Volume 7, Issue 16

April 18, 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 (4/18/17)
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 140 bps 1.18% 1.36% 1.74% 1.93% 2.21% 2.87%

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%
4/18/17 4/18/17
2.17% 2.21%
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

4/18/17 4/18/17 50bps

A 2.50% A 87 bps
3.11%
BBB 3.51% BBB 127 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 4/18/17 5.00%

4/18/17
98.32% 5.68%
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 16
April 18, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/14 ICRE REIT Holdings Sr Notes $50 7 - - 1 Financial US
$100 10 3.66%
$200 12 3.76%
4/14 Cousins Properties Inc Sr Notes $250 8 170bps - 2 Financial US
$100 10 175bps -
4/14 Charter Hall Long WALE REIT Sr Notes A$200 10 - 5.00% 2 Financial Australia

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/10 Cimarex Energy Co Sr Notes $750 10 158bps 3.90% BBB- / Baa3 Energy US
4/13 General Motors Financial Sr Notes $1,000 3 120bps 2.65% BBB / Baa3 Consumer, US
Company Inc $1,250 7 180bps 3.95% Cyclical
4/10 Airbus SE Sr Notes $750 10 80bps 3.15% A+ / A2 Industrial France
$750 30 100bps 3.95%

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
4/13 Talen Energy Supply LLC Sr Notes $400 5 831bps 9.50% BB- / B1 Utilities US
4/12 Ultra Resources Inc Sr Notes $700 5 501bps 6.88% BB- Energy US
Sr Notes $500 8 511bps 7.13% BB- / B2

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
4/10 State Grid Corp Of China Term $2,450 8 - - Utilities China
4/12 Ultra Resources Inc Term $800 84 L+300bps BB Energy US
Rev $400 59 Ba2

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