Volume 5, Issue 25

July 16, 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

29 bps

46 bps

07/16/15

7/16/15
2.44%

3yr

5yr

7yr

10yr

30yr

0.66% 0.99% 1.66% 1.94% 2.36% 3.13%

7/16/15
2.36%

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

7/16/15
96.58%

2yr

I
30

10 Year US Treasury

Average 10 Year US Industrial Yield

7/16/15
A
3.46%
BBB 3.90%

I
10

I
7

07/16/15

10 Year US Swap Rates

30yr Avg
15yr Avg
Today (7/16/15)

1.00%

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

7/16/15
A
106 bps
BBB 150 bps

25 bps
0 bps

Average Junk-Bond Yield

99.50
98.50
97.50
96.50

7/16/15
6.64%

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 25
July 16, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

7/10
7/10
7/10
7/10
7/10

Snr Notes
Snr Sec
Snr Notes
Snr Notes
Snr Notes

Mirvac Group
Transurban Queensland
Fonterra Cooperative
Group LtdBridge and Iron
Chicago
Co Realty Group Trust
Kite

$mm

Years Spread Coupon

$150
$155
$230
$175
$25
$200

10
12
10
12
15
10

160bps
170bps
175bps
185bps
125bps
140bps
220bps

3.94%
4.04%
4.16%
4.26%
3.63%
3.78%
N/A

$250

215bps

N/A

Rating

Sector

Country

2
2
1
2
2

Financial
Industrial
Consumer,
Non-cyclical
Industrial

Australia
Australia
New Zealand
Netherlands
US

Financial

10 confirmed.
220bps
Public and private market information is from sources that are deemed reliable, but information has not been

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

7/10
7/8

Sr Unsecured
Sr Unsecured
Sr Unsecured

CBS Corp
Statkraft AS

$mm
$800
$450
$800

Years Spread Coupon

10
10
5

200bps
N/A
N/A

4.00%
3.12%
1.88%

Rating

Sector

Country

BBB / Baa2
A- / Baa1

Communicati
ons
Utilities

US
NO

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Rating

Sector

Country

7/9

Endo Ltd

Sr Unsecured

$1,635

Years Spread Coupon

8

372bps

6.00%

B / B1

Consumer,
Non-cyclical

Ireland

7/8

Western Refining Logistics Sr Unsecured

$300

N/A

7.50%

B / B3

Energy

US

LP
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

7/7

American Casino &

Entertainment Properties,
LLC

Term
Rev

7/6

The Kraft Heinz Co

7/7

Liberty Tire Recycling

7/8

Lindblad Expeditions Inc

Term
Rev
Term
Asset-Based
Rev
Term

7/7

Standard Aero Ltd

Source: Bloomberg

$mm
$295
$15

Term
Term
Asset-Based
Rev

$600
$4,000
$170
$35
$155
$20
$925
$150

Months

Spread

83 L+400bps
59 L+325bps
83
59
59
56
71
71
83
59

L+125bps
L+125bps
L+800bps
L+225bps
L+450bps
L+450bps
L+425bps
L+175bps

Rating

Sector

Country

BB- / B2

Consumer,
Cyclical

US

Consumer,
Non-cyclical

US

B- / Caa1

Industrial

US

BB+ / B2

Consumer,
Cyclical

US

B-

Industrial

Canada

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

CONTACT WHITEHALL
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Managing Director
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Managing Director
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Director
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Associate
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Blaine Burke
Analyst
(212) 205-1382
blaine.burke@
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