Volume 7, Issue 14

April 4, 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 (4/4/17)
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
98 bps 115 bps 142 bps 1.23% 1.44% 1.85% 2.04% 2.32% 2.95%

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%
4/4/17 4/4/17
2.31% 2.32%
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

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

A 2.50% A 89 bps
3.28%
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 4/4/17 5.00%

4/4/17
98.24% 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 14
April 4, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/31 Agnico-Eagle Mines Ltd Sr Notes $40 8 215bps 4.42% 2 Basic Materials Canada
$100 10 225bps 4.64%
$150 12 235bps 4.74%
$10 15 250bps 4.89%
3/31 CPV Fairview Energy Center Sr Secured $115 8 - 5.78% 3 Energy US
3/31 MEPT Edgemoor Sr Notes $150 7 140bps 3.62% 2 Financial US
$50 8 140bps 3.69%
$100 10 145bps 3.86%
3/31 Stedin BV Sr Notes 40 7 - - 1 Industrial Netherlands
200 10
3/31 Teledyne Technologies Inc Sr Notes 250 5 50bps 0.70% 2 Industrial US
6 60bps 0.92%
7 65bps 1.09%
3/31 The VGP Group Sr Notes 80 8 - 3.35% - Financial Belgium

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/29 Edison International Sr Notes $400 3 63bps 2.13% BBB / A3 Utilities US
3/27 Glencore Funding LLC Sr Notes $1,000 10 170bps 4.00% BBB / Baa2 Basic Materials US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
3/29 Eagle II Acquisition Co LLC Sr Notes $375 8 350bps 6.00% B- / B3 Consumer, US
Cyclical
3/30 Gartner Inc Sr Notes $800 8 267bps 5.13% BB- / B1 Consumer, US
Non-cyclical

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
3/31 Alta Marcellus Development LLC Rev $525 60 L+275bps - Energy US
3/30 Deer Park Refining L.P. Rev $525 59 L+125bps - Energy US
3/28 Foresight Energy LLC Rev $170 48 L+350bps B / B2 Energy US
Term $825 59 L+575bps
3/30 Reliance Industries Ltd Term $200 20 - - Energy India
Term $1,000 22 L+64bps
Term $550 40 L+84bps

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