Volume 5, Issue 22

June 24, 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

44 bps

06/24/15

6/24/15
2.47%

3yr

5yr

7yr

10yr

30yr

0.69% 1.02% 1.67% 1.95% 2.38% 3.16%

6/24/15
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

6/24/15
96.81%

2yr

I
30

10 Year US Treasury

Average 10 Year US Industrial Yield

6/24/15
A
3.31%
BBB 3.77%

I
10

I
7

06/24/15

10 Year US Swap Rates

30yr Avg
15yr Avg
Today (6/24/15)

1.00%

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

6/24/15
A
105 bps
BBB 151 bps

25 bps
0 bps

Average Junk-Bond Yield

99.50
98.50
97.50
96.50

6/24/15
6.31%

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 22
June 24, 2015

SELECT US PRIVATE PLACEMENTS

$mm

Years Spread Coupon

Whitehall

Date Issuer

Type

Rating

Sector

Country

6/19

Basin Electric Power

Cooperative

FMB

$250
$325
$925

12 (10.5 avg)
19 (15.5 avg)
29 (25.6 avg)

140bps
155bps
165bps

N/A

Utility

US

6/19

Cabela's Inc

Snr Notes

$100
$122
$128
$28
$172

5
7
7d
10
10d

150bps
155bps
167bps
160bps
170bps

N/A

Consumer,
Cyclical

US

6/19

Snr Sec

$47

10 (8 avg)

270bps

4.91%

Industrial

US

6/19

Harvey Gulf International

Marine
Mas Georgia LFG

Snr Sec

$59

20 (13 avg)

275bps

5.00%

Energy

US

6/19

NFL Ventures LP

Snr Notes

260
50
80
130
50
50

8.8 (4.7 avg)

14.6 (8 avg)
15.6 (9 avg)
16.6 (10 avg)
25.6 (15.4 avg)
26.6 (16.4 avg)

120bps
120bps
120bps
120bps
130bps
130bps

2.83%
3.40%
3.48%
3.57%
3.86%
3.89%

Consumer,
Cyclical

US

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

6/17

Cisco Systems Inc

6/15
6/16
6/19
6/18

Dominion Resources Inc

DTE Energy Company
Pacificorp
Southern Calif Gas Co

Sr Unsecured
Sr Unsecured
Sr Unsecured
Sr Unsecured
Sr Unsecured
Sr Unsecured
Secured
Secured
Secured

$900
$1,500
$500
$500
$500
$300
$250
$250
$350

Years Spread Coupon

3
5
7
10
3
7
10
3
10

N/A
70bps
88bps
105bps
82bps
115bps
105bps
45bps
87bps

0.60%
2.45%
3.00%
3.50%
1.90%
3.30%
3.35%
1.55%
3.20%

Rating

Sector

Country

AA- / A1

Comm.

US

BBB+ / Baa2
BBB / A3
A / A1
A+ / Aa2

Utilities
Utilities
Utilities
Utilities

US
US
US
US

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

Rating

Sector

Country

6/17

Sr Unsecured

$250

427bps

6.50%

B+ / B2

Industrial

Canada

6/17

Automation Tooling
System
Carmike Cinemas Inc

$mm

Years Spread Coupon

Secured

$230

366bps

6.00%

BB / B1

US

6/16

Sealed Air Corp

Sr Unsecured

$400

10

307bps

5.50%

BB / B1

Consumer,
Cyclical
Industrial

6/16

Tenet Healthcare Corp

1st lien

$900

N/A

3.79%

BB- / Ba2

Consumer,
Non-cyclical

US

Source: Bloomberg

US

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

6/19

Rev
Term
Term

Royal Holdings Inc

$mm
$50
$560
$145

Months

Spread

Rating

Sector

Country

N/A
84
96

N/A
L+350bps
L+750bps

B- / B1
B- / B1
CCC / Caa1

Basic
Materials

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