EFTA01385356.pdf

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Within MODEST YIELD WITH SAFETY, we recommend CCM Merger International Game Technology Gaming & Leisure Properties, MGM Resorts International. and MGM Growth Properties. Exhibit 2: Modest Yield With Safety Recommendations Security Rating MYSZIP Necked Price MN STW MOTOR 6.0%Sr Unsec Notes 2022 Buy Gas I/8- $200 $102.9 5.0% 285bps MGMGPO 6.625%Sr Unsec Notes 2024 Buy BUBB- $1.050 $107.1 4.3% 188bps IGT 6.5% Sr Sec Notes 2025 Buy Ba2/88• $1.100 5112.8 4.3% 188bps GLPI 5.375% Sr Unsec Notes 2026 Buy Etal/B8. $975 $108.0 4.2% 182bps MGMGPO 4.5%Sr Unsec Notes 2026 Buy B1/88- $500 $100.5 4.4% 203bps MGM 4.625% Sr Unsex Notes 2026 Buy Ba3/BEI- $500 $101.9 4.4% 196bps Soen flibcrriwg Anna 10aw Dwane &IS In the HIGHER YIELD FOR HIGHER leverage category, we recommend Bova Gamina. Eldorado Resorts. Eyed Holdinas Golden Nuaaet, Mohegan Gaming, Penn National. Red Rock Resorts (Station Casinos) and Wynn Resorts. Exhibit 3: Higher Yield For Higher t. evelage Recommenciatione Security Rating MYSIS&P Principel Price YlW STW BYD 6.375% Sr Unsec 2026 Buy B3/B $750 $108.7 4.4% 224bps ERI 6.0%Sr Unsec 2025 Buy 83/B $875 $105.1 4.9% 271bps NUGGET 6.75% Sr Unsec 2024 Buy BlICCC+ $1,345 $101.9 6.2% 400bps NUGGET 8.75% Sr Subordinated 2025 ew Caal/CCC♦ $670 $105.1 7.5% 528bps WYNMAC 4.875%Sr Unsec 2024 Buy 81/8+ 5600 $101.1 4.6% 244bps MOHEGN 7.875% Sr Unsec 2024 Buy Caal/CCC« $500 $104.0 6.9% 471bps RAR 5.0% Sr Unsec 2025 Buy B3/B- $550 $100.3 4.9% 276bps EVRI 2.5%Sr Unsex 2025 Buy 83/B $375 $100.5 7.4% 520bps PENN 5.625%Sr Unsec 2027 Buy 82/8« $400 $103.7 5.0% 259bps WYNMAC 5.5% Si Unsec 2027 Buy BIB. $900 $101.1 5.3% 292bps San* Sktmewir &mewl DauticA• Ay* Each of these credits and our rationale for investment are detailed on page 18- 30 of this report. Deutsche Bank Securities Inc. Page 81 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086640 CONFIDENTIAL SDNY_GM_00232824 EFTA01385356