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Volume 5, Issue 24

July 7, 2015

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve


50 bps 7.00%
40 bps

6.00%
5.00%

30 bps

4.00%

20 bps 3.00%
6 mth
3 mth
1 mth

10 bps 2.00%
0 bps

0.00% I I

23

I
5

Libor

1 month

3 month

6 month

UST

19 bps

28 bps

45 bps

07/07/15

7/7/15
2.34%

3yr

5yr

7yr

10yr

30yr

0.57% 0.88% 1.50% 1.79% 2.22% 3.02%

7/7/15
2.22%

3.25%

3.25%

2.75%

2.75%

2.25%

2.25%

1.75%

1.75%

1.25%

1.25%

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


7/7/15
96.53%

2yr

I
30

10 Year US Treasury

Average 10 Year US Industrial Yield

7/7/15
A
3.44%
BBB 3.88%

I
10

I
7

07/07/15

10 Year US Swap Rates

30yr Avg
15yr Avg
Today (7/7/15)

1.00%

175 bps
150 bps
125 bps
100 bps
75 bps
50 bps

7/7/15
A
106 bps
BBB 149 bps

25 bps
0 bps

Average Junk-Bond Yield


99.50
98.50
97.50
96.50

7/7/15
6.66%

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 24
July 7, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

$mm

Years Spread Coupon

Rating

Sector

Country

No Select US Private Placements this week.


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

Rating

Sector

Country

6/30

Baidu Inc

5
10
30

135bps
175bps
145bps

3.00%
4.13%
4.50%

Communications

Cayman
Islands

Brown-Forman Corp

$750
$500
$500

A3

6/29

Sr Unsecured
Sr Unsecured
Sr Unsecured

$mm

Years Spread Coupon

A- / A1

US

7/1
7/2

Entergy Corp
Kraft Heinz Foods Co

Transpower New Zealand

$650
$1,000
$1,500
$1,500
$1,000
$2,000
$1,000
$2,000
$75

7
2
3
5
7
10
20
30
7

190bps
95bps
100bps
115bps
140bps
155bps
185bps
200bps
N/A

4.00%
1.60%
2.00%
2.80%
3.50%
3.95%
5.00%
5.20%
4.30%

BBB- / Baa3
BBB- / Baa3

6/30

Sr Unsecured
Sr Unsecured
Sr Unsecured
Sr Unsecured
Sr Unsecured
Sr Unsecured
Sr Unsecured
Sr Unsecured
Sr Unsecured

Consumer,
Non-cyclical
Utilities
Consumer,
Non-cyclical

Utilities

New Zealand

AA- / A1

US
US

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES


Date Issuer

Type

Rating

Sector

Country

6/30

Grupo Posadas SAB CV

Sr Unsecured

$mm
$350

Years Spread Coupon


7

N/A

7.88%

B / B2

Mexico

7/2
7/1

Hologic Inc
Univar USA Inc

Sr Unsecured
Sr Unsecured

$1,000
$400

7
8

N/A
451bps

5.25%
6.75%

BB / B1
B / Caa1

Consumer,
Cyclical
Consumer,
Non-cyclical
Consumer,
Cyclical

US
US

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS


Date Issuer

Type

7/1

Anchor Glass Container

Term

6/29
6/30
6/30
7/1

Months

Spread

Rating

Sector

Country

$465

83

L+350bps

BB- / B3

Industrial

US

Keurig Green Mountain Inc Rev

$1,300

59

L+175bps

$500

59

L+175bps

Consumer,
Non-cyclical

US

Rev
Progressive Waste
Solutions
Six Flags Entertainment
Corp

Term

$500

59

L+150bps

BBB

Industrial

Canada

Term

$700

83

L+275bps

BBB- / Ba2

US

$250

59

L+200bps

Consumer,
Cyclical

Univar Inc

Term

$2,050

84

L+325bps

BB- / B2

Basic
Materials

US

Rev

$mm

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

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