Volume 7, Issue 11

March 13, 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 (3/13/17)
0 bps 0.00% I I I I I I
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
89 bps 112 bps 143 bps 1.36% 1.61% 2.11% 2.30% 2.59% 3.17%

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%
3/13/17 3/13/17
2.55% 2.59%
1.00% 1.00%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Mar-16 Jun-16 Sep-16 Dec-16 Mar-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

3/13/17 3/13/17 50bps

A 2.50% A
3.44% 87 bps
BBB 3.80% BBB 123 bps
2.00% 0bps
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Mar-16 Jun-16 Sep-16 Dec-16 Mar-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%

90.00 3/13/17 5.00%

3/13/17
98.58% 6.09%
88.00 4.00%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Mar-16 Jun-16 Sep-16 Dec-16 Mar-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 11
March 13, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/10 Laclede Gas Co Sr Notes $170 30 110bps 3.58% - Energy US
3/10 Solar Capital Ltd Sr Notes $100 5 - 4.60% 2 Energy US
3/10 Spire Inc Sr Notes $100 10 135bps 3.93% - Energy US

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/10 Connecticut Light & Power Sr Secured $300 10 75bps 3.20% A+ / A2 Utilities US
3/10 Eversource Energy Sr Notes $300 5 75bps 2.75% A- / Baa1 Utilities US
3/10 Exelon Generation Co LLC Sr Notes $500 5 140bps 3.40% BBB / Baa2 Utilities US
3/10 Pacific Gas & Electric Co Sr Notes $400 10 83bps 3.30% BBB+ / A3 Utilities US
3/6 Sabine Pass Liquefaction LLC 1st Lien $1,350 11 185bps 4.20% BBB- Energy US
3/6 Westar Energy Inc Sr Secured $300 10 78bps 3.10% A / A2 Utilities US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/9 Enable Midstream Partners LP Sr Notes $700 10 195bps 4.40% BB+ / Baa3 Energy US
3/10 Toll Brothers Finance Corp Sr Notes $300 10 236bps 4.88% BB+ / Ba1 Consumer, US
Cyclical

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
3/7 Arch Coal Inc Term $300 84 L+400bps BB- Energy US
3/8 Oklahoma Gas & Electric Co Rev $450 60 - - Utilities US
3/6 Solera LLC Term $1,789 71 L+325bps B / Ba3 Technology US

CONTACT WHITEHALL
Jon Cody Timothy Page Richard Ashby Todd Brussel Brian Burchfield Matt Cody Roland DaCosta
Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director
(212) 205-1390 (212) 205-1399 (212) 205-1388 (212) 205-1397 (212) 205-1395 (212) 205-1398 (212) 205-1394

Vincas Snipas Van Thorne Geoffrey Wilson Mark Halpin Blaine Burke Nicholas Page
Managing Director Managing Director Managing Director Director Vice President Vice President
(212) 205-1385 (212) 205-1386 (212) 205-1392 (212) 205-1393 (212) 205-1382 (212) 205-1389

Sang Joon Lee Aaron Richardson Ted Barrett Billy Kovanis Keir Wianecki
Associate Associate Analyst Analyst Analyst
(212) 205-1391 (212) 205-1387 (212) 205-1396 (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