Volume 8, Issue 27

July 3, 2018

UNITED STATES DEBT MARKET

US LIBOR US TREASURY YIELD CURVE
300 bps 6.00%

250 bps 5.00%

200 bps 4.00%

150 bps 3.00%

100 bps 2.00%

50 bps 1.00%
30yr Avg 15yr Avg Today (7/3/18)
0 bps 0.00% I I I I I I
Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
209 bps 234 bps 250 bps 2.55% 2.62% 2.75% 2.79% 2.86% 2.98%

10 YEAR US SWAP RATES 10 YEAR US TREASURY

3.50% 3.50%

3.00% 3.00%

2.50% 2.50%

2.00% 2.00%

1.50% 1.50%
7/3/18 7/3/18
2.93% 2.86%
1.00% 1.00%
Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18

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

200bps
4.50%

4.00% 150bps

3.50%
100bps
3.00%

7/3/18 7/3/18 50bps

A 2.50% A 99 bps
3.85%
BBB 4.34% BBB 148 bps
2.00% 0bps
Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18
S&P / LSTA LEVERAGED LOAN INDEX AVERAGE JUNK-BOND YIELD
100.00 7.00%

98.00
6.00%
96.00

94.00
5.00%
92.00
7/3/18 7/3/18
98.04% 6.20%
90.00 4.00%
Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18

Copyright © 2018 Whitehall & Company LLC

280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380 Fax: (212) 205-1381
www.whitehallandcompany.com
 Volume 8, Issue 27
July 3, 2018

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/29 Amazon.com Inc CTL $212 21 120bps 4.07% 1 Communications US
6/29 Charter Hall Office Trust Sr Notes $116 7 150bps - 2 Financial Australia
$189 10 160bps
6/29 Consumers Energy Co Sr Notes $100 9 85bps 3.68% 1 Utilities US
$215 20 110bps 4.01%
$185 39 130bps 4.28%
6/29 Scotia Gas Networks (SGN) Sr Secured $150 12 127bps 2.74% 2 Utilities UK
$150 15 132bps 2.87%
6/29 The National Hockey League Sr Notes $107 7 120bps 3.98% 2 Consumer, US
$156 10 130bps 4.12% Cyclical
$362 12 140bps 4.22%
6/29 The Port of Melbourne Sr Notes $340 10 135bps - 2 Consumer, Australia
$360 12 143bps Non-Cyclical
$380 15 150bps
A$85 10 145bps
A$90 12 153bps
A$45 15 180bps
A$115 15 160bps

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/28 Alabama Power Company Sr Notes $500 30 130bps 4.30% A-/A1 Utilities US
6/26 Consolidated Edison Company of Sr Notes $640 3 - 2.74% A-/A2 Utilities US
New York
6/27 GS Caltex Corporation Sr Notes $300 5 - 3.88% BBB+/Baa1 Energy South Korea
6/25 Xcel Energy, Inc Sr Notes $500 10 115bps 4.00% BBB+/A3 Utilities US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/25 EQT Midstream Partners LP Sr Notes $1,100 5 200bps 4.75% BBB-/Ba1 Energy US
$850 10 263bps 5.50%
$550 30 350bps 6.50%
6/25 Frontera Energy Corporation Sr Notes $350 5 - 9.70% BB- Energy Canada
\
SELECT CLOSED SYNDICATED LOANS
Date Issuer Type $mm Months Spread Rating Sector Country
6/26 Harris Corporation Rev $1,000 59 150bps - Industrial US
6/26 Houston Fuel Oil Terminal Company Term $600 83 275bps BB-/Ba3 Energy US
LLC

CONTACT WHITEHALL
Jon Cody Timothy Page Richard Ashby Todd Brussel Brian Burchfield Matt Cody Roland DaCosta Thomas Friebel 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) 335-2565 (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 Charles Joerss Vitaliy Koretskyy Billy Kovanis Keir Wianecki
Analyst Analyst Analyst Analyst Analyst
(212) 205-1396 (212) 335-2555 (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 © 2018 Whitehall & Company LLC

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