Volume 8, Issue 16

April 17, 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 (4/17/18)
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
189 bps 236 bps 250 bps 2.39% 2.49% 2.69% 2.75% 2.83% 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%
4/17/18 4/17/18
2.87% 2.83%
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%

4/17/18 4/17/18 50bps

A 2.50% A 92 bps
3.75%
BBB 4.18% 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
4/17/18 4/17/18
98.51% 5.86%
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 16
April 17, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/13 Arthur J. Gallagher & Co Sr Notes $50 6 140bps - 2 Financial US
$125 10 155bps 4.34%
$125 12 165bps 4.44%
$125 15 180bps 4.59%
$75 20 180bps 4.69%
4/13 JRD Holdings Inc Sr Notes $225 7 135bps - 2 Consumer, US
$375 10 140bps Cyclical

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/12 Nevada Power Company Sr Secured $575 2 47bps 2.75% A+/A2 Utilities US
4/11 Salesforce.com Inc Sr Notes $1,000 5 63bps 3.25% A-/A3 Technology US
$1,500 10 88bps 3.70%

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/10 GCP Applied Technologies Inc Sr Notes $350 8 268bps 5.50% BB/B1 Basic Materials US
4/9 KCA Deutag UK Finance PLC Sr Secured $400 5 700bps 9.63% B-/B3 Energy UK
4/13 Wyndham Hotels & Resorts Sr Notes $500 8 263bps 5.38% BB-/Ba2 Consumer, US
Cyclical

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
4/9 Continental Resources, Inc Rev $1,500 59 175bps - Energy US
4/11 Fieldwood Energy LLC Term $1,143 48 525bps - Energy US
$518 60 725bps
4/13 Karadeniz Energy Group Term $250 - - - Utilities Turkey
4/11 Peabody Energy Corporation Term $400 83 275bps Ba3 Energy US

CONTACT WHITEHALL
Jon Cody Timothy Page Richard Ashby Todd Brussel Brian Burchfield Matt Cody Roland DaCosta Thomas Friebel Bob Salandra
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) 335-2565 (212) 335-2561

Vincas Snipas Van Thorne Geoffrey Wilson Mark Halpin Nadia Zaets Blaine Burke Nicholas Page Sang Joon Lee Aaron
Managing Director Managing Director Managing Director Director Director Vice President Vice President Associate Richardson
(212) 205-1385 (212) 205-1386 (212) 205-1392 (212) 205-1393 (212) 335-2557 (212) 205-1382 (212) 205-1389 (212) 205-1391 Associate
(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