The sale of USD 600 million worth of bonds without conditions from Wynn Macau Ltd revealed strong demand for Asian gaming debt. The sale of naked high-yield notes happened this month. According to a Bloomberg report, the bonds sold did not have protections normally found in such products. The bond sale came even as analysts from both Credit Suisse Group and Standard & Poor's said Macau's gaming market would be threatened by the sluggish economic growth in China.

Credit research company Covenant Review Analyst Alexander Diaz-Matos said about the bond sale, "It is remarkable and off-market for a high-yield rated issuer to offer bonds that have no covenant protection. Even A-rated investment-grade credits include liens covenants in their bond offerings.'"

The independent credit research firm also said Wynn Macau's notes did not have agreements that restricted further borrowing and asset sales. It did not also contain limitations on dividends and obtaining of new loans through liens.