Volume 7, Issue 29

July 25, 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 (7/25/17)
0 bps 0.00% I I I I I I
Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
123 bps 131 bps 145 bps 1.36% 1.51% 1.82% 1.99% 2.25% 2.82%

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%
7/25/17 7/25/17
2.22% 2.25%
1.00% 1.00%
Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17

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

4.50% 250bps

4.00% 200bps

3.50% 150bps

3.00% 100bps

7/25/17 7/25/17
A 2.50% 50bps
3.00% A 76 bps
BBB 3.39% BBB 115 bps
2.00% 0bps
Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Jul-16 Oct-16 Jan-17 Apr-17 Jul-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%

7/25/17 90.00 7/25/17 5.00%

98.14% 5.60%
88.00 4.00%
Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Jul-16 Oct-16 Jan-17 Apr-17 Jul-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 29
July 25, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
7/21 KPMG LLP Sr Notes $100 8 135bps 3.48% 1 Financial UK
$175 16 150bps 3.92%
7/21 TransGrid Sr Secured $390 10 130bps 3.55% 2 Utilities Australia
$134 12 140bps 3.65%
$203 15 155bps 3.80%
A$25 17 165bps 5.20%
7/21 Workspace Group PLC Sr Notes 80 8 200bps - 2 Financial UK
120 10 190bps -

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
7/17 Sabine Pass Liquefaction LLC 1st Lien $1,350 11 - 4.20% BBB- / Baa3 Energy US
7/18 Takeda Pharmaceutical Company Sr Notes $500 4 55bps 2.45% A- / A1 Consumer, Japan
Limited Non-cyclical

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
7/21 Sociedad Anonima Sr Notes $750 10 - 6.95% B Energy Argentina

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
7/17 Bristow Equipment Leasing Ltd Delay-Draw $230 69 L+500bps - Energy US
7/17 WideOpenWest Finance LLC Term $2,280 72 L+325bps - Communications US
Rev $200 72 L+300bps

CONTACT WHITEHALL
Jon Cody Timothy Page Richard Ashby Todd Brussel Brian Burchfield Matt Cody Roland DaCosta Sim Ketchum Bob Salandra
Managing Director Managing Director 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 (212) 335-2562 (212) 335-2561

Vincas Snipas Van Thorne Geoffrey Wilson Mark Halpin Nadia Zaets Blaine Burke Nicholas Page Sang Joon Lee Aaron Richardson
Managing Director Managing Director Managing Director Director Director Vice President Vice President Associate Associate
(212) 205-1385 (212) 205-1386 (212) 205-1392 (212) 205-1393 (212) 335-2557 (212) 205-1382 (212) 205-1389 (212) 205-1391 (212) 205-1387

Ted Barrett Billy Kovanis Vitaliy Koretskyy Keir Wianecki

Analyst Analyst Analyst Analyst
(212) 205-1396 (212) 335-2550 (212) 335-2551 (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