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Volume 8, Issue 18

May 1, 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 (5/1/18)
0 bps 0.00% I I I I I I
May-17 Aug-17 Nov-17 Feb-18 May-18 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
191 bps 236 bps 252 bps 2.51% 2.61% 2.81% 2.87% 2.97% 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%
5/1/18 5/1/18
2.99% 2.97%
1.00% 1.00%
May-17 Aug-17 Nov-17 Feb-18 May-18 May-17 Aug-17 Nov-17 Feb-18 May-18

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


200bps
4.50%

4.00% 150bps

3.50%
100bps
3.00%

5/1/18 5/1/18 50bps


A 2.50% A 92 bps
3.88%
BBB 4.30% BBB 134 bps
2.00% 0bps
May-17 Aug-17 Nov-17 Feb-18 May-18 May-17 Aug-17 Nov-17 Feb-18 May-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
5/1/18 5/1/18
98.57% 6.17%
90.00 4.00%
May-17 Aug-17 Nov-17 Feb-18 May-18 May-17 Aug-17 Nov-17 Feb-18 May-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 18
May 1, 2018

SELECT US PRIVATE PLACEMENTS


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/27 CoreCivic of Kansas LLC Sr Secured $160 20 - 4.43% 2 Financial US
4/27 Crowley Maritime Corp Sr Secured $100 7 - 5.00% 2 Industrial US
4/27 SMBC Rail Services LLC Sr Secured $450 8 115bps 4.04% 1 Consumer, US
Non-Cyclical

US PUBLIC MARKET ISSUANCES


SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/23 Abu Dhabi National Energy Sr Notes $750 7 - 4.38% A3 Utilities United Arab
Company $1,000 12 205bps 4.88% Emirates
4/24 Brisbane Airport Corporation Pty. Sr Secured $350 7 - 3.90% BBB/Baa2 Industrial Australia
4/24 Cometa Energia, S.A. de C.V Sr Secured $860 17 - 6.38% Baa3 Utilties Mexico
4/24 KazMunayGas National Co JSC Sr Notes $500 7 195bps 4.75% Baa3 Energy Kazakhstan
$1,250 12 253bps 5.38%
$1,500 30 341bps 6.38%

SELECT BELOW INVESTMENT GRADE ISSUANCES


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/26 Conuma Coal Resources Ltd Sr Secured $200 5 797bps 10.00% B+/B2 Energy Canada
4/26 Netflix Inc Sr Notes $1,900 11 291bps 5.88% B+/Ba3 Communications US

SELECT CLOSED SYNDICATED LOANS


Date Issuer Type $mm Months Spread Rating Sector Country
4/26 Alliant Energy Finance, LLC Term $300 24 70bps - Utilities US
4/25 EQT Midstream Partners Lp Delay-Draw $2,500 11 138bps - Energy US
4/26 Southwestern Energy Company Term
Reserve-Based $2,000 60 - - Energy US
4/26 Sundance Energy Australia Limited Rev
Reserve-Based $250 53 - Energy Australia
Rev
Term $250 60 800bps -
4/25 Tristate Generation and Rev $650 60 100bps - Utilities US
TransmissionInc
Association,

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 Richardson
Managing Director Managing Director Managing Director Director Director Vice President Vice President Associate Associate
(212) 205-1385 (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 Charles Joerss
Analyst Analyst Analyst Analyst Analyst
(212) 205-1396 (212) 335-2550 (212) 335-2551 (212) 335-2552 (212) 335-2555

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

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