You are on page 1of 2

Volume 3, Issue 36 October 1, 2013

Whitehall
UNITED STATES DEBT MARKET
US Libor
6 mth 3 mth 1 mth 90 bps 80 bps 70 bps 60 bps 50 bps 40 bps 30 bps 20 bps 10 bps 0 bps 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% I I 30yr Avg 15yr Avg Today (10/1/13)

US Treasury Yield Curve

23
Libor 10/01/13 1 month 18 bps 3 month 25 bps 6 month 37 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 10/01/13

10yr

30yr

0.33% 0.69% 1.41% 1.90% 2.63% 3.69%

10 Year US Swap Rates


10/1/13 2.79% 3.00% 2.50% 2.00% 1.50% 1.00% 10/1/13 2.63%

10 Year US Treasury
3.00% 2.50% 2.00% 1.50% 1.00%

Average 10 Year US Industrial Yield


4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00%

Average 10 Year US Industrial Spreads


225 bps 200 bps 175 bps 150 bps 125 bps 100 bps 75 bps 50 bps 25 bps 0 bps

10/1/13 A 3.57% BBB 4.37%

10/1/13 A 95 bps BBB 174 bps

S&P/LSTA Leveraged Loan Index


10/1/13 97.58% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield


10/1/13 6.30 % 7.75% 7.25% 6.75% 6.25% 5.75% 5.25% 4.75%

Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2013 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com

Volume 3, Issue 36 October 1, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes Snr Sec FMB Snr Notes

Date

Issuer

$mm
$500 $613 $155 $250

Years Spread
5 19.5(10.3avg) 29 35 SGP$7 10 HK$10 30 14.8(8.7avg) 24.8(15.2avg) 26.8(17.3avg) N/A 330bps 110bps 115bps 180bps 165bps 180bps 130bps 120bps 135bps 135bps

Coupon
4.75% 6.00% 4.74% 4.84% N/A

Rating
2 2 1 2

Sector
Consumer, NonCyclical Energy Utilities Industrial

Country
Turkey USA USA Australia

9/27 Coca-Cola Icecek 9/27 Continental Wind LLC 9/27 Portland General Electric 9/27 Toll Holdings Ltd

9/27 UGI Utilities Inc 9/27 The National Football League

Snr Notes Snr Notes

$175 $375

N/A 3.86% 4.30% 4.42%

1 1

Utilities Consumer, Cyclical

USA USA

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
Snr Notes

$mm
$5,000

Years Spread
3 5 10 30 5 30 3 10 5 5 5 10 FRN 60bps 125bps 130bps 60bps 110bps FRN 150bps 68bps FRN 80bps 130bps

Coupon
L+25bps 2.05% 3.85% 5.00% 1.95% 4.75% L+65bps 4.00% 2.13% L+63bps 2.24% 3.99%

Rating
A1/A+

Sector
Basic Materials

Country
Australia

9/25 BHP Billiton Finance USA Ltd

9/25 Wal-Mart Stores Inc 9/25 Enbridge Inc 9/23 Ralph Lauren Corp

Snr Notes Snr Notes Snr Notes

$1,750 $1,150 $300 $2,400

Aa2/AA Baa1 A3/A A2/A

Consumer, NonCyclical Energy Consumer, Cyclical Energy

USA Canada USA United Kingdom

9/23 BP Capital Markets PLC Snr Notes

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES


Date
9/24 9/24

Issuer
The ADT Corp General Motors Co

Type
Snr Notes Snr Notes

$mm
$1,000 $4,500

Years Spread
8 5 10 30 8 389bps N/A

Coupon
6.25% 3.50% 4.88% 6.25% 5.75%

Rating
Ba2/BBBa1/BB+

Sector
Consumer, Cyclical Consumer, Cyclical Energy

Country
USA USA

9/23

Whiting Petroleum Corp

Snr Notes

$400

346bps

Ba2

USA

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS


Date Issuer Type
Term Revolver Term

$mm
$2,982 $1,650 $1,200

Months
46 60 84

Spread
L+350bps L+325bps L+325bps

Rating
B+ BB

Sector
Consumer, Non-Cyclical Energy

9/25 Biomet Inc 9/24 Peabody Energy Corp


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 Roland DaCosta Managing Director (212) 205-1394 roland.dacosta@ whitehallandcompany.com Oliver Langel Managing Director (212) 205-1386 oliver.langel@ whitehallandcompany.com Vincas Snipas Managing Director (212) 205-1385 vincas.snipas@ whitehallandcompany.com Susan Vick Managing Director (212) 205-1398 susan.vick@ whitehallandcompany.com Brian Burchfield Director (212) 205-1395 brian.burchfield@ whitehallandcompany.com

Natalia Kotlyarchuk Vice President (212) 205-1396 natalia.kotlyarchuk@ whitehallandcompany.com

Nicholas Page Associate (212) 205-1389 nicholas.page@ whitehallandcompany.com

Gabrielle Sullivan Analyst (212) 205-1383 gabrielle.sullivan@ whitehallandcompany.com

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

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2013 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com