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Volume 8, Issue 21

May 22, 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 (5/22/18)
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
196 bps 233 bps 250 bps 2.57% 2.68% 2.90% 2.97% 3.07% 3.21%

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%
5/22/18 5/22/18
3.10% 3.07%
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
5.00%

4.50%
150bps
4.00%

3.50% 100bps

3.00%
5/22/18 5/22/18 50bps
A 3.97% 2.50% A 91 bps
BBB 4.41% 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
5/22/18 5/22/18
98.48% 6.03%
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 21
May 22, 2018

SELECT US PRIVATE PLACEMENTS


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/18 Public Service Company of North Sr Notes $100 10 125bps 4.33% 2 Utilities US
Carolina Incorporated
Carolina,
5/18 Rotterdam World Gateway B.V. Sr Secured $371 18 186bps 4.69% 2 Industrial The
Netherlands
5/18 Spirit Airlines, Inc Sr Secured $85 5 235bps 5.11% - Consumer, US
$115 5 225bps 4.93% Cyclical

US PUBLIC MARKET ISSUANCES


SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/14 Consumers Energy Company Sr Secured $550 30 97bps 4.05% A/Aa3 Utilities US
5/16 Duke Energy Corporation Sr Notes $500 3 - 2.83% BBB+ Utilities US
5/14 Pacific Gas and Electric Company Sr Notes $1,130 10 - 3.30% BBB+/A3 Utilities US
$850 30 3.95%
5/17 San Diego Gas & Electric Company Sr Secured $400 30 105bps 4.15% A+/Aa2 Utilities US
5/15 Southern California Gas Company Sr Secured $400 30 100bps 4.13% A+/Aa2 Utilities US
5/15 Verizon Communications Sr Notes $1,789 7 110bps 3.44% BBB+ Communications US

SELECT BELOW INVESTMENT GRADE ISSUANCES


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/14 Oasis Petroleum Inc Sr Notes $400 8 331bps 6.25% BB-/B3 Energy US

SELECT CLOSED SYNDICATED LOANS


Date Issuer Type $mm Months Spread Rating Sector Country
5/16 Speedcast International Limited Tern $425 84 250bps BB-/Ba3 Communications Australia
Rev $100 59 225bps
5/15 Western Digital Corporation Term $2,455 59 175bps BBB-/Baa2 Technology 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

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