Volume 6, Issue 25

June 21, 2016

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

100 bps
90 bps
80 bps
70 bps
60 bps
50 bps
40 bps
30 bps
20 bps
10 bps

Jun-15

Sep-15

Dec-15

Mar-16

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

0.00% I I

Jun-16

30yr Avg
15yr Avg
Today (6/21/16)

1.00%

23

I
5

I
10

I
7

Libor

1 month

3 month

6 month

UST

06/21/16

45 bps

64 bps

92 bps

06/21/16

2yr

3yr

5yr

7yr

10yr

10 Year US Treasury
3.25%

3.25%

2.75%

2.75%

2.25%

2.25%
1.75%

1.75%

6/21/16
1.54%

6/21/16
1.66%

1.25%

1.25%
Sep-15

Dec-15

Mar-16

Jun-15

Jun-16

Average 10 Year US Industrial Yield

Sep-15

Dec-15

Mar-16

Jun-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%
6/21/16
2.66%
A
BBB 3.10%

75 bps

2.00%

6/21/16
105 bps
A
BBB 149 bps

1.50%
1.00%

Jun-15

Sep-15

Dec-15

Mar-16

Jun-16

6/21/16
93.49%
Sep-15

Sep-15

Dec-15

Mar-16

Mar-16

25 bps

Jun-16

Average Junk-Bond Yield

98.00
97.00
96.00
95.00
94.00
93.00
92.00
91.00
90.00
89.00

Jun-15
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
Dec-15

50 bps
0 bps

Jun-15

S&P/LSTA Leveraged Loan Index

Jun-15

30yr

0.73% 0.87% 1.16% 1.36% 1.66% 2.47%

10 Year US Swap Rates

Jun-15

I
30

6/21/16
7.11%
Jun-16

9.50%
9.00%
8.50%
8.00%
7.50%
7.00%
6.50%
6.00%
5.50%
5.00%

Volume 6, Issue 25
June 21, 2016

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

$mm

Years

Sector

Country

6/17

Statnett SF

Sr Notes

$360

15

Spread Coupon
125bps

Utilities

Norway

6/17

Agnico - Eagle Mines Ltd

Sr Notes

$100
$200
$50

7
10
12

315bps
325bps
335bps

4.54%
4.48%
4.94%

Basic Materials

Canada

6/17

IDEX

Sr Notes

Industrials

US

3.20%
3.37%
-

Verizon Wireless

7
9
20

6/17

$100
$100
$320

Communications US

180bps

Rating

Source: Bloomberg

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

$mm

Years

6/14

Amgen Inc

Sr Notes

$1,415

32

190bps

4.56%

$3,541

35

200bps

4.66%

6/16

Emera US Finance LP

Sr Notes

$750

10

190bps

3.55%

$1,250

30

230bps

4.75%

6/13

United Air 2016-1 Class A

2nd lien

$324

12

Pass Through Trust

Sr Notes

$729

12

Spread Coupon

Rating

Sector

Country

A / Baa1

Consumer,
Non-cyclical
Non-cyclical

US

BBB / Baa3

Utilities

US

3.45%

A2
Aa3

Consumer,
Cyclical
Cyclical

US

3.10%

Country

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Years

6/13

Dish DBS Corp

Sr Notes

$2,000

10

6/16

Emera Inc

Subordinated

$1,200

6/17

Weatherford Bermuda

Sr Notes

$750
$750

Spread Coupon

Rating

Sector

605bps

7.75%

BB- / Ba3

Communications US

60

6.75%

BBB- / Ba2

Utilities

Canada

5
7

657bps
680bps

7.75%
8.25%

BB- / B2

Energy

Bermuda

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm Months

6/15

Automatic Data Processng

Rev

$3,250

11

Spread
-

6/16

KFC Holding Co

Term

$2,000

84

L+275bps

Rating

Sector

Country

Consumer,
Non-cyclical

US

BBB- / Ba1

Consumer,
Cyclical
Cyclical

US

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

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