Volume 7, Issue 22

June 5, 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 (6/5/17)
0 bps 0.00% I I I I I I
Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
109 bps 122 bps 143 bps 1.30% 1.44% 1.73% 1.90% 2.17% 2.83%

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%
6/5/17 6/5/17
2.12% 2.17%
1.00% 1.00%
Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Jun-16 Sep-16 Dec-16 Mar-17 Jun-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

6/5/17 6/5/17 50bps

A 2.50% A 83 bps
2.99%
BBB 3.44% BBB 128 bps
2.00% 0bps
Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Jun-16 Sep-16 Dec-16 Mar-17 Jun-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%

6/5/17 90.00 6/5/17 5.00%

98.35% 5.41%
88.00 4.00%
Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Jun-16 Sep-16 Dec-16 Mar-17 Jun-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 22
June 5, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/2 Ameren Transmission Company Sr Secured $450 33 110bps 3.43% 1 Industrial US
of Illinois
6/2 Barratt Developments plc Sr Secured 200 10 G+170bp 2.77% 2 Consumer, UK
Cylical
6/2 Extra Space Storage Inc Sr Notes $300 10 170bps 3.95% 2 Financial US
6/2 KKR PM LP Sr Secured $150 14 6.99% 2 Financial US
6/2 Michigan Gas Utilities Corp and Sr Secured $70 10 90bps 3.11% 1 Utilities US
Minnesota Energy Resources $70 15 120bps 3.41%
Corp $70 30 115bps 4.01%
6/2 Nordic Aviation Capital A/S Sr Notes $200 5 - 4.17% 2 Industrial Denmark
7 4.53%

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/30 Canadian Nautral Resources Ltd Sr Notes $1,000 6 115bps 2.95% BBB+/Baa3 Energy Canada
$1,250 10 160bps 3.85%
$750 30 200bps 4.95%
5/31 Norfolk Southern Corp Sr Notes $300 10 92bps 3.15% BBB+/Baa1 Industrial US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/31 Coeur Mining Inc Sr Notes $250 7 380bps 5.88% BB-/B1 Basic Materials US
5/30 PBF Holding Company LLC Sr Notes $725 8 519bps 7.25% BB/B1 Energy US

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
6/1 Axalta Coating Systems Ltd Term $450 85 L+200bps Ba1 Basic Materials US
$1,550 85 L+200bps
5/31 Grand Valley II LP Term $153 216 - - Energy Canada
LC $7 84
5/30 Transcendia Inc Term $295 84 L+400bps B Industrial US
Term $110 96 - CCC+
Rev $50 59 - B

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

Sim Ketchum Bob Salandra Vincas Snipas Van Thorne Geoffrey Wilson Mark Halpin Nadia Zaets
Managing Director Managing Director Managing Director Managing Director Managing Director Director Director
(212) 335-2562 (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