Volume 8, Issue 35

August 29, 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 (8/29/18)
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 232 bps 252 bps 2.68% 2.71% 2.78% 2.83% 2.89% 3.04%

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%
8/29/18 8/29/18
2.97% 2.89%
1.00% 1.00%
Aug-17 Nov-17 Feb-18 May-18 Aug-18 Aug-17 Nov-17 Feb-18 May-18

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

200bps
4.50%

4.00% 150bps

3.50%
100bps
3.00%

8/29/18 8/29/18 50bps

A 2.50% A 88 bps
3.69%
BBB 4.22% BBB 141 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
8/29/18 8/29/18
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 35
August 29, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/27 Aussie Pacific LNG Co Sr Secured $1,400 12 200bps 4.82% 2 Utilities Australia
8/27 Alinta Energy Pty Ltd Sr Notes $76 8 185bps 4.64% 2 Utilities Australia
$55 10 195bps 4.77%
A$44 8 195bps 4.76%
A$52 10 205bps 5.00%
8/27 Amazon.com Inc CTL $222 21 120bps 4.07% 1 Communications US

US PUBLIC MARKET ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/23 Apache Corp Sr Notes $1,000 10 150bps 4.38% BBB/Baa3 Energy 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
8/21 Denbury Resources Inc 2nd Lien $450 5 471bps 7.50% B+/B3 Energy US
8/23 HCA Healthcare Inc Sr Notes $2,000 8 245bps 5.38% BB/Ba2 Consumer, US
10 269bps 5.63% Non-Cyclical
8/21 Matador Resources Co Sr Notes $750 8 292bps 5.88% BB-/B2 Energy US
8/20 SM Energy Co Sr Notes $500 8 370bps 6.63% BB-/B2 Energy US
8/22 Vistra Energy Co Sr Notes $1,000 8 254bps 5.50% BB/Ba3 Utilities US

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
8/22 Fortive Corp Delay-Draw $1,750 11 75bps - Industrial US
8/20 Saptaindra Sejati PT Rev $350 21 - - Energy India
8/20 Boston Scientific Corp Term $1,000 11 65bps - Consumer US
Non-Cyclical
8/23 Osprey Energy Acquisition Asset-Based $500 - - - Energy 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