Volume 8, Issue 12

March 21, 2018

UNITED STATES DEBT MARKET

US LIBOR US TREASURY YIELD CURVE
300 bps 6.00%

250 bps 5.00%

200 bps 4.00%

150 bps 3.00%

100 bps 2.00%

50 bps 1.00%
30yr Avg 15yr Avg Today (3/21/18)
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
184 bps 222 bps 239 bps 2.35% 2.46% 2.70% 2.78% 2.90% 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%
3/21/18 3/21/18
2.93% 2.90%
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%

3/21/18 3/21/18 50bps

A 2.50% A 91 bps
3.76%
BBB 4.16% BBB 132 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
3/21/18 3/21/18
98.51% 5.93%
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 12
March 21, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/16 Amazon.com Inc Sr Notes $504 21 120bps - 1 Communications US
3/16 CareSource Management Group Co CTL $205 26 175bps - 1 Financial US
3/16 Gateway Casinos & Entertainment CTL C$515 20 260bps 5.00% 2 Consumer, Canada
Ltd Cyclical
3/16 ITC Transmission FMB $225 35 95bps 4.00% 1 Utilities US
3/16 New Jersey Natural Gas FMB $125 30 85bps 4.01% 1 Utilities US
3/16 New Jersey Resources Sr Notes $100 10 105bps 3.96% 1 Utilities US
3/16 NSW Ports Sr Notes $115 12 120bps - 2 Consumer, Australia
$80 15 135bps Non-Cyclical
A$70 15 140bps
A$150 30 140bps
3/16 River Fuel Funding #3 Sr Secured $100 3 100bps 3.42% 2 Financial US
3/16 Southern Maryland Electric FMB $135 30 105bps 4.00% 1 Utilities US
Cooperative (SMECO)
US PUBLIC MARKET ISSUANCES
SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/14 Brooklyn Union Gas Company Sr Notes $650 30 110bps 4.27% A-/A2 Utilities US
3/13 Edison International Sr Notes $550 10 128bps 4.13% BBB/A3 Utilities US
3/16 Idaho Power Company Sr Secured $220 30 110bps 4.20% A-/A1 Utilities US
3/15 Southwest Gas Corp Sr Notes $300 10 85bps 3.70% BBB+/A3 Utilities US
3/15 Transcontinental Gas Pipe Line Sr Notes $400 10 120bps 4.00% BBB/Baa2 Energy US
Company LLC $600 30 150bps 4.60%
3/14 WGL Holdings Inc Sr Notes $250 2 - 2.66% A-/A3 Utilities US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/15 AES Corporation Sr Notes $500 3 164bps 4.00% BB+/Ba2 Utilities US
$500 5 193bps 4.50%
3/16 CNX Midstream Partners LP Sr Notes $400 8 363bps 6.50% BB-/B3 Energy US
3/15 United States Steel Corporation Sr Notes $650 8 343bps 6.25% B/B2 Basic Materials US

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
3/13 AECOM Term $510 36 150bps Ba1 Industrial US
$600 83 175bps
3/15 Leidos Innovations Corporation Term $1,120 65 175bps - Technology US
3/15 Trafigura Group Pte Ltd Rev $2,200 11 60bps - Energy Singapore
$3,525 35 80bps

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) 335-2552

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