Volume 4, Issue 42

November 18, 2014

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

50 bps

6 mth
3 mth
1 mth

7.0%
40 bps

6.0%

30 bps

5.0%
4.0%

20 bps
10 bps
0 bps

3.0%
2.0%

0.0% I I

23

I
5

Libor

1 month

3 month

6 month

UST

15 bps

23 bps

33 bps

11/18/14

2yr

10 Year US Swap Rates

3yr

5yr

7yr

10yr

30yr

0.51% 0.88% 1.62% 1.91% 2.34% 3.06%

11/18/14
2.34%
3.25%

2.75%

2.75%

2.25%

2.25%

1.75%

1.75%

1.25%

1.25%

Average 10 Year US Industrial Yield

Average 10 Year US Industrial Spreads

5.00%
4.50%
4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%

S&P/LSTA Leveraged Loan Index

11/18/14
97.51%

I
30

10 Year US Treasury
3.25%

11/18/14
A
3.15%
BBB 3.49%

I
10

I
7

11/18/14

11/18/14
2.46%

30yr Avg
15yr Avg
Today (11/18/14)

1.0%

11/18/14
A
83 bps
BBB 117 bps

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

Average Junk-Bond Yield

99.50
99.00
98.50
98.00
97.50
97.00
96.50
96.00
95.50

11/18/14
5.99 %

Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Copyright 2014 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

7.50%
7.00%
6.50%
6.00%
5.50%
5.00%
4.50%

Volume 4, Issue 42
November 18, 2014

Whitehall
SELECT US PRIVATE PLACEMENTS

Date

Issuer

11/14 Luxfer Group

Type

$mm

Snr Notes

Years Spread

$25

Coupon

N/A

3.67%

Rating

Sector

Country

N/A

Industrial

United Kingdom

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

Rating

Sector

Country

11/12 Gilead Sciences Inc

Issuer

Snr Notes

Type

$mm
$4,000

Years Spread
5
10
30

75bps
115bps
145bps

Coupon
2.35%
3.50%
4.50%

A3/A-

Consumer, Noncyclical

USA

11/12 Canadian Natural

Resources Ltd
11/10 Altria Group Inc

Snr Notes

$1,200

1.75%
3.90%
2.63%

Energy

Canada

$1,000

80bps
155bps
100bps

Baa1/BBB+

Snr Notes

3
10
5

Baa1/BBB+

USA

11/10 Chevron Corp

Snr Notes

$3,000

2
3
3
5
5
7

FRN
FRN
38bps
FRN
55bps
FRN

L+10bps
L+17bps
1.35%
L+41bps
2.19%
L+53bps

Aa1/AA

Consumer, Noncyclical
Energy

11/10 Eastman Chemical Co

Snr Notes

$2,500

5
10
30

110bps
150bps
135bps

2.70%
3.80%
4.65%

Baa2/BBB

Basic Materials

USA

11/10 Freeport-McMoRan Inc

Snr Notes

$2,000

3
7
10
20

135bps
200bps
220bps
235bps

2.30%
4.00%
4.55%
5.40%

Baa3/BBB

Basic Materials

USA

USA

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date

Issuer

11/10 SUPERVALU Inc

Type
Snr Notes

$mm

Years Spread

$350

Coupon

557bps

7.75%

Rating

Sector

Country

B3/B-

Consumer, Noncyclical

USA

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date

Issuer

11/13 INC Research LLC

11/10 Walgreen Co

Type
Revolver
Term
Revolver

$mm

Months

Spread

Rating

Sector

60
84
60

L+375bps
L+375bps
L+113bps

B1/BB-

Consumer, Non-cyclical

Baa2/BBB

Consumer, Non-cyclical

$100
$425
$2,250

Source: Bloomberg

CONTACT WHITEHALL
Jonathan Cody
Managing Director
(646) 450-9750
jp.cody@
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Timothy Page
Managing Director
(212) 205-1399
timothy.page@
whitehallandcompany.com

Roland DaCosta
Managing Director
(212) 205-1394
roland.dacosta@
whitehallandcompany.com

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

Oliver Langel
Managing Director
(212) 205-1386
oliver.langel@
whitehallandcompany.com

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

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

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

Susan Vick
Managing Director
(212) 205-1398
susan.vick@
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 2014 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

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