Volume 7, Issue 31

August 9, 2017

UNITED STATES DEBT MARKET

US LIBOR US TREASURY YIELD CURVE
150 bps 6.00%

125 bps 5.00%

100 bps 4.00%

75 bps 3.00%

50 bps 2.00%

25 bps 1.00%
30yr Avg 15yr Avg Today (8/9/17)
0 bps 0.00% I I I I I I
Aug-16 Nov-16 Feb-17 May-17 Aug-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
123 bps 131 bps 145 bps 1.33% 1.48% 1.78% 1.96% 2.22% 2.80%

10 YEAR US SWAP RATES 10 YEAR US TREASURY

3.00% 3.00%

2.50% 2.50%

2.00% 2.00%

1.50% 1.50%
8/9/17 8/9/17
2.19% 2.22%
1.00% 1.00%
Aug-16 Nov-16 Feb-17 May-17 Aug-17 Aug-16 Nov-16 Feb-17 May-17 Aug-17

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

4.50% 250bps

4.00% 200bps

3.50% 150bps

3.00% 100bps

8/9/17 8/9/17
A 2.50% 50bps
3.03% A 77 bps
BBB 3.41% BBB 115 bps
2.00% 0bps
Aug-16 Nov-16 Feb-17 May-17 Aug-17 Aug-16 Nov-16 Feb-17 May-17 Aug-17
S&P / LSTA LEVERAGED LOAN INDEX AVERAGE JUNK-BOND YIELD
100.00 10.00%

98.00 9.00%

96.00 8.00%

94.00 7.00%

92.00 6.00%

8/9/17 90.00 8/9/17 5.00%

98.33% 5.66%
88.00 4.00%
Aug-16 Nov-16 Feb-17 May-17 Aug-17 Aug-16 Nov-16 Feb-17 May-17 Aug-17

Copyright 2017 Whitehall & Company LLC

280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380 Fax: (212) 205-1381
www.whitehallandcompany.com
 Volume 7, Issue 31
August 9, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/4 American Century Companies Inc Sr Notes $112 12 180bps - 2 Financial US
$113 10 170bps
8/4 Ausgrid Sr Secured $770 10 125bps - 2 Utilities Australia
$430 12 135bps
$430 15 150bps
$29 10 130bps
$103 12 140bps
$88 15 155bps
$100 15 180bps
8/4 CVS Health Corp Sr Notes $243 22 160bps 3.90% 2 Consumer, US
Cyclical
8/4 Enwave Energy Corp Sr Notes $100 15 160bps - 2 Utilities Canada
8/4 Invenergy Renewables LLC Sr Notes $136 20 300bps - 2 Energy Uruguay
8/4 Jackson Square Aviation LLC Sr Notes $60 7 145bps - 2 Industrial US
$40 7 150bps
$90 10 160bps
$70 10 165bps
$40 10 175bps
8/4 National Hockey League Inc Sr Notes $100 7 125bps - 2 Consumer, US
$200 10 135bps Cyclical
$200 12 145bps
8/4 University of New South Wales Sr Notes $95 30 115bps - 1 Consumer, Australia
$100 30 115bps Non-cyclical

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
No select investment grade issuances this week.

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/3 Azure Power Energy Ltd 1st Lien $500 5 - 5.50% Ba3 Energy Mauritius
8/1 Extraction Oil & Gas Inc Sr Notes $400 7 533bps 7.38% B / B3 Energy US
8/1 NGPL PipeCo LLC Sr Notes $700 5 249bps 4.38% BB+ / Ba1 Energy US
10 258bps 4.88%

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
7/31 Gulf Petrochem FZC Term $150 95 - - Basic Materials United Arab
Emirates
8/1 Vanguard Natural Gas LLC Rev $850 39 - - Energy US
Term $125 42 L+750bps

CONTACT WHITEHALL
Jon Cody Timothy Page Richard Ashby Todd Brussel Brian Burchfield Matt Cody Roland DaCosta Sim Ketchum 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) 335-2562 (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 Billy Kovanis Vitaliy Koretskyy Keir Wianecki

Analyst Analyst Analyst Analyst
(212) 205-1396 (212) 335-2550 (212) 335-2551 (212) 205-2552
Source: Bloomberg

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.

Copyright 2017 Whitehall & Company LLC

280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380 Fax: (212) 205-1381
www.whitehallandcompany.com