MGM’s Stock Has Gotten Hammered But Its Bonds are a Buy

Citi Research initiated coverage of MGM Resorts International’s (MGM) newly minted 6% notes due 2023 with a Buy rating Tuesday. This matches the firm’s buy rating on other MGM debt. The new bonds have a yield-to-worst (YTW) of 5.8%. John Locher/Associated Press Citi’s high-yield gaming analyst Jenna Giannelli wrote: We are Overweight the issuer on the [...]