Volume 8, Issue 38

September 25, 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 (9/25/18)
0 bps 0.00% I I I I I I
Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
222 bps 237 bps 259 bps 2.84% 2.89% 2.99% 3.03% 3.11% 3.24%

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%
9/25/18 9/25/18
3.16% 3.11%
1.00% 1.00%
Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18

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

200bps
4.50%

4.00% 150bps

3.50%
100bps
3.00%

9/25/18 9/25/18 50bps

A 2.50% A 83 bps
3.89%
BBB 4.41% BBB 135 bps
2.00% 0bps
Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Sep-17 Dec-17 Mar-18 Jun-18 Sep-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
9/25/18 9/25/18
98.55% 5.93%
90.00 4.00%
Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Sep-17 Dec-17 Mar-18 Jun-18 Sep-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 38
September 25, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
9/25 American Transmission Systems Sr Notes $100 12 125bps 4.32% 2 Energy US
Inc $100 12 131bps 4.38%
9/24 Berkshire Gas Sr Notes $20 10 100bps 4.07% 1 Utilities US
9/24 CT Natural Gas Sr Notes $50 30 130bps 4.52% 1 Utilities US
9/25 Duke Energy Kentucky Inc. Sr Notes $25 5 105bps 4.01% 2 Energy US
$40 10 110bps 4.18%
$35 30 140bps 4.62%
9/25 Elizabethtown Gas Company FMB $50 10 95bps 4.02% 1 Energy US
$55 15 115bps 4.22%
$150 20 115bps 4.29%
$200 30 115bps 4.37%
$75 40 130bps 4.52%
9/24 EVM Energia del Valle de Mexico Sr Secured $80 19 112bps 6.19% 2 Energy Mexico
9/24 MapleLeaf Midstream LLC Sr Notes $500 7 160bps 4.56% 2 Energy US
$200 10 190bps 4.98%
9/24 Pennsylvania Power Co FMB $50 30 115bps 4.37% 1 Energy US
9/24 Southern CT Gas FMB $75 30 120bps 4.42% 1 Utilities US

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
9/21 BP Capital Markets America Inc Sr Notes $1,000 7 80bps 3.80% A-/A1 Energy US
$1,000 10 90bps 3.94%
9/20 Suzano Austria GmbH Sr Notes $1,000 10 - 6.00% BBB- Basic Materials Austria

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
9/18 AbbVie Inc. Sr Notes $1,250 3 60bps 3.38% A-/Baa2 Consumer, US
$1,250 5 90bps 3.75% Cyclical
Non-Cyclical
$1,750 10 138bps 4.25%
$1,750 30 183bps 4.88%
9/20 Delta Merger Sub, Inc. Sr Notes $600 8 315bps 6.00% B/B2 Consumer, US
Cyclical

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
9/18 Evergy, Inc. Rev $2,500 59 75bps - Utilities US
9/19 NXP Semiconductors NV Term $1,000 11 150bps - Technology Netherlands

CONTACT WHITEHALL
Jon Cody Timothy Page Richard Ashby Todd Brussel Brian Burchfield Matt Cody Roland DaCosta Thomas Friebel Mark Halpin
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) 205-1393

Bob Salandra Vincas Snipas Van Thorne Geoffrey Wilson Nadia Zaets Blaine Burke Nicholas Page Aaron Richardson Ted Barrett
Managing Director Managing Director Managing Director Managing Director Director Vice President Vice President Vice President Analyst
(212) 335-2561 (212) 205-1385 (212) 205-1386 (212) 205-1392 (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