Volume 7, Issue 15

April 11, 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 (4/11/17)
0 bps 0.00% I I I I I I
Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
99 bps 116 bps 143 bps 1.25% 1.46% 1.86% 2.05% 2.33% 2.96%

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%
4/11/17 4/11/17
2.29% 2.33%
1.00% 1.00%
Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Apr-16 Jul-16 Oct-16 Jan-17 Apr-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

4/11/17 4/11/17 50bps

A 2.50% A 87 bps
3.25%
BBB 3.65% BBB 126 bps
2.00% 0bps
Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Apr-16 Jul-16 Oct-16 Jan-17 Apr-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 4/11/17 5.00%

4/11/17
98.29% 5.66%
88.00 4.00%
Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Apr-16 Jul-16 Oct-16 Jan-17 Apr-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 15
April 11, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/10 Caribbean Utilities CO Ltd Sr Notes $40 14 140bps 3.90% 1 Utilities Cayman
$20 31 155bps 4.64% Islands
4/10 Great Portland Estates PLC Sr Notes 175 7 125bps 2.15% 2 Financial UK
4/10 Ostensjo Rederi AS Sr Secured 60 10 - 2.75% 2 Industrial Norway
4/10 Scottish Mortgage Investment Sr Notes 45 25 97bps 3.05% 1 Financial UK
Trust PLC 30 27 124bps 3.30%
20 27 159bps 3.65%
30 30 109bps 3.12%

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/7 Cenovus Energy Inc Sr Notes $1,200 10 190bps 4.25% BBB / Ba2 Energy Canada
Sr Notes $700 20 225bps 5.25%
Sr Notes $1,000 30 240bps 5.40%
4/3 Northwest Pipeline LLC Sr Notes $250 10 165bps 4.00% BBB / Baa2 Energy US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/3 BWAY Holding Co Sr Notes $1,480 7 327bps 5.50% B- / B2 Industrial US
4/4 Exterran Energy Solutions LP Sr Notes $375 8 578bps 8.13% B+ / B3 Energy US

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
4/3 Contura Energy Inc Asset-Based $525 59 L+200bps - Energy US
Rev
4/3 Peabody Energy Corp Term $950 59 L+450bps Ba3 Energy US
4/3 Star Energy Group Holdings Ltd Term $660 58 L+360bps - Energy Singapore

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