Volume 7, Issue 18

May 2, 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 (5/2/17)
0 bps 0.00% I I I I I I
May-16 Aug-16 Nov-16 Feb-17 May-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
100 bps 117 bps 143 bps 1.28% 1.47% 1.85% 2.04% 2.33% 3.01%

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%
5/2/17
2.33%
1.00% 1.00%
May-16 Aug-16 Nov-16 Feb-17 May-17 May-16 Aug-16 Nov-16 Feb-17 May-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

5/2/17 5/2/17 50bps

A 2.50% A 86 bps
3.14%
BBB 3.54% BBB 126 bps
2.00% 0bps
May-16 Aug-16 Nov-16 Feb-17 May-17 May-16 Aug-16 Nov-16 Feb-17 May-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%

5/2/17 90.00 5/2/17 5.00%

98.31% 5.97%
88.00 4.00%
May-16 Aug-16 Nov-16 Feb-17 May-17 May-16 Aug-16 Nov-16 Feb-17 May-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 18
May 2, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/1 Amazon.com Inc Sr Notes $176 21 115bps - 1 Consumer, US
Cyclical
5/1 CoreSite Realty Corporation Sr Secured $175 10 180bps 3.91% 2 Real Estate US
5/1 Old Dominion Electric Cooperative Sr Notes $250 20 100bps 3.33% 1 Utilities US

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/26 BellSouth LLC Sr Notes $1,000 1 - 4.29% BBB+ Communications US
4/28 NextEra Energy Capital Sr Notes $1,250 10 125bps 3.55% BBB+/Baa1 Utilities US
4/24 Westlake Chemical Corp Sr Notes $625 4 - 4.63% BBB/Baa3 Basic Materials US
$434 6 - 4.88%
$748 9 - 3.60%
$697 29 - 5.00%

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/25 Murphy Oil USA Inc Sr Unsecured $300 10 338bps 5.63% BB/Ba2 Energy US
4/28 NuStar Logistics LP Sr Unsecured $550 10 339bps 5.63% BB+/Ba1 Energy US
4/24 Alliance Resource Operating Sr Unsecured $400 8 524bps 7.50% BB-/B1 Energy US
Partners LP

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
4/28 Bonanza Creek Energy Inc Rev $192 46 L+300bps - Energy US
4/27 Caesars Growth Properties LLC Term $1,318 48 L+300bps B1 Consumer, US
Cyclical
4/24 First Gas Power Corp Term $500 83 - - Utilities Philippines
4/25 Motorola Solutions Inc Rev $2,200 59 L+125bps - Communications US
Communic
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) 205-1390 (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 Blaine Burke Nicholas Page
Managing Director Managing Director Managing Director Director Vice President Vice President
(212) 205-1385 (212) 205-1386 (212) 205-1392 (212) 205-1393 (212) 205-1382 (212) 205-1389

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

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