Volume 6, Issue 44

November 1, 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%
30 bps

Nov-15

Feb-16

May-16

10 bps
Nov-16

Aug-16

1 Month

3 Month

6 Month

53 bps

89 bps

126 bps

30yr Avg
15yr Avg
Today (11/1/16)

1.00%
0.00% I I

23
2yr
0.86%

10 YEAR US SWAP RATES

I
5

I
10

I
7
3yr
1.02%

I
30

5yr
1.34%

7yr
1.55%

10yr
1.87%

30yr
2.62%

10 YEAR US TREASURY
3.20%

3.25%

2.70%

2.75%

2.20%

11/1/16
1.68%

11/1/16
1.87%

1.70%

Nov-15

Feb-16

May-16

Aug-16

1.20%
Nov-16

AVERAGE 10 YEAR US INDUSTRIAL YIELD

1.75%

Nov-15

Feb-16

May-16

1.25%
Nov-16

Aug-16

AVERAGE 10 YEAR US INDUSTRIAL SPREADS

200bps

4.50%

175bps

4.00%

150bps

3.50%

125bps

3.00%

100bps

2.50%
11/1/16
2.77%
A
BBB 3.23%
Nov-15

Feb-16

May-16

Aug-16

2.00%

A
BBB

1.50%

1.00%
Nov-16

Nov-15

S&P / LSTA LEVERAGED LOAN INDEX

Nov-15

Feb-16

May-16

98.00
97.00
96.00
95.00
94.00
93.00
92.00
11/1/16
91.00
95.21%
90.00
89.00
Aug-16
Nov-16

2.25%

Feb-16

May-16

11/1/16
92 bps
138 bps

Aug-16

75bps
50bps
25bps

0bps
Nov-16

AVERAGE JUNK-BOND YIELD

Nov-15

Feb-16

Copyright 2016 Whitehall & Company LLC

280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

May-16

9.50%
9.00%
8.50%
8.00%
7.50%
7.00%
6.50%
6.00%
11/1/16
5.50%
6.49%
5.00%
Aug-16
Nov-16

Volume 6, Issue 44
November 1, 2016

SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

Sector

Country

10/28 American Transmission Co

LLC

Sr Notes

$mm
$150

Years
10

Spread
-

Coupon Rating
3.97%

Utilities

US

10/28 Peyto Exploration &

Development Corp
10/28 Prime Property Fund LLC

Sr Notes

C$100

3.70%

Energy

Canada

Sr Notes

130
140
155
300
300

3.15%
3.25%
3.40%
4.69%
4.79%

Financial

US

Sr Notes

10
12
15
9
11

10/28 Sunstone Hotel Investors Inc

$125
$125
$50
$120
$120

Financial

US

Coupon Rating

Sector

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

10/25 Enersis Americas SA

10/28 Mondelez International Inc

Sr Notes
Sr Notes

10/24 United Parcel Service Inc

Sr Notes

$mm

Years

$600
$500
$1,750
$1,500
$500
$500

Spread
10
3
3
5
10
30

245bps
75bps
85bps
65bps
93bps

4.00%
1.50%
1.63%
1.63%
2.40%
3.40%

Country

BBB / Baa3 Utilities

BBB / A3
Consumer,
Non-cyclical

Chile
US

A+ / A1

US

Industrial

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

Sector

Country

10/28 Diamondback Energy Inc

Sr Notes

$mm
$500

Years
8

Spread
311bps

Coupon Rating
4.75%

BB- / B2

Energy

US

10/27 LG FinanceCo Corp

Sr Notes

$520

424bps

5.88%

B- / B2

Consumer,
Cyclical

Canada

10/27 Netflix Inc

10/24 NGL Energy Partners LP
10/27 Sprint Spectrum Co LLC

Sr Notes
Sr Notes
Sr Secured

$1,000
$700
$3,500

10
7
5

263bps
598bps
-

4.38%
7.50%
3.36%

B+ / B1
B2
Baa2

Communications
Utilities
Communications

US
US
US

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

10/25 Altice US Finance I Corp

Term

10/26 Danaher Corp

Rev

10/28 Dominion Midstream Partners Term

LP
10/27 Micron
Technology Inc
Term
10/25 Reliance Industries Ltd
Term

$mm

Sector

Country

$815

Months Spread
96

L+300bps

Rating
-

Communications

US

$3,000

11

L+82bps

Consumer,
Non-cyclical

US

$300
$748
$573

36
66
143

L+375bps
-

Energy
BBB- / Baa2 Technology
Energy

US
US
India

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) 205-1396
ted.barrett@
whitehallandcompany.com

Billy Kovanis
Analyst
(212) 335-2550
billy.kovanis@
whitehallandcompany.com

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

280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com