Volume 8, Issue 25

June 19, 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 (6/19/18)
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
208 bps 232 bps 250 bps 2.54% 2.61% 2.76% 2.81% 2.89% 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%
6/19/18 6/19/18
2.96% 2.89%
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%

6/19/18 6/19/18 50bps

A 2.50% A 95 bps
3.87%
BBB 4.34% BBB 142 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
6/19/18 6/19/18
98.36% 6.19%
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 25
June 19, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/15 DTE Gas Co Sr Notes $195 10 85bps 3.81% 1 Utilities US
6/15 El Paso Electric Company Sr Notes $100 10 130bps - 2 Utilities US
6/15 Rio Grande Resources Trust Sr Notes $65 7 115bps 4.07% 2 Utilities US
6/15 TAG Immobilien AG Sr Notes $125 5 - 1.25% Financial Germany
$125 7 - 1.75%
6/15 The Federal Electricity Commission Sr Notes $150 20 255bps - 2 Utilities Mexico
(CFE) of Mexico

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/12 Alliant Energy Finance, LLC Sr Notes $400 5 95bps 3.75% BBB+/Baa1 Utilities US
$300 10 130bps 4.25%
6/12 Enel Chile S.A. Sr Notes $1,000 10 210bps 4.88% BBB+/Baa2 Utilities Chile
6/14 PPL Electric Utilities Corporation Sr Secured $400 30 108bps 4.15% A/A1 Utilities US
6/14 Puget Sound Energy, Inc Sr Secured $600 30 113bps 4.22% A-/A2 Utilities US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/15 Cimpress NV Sr Notes $400 8 412bps 7.00% B+/B1 Consumer, The
Non-Cyclical Netherlands
\
SELECT CLOSED SYNDICATED LOANS
Date Issuer Type $mm Months Spread Rating Sector Country
6/14 Dominion Energy, Inc Term $500 12 88bps - Utilities US
6/12 Egyptian Electricity Holding Co Term $617 - - - Utilities Egypt
6/14 Vistra Operations Company LLC Term $2,814 61 200bps BBB-/Ba1 Utilities US
Term $2,050 89

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