Volume 8, Issue 15

April 10, 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 (4/10/18)
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
190 bps 234 bps 247 bps 2.31% 2.41% 2.62% 2.69% 2.80% 3.02%

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%
4/10/18 4/10/18
2.82% 2.80%
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%

4/10/18 4/10/18 50bps

A 2.50% A 93 bps
3.71%
BBB 4.12% BBB 135 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
4/10/18 4/10/18
98.36% 6.00%
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 15
April 10, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/6 Crescent Point Energy Corp Sr Notes $150 5 150bps - 2 Energy Canada
7 155bps
4/6 Heathrow Airport Ltd Sr Notes $145 18 91bps 2.61% 1 Industrial UK
4/6 Warehouses De Pauw Sr Notes $100 11 215bps 2.62% 2 Financial Belgium

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/4 Anheuser-Busch InBev Worldwide Sr Notes $1,500 6 90bps 3.50% A-/A3 Consumer, Belgium
Inc $2,500 10 120bps 4.00% Non-cyclical
$1,500 20 135bps 4.38%
$2,500 30 150bps 4.60%
$1,500 40 165bps 4.75%
4/6 Union Electric Company Sr Secured $425 30 100bps 4.00% A/A2 Utilities US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/5 Cequel Communications Holdings I Sr Notes $1,050 10 468bps 7.50% B/Caa1 Communications US
LLC
4/3 Charles River Laboratories Sr Notes $500 8 274bps 5.50% BB+/B1 Consumer, US
International, Inc Non-Cyclical
4/6 Tronox, Inc Sr Notes $615 8 379bps 6.50% B-/B3 Basic Materials US

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
4/3 Arch Coal, Inc Term $298 71 275bps BB/Ba3 Energy US
4/4 Asia Offshore Rig 1 Ltd Term $360 59 - - Energy Norway
4/6 Breitburn Operating LP Reserve-Based $390 48 350bps - Energy US
Rev
Term $10 84 200bps
4/2 Mondelez International Inc Rev $2,000 11 84bps - Consumer, US
Non-Cyclical

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