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Volume 8, Issue 36

September 5, 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 (9/5/18)
0 bps 0.00% I I I I I I
Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
211 bps 232 bps 254 bps 2.66% 2.69% 2.77% 2.83% 2.90% 3.07%

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%
9/5/18 9/5/18
2.97% 2.90%
1.00% 1.00%
Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18

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


200bps
4.50%

4.00% 150bps

3.50%
100bps
3.00%

9/5/18 9/5/18 50bps


A 2.50% A 87 bps
3.73%
BBB 4.26% BBB 140 bps
2.00% 0bps
Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Sep-17 Dec-17 Mar-18 Jun-18 Sep-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
9/5/18 9/5/18
98.37% 6.03%
90.00 4.00%
Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Sep-17 Dec-17 Mar-18 Jun-18 Sep-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 36
September 5, 2018

SELECT US PRIVATE PLACEMENTS


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
No private placement data available this week

US PUBLIC MARKET ISSUANCES


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/28 NextEra Energy Capital Holdings Inc Sr Notes $425 3 - 2.86% - Utilities US
$716 2 - -
8/29 Fluor Corp Sr Notes $600 10 145bps - - Industrial US

SELECT BELOW INVESTMENT GRADE ISSUANCES


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
8/28 Elanco Animal Health Inc Sr Notes $750 5 150bps 4.27% BB+/Baa3 Consumer, US
$750 10 200bps - - Non-Cyclical
$500 3 120bps - -
8/27 Masonite International Corp Sr Notes $300 8 - 5.75% BB+/Baa3 Industrial Canada

SELECT CLOSED SYNDICATED LOANS


Date Issuer Type $mm Months Spread Rating Sector Country
8/28 Marathon Petroleum Corp Rev $5,000 59 125bps - Energy US
$1,000 11 125bps -
8/27 UPL Ltd Term $3,000 59 160bps - Basic Materials India
8/27 Verscend Holding Corp Term $3,215 83 450bps B+/B3 Consumer, US
Non-Cyclical

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 Aaron Richardson Ted Barrett
Managing Director Managing Director Managing Director Director Director Vice President Vice President Associate Analyst
(212) 205-1385 (212) 205-1386 (212) 205-1392 (212) 205-1393 (212) 335-2557 (212) 205-1382 (212) 205-1389 (212) 205-1387 (212) 205-1396

Daniel Charen Charles Joerss Ben Koeppel Vitaliy Koretskyy Billy Kovanis Keir Wianecki
Analyst Analyst Analyst Analyst Analyst Analyst
(212) 335-2567 (212) 335-2555 (212) 335-2566 (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