Talen Energy unsecured notes strengthen; Wynn Macau, Studio City notes fall further

By Abigail W. Adams

Portland, Me., Sept. 16 – Volume was light in the distressed debt space on Thursday with the new issue calendar and the Jewish holiday detracting from trading activity.

However, there remained notable activity in some emerging market gaming names.

Wynn Macau Ltd.’s and Macau-based Studio City International Holdings Ltd.’s junk bonds continued to slide after Macau announced plans to increase oversight of gaming operators.

After sliding 3 to 6 points on Wednesday, Wynn Macau’s junk bonds slid another 1 to 2 points during Thursday’s session.

Wynn Macau’s 5½% senior notes due January 2026 fell another 1¾ points to close the day at 95¼, according to a market source.

The 5½% senior notes due 2027 were also off 1¾ points to close the day at 94¼.

After falling almost 5 points the previous session, Studio City’s 5% senior notes due 2029 were down another 3½ points to close the day at 90, according to a market source.

Meanwhile, Talen Energy Supply LLC’s unsecured notes were on the rise on Thursday as the company reviews options to handle its debt burden.

The 10½% senior notes due 2026 gained 2 points to close the day at 50½, according to a market source.

The 6½% senior notes due 2025 rose 1 point to 47.

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