Volume 5, Issue 36

September 29, 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

33 bps

54 bps

09/29/15

9/29/15
2.06%

3yr

5yr

7yr

10yr

30yr

0.67% 0.92% 1.42% 1.69% 2.10% 2.87%

9/29/15
2.10%

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

9/29/15
94.66%

2yr

I
30

10 Year US Treasury

Average 10 Year US Industrial Yield

9/29/15
A
3.40%
BBB 3.81%

I
10

I
7

09/29/15

10 Year US Swap Rates

30yr Avg
15yr Avg
Today (9/29/15)

1.00%

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

9/29/15
A
123 bps
BBB 165 bps

25 bps
0 bps

Average Junk-Bond Yield

99.50
98.50

9/29/15
7.65%

97.50

8.00%
7.50%
7.00%

96.50

6.50%

95.50

6.00%

94.50

5.50%

93.50

5.00%

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 36
September 29, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

Sector

Country

9/25
9/25

Avista Corp
Hudson Pacific Properties Inc

FMB
Sr Notes

$mm
$100
$110
$259
$56

Years
30
7
10
12

Spread Coupon
140bps
250bps
255bps
265bps

4.37%
N/A
N/A
N/A

Rating
1
2

Utilities
Financial

US
US

9/25

VTTI MLP

Sr Notes

$75
$72
$98
50
130

7
10
12
7
10

265bps
270bps
280bps
MS+185bps
MS+185bps

4.53%
4.87%
4.97%
2.50%
2.86%

Energy

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

9/21

Autonation Inc

Sr Unsecured

$mm
$450

Years
10

Spread Coupon
225bps

4.50%

BBB- / Baa3 Consumer,

Cyclical

Rating

Sector

US

9/22

Colonial Pipeline Co

Sr Unsecured

$350

10

150bps

3.75%

A / A3

Energy

US

9/24

Dominion Resources Inc

Sr Unsecured

$650

10

170bps

3.90%

BBB+ / Baa2 Utilities

US

9/24

Gulfstream Natural Gas

Sr Unsecured

$550

10

240bps

4.60%

BBB / Baa2

US

Sr Unsecured

$250

30

295bps

5.95%

Energy

Country

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

9/25

Sr Unsecured

$1,000

736bps

8.88%

$2,000

861bps

10.50%

Ba3

$3,600

10

881bps

11.00%

Ba3

Frontier Communications

Years

Spread Coupon

Rating

Sector

Country

BB- / Ba3

Communications

US

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

Spread

Rating

Sector

Country

9/25

Brady Corp

Rev

$mm Months
$300

60

L+88bps

N/A

Industrial

US

9/24

FMC Technologies Inc

Rev

$2,000

60

L+125bps

N/A

Energy

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

Nicholas Page
Associate
(212) 205-1389
nicholas.page@
whitehallandcompany.com

Blaine Burke
Associate
(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