Volume 7, Issue 45

November 14, 2017

UNITED STATES DEBT MARKET

US LIBOR US TREASURY YIELD CURVE
175 bps 6.00%
150 bps 5.00%
125 bps
4.00%
100 bps
3.00%
75 bps
2.00%
50 bps
25 bps 1.00%
30yr Avg 15yr Avg Today (11/14/17)
0 bps 0.00% I I I I I I
Nov-16 Feb-17 May-17 Aug-17 Nov-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
125 bps 142 bps 162 bps 1.69% 1.81% 2.06% 2.19% 2.38% 2.84%

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%
11/14/17 11/14/17
2.37% 2.38%
1.00% 1.00%
Nov-16 Feb-17 May-17 Aug-17 Nov-17 Nov-16 Feb-17 May-17 Aug-17 Nov-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

11/14/17 11/14/17 50bps

A 2.50% A 80 bps
3.20%
BBB 3.58% BBB 118 bps
2.00% 0bps
Nov-16 Feb-17 May-17 Aug-17 Nov-17 Nov-16 Feb-17 May-17 Aug-17 Nov-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%

11/14/17 90.00 11/14/17 5.00%

98.07% 5.85%
88.00 4.00%
Nov-16 Feb-17 May-17 Aug-17 Nov-17 Nov-16 Feb-17 May-17 Aug-17 Nov-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 45
November 14, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
11/10 BP North America Sr Notes $190 15 125bps - 1 Energy US
11/10 Coats Group PLC Sr Notes $125 7 170bps 3.88% 2 Consumer, UK
$100 10 175bps 4.07% Cyclical
11/10 Dexus Property Group Sr Notes $210 12 130bps 3.64% 1 Financial Australia
$175 15 145bps 3.79%
A$50 12 140bps 4.52%
A$100 15 155bps 4.76%
11/10 Peoples Gas Light & Coke FMB $100 30 95bps - 1 Utilities US
Company
11/10 Sonic Healthcare Ltd Sr Notes $75 7 - 2.00% 2 Consumer, Australia
$85 15 2.00% Non-Cyclical
11/10 SUEZ Water Resources Inc Sr Notes $65 15 95bps 3.30% 1 Utilities US
$70 15 95bps 3.30%
$65 30 95bps 3.77%
$75 30 95bps 3.77%

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
11/8 Alabama Power Company Sr Notes $550 30 88bps 3.70% A-/A1 Utilities US
11/6 Florida Power & Light Company Sr Notes $750 3 - 1.67% A- / A1 Utilities US
11/9 Oracle Corp Sr Notes $1,250 5 65bps 2.63% AA-/A1 Technology US
$2,000 7 80bps 2.95%
$2,750 10 95bps 3.25%
$1,750 20 105bps 3.80%
$2,250 30 125bps 4.00%
11/6 Public Service Enterprise Group Sr Notes $700 5 68bps 2.65% BBB/Baa1 Utilities US
Incorporated

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
11/9 Inkia Energy Limited Sr Notes $450 10 - 5.88% BB-/Ba3 Utilities Bermuda
11/8 Qualitytech LP Sr Notes $400 8 238bps 4.75% BB/B1 Communications US

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
11/6 HEICO Corporation Rev $1,300 59 138bps - Industrial US
11/8 Pioneer Energy Services Corp Term $175 60 775bps B3 Energy US

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 Vitaliy Koretskyy Billy Kovanis Keir Wianecki

Analyst Analyst Analyst Analyst
(212) 205-1396 (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 2017 Whitehall & Company LLC

280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380 Fax: (212) 205-1381
www.whitehallandcompany.com