Volume 8, Issue 5

January 30, 2018

UNITED STATES DEBT MARKET

US LIBOR US TREASURY YIELD CURVE
250 bps 6.00%

5.00%
200 bps
4.00%
150 bps
3.00%
100 bps
2.00%
50 bps 1.00%
30yr Avg 15yr Avg Today (1/30/18)
0 bps 0.00% I I I I I I
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
157 bps 177 bps 197 bps 2.12% 2.24% 2.50% 2.58% 2.71% 2.98%

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%
1/30/18 1/30/18
2.73% 2.71%
1.00% 1.00%
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18

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

200bps
4.50%

4.00% 150bps

3.50%
100bps
3.00%

1/30/18 1/30/18 50bps

A 2.50% A 76 bps
3.42%
BBB 3.85% BBB 119 bps
2.00% 0bps
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18
S&P / LSTA LEVERAGED LOAN INDEX AVERAGE JUNK-BOND YIELD
100.00 8.00%

98.00
7.00%
96.00
6.00%
94.00
5.00%
92.00
1/30/18 1/30/18
98.61% 5.60%
90.00 4.00%
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18

Copyright © 2018 Whitehall & Company LLC

280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380 Fax: (212) 205-1381
www.whitehallandcompany.com
 Volume 8, Issue 5
January 30, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
1/26 Brookfield Utilities UK Ltd Sr Notes £40 9 - 2.62% 2 Utilites UK
£55 14 - 2.83%
£105 20 - 2.97%
£100 30 - 3.04%
1/26 FirstGroup PLC Sr Notes $100 7 160bps 4.17% 2 Industrial UK
$175 10 165bps 4.29%
1/26 McCain Foods Ltd Sr Notes C$150 12 133bps 3.56% 2 Consumer, Canada
C$117 12 143bps 3.68% Non-Cyclical
C$133 14 145bps 3.68%
C$100 14 156bps 3.79%
1/26 Nordic Aviation Capital Sr Notes $137 5 215bps - 2 Industrial Denmark
$71 7 225bps -
$30 8 230bps -
$143 10 235bps -

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
1/22 Southwestern Electric Power Sr Notes $450 30 97bps 3.85% A-/Baa2 Utilities US
Company

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
1/22 Buckeye Partners, LP Sr Notes $400 60 - 6.38% BB/Ba1 Energy US
1/26 Ensco PLC Sr Notes $1,000 8 524bps 7.75% BB-/B3 Energy UK
1/25 Extraction Oil & Gas, Inc Sr Notes $750 8 304bps 5.63% B/B3 Energy US
1/23 Nabors Industries, Inc Sr Notes $800 7 327bps 5.75% BB/Ba3 Energy US
1/24 Puma International Finaning S.A. Sr Notes $750 8 - 5.00% Ba2 Energy Luxembourg
1/23 Sunoco LP Sr Notes $1,000 5 255bps 4.88% BB-/B1 Energy US
$800 8 299bps 5.50%
$400 10 334bps 5.88%

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
1/26 Edison International Term $500 12 60bps - Utilities US
1/22 EXCO Resources, Inc Rev $125 11 400bps - Energy US
1/22 Infraestructura Energetica Nova, Standby LC $1,000 59 - - Utilities Mexico
S.A.B. De C.V.
1/22 Philadelphia Energy Solutions Term $120 59 625bps - Energy US
Refining and Marketing, LLC

CONTACT WHITEHALL
Jon Cody Timothy Page Richard Ashby Todd Brussel Brian Burchfield Matt Cody Roland DaCosta Bob Salandra Vincas Snipas
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) 335-2561 (212) 205-1385

Van Thorne Geoffrey Wilson Mark Halpin Nadia Zaets Blaine Burke Nicholas Page Sang Joon Lee Aaron Richardson
Managing Director Managing Director Director Director Vice President Vice President Associate Associate
(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) 205-2552

Source: Bloomberg

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

Copyright © 2018 Whitehall & Company LLC

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