Volume 8, Issue 20

May 15, 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 (5/15/18)
0 bps 0.00% I I I I I I
May-17 Aug-17 Nov-17 Feb-18 May-18 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
192 bps 234 bps 252 bps 2.57% 2.68% 2.90% 2.97% 3.06% 3.19%

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%
5/15/18 5/15/18
3.09% 3.06%
1.00% 1.00%
May-17 Aug-17 Nov-17 Feb-18 May-18 May-17 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%

5/15/18 5/15/18 50bps

A 2.50% A 93 bps
3.90%
BBB 4.34% BBB 136 bps
2.00% 0bps
May-17 Aug-17 Nov-17 Feb-18 May-18 May-17 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
5/15/18 5/15/18
98.48% 5.93%
90.00 4.00%
May-17 Aug-17 Nov-17 Feb-18 May-18 May-17 Aug-17 Nov-17 Feb-18 May-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 20
May 15, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/11 American Airlines Sr Notes $214 9 130bps 4.14% A Consumer, US
$53 6 195bps 4.70% Cyclical
5/11 Colliers International Sr Notes $210 10 185bps - 2 Consumer, Canada
Non-cyclical
5/11 Mesa la Paz Sr Secured $304 26 300bps - 2 Energy Mexico

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/10 Consolidated Edison Company of Sr Notes $300 10 85bps 3.80% A-/A2 Utilities US
New York Inc $700 40 140bps 4.50%
5/7 DTE Electric Company Sr Secured $525 30 97bps 4.05% A/Aa3 Utilities US
5/10 Enable Midstream Partners, LP Sr Notes $800 10 210bps 4.95% BBB-/Baa3 Energy US
5/11 Entergy Arkansas Inc Sr Secured $250 10 103bps 4.00% A/A2 Utilities US
5/8 Florida Power & Light Co Sr Secured $500 30 100bps 4.13% A/Aa2 Utilities US
5/10 Mid-Atlantic Interstate Transmission Sr Notes $450 10 115bps 4.10% BBB-/Baa1 Utilities US
LLC
5/7 Transcanada Pipelines Ltd Sr Notes $1,000 10 135bps 4.25% BBB+/A3 Energy Canada
$500 20 165bps 4.75%
$1,000 30 180bps 4.88%

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/11 American Builders & Contractors Sr Notes $600 8 291bps 5.88% B+/B3 Consumer, US
Supply Company Inc Cyclical
5/8 Jagged Peak Energy LLC Sr Notes $500 8 287bps 5.88% B/B3 Energy US

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
5/7 Consolidated Energy Finance S.A. Term $600 83 250bps BB Basic Materials US
Rev $225 59 - -
5/9 Greatship India Ltd Term $249 83 215bps - Energy India
5/9 USIC Holdings Inc Term $867 67 325bps B2 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 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