Volume 7, Issue 49

December 12, 2017

UNITED STATES DEBT MARKET

US LIBOR US TREASURY YIELD CURVE
200 bps 6.00%
175 bps 5.00%
150 bps
4.00%
125 bps
100 bps 3.00%
75 bps 2.00%
50 bps
1.00%
25 bps 30yr Avg 15yr Avg Today (12/12/17)
0 bps 0.00% I I I I I I
Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
146 bps 156 bps 174 bps 1.83% 1.94% 2.17% 2.26% 2.40% 2.79%

10 YEAR US SWAP RATES 10 YEAR US TREASURY

3.00% 3.00%

2.50% 2.50%

2.00% 2.00%
BBB/Baa2
1.50% 1.50%
12/12/17 12/12/17
2.41% 2.40%
1.00% 1.00%
Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

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

250bps
4.50%

200bps
4.00%

BB+/Baa3 3.50% 150bps

3.00% 100bps

12/12/17 12/12/17 50bps

A 2.50% A 79 bps
3.17%
BBB 3.57% BBB 119 bps
2.00% 0bps
Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Dec-16 Mar-17 Jun-17 Sep-17 Dec-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%

12/12/17 90.00 12/12/17 5.00%

98.01% 5.55%
88.00 4.00%
Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Dec-16 Mar-17 Jun-17 Sep-17 Dec-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 49
December 12, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
12/8 Enerflex Systems Ltd Sr Notes $105 7 235bps 4.67% 2 Energy Canada
$70 10 245bps 4.87%
C$15 7 266bps 4.50%
C$30 10 280bps 4.79%
12/8 Kingspan Group plc Sr Notes $40 6 80bps - 2 Industrial Ireland
$50 8 90bps
$85 10 95bps
12/8 Ramco-Gershenson Sr Notes $25 5 - 4.13% 2 Financial US
Properties Trust $30 10 4.57%
$20 12 4.72%

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
12/6 Alibaba Group Holding Sr Notes $700 5 73bps 2.80% A+/A1 Communications China
$2,550 10 108bps 3.40%
$1,000 20 118bps 4.00%
$1,750 30 138bps 4.20%
$1,000 40 158bps 4.40%
12/8 Dominion Energy, Inc Sr Notes $300 3 - 1.92% BBB/Baa2 Utilities US
12/7 Emirates Semb Corp Water & Power Sr Secured $400 18 - 4.45% A-/A2 Utilities United Arab
Emirates
12/5 New England Power Company Sr Notes $400 30 97bps 3.80% A-/A3 Utilities US
12/4 Northern States Power Company Sr Secured $100 30 100bps 3.75% A/Aa3 Utilities US
of Wisconsin

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
12/5 Delta Air Lines, Inc Sr Notes $450 3 78bps 2.60% BB+/Baa3 Consumer, US
Cyclical

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
12/8 Generac Power Systems, Inc Term $929 65 200bps - Industrial US
12/4 Petroleo Brasileiro SA Delay-Draw $5,000 119 - - Energy Brazil
12/5 Reliance Power Limited Term $583 - - - Utilities India
12/5 Xcel Energy, Inc Delay-Draw $500 11 60bps - Utilities US
Term
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