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Volume 7, Issue 19

May 9, 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 (5/9/17)
0 bps 0.00% I I I I I I
May-16 Aug-16 Nov-16 Feb-17 May-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
99 bps 118 bps 144 bps 1.35% 1.54% 1.93% 2.12% 2.41% 3.04%

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%
5/9/17 5/9/17
2.34% 2.41%
1.00% 1.00%
May-16 Aug-16 Nov-16 Feb-17 May-17 May-16 Aug-16 Nov-16 Feb-17 May-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

5/9/17 5/9/17 50bps


A 2.50% A 84 bps
3.19%
BBB 3.59% BBB 124 bps
2.00% 0bps
May-16 Aug-16 Nov-16 Feb-17 May-17 May-16 Aug-16 Nov-16 Feb-17 May-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%

5/9/17 90.00 5/9/17 5.00%


98.29% 5.96%
88.00 4.00%
May-16 Aug-16 Nov-16 Feb-17 May-17 May-16 Aug-16 Nov-16 Feb-17 May-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 19
May 9, 2017

SELECT US PRIVATE PLACEMENTS


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/5 Arthur J. Gallagher & Co Sr Notes $50 6 165bps - 2 Financial US
$250 10 180bps 4.09%
$100 12 190bps 4.19%
$150 15 205bps 4.34%
5/5 Brussels Airport Sr Secured 300 7 65bps 1.00% 2 Industrial Belgium
100 12 84bps -

US PUBLIC MARKET ISSUANCES


SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/1 CSX Corp Sr Notes $850 10 95bps 3.25% BBB+/Baa1 Industrial US
5/2 E.I. du Pont de Nemours & Co Sr Notes $1,250 3 80bps 2.20% A-/A3 Basic Materials US
5/5 Public Service Electric Sr Secured $425 10 73bps 3.00% A/Aa3 Utilities US
5/4 United Technologies Corp Sr Notes $1,000 3 45bps 1.90% A-/A3 Industrial US
$500 5 50bps 2.30%
$800 7 70bps 2.80%
$1,100 10 80bps 3.13%
$600 30 105bps 4.05%

SELECT BELOW INVESTMENT GRADE ISSUANCES


Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/3 Covey Park Energy LLC Sr Notes $450 8 528bps 7.50% B/B3 Energy US
5/5 Pitney Bowes Inc Sr Notes $400 5 215bps 3.88% Baa3/BBB- Technology US
5/2 Trilogy International Partners LLC/ Sr Secured $350 5 725bps 8.88% B/B3 Communications US
Trilogy International Finance Inc

SELECT CLOSED SYNDICATED LOANS


Date Issuer Type $mm Months Spread Rating Sector Country
5/5 Puma International Financial Rev $400 11 L+145bps - Energy Luxembourg
5/1 Tempo Acquisition LLC Term $2,670 83 L+300bps B/B1 Technology US
Rev $250 59 -

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) 205-1398 (212) 205-1399 (212) 205-1388 (212) 205-1397 (212) 205-1395 (212) 205-1398 (212) 205-1394

Bob Salandra Vincas Snipas Van Thorne Geoffrey Wilson Mark Halpin Nadia Zaets
Managing Director Managing Director Managing Director Managing Director Director Director
(212) 335-2561 (212) 205-1385 (212) 205-1386 (212) 205-1392 (212) 205-1393 (212) 335-2557

Blaine Burke Nicholas Page Sang Joon Lee Aaron Richardson Ted Barrett Billy Kovanis Keir Wianecki
Vice President Vice President Associate Associate Analyst Analyst Analyst
(212) 205-1382 (212) 205-1389 (212) 205-1391 (212) 205-1387 (212) 205-1396 (212) 335-2550 (212) 205-2552

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