Volume 7, Issue 36

September 12, 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 (9/12/17)
0 bps 0.00% I I I I I I
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 2 3 5 7 10 30
1 Month 3 Month 6 Month 2yr 3yr 5yr 7yr 10yr 30yr
124 bps 131 bps 145 bps 1.33% 1.47% 1.74% 1.91% 2.16% 2.77%

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%
9/12/17 9/12/17
2.12% 2.16%
1.00% 1.00%
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Sep-16 Dec-16 Mar-17 Jun-17 Sep-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

9/12/17 9/12/17
A 2.50% 50bps
2.91% A 86 bps
BBB 3.30% BBB 125 bps
2.00% 0bps
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Sep-16 Dec-16 Mar-17 Jun-17 Sep-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%

9/12/17 90.00 9/12/17 5.00%

97.96% 5.40%
88.00 4.00%
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Sep-16 Dec-16 Mar-17 Jun-17 Sep-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 36
September 12, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
9/8 CSolar West Sr Secured $401 23 160bps 3.85% 2 Energy US
9/8 EdR Sr Notes $75 12 - 4.22% 2 Financial US
$75 15 4.30%
9/8 MGP Ingredients Inc Sr Secured $75 10 - 3.53% 2 Consumer, US
- Cyclical

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
9/8 Duke Energy Progress LLC Sr Secured $300 3 - 1.50% A/Aa3 Utilities US
$500 30 92bps -
9/8 IBM Credit LLC Sr Notes $800 2 37bps 1.63% A+/A1 Technology US
$600 2 - 1.47%
$500 3 - 1.80%
$600 3 - 1.58%
$500 5 55bps 2.20%
9/7 Lockheed Martin Corporation Sr Notes $1,578 35 - 4.09% BBB+/Baa1 Industrial US
9/8 PPL Capital Funding Sr Notes $500 30 135bps 4.00% BBB+/Baa2 Utilities US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread Coupon Rating Sector Country
No below investment grade issuances data this week

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type $mm Months Spread Rating Sector Country
9/6 Bunge Ltd Finance Corp Rev $865 60 L+125bps - Consumer, US
Non-cyclical
9/5 Cummins Inc Rev $1,000 11 L+75bps - Industrial US
9/6 Diamond BC BV Term $900 82 L+300bps B/B1 Consumer, US
Rev $250 - - Non-cyclical
9/5 Synergy Pharmaceuticals Inc Delay-Draw $300 93 - - Consumer, US
Term Non-cyclical

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