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Volume 8, Issue 24

June 12, 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 (6/12/18)
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
205 bps 233 bps 249 bps 2.54% 2.63% 2.81% 2.87% 2.96% 3.10%

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%
6/12/18 6/12/18
3.02% 2.96%
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%

6/12/18 6/12/18 50bps


A 2.50% A 91 bps
3.86%
BBB 4.31% BBB 137 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 6/12/18
6/12/18 #N/A
98.44% Requesting
90.00 Data...% 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 24
June 12, 2018

SELECT US PRIVATE PLACEMENTS


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/8 Scottish Mortgage Investment Trust Sr Notes $30 20 110bps 2.91% 1 UK
$50 23 110bps 2.94%
$90 30 110bps 2.96%
6/8 Vanderbilt University Trademark Sr Secured $1,500 30 180bps - 1 US
Royalty Monetization

US PUBLIC MARKET ISSUANCES


SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/5 Dominion Energy, Inc Sr Notes $300 10 140bps 4.25% BBB/Baa2 Utilities US
6/8 Energy Transfer Partners, L.P. Sr Notes $1,000 10 205bps 4.95% BBB-/Baa3 Energy US
$1,000 30 300bps 6.00%
$500 5 145bps 4.20%
$500 20 275bps 5.80%
6/6 PSEG Power LLC Sr Notes $700 5 108bps 3.85% BBB+/Baa1 Utilities US
6/4 Southern California Edison Sr Secured $300 5 75bps 3.40% A/Aa3 Utilities US
Company
6/7 Tampa Electric Company Sr Notes $350 30 125bps 4.30% BBB+/A3 Utilities US
6/7 WEC Energy Group, Inc Sr Notes $600 3 75bps 3.38% BBB+/A3 Utilities US

SELECT BELOW INVESTMENT GRADE ISSUANCES


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/4 Yamana Gold Inc Sr Notes $300 10 - 4.63% BB+/Baa3 Basic Materials Canada
\
SELECT CLOSED SYNDICATED LOANS
Date Issuer Type $mm Months Spread Rating Sector Country
6/9 Genneia S.A. Term $142 192 - - Utilities Argentina
6/7 Las Vegas Sands LLC Term $1,350 81 175bps BBB-/Ba1 Consumer, US
Cyclical
6/4 PepsiCo, Inc Rev $3,750 11 - - Consumer, US
Non-Cyclical
6/8 Takeda Pharmaceutical Company Term $7,500 59 - - Consumer, Japan
Limited Non-Cyclical

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

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