Volume 7, Issue 34

August 31, 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 (8/31/17)
0 bps 0.00% I I I I I I
Aug-16 Nov-16 Feb-17 May-17 Aug-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
124 bps 132 bps 145 bps 1.32% 1.45% 1.71% 1.88% 2.13% 2.74%

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%
8/31/17 8/31/17
2.08% 2.13%
1.00% 1.00%
Aug-16 Nov-16 Feb-17 May-17 Aug-17 Aug-16 Nov-16 Feb-17 May-17 Aug-17

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

4.50% 250bps

4.00% 200bps

3.50% 150bps

3.00% 100bps

8/31/17 8/31/17
A 2.50% 50bps
3.01% A 84 bps
BBB 3.39% BBB 122 bps
2.00% 0bps
Aug-16 Nov-16 Feb-17 May-17 Aug-17 Aug-16 Nov-16 Feb-17 May-17 Aug-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%

8/31/17 90.00 8/31/17 5.00%

97.92% 6.13%
88.00 4.00%
Aug-16 Nov-16 Feb-17 May-17 Aug-17 Aug-16 Nov-16 Feb-17 May-17 Aug-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 34
August 31, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/25 Duquense Light Co FMB $60 30 105bps 3.82% 1 Consumer, US
$60 30 112bps 3.89% Cyclical
$125 40 127bps 4.04%
8/25 Encore Capital Group Inc Sr Secured $325 7 - 5.63% 3 Financial US
8/25 The Midcontinent Independent Sr Notes $175 30 115bps 3.91% 1 Utilities US
System Operator Inc (MISO)
8/25 Vesta SAB de CV Sr Notes $125 7 - 5.03% 2 Financial Mexico
10 5.31%

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/24 Baltimore Gas & Electric Company Sr Notes $300 30 - 3.75% A-/A3 Utilities US
8/23 Centerpoint Energy, Inc Sr Notes $300 30 138bps 4.10% A-/Baa2 Utilities US
8/23 Commonwealth Edison Company Sr Secured $350 10 75bps 2.95% A-/A1 Utilities US
$650 30 95bps 3.75%
8/22 Edison International Sr Notes $400 5 70bps 2.40% BBB/A3 Utilities US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/23 Big River Steel LLC Sr Secured $600 8 507bps 7.25% B/B3 Basic Materials US
8/21 Dynegy Inc Sr Notes $850 8 605bps 8.13% B+/B3 Utilities US
8/24 H&E Equipment Services, Inc Sr Notes $750 8 351bps 5.63% BB-/B2 Consumer, US
Cyclical
8/22 Ipalco Enterprises Inc Sr Secured $405 7 170bps 3.70% BB+Baa3 Utilities US

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
8/21 Eastern Power LLC Term $1,617 73 L+375bps - Utilities US
8/23 Sabre GLBL, Inc Term $570 58 L+225bps - Consumer, US
$1,891 78 L+225bps Cyclical

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 Billy Kovanis Vitaliy Koretskyy Keir Wianecki

Analyst Analyst Analyst Analyst
(212) 205-1396 (212) 335-2550 (212) 335-2551 (212) 205-2552

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