Volume 6, Issue 26

June 29, 2016

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

100 bps
90 bps
80 bps
70 bps
60 bps
50 bps
40 bps
30 bps
20 bps
10 bps

Jun-15

Sep-15

Dec-15

Mar-16

7.00%
6.00%
5.00%
4.00%
3.00%
2.00%

0.00% I I

Jun-16

30yr Avg
15yr Avg
Today (6/29/16)

1.00%

23

I
5

I
10

I
7

Libor

1 month

3 month

6 month

UST

06/29/16

46 bps

63 bps

89 bps

06/29/16

2yr

I
30

3yr

5yr

7yr

10yr

30yr

0.62% 0.75% 1.02% 1.20% 1.47% 2.27%

10 Year US Swap Rates

10 Year US Treasury

6/29/16
1.36%

3.25%

3.25%

2.75%

2.75%

2.25%

6/29/16
1.47%

1.75%

1.75%

1.25%

1.25%
Jun-15

Sep-15

Dec-15

Mar-16

Jun-15

Jun-16

Average 10 Year US Industrial Yield

Sep-15

Dec-15

Mar-16

Jun-16

Average 10 Year US Industrial Spreads

4.50%

200 bps

4.00%

175 bps

3.50%

150 bps
125 bps

3.00%

100 bps

2.50%
6/29/16
2.62%
A
BBB 3.07%

75 bps

2.00%

6/29/16
106 bps
A
BBB 151 bps

1.50%
1.00%

Jun-15

Sep-15

Dec-15

Mar-16

Jun-16

Jun-15

Sep-15

Sep-15

Dec-15

Mar-16

Mar-16

Jun-16

25 bps

Jun-16

Average Junk-Bond Yield

98.00
97.00
96.00
95.00
94.00
93.00
92.00
91.00
90.00
89.00

Jun-15
Sep-15
Dec-15
Mar-16
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Copyright 2016 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com
Dec-15

50 bps
0 bps

Jun-15

S&P/LSTA Leveraged Loan Index

6/29/16
92.98%

2.25%

6/29/16
7.26%
Jun-16

9.50%
9.00%
8.50%
8.00%
7.50%
7.00%
6.50%
6.00%
5.50%
5.00%

Volume 6, Issue 26
June 29, 2016

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

6/24

Elenia Oy

Sr Secured

6/24

General Electric

CTL

6/24

Mirvac Group

Sr Notes

6/24

Nicor Gas

6/24

Peel Ports Group

$mm

Years

Sector

Country

25

15

Spread Coupon
145bps

2.24%

Rating
1

Utilities

Finland

$107

18

169bps

3.47%

Industrial

US

A$100
A$25
$203
A$25
$85

11
12
12
15
15

202bps
207bps
195bps
222bps
210bps

4.73%
4.78%
3.63%
4.90%
3.78%

Financial

Australia

FMB

$100
$100
$50

10
15
20

95bps
120bps
115bps

2.66%
2.91%
3.27%

Utilities

US

Sr Secured

125

11

198bps

3.45%

Diversified

UK

Source: Bloomberg

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

6/22

Sr Secured

Duke Energy Florida

Project Finance LLC

6/20
6/20

Fortive Corporation
Westar Energy Inc

Sr Notes
Sr Secured

$mm

Years

$436

13

$275
$750

Spread Coupon
93bps

2.54%

20

69bps

3.11%

110bps

2.35%

$900

10

145bps

3.15%

$350

10

95bps

2.55%

Rating

Sector

Country

AAA / Aaa

Utilities

US

BBB / Baa1

Industrial

US

A / A2

Utilities

US

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Years

Rating

Sector

Country

6/20

AK Steel Corp

Sr Notes

$380

609bps

7.50%

BB- / B2

Basic Materials

US

6/23

JC Penney Corp Inc

Sr Secured

$500

439bps

5.88%

B+ / B1

Consumer,
Cyclical
Cyclical

US

6/22

Dell International LLC

Sr Notes

$1,625

465bps

5.88%

BB / Ba2

Technology

US

$1,625

555bps

7.13%

Spread Coupon

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm Months

6/22

Term

$3,280

62

L+350bps

Term

$1,145

77

L+375bps

Term

$2,100

83

L+375bps

Albertsons LLC

Spread

Rating

Sector

Country

BB / Ba2

Consumer,

US

Non-cyclical

6/24

Appalachian Power Co

Term

$125

36

L+125bps

`-

Utilities

US

6/21

Avantor Performance

Term

$670

71

L+500bps

B / B1

Consumer,

Luxembourg

Materials Holding Inc

Term

$165

83

L+950bps

Rev

$50

59

L+500bps

Non-cyclical

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

Todd Brussel
Managing Director
(212) 205-1397
todd.brussel@
whitehallandcompany.com

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

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

Geoffrey Wilson
Managing Director
(212) 205-1392
geoff.wilson@
whitehallandcompany.com

Mark Halpin
Director
(212) 205-1393
mark.halpin@
whitehallandcompany.com

Blaine Burke
Associate
(212) 205-1382
blaine.burke@
whitehallandcompany.com

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

Sang Joon Lee

Analyst
(212) 205-1391
sang.lee@
whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Copyright 2016 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
Aaron Richardson
Associate
(212) 205-1387
aaron.richardson@
whitehallandcompany.com