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Volume 8, Issue 9

February 27, 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 (2/27/18)
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
165 bps 198 bps 220 bps 2.26% 2.39% 2.66% 2.76% 2.91% 3.19%

10 YEAR US SWAP RATES 10 YEAR US TREASURY


3.50% 3.50%

3.00% 3.00%

2.50% 2.50%

2.00% 2.00%

1.50% 1.50%
2/27/18 2/27/18
2.93% 2.91%
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%

2/27/18 2/27/18 50bps


A 2.50% A 81 bps
3.68%
BBB 4.10% BBB 123 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 7.00%

98.00
6.00%
96.00

94.00
5.00%
92.00
2/27/18 2/27/18
98.51% 5.95%
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 9
February 27, 2018

SELECT US PRIVATE PLACEMENTS


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/22 Britvic Plc Sr Notes €40 10 65bps - 2 Consumer, UK
£20 10 106bps 2.66% Non-Cyclical
£20 12 106bps -
£15 12 101bps 2.75%
£30 15 108bps 2.88%
2/22 Major League Baseball Sr Secured $100 21 100bps - 1 Consumer, US
Cyclical

US PUBLIC MARKET ISSUANCES


SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/23 The Boeing Company Sr Notes $350 5 38bps 2.80% A/A2 Industrial US
$350 10 58bps 3.25%
$350 20 68bps 3.55%
$350 30 83bps 3.63%
2/20 Commonwealth Edison Company Sr Secured $800 30 85bps 4.00% A-/A1 Utilities US
2/20 CSX Corporation Sr Notes $850 30 115bps 4.30% BBB+/Baa1 Industrial US
2/22 Daimler Finance North America Sr Notes $550 3 65bps 3.00% A2 Consumer, US
LLC $675 5 75bps 3.35% Cyclical
$625 10 85bps 3.75%
2/23 PECO Energy Company Sr Secured $325 30 77bps 3.90% A-/A1 Utilities US

SELECT BELOW INVESTMENT GRADE ISSUANCES


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/22 Sprint Corporation Sr Notes $1,500 8 475bps 7.63% B/B3 Communications US

SELECT CLOSED SYNDICATED LOANS


Date Issuer Type $mm Months Spread Rating Sector Country
2/22 Cineworld Finance US Inc Term $3,325 84 250bps B1 Consumer, US
Cyclical
2/21 Societe des Hydrocarbures du Term $1,305 148 200bps - Energy Chad
Tchad
2/22 TransDigm Inc Term $1,810 78 250bps B+ Industrial US

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 Blaine Burke Nicholas Page Aaron Richardson
Managing Director Managing Director Managing Director Director Associate Associate Associate
(212) 205-1385 (212) 205-1386 (212) 205-1392 (212) 205-1393 (212) 205-1382 (212) 205-1389 (212) 205-1387

Ted Barrett Billy Kovanis Sang Joon Lee Keir Wianecki


Analyst Analyst Analyst Analyst
(212) 205-1396 (212) 335-2550 (212) 205-1391 (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

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