Volume 8, Issue 23

June 5, 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 (6/5/18)
0 bps 0.00% I I I I I I
Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
200 bps 232 bps 247 bps 2.51% 2.60% 2.78% 2.84% 2.93% 3.08%

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%
6/5/18 6/5/18
2.99% 2.93%
1.00% 1.00%
Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18

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

200bps
4.50%

4.00% 150bps

3.50%
100bps
3.00%

6/5/18 6/5/18 50bps

A 2.50% A 93 bps
3.83%
BBB 4.29% BBB 139 bps
2.00% 0bps
Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Jun-17 Sep-17 Dec-17 Mar-18 Jun-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
6/5/18 6/5/18
98.39% 6.02%
90.00 4.00%
Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Jun-17 Sep-17 Dec-17 Mar-18 Jun-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 23
June 5, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/1 Exelon Corporation FMB $300 30 115bps 4.27% 1 Utilities US
$100 30 119bps 4.31%
6/1 RREEF America REIT II Sr Notes $200 10 130bps 4.14% 1 Financial US
$200 12 135bps 4.19%

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/31 Israel Chemicals Limited Sr Notes $600 20 320bps 6.38% BBB- Basic Materials Israel
6/1 Valero Energy Corporation Sr Notes $750 10 125bps 4.35% BBB/Baa2 Energy US
6/1 Yara International ASA Sr Notes $1,000 10 180bps 4.75% BBB/Baa2 Basic Materials Norway

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/30 Calfrac Holdings LP Sr Notes $650 8 - 8.50% B-/B3 Energy US
5/29 Microchip Technology Incorporated Sr Secured $1,000 5 150bps 4.33% BB+/Baa3 Technology US
\
SELECT CLOSED SYNDICATED LOANS
Date Issuer Type $mm Months Spread Rating Sector Country
5/29 Bison Midstream Holdings, LLC Term $900 84 400bps B Energy US
Rev $50 59 -
5/30 ENC Holding Corporation Term $263 84 425bps B/B3 Industrial US
Asset-Based $50 84 300bps
5/30 TransDigm Inc Rev
Term $3,578 60 250bps B+/Ba2 Industrial US
Term $3,188 84 250bps
Rev $600 47 250bps

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 Charles Joerss Vitaliy Koretskyy Billy Kovanis Keir Wianecki
Analyst Analyst Analyst Analyst Analyst
(212) 205-1396 (212) 335-2555 (212) 335-2551 (212) 335-2550 (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