Volume 7, Issue 7

February 13, 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 (2/13/17)
0 bps 0.00% I I I I I I
Feb-16 May-16 Aug-16 Nov-16 Feb-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
77 bps 104 bps 134 bps 1.21% 1.45% 1.92% 2.13% 2.45% 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%
2/13/17 2/13/17
2.37% 2.45%
1.00% 1.00%
Feb-16 May-16 Aug-16 Nov-16 Feb-17 Feb-16 May-16 Aug-16 Nov-16 Feb-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

2/13/17 2/13/17 50bps

A 2.50% A
3.26% 85 bps
BBB 3.62% BBB 121 bps
2.00% 0bps
Feb-16 May-16 Aug-16 Nov-16 Feb-17 Feb-16 May-16 Aug-16 Nov-16 Feb-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%

90.00 2/13/17 5.00%

2/13/17
98.12% 5.92%
88.00 4.00%
Feb-16 May-16 Aug-16 Nov-16 Feb-17 Feb-16 May-16 Aug-16 Nov-16 Feb-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 7
February 13, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/10 Liberty Utilities Group Sr Notes $100 3 130bps - 2 Utilities US
$80 5 135bps -
$70 7 140bps -
$250 10 145bps -
$21 20 175bps -
$229 30 180bps -

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/6 Microsoft Corp Sr Notes $1,500 3 40bps 1.85% AAA / Aaa Technology US
$1,750 5 50bps 2.40%
$2,250 7 70bps 2.88%
$4,000 10 85bps 3.30%
$2,500 20 100bps 4.10%
$3,000 30 115bps 4.25%
$2,000 40 140bps 4.50%
2/10 MPLX LP Sr Notes $1,000 30 220bps 5.20% BBB- / Baa3 Energy US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
2/6 CCO Holdings Sr Notes $1,000 10 278bps 5.13% BB+ / B1 Communications US
2/9 Symantec Corp Sr Notes $1,100 8 271bps 5.00% BB+ / Baa3 Communications US

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
2/7 Dynegy Inc Term $224 76 L+325bps BB Utilities US
Term $2,224 83 L+325bps
LC $50 11 L+275bps
2/7 Interoil Corp Term $470 10 L+650bps - Energy Bahamas
2/9 Zekelman Industries Inc Term $921 52 L+375bps BB- / B2 Industrial US

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

Vincas Snipas Van Thorne Geoffrey Wilson Mark Halpin

Managing Director Managing Director Managing Director Director
(212) 205-1385 (212) 205-1386 (212) 205-1392 (212) 205-1393

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