Volume 5, Issue 14

April 21, 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

18 bps

27 bps

40 bps

04/21/15

4/21/15
1.98%

3yr

5yr

7yr

10yr

30yr

0.50% 0.77% 1.31% 1.55% 1.90% 2.57%

4/21/15
1.90%

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

4/21/15
97.33%

2yr

I
30

10 Year US Treasury

Average 10 Year US Industrial Yield

4/21/15
A
2.82%
BBB 3.24%

I
10

I
7

04/21/15

10 Year US Swap Rates

30yr Avg
15yr Avg
Today (4/21/15)

1.00%

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

4/21/15
A
92 bps
BBB 135 bps

25 bps
0 bps

Average Junk-Bond Yield

99.50
98.50
97.50
96.50

4/21/15
6.22%

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 14
April 21, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

4/17

United Arab Shipping Co

Secured

$mm

4/17

Aquasure

Secured

4/10

Witan Investment Trust plc

Secured

Years Spread Coupon

$162 12 (7avg)
$450
A$152
21
54

12
12
20
30

Rating

Sector

Country

N/A

5.17%

Industrial

Kuwait

140bps
145bps
N/A
N/A

3.28%
3.33%
3.29%
3.47%

Utilities

Australia

Unknown

Financial

UK

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

4/14

Alabama Power Co

Sr Unsecured

$mm
$250

4/14

Altagas Ltd

Sr Unsecured

$125

4/10

Monsanto Co

Sr Unsecured

$300
$500

Years Spread Coupon

Rating

Sector

Country

85bps

2.80%

A / A1

Utilities

US

N/A

1.13%

BBB

Energy

Canada

10

100bps

2.85%

BBB+ / A3

Basic Materials

US

30

145bps

3.95%

10

US

4/10

TECO Finance Inc

Sr Unsecured

$250

N/A

0.87%

BBB / Baa1

Utilities

US

4/6

Union Electric Co

Secured

$250

30

113bps

3.65%

A / A2

Utilities

US

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

Rating

Sector

Country

4/6

Aes Corp

Sr Unsecured

$575

10

370bps

5.50%

BB- / Ba3

Utilities

US

4/9

Endeavor Energy Resources Sr Unsecured

LP
Fiat Chrysler Automobile
Sr Unsecured

$300

634bps

8.13%

B / B3

Energy

US

$1,500

315bps

4.50%

BB- / B2

345bps

5.25%

Consumer,
Cyclical

Netherlands

$1,500
$400

508bps

6.88%

B- / B3

Energy

US

4/14
4/14

Matador Resources Co

$mm

Sr Unsecured

Years Spread Coupon

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm Months

Spread

Rating

Sector

Country

4/10

Boston Scientific Corp

Rev

$2,000

59

L+130bps

BBB-

US

4/8

The Intertain Group Ltd

Term

$335

83

L+650bps

BB / B2

Consumer,
Non-cyclical
Communications

Rev

$18

59

L+500bps
US

US

4/9

Monitronics International Inc

Term

$550

83

L+350bps

B / Ba3

4/13

Natel Engineering Co Inc

Term

$300

60

L+575bps

BB- / B2

Consumer,
Non-cyclical
Technology

4/8

OPE USIC Holdings Inc

Term

$40

63

L+300bps

B+

Industrial

Canada

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

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