Volume 6, Issue 20

May 17, 2016

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

100 bps
90 bps
80 bps
70 bps
60 bps
50 bps
40 bps
30 bps
20 bps
10 bps

Apr-15

Jul-15

Oct-15

Jan-16

7.00%
6.00%
5.00%
4.00%
3.00%
2.00%

0.00% I I

Apr-16

30yr Avg
15yr Avg
Today (5/17/16)

1.00%

23

I
5

I
7

Libor

1 month

3 month

6 month

UST

05/17/16

43 bps

63 bps

91 bps

05/17/16

I
10
2yr

3yr

Apr-15

Jul-15

Oct-15

Jan-16

7yr

10yr

3.25%

3.25%

2.75%

2.75%

2.25%

2.25%
1.75%

5/17/16
1.76%

1.25%

1.25%
Apr-15

Apr-16

Average 10 Year US Industrial Yield

Jul-15

Oct-15

Jan-16

Apr-16

Average 10 Year US Industrial Spreads

4.50%

200 bps

4.00%

175 bps

3.50%

150 bps
125 bps

3.00%

100 bps

2.50%
5/17/16
2.69%
A
BBB 3.21%

75 bps

2.00%

5/17/16
99 bps
A
BBB 151 bps

1.50%
1.00%

Apr-15

Jul-15

Oct-15

Jan-16

Apr-16

Apr-15

Jul-15

Jul-15

Oct-15

Jan-16

Jan-16

25 bps

Apr-16

Average Junk-Bond Yield

98.00
97.00
96.00
95.00
94.00
93.00
92.00
91.00
90.00
89.00

Apr-15
Jul-15
Oct-15
Jan-16
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Oct-15

50 bps
0 bps

Apr-15

S&P/LSTA Leveraged Loan Index

5/17/16
93.04%

30yr

0.81% 0.96% 1.28% 1.47% 1.76% 2.59%

1.75%
5/17/16
1.62%

5yr

I
30

Apr-16

Copyright 2016 Whitehall & Company, LLC

7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

5/17/16
7.40%
Apr-16

9.50%
9.00%
8.50%
8.00%
7.50%
7.00%
6.50%
6.00%
5.50%
5.00%

Volume 6, Issue 20
May 17, 2016

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

5/13

Casey's General Stores Inc

Sr Notes

5/13

SA Power Networks

Sr Notes

5/13

University of Surrey

Sr Notes

$mm

Years

Spread Coupon

$50
$50
$85
$15
$210
$210

15
15
10
10
12
15

130bps
128bps
140bps
155bps

3.65%
3.72%
3.06%
3.04%
3.16%
3.31%

40
55
25

30
30
35

G+105bps
G+115bps
G+115bps

Rating
1

1
-

Sector

Country

Consumer,
Cyclical
Utilities

US

Consumer,
Non-cyclical

UK

Australia

Public and private market information is from sources that are deemed reliable, but information has not been confirmed.

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

$mm

Years

Rating

Sector

Country

5/12

Duke Energy Indiana LLC

Sr Secured

$500

30

115bps

3.75%

A / Aa3

Utilities

US

5/13

Entergy Mississippi Inc

Sr Secured

$375

12

110bps

2.85%

A- / A3

Utilities

US

5/9

General Motors Financial

Sr Notes

$1,400

155bps

2.40%

BBB- / Ba1

Consumer,

US

$1,200

220bps

3.70%

$1,750

60bps

1.38%

$1,500

80bps

1.88%

$1,750

10

118bps

2.88%

$2,250

30

152bps

4.00%

Co
5/10

Shell International Finance

Sr Notes

Spread Coupon

Cyclical
A+/ Aa2

Energy

Netherlands

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Years

Rating

Sector

Country

5/13

Goodyear Tire & Rubber

Sr Notes

$900

10

325bps

5.00%

BB / Ba3

Consumer,
Cyclical

US

5/12

Kaiser Aluminum Corp

Sr Notes

$375

417bps

5.88%

BB / Ba3

Basic Materials

US

5/13

United Rentals North

America

Sr Notes

$750

10

404bps

5.88%

BB- / B1

Consumer,
Non-cyclical

US

Spread Coupon

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm Months

5/9

Illinois Tool Works Inc

Rev

$2,500

59

5/12

Noble Group Ltd

Rev

$1,000

11

5/13

Samsonite IP Holdings

Term

$1,250

Term

$675

Rev
5/10
5/12

Symantec Corp

Spread

Rating

Sector

Country

Industrial

US

L+225bps

BB- / Ba3

Diversified

Bermuda

59

L+275bps

BBB- / Ba2

Consumer,

Luxembourg

83

L+325bps

$500

59

L+275bps

Term

$1,000

35

Rev

$1,000

59

$3,000

L+200bps

Western Digital Technologies Bridge Term

Cyclical
BBB-

Communications US

Technology

US

Source: Bloomberg

CONTACT WHITEHALL
Jonathan Cody
Managing Director
(646) 450-9750
jp.cody@
whitehallandcompany.com

Timothy Page
Managing Director
(212) 205-1399
timothy.page@
whitehallandcompany.com

Richard Ashby
Managing Director
(212) 205-1388
richard.ashby@
whitehallandcompany.com

Todd Brussel
Managing Director
(212) 205-1397
todd.brussel@
whitehallandcompany.com

Brian Burchfield
Managing Director
(212) 205-1395
brian.burchfield@
whitehallandcompany.com

Vincas Snipas
Managing Director
(212) 205-1385
vincas.snipas@
whitehallandcompany.com

Van Thorne
Managing Director
(212) 205-1386
van.thorne@
whitehallandcompany.com

Geoffrey Wilson
Managing Director
(212) 205-1392
geoff.wilson@
whitehallandcompany.com

Mark Halpin
Director
(212) 205-1393
mark.halpin@
whitehallandcompany.com

Blaine Burke
Associate
(212) 205-1382
blaine.burke@
whitehallandcompany.com

Matt Cody
Managing Director
(212) 205-1398
matt.cody@
whitehallandcompany.com
Nicholas Page
Associate
(212) 205-1389
nicholas.page@
whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.

Copyright 2016 Whitehall & Company, LLC

7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

Roland DaCosta
Managing Director
(212) 205-1394
roland.dacosta@
whitehallandcompany.com
Aaron Richardson
Associate
(212) 205-1387
aaron.richardson@
whitehallandcompany.com