Volume 5, Issue 11

March 25, 2015

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

6 mth
3 mth
1 mth

50 bps 7.00%
40 bps

6.00%
5.00%

30 bps

4.00%

20 bps 3.00%
10 bps 2.00%
0 bps

0.00% I I

23

I
5

Libor

1 month

3 month

6 month

UST

17 bps

27 bps

40 bps

03/25/15

2yr

10 Year US Swap Rates

5yr

7yr

10yr

30yr

0.59% 0.85% 1.37% 1.58% 1.88% 2.47%

3/25/15
1.88%

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

3/25/15
96.87%

3yr

I
30

10 Year US Treasury
3.25%

3/25/15
A
2.80%
BBB 3.20%

I
10

I
7

03/25/15

3/25/15
1.98%

30yr Avg
15yr Avg
Today (3/25/15)

1.00%

175 bps
150 bps
125 bps
100 bps
75 bps
3/25/15
A
87 bps
BBB 127 bps

50 bps
25 bps
0 bps

Average Junk-Bond Yield

99.50

3/25/15
6.28%

98.50
97.50
96.50

7.50%
7.00%
6.50%
6.00%
5.50%

95.50

5.00%

94.50

4.50%

Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Copyright 2015 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

Volume 5, Issue 11
March 25, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

$mm

3/20

Hallett 2 Wind Farm

Snr Sec

USD98.8
AUD76.0

Years

3/20

ITC Midwest LLC

FMB

$225

40

125bps

3.83%

Utilities

US

3/20

SA Power Networks

Snr Notes

$235

12

115bps

3.09%

Utilities

Australia

12
12

Spread Coupon
175bps
185bps

3.78%
4.88%

Rating

Sector

Country

Energy

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

3/16

Sr Unsecured

3/17

Borgwarner Inc

BP Capital Markets PLC

$mm

Sr Unsecured

Years

Spread Coupon

Rating

Sector

Country

BBB+ / Baa1

Consumer,
Cyclical

US

3.06%

A / A2

Energy

3.51%

A / A2

United
Kingdom

Consumer,
Non-cyclical
Energy

US
US

$500

10

120bps

3.38%

$500

30

160bps

4.38%

$1,000

117bps

$1,000

10

142bps

3/20

Cigna Corp

Sr Unsecured

$900

10

115bps

3.25%

A / Baa1

3/17

EOG Resources Inc

Sr Unsecured

$500

10

105bps

3.15%

A- / A3

$500

20

125bps

3.90%

A- / A3

3/19

Helmerich & Payne Intl

Sr Unsecured

$500

10

263bps

4.65%

BBB+ / A3

Energy

US

3/19

Holcim Finance Australia

Sr Unsecured

$250

177bps

3.75%

BBB / Baa2

Industrial

Australia

3/16

Noble Holding Intl Ltd

Sr Unsecured

$250

300bps

4.00%

BBB / Baa3

Energy

$450

10

388bps

5.95%

Cayman
Islands

$400

30

438bps

6.95%

$300

225bps

3.80%

BBB / Baa2

Energy

US

$500

10

288bps

4.90%

3/20

Oneok Partners LP

Sr Unsecured

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

Rating

Sector

Country

3/17

Antero Resources Corp

Sr Unsecured

$mm
$750

Years
8

Spread Coupon
360bps

5.63%

BB / Ba3

Energy

US

3/18

Laredo Petroleum Inc

Sr Unsecured

$350

425bps

6.25%

B / B2

Energy

US

3/16

Peabody Energy Corp

2nd lien

$1,000

859bps

10.00%

BB+ / B2

Energy

US

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

Spread

Rating

Sector

Country

3/18

Patterson-Uti Energy Inc

Term

$mm Months
$200

30

L+325bps

N/A

Energy

US

3/18

Research Now Group Inc

Term

$265

71

L+450bps

B / Ba3

US

Term

$135

83

L+875bps

B- / Caa1

Consumer,
Non-cyclical

Rev

$35

71

B / Ba3

Source: Bloomberg

CONTACTWHITEHALL
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

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

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

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

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

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

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Copyright 2015 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

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