Volume 6, Issue 39

September 27, 2016

UNITED STATES DEBT MARKET

US LIBOR

US TREASURY YIELD CURVE

130 bps 7.00%
110 bps 6.00%
5.00%
90 bps
4.00%
70 bps
3.00%
50 bps
2.00%

Sep-15

Dec-15

Mar-16

Jun-16

30 bps

1.00%

10 bps

0.00% I I

Sep-16

1 Month

3 Month

6 Month

52 bps

85 bps

124 bps

23
2yr
0.74%

10 YEAR US SWAP RATES

I
5

30yr Avg
15yr Avg
Today (9/27/16)

I
10

I
7
3yr
0.86%

I
30

5yr
1.10%

7yr
1.28%

10yr
1.55%

30yr
2.29%

10 YEAR US TREASURY

9/27/16
1.41%

3.20%

3.25%

2.70%

2.75%

2.20%

9/27/16
1.55%

1.70%

1.75%

1.20%
Sep-15

Dec-15

Mar-16

Jun-16

Sep-16

1.25%
Sep-15

AVERAGE 10 YEAR US INDUSTRIAL YIELD

Dec-15

Mar-16

Jun-16

Sep-16

AVERAGE 10 YEAR US INDUSTRIAL SPREADS

200bps

4.50%

175bps

4.00%

150bps

3.50%

125bps

3.00%

100bps

2.50%
9/27/16
2.57%
A
BBB 2.97%

2.00%

A
BBB

1.50%

9/27/16
96 bps
135 bps

Dec-15

Mar-16

Jun-16

Sep-15

Sep-16

S&P / LSTA LEVERAGED LOAN INDEX

9/27/16
95.03%
Sep-15

Dec-15

Mar-16

Jun-16

Sep-16

75bps
50bps
25bps
0bps

1.00%
Sep-15

2.25%

Dec-15

Mar-16

Jun-16

Sep-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

9/27/16
6.26%
Sep-15

Dec-15

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

Mar-16

Jun-16

Sep-16

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

Volume 6, Issue 39
September 27, 2016

SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

Sector

Country

9/23

West Penn Power Co

FMB

$mm
$100
$100
$275

Years
30
30
30

Spread
150bps
175bps
180bps

Coupon Rating
3.84%
4.09%
4.14%

Utilities

US

9/23
9/23

Potomac Edison Co
Millenium Parking Garages
LLC

FMB
Sr Secured

REIT

US

9/23

Wisconsin Gas LLC

Sr Notes

3.89%
3.57%
3.84%
4.08%
4.54%
3.89%
4.26%
4.32%
-

US
US

Sr Notes

155bps
195bps
200bps
210bps
220bps
255bps
265bps
265bps
125bps

Utilities
-

Gramercy Property Trust Inc

30
12
16
20
30
6
9
10
30

1
2

9/23

$155
$73
$45
$45
$42
$150
$100
$100
$200

Utilities

US

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

9/19

3M Company

Sr Notes

9/20

Cisco Systems Inc

Sr Notes

9/21

Petroleos Mexicanos

Sr Notes

$mm

Years

$600
$650
$500
$1,500
$2,000
$1,500
$2,000
$2,000

Spread
5
10
30
3
5
10
7
31

Coupon Rating

43bps
68bps
93bps
50bps
63bps
80bps
307bps
428bps

1.63%
2.25%
3.13%
1.40%
1.85%
2.50%
4.63%
6.75%

Sector

Country

AA- / A1

Industrial

US

AA- / A1

Communications US

BBB+ / Baa3

Energy

Mexico

Sector

Country

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

9/23
9/20

CSC Holdings LLC

Minerva Luxembourg SA

Sr Notes
Sr Notes

$mm
$1,310
$1,000

Years
11
10

Spread
381bps
-

Coupon Rating
5.50%
6.50%

BB- / Ba1
BB-

9/23

Sabine Pass Liquefaction

LLC

Sr Notes

$1,500

10

331bps

5.00%

BBB- / Ba2

Communications US
Consumer,
Luxembourg
Non-cyclical
Energy
US

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

9/21

Term

$950

76

L+300bps

BB- / Ba2

Term

$1,463

60

L+175bps

9/21

Acadia Healthcare
Company Inc
Hill-Rom Holdings Inc

$mm

Months Spread

Rating

Sector

Country

Consumer,
Non-cyclical
Consumer,
Non-cyclical

US
US

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

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

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

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

Van Thorne
Managing Director
(212) 205-1386
van.thorne@
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
Source: Bloomberg

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

Aaron Richardson
Associate
(212) 205-1387
aaron.richardson@
whitehallandcompany.com

Ted Barrett
Analyst
(212) 205-1380
ted.barrett@
whitehallandcompany.com

Sang Joon Lee

Analyst
(212) 205-1380
sang.lee@
whitehallandcompany.com

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