Volume 5, Issue 40

October 27, 2015

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

60 bps
7.00%
50 bps

6.00%
40 bps 5.00%
30 bps 4.00%
20 bps 3.00%
6 mth
3 mth
1 mth

10 bps 2.00%
1.00%
0 bps
0.00% I I

23

I
5

Libor

1 month

3 month

6 month

UST

10/27/15

19 bps

32 bps

53 bps

10/27/15

10 Year US Swap Rates

I
7

I
10
2yr

I
30

3yr

5yr

7yr

10yr

10 Year US Treasury
10/27/15
2.06%

2.75%

2.25%

2.25%

1.75%

1.75%

1.25%

1.25%

Average 10 Year US Industrial Spreads

200 bps
175 bps
150 bps
125 bps
100 bps
75 bps
50 bps
25 bps
0 bps

4.50%
4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%

S&P/LSTA Leveraged Loan Index

10/27/15
93.85%

3.25%

2.75%

Average 10 Year US Industrial Yield

10/27/15
A
3.26%
BBB 3.70%

30yr

0.63% 0.88% 1.39% 1.66% 2.06% 2.87%

3.25%
10/27/15
2.00%

30yr Avg
15yr Avg
Today (10/27/15)

10/27/15
A
117 bps
BBB 161 bps

Average Junk-Bond Yield

100.00
99.00

10/27/15
7.39%

8.50%
8.00%

98.00

7.50%

97.00

7.00%

96.00

6.50%

95.00

6.00%

94.00

5.50%

93.00

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 40
October 27, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

10/23 Dufferin Wind Power

10/23 Invesco Core Real Estate
USA LP

Sr Secured
Sr Notes

$mm
C$200
$100
$75
$125
$75

Years
18(10 avg)
7
10
12
15

Spread Coupon
N/A
160bps
L+155bps
175bps
190bps

Rating

4.32%
3.31%
Floating
3.76%
3.91%

2
1

Sector

Country

Energy
Funds

Canada
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

10/23 Brambles USA Inc

Sr Unsecured

$mm

10/20 CSX Corp

10/23 Fedex Corp

Years

Spread Coupon

Rating

Sector

Country

$500

10

213bps

4.13%

BBB+ / Baa1 Industrial

US

Sr Unsecured

$600

10

135bps

3.35%

BBB+ / Baa1 Industrial

US

Sr Unsecured

$1,250

30

188bps

4.75%

BBB / Baa1 Industrial

US

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Years

Spread Coupon

Rating

Sector

Country

No Select Below Investment Grade Issuances this week.

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm

Months

Spread

Rating

Sector

Country

10/19 GasLog Ltd

Term

$1,300

143

N/A

N/A

Industrial

Bermuda

10/19 Invenergy Thermal

Operating I LLC

Term

$340
$200
$70
$250
$225

83
N/A
83
60
60

L+550bps
N/A
N/A
N/A
N/A

N/A

Utilities

US

N/A

Energy

US

10/20 United Refining Co

2nd Lien
Rev
Term
Rev

Source: Bloomberg

CONTACT WHITEHALL
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Managing Director
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Managing Director
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Managing Director
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Managing Director
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Van Thorne
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Managing Director
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geoff.wilson@
whitehallandcompany.com

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Associate
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blaine.burke@
whitehallandcompany.com

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

Roland DaCosta
Managing Director
(212) 205-1394
roland.dacosta@
whitehallandcompany.com