Volume 8, Issue 28

July 10, 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%

30yr Avg
50 bps 1.00% 15yr Avg
Today (7/10/18)
0 bps 0.00%
Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 23 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
209 bps 233 bps 251 bps 2.57% 2.63% 2.76% 2.80% 2.86% 2.96%

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%
7/10/18 7/10/18
2.94% 2.86%
1.00% 1.00%
Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18

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

200bps
4.50%

4.00% 150bps

3.50%
100bps
3.00%

7/10/18 7/10/18 50bps

A 2.50% A 99 bps
3.81%
BBB 4.32% BBB 150 bps
2.00% 0bps
Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Jul-17 Oct-17 Jan-18 Apr-18 Jul-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
7/10/18 7/10/18
98.17% 6.05%
90.00 4.00%
Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Jul-17 Oct-17 Jan-18 Apr-18 Jul-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 28
July 10, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
No private placement data availble this week

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
7/2 Concho Resources Inc Sr Notes $1,000 10 140bps 4.30% BBB-/Baa3 Energy US
$600 30 180bps 4.85%
7/2 ONEOK, Inc Sr Notes $800 10 170bps 4.55% BBB/Baa3 Energy US
$450 30 220bps 5.20%

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
7/6 Energizer Gamma Acquisition Inc Sr Notes $500 8 346bps 6.38% BB-/B2 Industrial US
7/6 LGI Homes, Inc Sr Notes $300 8 416bps 6.88% BB-/B1 Consumer, US
Cyclical
7/3 SRC Energy Inc Sr Notes $550 7 - 6.25% B+/B3 Energy US
\
SELECT CLOSED SYNDICATED LOANS
Date Issuer Type $mm Months Spread Rating Sector Country
7/2 Gentiva Health Services, Inc Rev $350 59 - B/B1 Consumer, US
Delay-Draw $2,200 83 375bps B/B1 Non-Cyclical
Term $475 95 700bps CCC+/Caa1
7/3 Hamilton Holdco, LLC Rev $100 59 - BB+ / Ba1 Industrial US
Term $1,140 83 200bps
7/3 Vitol Asia Pte Ltd Rev $1,855 11 55bps - Energy Singapore

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