Volume 7, Issue 37

September 19, 2017

UNITED STATES DEBT MARKET

09/15/2017 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 (9/19/17)
0 bps 0.00% I I I I I I
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
124 bps 133 bps 147 bps 1.40% 1.54% 1.84% 2.00% 2.24% 2.81%

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%
9/19/17 9/19/17
2.20% 2.24%
1.00% 1.00%
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Sep-16 Dec-16 Mar-17 Jun-17 Sep-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

9/19/17 9/19/17
A 2.50% 50bps
3.05% A 84 bps
BBB 3.43% BBB 123 bps
2.00% 0bps
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Sep-16 Dec-16 Mar-17 Jun-17 Sep-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%

9/19/17 90.00 9/19/17 5.00%

97.95% 5.37%
88.00 4.00%
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Sep-16 Dec-16 Mar-17 Jun-17 Sep-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 37
September 19, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
9/15 CSL Limited Sr Secured $250 10 - 3.17% 1 Consumer, Australia
$200 12 - 3.32% Non-Cyclical
$150 15 - 3.47%
$100 20 - 3.77%

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
9/11 Arizona Public Service Company Sr Notes $300 10 85bps 2.95% A-/A2 Utilities US
9/14 Empresa Nacional del Petroleo Sr Notes $600 30 195bps 4.50% BBB-/Baa3 Energy Chile
9/13 Northern States Power Company Sr Secured $600 30 93bps 3.60% A/Aa3 Utilities US
of Minnesota
9/13 Northwest Natural Gas Company Sr Secured $25 10 - 2.82% AA-/A1 Utilities US
$75 30 - 3.69%
9/13 Sinopec Group Overseas Sr Notes $700 3 88bps 2.25% AA-/A1 Energy Australia
Development
9/13 Virginia Electric & Power Company Sr Notes $550 30 110bps 3.80% BBB+/A2 Utilities US
9/13 Woodside Finance Ltd Sr Notes $800 10 160bps 3.70% BBB+/Baa1 Energy Australia

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
9/13 Steel Dynamics, Inc. Sr Notes $350 8 211bps 4.13% BB+/Ba1 Basic Materials US

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
9/12 Allegion PLC Rev $500 59 - Baa3 Industrial Ireland
Term $700 59 -
9/12 Bunge Ltd Delay-Draw $900 36 L+113bps - Consumer, US
Term Non-Cyclical
9/12 Staples, Inc. Term $2,900 84 L+400bps B+/B1 Consumer, US
Asset-Based $1,200 - - Cyclical
Rev
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
Managing Director Managing Director Managing Director Director Director Vice President Vice President Associate Richardson
(212) 205-1385 (212) 205-1386 (212) 205-1392 (212) 205-1393 (212) 335-2557 (212) 205-1382 (212) 205-1389 (212) 205-1391 Associate
(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) 305-2552

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