Volume 8, Issue 7

February 13, 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 (2/13/18)
0 bps 0.00% I I I I I I
Feb-17 May-17 Aug-17 Nov-17 Feb-18 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
159 bps 183 bps 205 bps 2.10% 2.25% 2.55% 2.67% 2.84% 3.13%

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%
2/13/18 2/13/18
2.85% 2.84%
1.00% 1.00%
Feb-17 May-17 Aug-17 Nov-17 Feb-18 Feb-17 May-17 Aug-17 Nov-17 Feb-18

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

200bps
4.50%

4.00% 150bps

3.50%
100bps
3.00%

2/13/18 2/13/18 50bps

A 2.50% A 73 bps
3.58%
BBB 3.98% BBB 113 bps
2.00% 0bps
Feb-17 May-17 Aug-17 Nov-17 Feb-18 Feb-17 May-17 Aug-17 Nov-17 Feb-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
2/13/18 2/13/18
98.51% 6.03%
90.00 4.00%
Feb-17 May-17 Aug-17 Nov-17 Feb-18 Feb-17 May-17 Aug-17 Nov-17 Feb-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 7
February 13, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/9 Invenergy Renewables LLC Sr Secured $65 25 - - 2 Energy US
2/9 Artesian Water Company Inc FMB $25 20 - 4.71% - Utilties US

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/6 Canadian National Railway Company Sr Notes $300 2 25bps 2.40% A/A2 Industrial Canada
$600 30 70bps 3.65%
2/8 MPLX LP Sr Notes $500 5 90bps 3.38% BBB/Baa3 Energy US
$1,250 10 130bps 4.00%
$1,750 20 155bps 4.50%
$1,500 30 170bps 4.70%
$500 40 190bps 4.90%

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/8 Berry Petroleum Company Sr Notes $400 8 417bps 7.00% B+/B3 Energy US
2/6 Indigo Natural Resources LLC Sr Notes $650 8 412bps 6.88% B+/B3 Energy US
2/6 Oceaneering International, Inc. Sr Notes $300 10 323bps 6.00% BBB/Ba1 Energy US
2/7 Shelf Drilling Holdings Ltd Sr Notes $600 7 557bps 8.25% B-/B2 Energy Cayman
Islands

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
2/6 Consolidated Container Company, Term $603 75 300bps - Industrial US
LLC
2/9 MetroGAS SA Term $250 36 300bps - Utilities Argentina
2/7 Sable International Finance Limited Term $1,875 95 325bps BB-/Ba3 Communications Cayman
Islands

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