Volume 7, Issue 44

November 7, 2017

UNITED STATES DEBT MARKET

US LIBOR US TREASURY YIELD CURVE
175 bps 6.00%
150 bps 5.00%
125 bps
4.00%
100 bps
3.00%
75 bps
2.00%
50 bps
25 bps 1.00%
30yr Avg 15yr Avg Today (11/7/17)
0 bps 0.00% I I I I I I
Nov-16 Feb-17 May-17 Aug-17 Nov-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
124 bps 139 bps 159 bps 1.62% 1.74% 1.98% 2.12% 2.32% 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%
11/7/17 11/7/17
2.29% 2.32%
1.00% 1.00%
Nov-16 Feb-17 May-17 Aug-17 Nov-17 Nov-16 Feb-17 May-17 Aug-17 Nov-17

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

250bps
4.50%

200bps
4.00%

3.50% 150bps

3.00% 100bps

11/7/17 11/7/17 50bps

A 2.50% A 77 bps
3.10%
BBB 3.50% BBB 117 bps
2.00% 0bps
Nov-16 Feb-17 May-17 Aug-17 Nov-17 Nov-16 Feb-17 May-17 Aug-17 Nov-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%

11/7/17 90.00 11/7/17 5.00%

98.13% 5.38%
88.00 4.00%
Nov-16 Feb-17 May-17 Aug-17 Nov-17 Nov-16 Feb-17 May-17 Aug-17 Nov-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 44
November 7, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
11/3 sPower Sr Notes $421 20 210bps 4.54% 2 Energy US
11/3 VTTI BV Sr Notes $100 7 160bps 3.80% 2 Energy The
$95 10 170bps 4.05% Netherlands
$65 12 180bps 4.15%
84 7 112bps 1.60%
118 10 118bps 2.05%

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
11/2 Abu Dhabi Crude Oil Pipeline LLC Sr Secured $837 12 122bps 3.65% AA Energy United Arab
$2,200 30 165bps 4.60% Emirates
11/2 NextEa Energy Capital Holding Inc Sr Notes $550 60 243bps 4.80% BBB/Baa2 Utilities US
11/3 Wind Tre SpA Sr Secured $2,000 8 265bps 5.00% BB-/B1 Communications Italy

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
10/31 Global Ship Lease Inc 1st Lien $360 5 813bps 9.88% B/B3 Industrial UK
11/2 Warrior Met Coal Inc Sr Secured $350 7 570bps 8.00% B-/B3 Energy US

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
10/31 BCP Renaissance Parent LLC Term $1,250 84 400bps B+/B1 Energy US
11/2 MCC Iowa LLC Term $250 60 - BBB-/Ba2 Communications US
Term $800 86 200bps
10/31 Medallion Midland Acquistion LLC Rev $25 59 - BB-/B2 Energy US
Term $700 84 325bps

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 Vitaliy Koretskyy Billy Kovanis Keir Wianecki

Analyst Analyst Analyst Analyst
(212) 205-1396 (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 2017 Whitehall & Company LLC

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