Volume 8, Issue 13

March 27, 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 (3/27/18)
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
188 bps 229 bps 245 bps 2.30% 2.40% 2.61% 2.69% 2.82% 3.06%

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%
3/27/18 3/27/18
2.84% 2.82%
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%

3/27/18 3/27/18 50bps

A 2.50% A 94 bps
3.75%
BBB 4.16% BBB 134 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
3/27/18 3/27/18
98.45% 6.01%
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 13
March 27, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/23 Coca-Cola Bottling Co. Consolidated Sr Notes $150 12 - 3.96% - Consumer, US
Non-Cyclical
3/23 STAG Industrial Inc Sr Notes $175 7 135bps - 2 Financial US
10 145bps
3/23 Tabcorp Holdings Ltd Sr Notes $105 8 180bps 4.57% 2 Consumer, Australia
$450 10 190bps 4.72% Cyclical
$520 12 200bps 4.82%
$175 15 215bps 4.97%
A$98 17 235bps 5.62%
A$98 18 240bps 5.70%
3/23 Terminal Investment Ltd Sr Notes $100 7 - 4.76% 2 Consumer, The
$175 10 5.10% Non-Cyclical Netherlands
$175 12 5.20%

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/23 Entergy Louisiana LLC Sr Secured $750 15 113bps 4.00% A/A2 Utilities US
3/22 Ohio Power Company Sr Notes $400 30 107bps 4.15% A-/A2 Utilities US
3/22 Peru LNG S.r.l Sr Notes $940 12 - 5.38% Baa3 Energy Peru
3/22 Virginia Electric & Power Company Sr Notes $700 10 95bps 3.80% BBB+/A2 Utilities US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/22 Aker BP ASA Sr Notes $500 7 311bps 5.88% BB+/Ba2 Energy Norway
3/22 Compressco Partners LP 1st Lien $350 7 472bps 7.50% B+/B1 Energy US
3/23 Parkland Fuel Corporation Sr Notes $500 8 317bps 6.00% BB-/B1 Energy Canada
3/21 SEPLAT Petroleum Development Sr Notes $350 5 687bps 9.25% B-/B2 Energy Nigeria
Co Plc
3/23 USA Compression Partners LP Sr Notes $725 8 400bps 6.88% B+/B3 Energy US

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
3/23 ADES International Holding Ltd Term $450 59 500bps - Energy Egypt
3/21 NRG Energy, Inc Term $1,872 63 175bps - Utilities US
3/19 PRPC Refinery and Cracker Sdn. Bridge Term $7,000 11 - - Energy Malaysia
Bhd.
3/21 Shell Brasil Ltda. Term $850 - - - Energy UK
3/21 SEPLAT Petroleum Development Rev $300 51 600bps - Energy Nigeria
Co Plc

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