Volume 8, Issue 14

April 2, 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 (4/2/18)
0 bps 0.00% I I I I I I
Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
188 bps 231 bps 245 bps 2.28% 2.38% 2.59% 2.66% 2.77% 3.01%

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%
4/2/18 4/2/18
2.81% 2.77%
1.00% 1.00%
Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18

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

200bps
4.50%

4.00% 150bps

3.50%
100bps
3.00%

4/2/18 4/2/18 50bps

A 2.50% A 95 bps
3.69%
BBB 4.11% BBB 137 bps
2.00% 0bps
Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Apr-17 Jul-17 Oct-17 Jan-18 Apr-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
4/2/18 4/2/18
98.42% 5.97%
90.00 4.00%
Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Apr-17 Jul-17 Oct-17 Jan-18 Apr-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 14
April 2, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/30 Boral Ltd Sr Notes $75 8 130bps - 2 Australia
$225 8 135bps 4.05%
3/30 Plexus Corp Sr Notes $100 7 130bps 4.05% 2 US
$50 10 140bps 4.22%

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/29 Bell Canada Sr Notes $750 30 140bps 4.46% BBB+/Baa1 Communications Canada
3/28 Centerpoint Energy Resources Corp Sr Notes $300 5 97bps 3.55% A-/Baa2 Utilities US
$300 10 117bps 4.00%
3/28 Connecticut Light and Power Sr Secured $500 30 93bps 4.00% AA-/A2 Utilities US
Company
3/29 Valero Energy Partners LP Sr Notes $500 10 170bps 4.50% BBB-/Baa3 Energy US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/27 Mississippi Power Company Sr Notes $300 2 - 2.94% Ba1 Utilities US
$300 10 115bps 3.95%

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
3/29 China Water Affairs Group Limited Term $200 59 195bps - Industrial Hong Kong
3/29 Coronado Australian Holdings Pty Term $700 84 650bps B1 Energy Australia
3/29 Ltd Seasons Hotels Limited
Four Term $891 68 200bps - Consumer, Canada
Cyclical
3/27 Ormat Technologies, Inc Term $100 131 - - Utilities US
3/26 Sustainable Power Group LLC Rev $175 35 275bps - Energy US
3/26 Viva Energy Holding Pty Ltd Rev $700 23 110bps - Energy Australia

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