Volume 5, Issue 42

November 10, 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

11/10/15

19 bps

34 bps

57 bps

11/10/15

10 Year US Swap Rates

I
7

I
10
2yr

I
30

3yr

5yr

7yr

10yr

10 Year US Treasury
11/10/15
2.34%

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

11/10/15
93.55%

3.25%

2.75%

Average 10 Year US Industrial Yield

11/10/15
A
3.51%
BBB 3.97%

30yr

0.88% 1.17% 1.74% 1.98% 2.34% 3.11%

3.25%
11/10/15
2.24%

30yr Avg
15yr Avg
Today (11/10/15)

11/10/15
A
119 bps
BBB 165 bps

Average Junk-Bond Yield

100.00
99.00

11/10/15
7.54%

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 42
November 10, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

$mm

Sector

Country

$127

10 (8 avg)

N/A

7.25%

Industrial

Costa Rica

Sr Notes

$60

7 (5 avg)

N/A

3.84%

Consumer,
Non-Cyclical

US

National Health Investors

Sr Notes

8
10
11
11
11
12
12
15

N/A
N/A
G+138bps
L+135bps
145bps
G+129bps
L+134bps
L+141bps

3.99%
4.33%
N/A

Financial

US

Sr Notes

$50
$50
75

Seven Trent PLC

Utilities

UK

11/6

Aeris Holding Costa Rica SA Sr Secured

11/6

McGrath RentCorp

11/6
11/6

50
$150
150
50
48

Years

Spread Coupon

Rating

N/A
3.69%
N/A
N/A
N/A

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

Rating

Sector

Country

11/6

Arizona Public Service

Sr Unsecured

$mm
$250

Years
30

Spread Coupon
135bps

4.35%

A- / A2

Utilities

US

11/6

Consumers Energy Co

Secured

$250

30

115bps

4.10%

A / A1

Utilities

US

11/5

Pacific Gas & Electric

Sr Unsecured

$450

30

140bps

4.25%

BBB / A3

Utilities

US

11/6

Public Service Electric

Secured

$250

30

115bps

4.15%

A / Aa3

Utilities

US

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

11/6

Sr Unsecured

CNH Industrial Capital LLC

$mm
$600

Years
5

Spread Coupon
291bps

4.38%

Rating

Sector

Country

BB / Ba1

Industrial

US

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm

Months

Spread

Rating

11/4

Continental Resources

Term

$500

36

L+138bps

BBB- / Baa3 Energy

Sector

US

Country

11/6

Hercules Offshore Inc

Term

$450

54

L+950bps

Caa1

Energy

US

11/2

Quanex Building Products

Term

$310

83

L+525bps

BB / B2

Industrial

US

Rev

$100

59

L+150bps

Source: Bloomberg

CONTACT WHITEHALL
Jonathan Cody
Managing Director
(646) 450-9750
jp.cody@
whitehallandcompany.com
Vincas Snipas
Managing Director
(212) 205-1385
vincas.snipas@
whitehallandcompany.com

Timothy Page
Managing Director
(212) 205-1399
timothy.page@
whitehallandcompany.com
Van Thorne
Managing Director
(212) 205-1386
van.thorne@
whitehallandcompany.com

Richard Ashby
Managing Director
(212) 205-1388
richard.ashby@
whitehallandcompany.com
Geoffrey Wilson
Managing Director
(212) 205-1392
geoff.wilson@
whitehallandcompany.com

Todd Brussel
Managing Director
(212) 205-1397
todd.brussel@
whitehallandcompany.com
Mark Halpin
Director
(212) 205-1393
mark.halpin@
whitehallandcompany.com

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

Matt Cody
Managing Director
(212) 205-1398
matt.cody@
whitehallandcompany.com

Blaine Burke
Associate
(212) 205-1382
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