGM, casino bonds under pressure

By Cristal Cody

Tupelo, Miss., Sept. 15 – PBF Holding Co. LLC’s paper remained steady to slightly better Wednesday following a Moody’s Investors Service downgrade.

PBF’s 6% senior notes due 2028 (Caa1/B/) rose about ¼ point to ½ point to the 60 bid range, a source said.

AMC Entertainment Holdings, Inc.’s notes were unchanged to about 1 point better.

Gaming bonds were mostly under pressure at the prospect of tighter China casino regulations, sources reported.

Wynn Las Vegas LLC’s 5½% senior notes due March 2025 (B1/BB-) were down about 3 points before clawing back losses to end the day off 1 7/8 points at 103 7/8 bid. Secondary volume totaled more than $30.5 million.

Wynn Macau Ltd.’s paper dove about 3¾ points to 6 points by the finish.

The 5 1/8% senior notes due December 2029 (B1/BB-) opened the day down nearly 8 points before recovering 2 points to head out at 92 bid on $2 million of secondary supply.

MGM China Holdings, Ltd.’s 5 7/8% senior notes due May 2026 sank over 4 points to under the 101 bid range Wednesday.

Melco Resorts Finance Ltd.’s 5¼% senior notes due April 2026 (Ba2) also dropped over 3 points at the session’s start before easing back on losses and trading down 2 3/8 points to 101 bid on $8 million of volume.

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