Volume 7, Issue 6

February 6, 2017

UNITED STATES DEBT MARKET

US LIBOR US TREASURY YIELD CURVE
150 bps 6.00%

125 bps 5.00%

100 bps 4.00%

75 bps 3.00%

50 bps 2.00%

25 bps 1.00%
30yr Avg 15yr Avg Today (2/6/17)
0 bps 0.00% I I I I I I
Feb-16 May-16 Aug-16 Nov-16 Feb-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
78 bps 103 bps 135 bps 1.16% 1.40% 1.87% 2.09% 2.43% 3.07%

10 YEAR US SWAP RATES 10 YEAR US TREASURY

3.00% 3.00%

2.50% 2.50%

2.00% 2.00%

1.50% 1.50%
2/6/17 2/6/17
2.36% 2.43%
1.00% 1.00%
Feb-16 May-16 Aug-16 Nov-16 Feb-17 Feb-16 May-16 Aug-16 Nov-16 Feb-17

AVERAGE 10 YEAR US INDUSTRIAL YIELD AVERAGE 10 YEAR US INDUSTRIAL SPREADS

250bps
4.50%

200bps
4.00%

3.50% 150bps

3.00% 100bps

2/6/17 2/6/17 50bps

A 2.50% A 84 bps
3.31%
BBB 3.66% BBB 119 bps
2.00% 0bps
Feb-16 May-16 Aug-16 Nov-16 Feb-17 Feb-16 May-16 Aug-16 Nov-16 Feb-17
S&P / LSTA LEVERAGED LOAN INDEX AVERAGE JUNK-BOND YIELD
100.00 10.00%

98.00 9.00%

96.00 8.00%

94.00 7.00%

92.00 6.00%

2/6/17 90.00 2/6/17 5.00%

98.13% 5.93%
88.00 4.00%
Feb-16 May-16 Aug-16 Nov-16 Feb-17 Feb-16 May-16 Aug-16 Nov-16 Feb-17

Copyright 2017 Whitehall & Company LLC

280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380 Fax: (212) 205-1381
www.whitehallandcompany.com
 Volume 7, Issue 6
February 6, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/3 First Industrial Realty Trust Inc Sr Notes $125 10 180bps 4.30% 2 Financial US
$75 12 190bps 4.40%

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/1 Embraer Netherlands Finance Sr Notes $750 10 288bps 5.40% BBB Industrial Netherlands
BV
2/1 MidAmerican Energy Co Sr Notes $375 10 70bps 3.10% A+ / Aa2 Utilities US
$475 30 95bps 3.95%

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/2 AES Argentina Generacion SA Sr Notes $300 7 - 7.75% B- Utilities Argentina
2/2 Airxcel Inc Sr Notes $310 5 - 8.50% B / B2 Industrial US
2/3 Mercer International Inc Sr Notes $225 7 424bps 6.50% BB- / B1 Basic Materials US
1/31 Terex Corp Sr Notes $600 8 337bps 5.63% BB / B2 Industrial US
2/1 Wildhorse Resource Development Sr Notes $350 8 458bps 6.88% B / Caa1 Energy US
Corp

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
2/1 Bristow US LLC Term $200 60 L+535bps - Industrial US
1/31 Grifols Worldwide Operations Term $3,000 95 L+225bps Ba2 Consumer, US
USA Inc Term $1,700 95 L+225bps Non-cyclical
2/3 Sprint Communications Term $4,000 84 L+250bps BB- / Ba2 Communications US
Rev $2,000 48 -
1/31 Terex Corp Term $400 83 L+250bps BBB- / Ba1 Industrial US
Rev $450 59 -
1/31 Walgreens Boots Alliance Bridge Term $5,000 11 - - Consumer, US
Inc Cyclical

CONTACT WHITEHALL
Jon Cody Timothy Page Richard Ashby Todd Brussel Brian Burchfield Matt Cody Roland DaCosta
Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director
(212) 205-1398 (212) 205-1399 (212) 205-1388 (212) 205-1397 (212) 205-1395 (212) 205-1398 (212) 205-1394

Vincas Snipas Van Thorne Geoffrey Wilson Mark Halpin

Managing Director Managing Director Managing Director Director
(212) 205-1385 (212) 205-1386 (212) 205-1392 (212) 205-1393

Blaine Burke Nicholas Page Aaron Richardson Ted Barrett Billy Kovanis Sang Joon Lee Keir Wianecki
Associate Associate Associate Analyst Analyst Analyst Analyst
(212) 205-1382 (212) 205-1389 (212) 205-1387 (212) 205-1396 (212) 335-2550 (212) 205-1391 (212) 335-2552

Source: Bloomberg

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.

Copyright 2017 Whitehall & Company LLC

280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380 Fax: (212) 205-1381
www.whitehallandcompany.com