Volume 5, Issue 26

July 22, 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

30 bps

46 bps

07/22/15

7/22/15
2.47%

3yr

5yr

7yr

10yr

30yr

0.71% 1.04% 1.71% 1.98% 2.38% 3.12%

7/22/15
2.38%

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

7/22/15
96.64%

2yr

I
30

10 Year US Treasury

Average 10 Year US Industrial Yield

7/22/15
A
3.44%
BBB 3.88%

I
10

I
7

07/22/15

10 Year US Swap Rates

30yr Avg
15yr Avg
Today (7/22/15)

1.00%

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

7/22/15
A
109 bps
BBB 153 bps

25 bps
0 bps

Average Junk-Bond Yield

99.50
98.50
97.50
96.50

7/22/15
6.73%

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 26
July 22, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

7/17
7/17
7/17

Snr Notes
Snr Notes
Snr Notes

AEP Texas North Co

Contact Energy Ltd
Informa plc

$mm

Years Spread Coupon

$125
7
120bps
10
140bps
$42
8
145bps
$43
10
150bps
$120
7
175bps
$130
10
180bps
7/17 ITR Concession Co LLC
Snr Sec
$300
10
185bps
Tollinformation
Road) is from sources that are deemed reliable,
$500
20 confirmed.
205bps
Public and(Indiana
private market
but information has not been

N/A
3.63%
3.85%
3.84%
4.17%
4.20%
5.18%

Rating

Sector

Country

2
2
2

Utility
Utility
Communications
Industrial

US
New Zealand
UK

US

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

7/14
7/15
7/17

Sr Unsecured
Sr Unsecured
Sr Unsecured
Sr Unsecured

AES Gener SA
Florida Gas Transmission
Kohl's Corporation

$mm
$425
$500
$650
$450

Years Spread Coupon

10
10
10
30

275bps
215bps
185bps
235bps

5.00%
4.35%
4.25%
5.55%

Rating

Sector

Country

BBB- / Baa3
BBB / Baa2
Baa1

Utilities
Energy
Consumer,
Cyclical

Chile
US
US

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

7/13
7/13
7/17

Sr Unsecured
Sr Unsecured
Sr Unsecured

DPL Inc
Orbital ATK Inc
Terraform Power
Operating LLC

$mm
$200
$300
$300

Years Spread Coupon

4
6
10

N/A
N/A
372bps

6.75%
5.25%
6.13%

Rating

Sector

Country

BB / Ba3
BB- / Ba3
BB- / B1

Utilities
Industrial
Energy

US
US
US

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm

7/16

Constellation Brands Inc

7/16
7/13

Sherwin-Williams Co
Wolverine World Wide

Term
Term
Rev
Term

$1,272
$242
$1,350
$450

Months

Spread

Rating

Sector

Country

60
72
60
59

L+150bps
L+175bps
L+88bps
L+163bps

BB+

Consumer,
Non-cyclical

US

N/A
BBB-

Basic
Consumer,
Cyclical

US
US

Source: Bloomberg

CONTACT WHITEHALL
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Vincas Snipas
Managing Director
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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