Volume 6, Issue 22

June 1, 2016

Whitehall
UNITED STATES DEBT MARKET
US Libor

Jun-15

Sep-15

Dec-15

US Treasury Yield Curve

Mar-16

100 bps
90 bps
80 bps
70 bps
60 bps
50 bps
40 bps
30 bps
20 bps
10 bps
Jun-16

7.00%
6.00%
5.00%
4.00%
3.00%
2.00%

0.00% I I

23

I
5

Libor

1 month

3 month

6 month

UST

46 bps

67 bps

98 bps

06/01/16

10 Year US Swap Rates

I
10

I
7

06/01/16

2yr

Jun-15

Sep-15

Dec-15

Mar-16

3yr

5yr

7yr

10yr

3.25%

3.25%

2.75%

2.75%

2.25%

2.25%

1.25%
Jun-16

1.75%

6/1/16
1.85%
Jun-15

Sep-15

Dec-15

1.25%
Jun-16

Mar-16

Average 10 Year US Industrial Spreads

4.50%

200 bps

4.00%

175 bps

3.50%

150 bps
125 bps

3.00%

100 bps

2.50%
6/1/16
2.87%
A
BBB 3.32%
Sep-15

Dec-15

Mar-16

75 bps

2.00%

6/1/16
101 bps
A
BBB 147 bps

1.50%

1.00%
Jun-16

S&P/LSTA Leveraged Loan Index

Jun-15

30yr

10 Year US Treasury

Average 10 Year US Industrial Yield

Jun-15

I
30

0.88% 1.04% 1.37% 1.56% 1.85% 2.65%

1.75%
6/1/16
1.70%

30yr Avg
15yr Avg
Today (6/1/16)

1.00%

Jun-15

Sep-15

Dec-15

50 bps
25 bps

0 bps
Jun-16

Mar-16

Average Junk-Bond Yield

98.00
97.00
96.00
95.00
94.00
93.00
92.00
91.00
6/1/16
90.00
93.41%
89.00
Jun-15
Sep-15
Dec-15
Mar-16
Sep-15
Dec-15
Mar-16
Jun-16
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Copyright 2016 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

9.50%
9.00%
8.50%
8.00%
7.50%
7.00%
6.50%
6.00%
6/1/16
5.50%
7.31%
5.00%
Jun-16

Volume 6, Issue 22
June 1, 2016

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

$mm

Years

Sector

Country

$125
$125

8
10

185bps
190bps

3.59%
3.75%

Financial

US

Sr Secured

$29
$86

12
20

260bps
262bps

4.38%
4.58%

Utilities

US

James Campbell Co LLC

Sr Notes

$50
$60
$60
$20
$30

7
10
11
12
12

196bps
201bps
206bps
205bps
211bps

Financial

US

MEPT Edgemoor LP

Sr Notes

$100
$50
$150

7
10
12

175bps
180bps
190bps

Funds

US

5/27

CenterPoint Properties Trust Sr Notes

5/27

Global Water Resources

5/27

5/27

Spread Coupon

Rating

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

$mm

Years

5/25

CVS Health Corp

Sr Notes

$1,750

92bps

2.13%

$1,750

10

122bps

2.88%

5/24

Entergy New Orleans Inc

Sr Secured

$85

10

213bps

4.00%

A- / Baa2

Utilities

US

5/24

Kraft Heinz Foods Co

Sr Notes

$2,000

10

130bps

3.00%

BBB- / Baa3

Consumer,

US

$3,000

30

180bps

4.38%

Non-cyclical

US

$1,000

80bps

1.85%

$1,500

100bps

2.35%

$1,250

130bps

2.95%

$1,750

10

145bps

3.25%

$2,000

30

180bps

4.40%

5/24

Southern Co

Sr Notes

Spread Coupon

Rating

Sector

BBB+ / Baa1 Consumer,

Country
US

Cyclical

BBB+ / Baa2 Utilities

US

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Years

Rating

Sector

Country

5/23

NRG Energy Inc

Sr Notes

$1,000

10

549bps

7.25%

BB- / B1

Utilities

US

5/23

Petrobras Global Finance

Sr Notes

$5,000

733bps

8.38%

B+ / B3

Energy

Brazil

$1,750

10

723bps

8.75%

Country

Spread Coupon

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

5/26

Comcast Corp

Rev

5/26

General Motors Co

$mm Months

Spread

Rating

Sector

A- / A3

Communications US

L+128bps

BBB-

Consumer,

L+128bps

BBB-

Cyclical

$10,000

60

Rev

$4,000

35

Rev

$10,500

59

US

Source: Bloomberg

CONTACT WHITEHALL
Jonathan Cody
Managing Director
(646) 450-9750
jp.cody@
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Timothy Page
Managing Director
(212) 205-1399
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Richard Ashby
Managing Director
(212) 205-1388
richard.ashby@
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Managing Director
(212) 205-1397
todd.brussel@
whitehallandcompany.com

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

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

Van Thorne
Managing Director
(212) 205-1386
van.thorne@
whitehallandcompany.com

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

Mark Halpin
Director
(212) 205-1393
mark.halpin@
whitehallandcompany.com

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

Matt Cody
Managing Director
(212) 205-1398
matt.cody@
whitehallandcompany.com
Nicholas Page
Associate
(212) 205-1389
nicholas.page@
whitehallandcompany.com

Sang Joon Lee

Analyst
(212) 205-1391
sang.lee@
whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Copyright 2016 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

Roland DaCosta
Managing Director
(212) 205-1394
roland.dacosta@
whitehallandcompany.com
Aaron Richardson
Associate
(212) 205-1387
aaron.richardson@
whitehallandcompany.com