Volume 8, Issue 10

March 6, 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 (3/6/18)
0 bps 0.00% I I I I I I
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
169 bps 203 bps 223 bps 2.24% 2.38% 2.64% 2.74% 2.87% 3.13%

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%
3/6/18 3/6/18
2.88% 2.87%
1.00% 1.00%
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18

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

200bps
4.50%

4.00% 150bps

3.50%
100bps
3.00%

3/6/18 3/6/18 50bps

A 2.50% A 85 bps
3.72%
BBB 4.14% BBB 127 bps
2.00% 0bps
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Mar-17 Jun-17 Sep-17 Dec-17 Mar-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
3/6/18 3/6/18
98.45% 5.86%
90.00 4.00%
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Mar-17 Jun-17 Sep-17 Dec-17 Mar-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 10
March 6, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/2 Air Canada Sr Notes C$64 8 205bps 4.19% - Consumer, Canada
C$238 12 145bps 3.67% Cyclical
3/2 HNI Corp Sr Notes $50 7 145bps 4.22% 2 Consumer, US
$50 10 155bps 4.40% Cyclical
3/2 OSI Group LLC Sr Secured $500 10 150bps 4.35% 2 Consumer, US
Non-Cyclical

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/28 CenterPoint Energy Houston Sr Secured $400 30 82bps 3.95% A/A1 Utilities US
Electric, LLC
2/28 Florida Power & Light Company Sr Secured $1,000 30 82bps 3.95% A/Aa2 Utilities US
3/1 Kinder Morgan Inc Sr Notes $1,250 10 143bps 4.30% BBB-/Baa3 Energy US
$750 30 200bps 5.20%
3/2 Occidental Petroleum Corporation Sr Notes $1,000 30 110bps 4.20% A/A3 Energy US
3/1 Phillips 66 Sr Notes $500 3 - 2.61% BBB+/A3 Energy US
$800 10 105bps 3.90%

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/1 Enbridge Inc Sr Notes $850 60 - 6.25% BBB-/Ba2 Energy Canada
2/26 GFL Environmental Inc Sr Notes $400 5 271bps 5.38% B-/B3 Industrial Canada
3/2 Western Gas Partners LP Sr Notes $400 10 163bps 4.50% BBB-/Ba1 Energy US
$700 30 213bps 5.30%

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
2/27 Aegion Corp Term $350 32 200bps - Industrial US
2/27 Schlumberger Finance BV Rev $2,000 59 - - Energy The
Netherlands
2/28 Terex Corporation Term $397 71 200bps - Industrial US
2/27 Western Digital Corporation Term $5,022 62 150bps BBB-/Baa2 Technology US

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