Volume 8, Issue 11

March 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 (3/13/18)
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
176 bps 211 bps 229 bps 2.26% 2.39% 2.63% 2.72% 2.86% 3.12%

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%
3/13/18 3/13/18
2.91% 2.86%
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%

3/13/18 3/13/18 50bps

A 2.50% A 87 bps
3.76%
BBB 4.19% BBB 130 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
3/13/18 3/13/18
98.52% 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 11
March 13, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/9 Great Portland Estates plc Sr Notes $100 10 - 2.70% 2 Financial UK
12 - -
15 - 2.93%

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/9 NextEra Energy Capital Holidng Inc Sr Notes $800 1 - 2.37% BBB+/Baa1 Utilities US
3/9 PNM Resources Inc Sr Notes $300 3 88bps 3.25% BBB/Baa3 Utilities US
3/5 Southern California Edison Sr Secured $450 3 50bps 2.90% A/Aa3 Utilities US
Company $400 10 80bps 3.65%
$400 30 100bps 4.13%

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/9 Ball Corporation Sr Notes $750 8 201bps 4.88% BB+/Ba1 Industrial US
3/6 Bristow Group Inc Sr Secured $350 5 637bps 8.75% B+/B2 Energy US

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
3/8 Kraton Polymers, LLC Term $300 84 250bps BB/Ba3 Basic Materials US
3/7 Petrobras Global Trading Rev $4,350 60 170bps - Energy Brazil
3/6 PNM Resources Inc Term $150 3 100bps - Utilities 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