Volume 8, Issue 32

August 7, 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 (8/7/18)
0 bps 0.00% I I I I I I
Aug-17 Nov-17 Feb-18 May-18 Aug-18 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
208 bps 234 bps 252 bps 2.66% 2.72% 2.83% 2.88% 2.96% 3.11%

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%
8/7/18 8/7/18
3.03% 2.96%
1.00% 1.00%
Aug-17 Nov-17 Feb-18 May-18 Aug-18 Aug-17 Nov-17 Feb-18 May-18 Aug-18

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

200bps
4.50%

4.00% 150bps

3.50%
100bps
3.00%

8/7/18 8/7/18 50bps

A 2.50% A 87 bps
3.82%
BBB 4.31% BBB 136 bps
2.00% 0bps
Aug-17 Nov-17 Feb-18 May-18 Aug-18 Aug-17 Nov-17 Feb-18 May-18 Aug-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
8/7/18 8/7/18
98.40% 5.98%
90.00 4.00%
Aug-17 Nov-17 Feb-18 May-18 Aug-18 Aug-17 Nov-17 Feb-18 May-18 Aug-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 32
August 7, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/3 Nicor Gas Sr Notes $100 21 105bps 4.08% 1 Energy US
$100 30 110bps 4.19%
$100 40 125bps 4.34%
8/3 Sodexo Sr Notes $400 5 - 3.70% 2 Consumer, France
Cyclical
8/3 SVF Holdings Real Estate Sr Notes $50 6 120bps 4.11% 1 Financial UK
Investment
Trust $50 10 125bps 4.24%
$200 12 135bps 4.33%

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/2 Burlingtn Northern Santa Fe, LLC Sr Notes $750 30 113bps 4.15% A+/A3 Industrial US
8/2 Norfolk Southern Corporation Sr Notes $600 100 200bps 5.10% BBB+/Baa1 Industrial US
8/1 POSCO Sr Notes $500 5 - 4.00% BBB+/Baa1 Basic Materials South Korea

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
7/31 Altice France 1st Lien $1,750 8 528bps 8.13% B/B1 Communications France
8/1 Hi-Crush Partners LP Sr Notes $450 8 655bps 9.50% B-/B3 Basic Materials US
8/2 Party City Holdings, Inc Sr Notes $500 8 - 6.63% B-/B1 Consumer, US
Cyclical
\
SELECT CLOSED SYNDICATED LOANS
Date Issuer Type $mm Months Spread Rating Sector Country
8/1 AL Midcoast Holdings, LLC Term $600 84 550bps BB- Energy US
8/1 Brookfield WEC Holdings, Inc Asset-Based $200 60 - B2 Industrial US
Rev $200 60 - B2
Term $2,730 84 375bps B/B2
Term $325 96 675bps B-/Caa1
7/31 Koch Industries, Inc Rev $4,000 59 63bps - Diversified US
7/31 Noble Midstream Services, LLC Delay-Draw $500 36 100bps - Energy US
Term
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 Daniel Charen Charles Joerss Ben Koeppel Vitaliy Koretskyy Billy Kovanis Keir Wianecki
Analyst Analyst Analyst Analyst Analyst Analyst Analyst
(212) 205-1396 (212) 335-2567 (212) 335-2555 (212) 335-2566 (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