Volume 8, Issue 34

August 21, 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 (8/21/18)
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
207 bps 231 bps 251 bps 2.60% 2.64% 2.72% 2.77% 2.85% 3.01%

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%
8/21/18 8/21/18
2.92% 2.85%
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%

8/21/18 8/21/18 50bps

A 2.50% A 87 bps
3.73%
BBB 4.24% BBB 138 bps
2.00% 0bps
Aug-17 Nov-17 Feb-18 May-18 Aug-18 Aug-17 Nov-17 Feb-18 May-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
8/21/18 8/21/18
98.33% 6.00%
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 34
August 21, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/17 California Water Service Co Sr Notes $300 2 70bps - 1 Utilities US
8/17 The Los Angeles Football Club Sr Secured $165 24 250bps - 2 Consumer, US
Cyclical
8/17 PowerCo Ltd Sr Secured NZ$100 7 158bps - 2 Utilities New
NZ$150 12 181bps Zealand

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/14 Entergy Louisiana, LLC Sr Secured $600 30 110bps 4.20% A/A2 Utilities US
8/17 National Fuel Gas Company Sr Notes $300 10 188bps 4.75% BBB/Baa3 Utilities US
8/17 Oklahoma Gas and Electric Sr Notes $400 10 93bps 3.80% BBB+/A2 Utilities US
Company
8/17 South Carolina Electric & Gas Sr Secured $300 3 83bps 3.50% BBB+/Baa1 Utilities US
Company $400 10 143bps 4.25%
8/17 The Southern Company Sr Notes $750 1 - 2.80% BBB+/Baa2 Utilities US
8/16 United Technologies Corporation Sr Notes $3,000 10 125bps 4.13% BBB+/Baa1 Industrial US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/17 Frontdoor Inc Sr Notes $350 8 388bps 6.75% B-/B2 Industrial US
8/16 Herbalife International Inc Sr Notes $400 8 - 7.25% BB-/B1 Consumer, US
Non-Cyclical
\
SELECT CLOSED SYNDICATED LOANS
Date Issuer Type $mm Months Spread Rating Sector Country
8/14 Comstock Resources, Inc Rev $700 59 - - Energy US
8/15 Corning Incorporated Rev $1,500 59 68bps - Industrial US

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 Aaron Richardson Ted Barrett
Managing Director Managing Director Managing Director Director Director Vice President Vice President Associate Analyst
(212) 205-1385 (212) 205-1386 (212) 205-1392 (212) 205-1393 (212) 335-2557 (212) 205-1382 (212) 205-1389 (212) 205-1387 (212) 205-1396

Daniel Charen Charles Joerss Ben Koeppel Vitaliy Koretskyy Billy Kovanis Keir Wianecki
Analyst Analyst Analyst Analyst Analyst Analyst
(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