Volume 7, Issue 32

August 15, 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 (8/15/17)
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
123 bps 132 bps 146 bps 1.35% 1.50% 1.82% 1.99% 2.26% 2.85%

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%
8/15/17 8/15/17
2.22% 2.26%
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

8/15/17 8/15/17
A 2.50% 50bps
3.01% A 82 bps
BBB 3.38% BBB 119 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%

8/15/17 90.00 8/15/17 5.00%

98.20% 5.81%
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 32
August 15, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/11 Consumers Energy Co Sr Notes $40 15 95bps 3.18% 1 Energy US
$60 15 95bps 3.18%
$125 20 100bps 3.52%
$210 20 100bps 3.52%
$20 35 105bps 3.86%
$30 35 105bps 3.86%
8/11 CRG Partners III LP Sr Notes $355 7 305bps - - Funds US
8/11 PowerCo Ltd Sr Secured NZ$125 12 184bps - 2 Utilities New Zealand

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/10 American Water Capital Corp Sr Notes $600 10 73bps 2.95% A / A3 Utilities US
$750 30 - 3.75%
8/10 CenterPoint Energy Inc Sr Notes $500 5 70bps 2.50% BBB+ / Baa1 Utilities US
8/9 DTE Electric Co Sr Secured $440 30 85bps 3.75% A / Aa3 Utilities US
8/10 Duke Energy Corp Sr Notes $500 5 63bps 2.40% BBB+ / Baa1 Utilities US
$750 10 93bps 3.15%
$500 30 113bps 3.95%
8/8 Georgia Power Co Sr Notes $500 3 - 2.00% A- / A3 Utilities US
8/10 Kinder Morgan Inc Sr Notes $250 5 - 2.55% BBB- / Baa3 Energy US
$1,000 5 140bps 2.55%
8/11 Oklahoma Gas & Electric Co Sr Notes $300 30 100bps 3.85% A- / A1 Utilities US
8/9 Southwestern Public Serv Co Sr Secured $450 30 88bps 3.70% A / A2 Utilities US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
There are no select below investment grade issuances this week.

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
8/8 Apro LLC Rev $25 59 - B / B1 Energy US
Term $240 84 L+400bps
8/11 Golden Energy Mines Tbk PT Term $115 83 - - Energy Indonesia
8/7 IOCL Singapore Pte Ltd Term $300 54 L+68bps - Energy Singapore
8/7 Linn Energy Holdco II LLC Rev $500 35 L+250bps - Energy US
8/7 South Jersey Industries Inc Rev $400 59 L+108bps - Utilities 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 Billy Kovanis Vitaliy Koretskyy Keir Wianecki

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