Volume 6, Issue 52

December 28, 2016

UNITED STATES DEBT MARKET

US LIBOR

US TREASURY YIELD CURVE

150 bps 6.00%
125 bps 5.00%
100 bps 4.00%

Dec-15

Mar-16

Jun-16

Sep-16

75 bps

3.00%

50 bps

2.00%

25 bps

1.00%

0 bps

0.00%

Dec-16

1 Month

3 Month

6 Month

76 bps

100 bps

132 bps

30yr Avg

I I
2 3

2yr
1.28%

10 YEAR US SWAP RATES

I
7

I
5
3yr
1.54%

15yr Avg

Today (12/28/16)

I
30

I
10
5yr
2.06%

7yr
2.26%

10yr
2.56%

30yr
3.13%

10 YEAR US TREASURY
3.00%

3.00%

2.50%

2.50%
12/28/16
2.56%

2.00%

12/28/16
2.45%

2.00%

1.50%

1.50%

1.00%
Dec-15

Mar-16

Jun-16

Sep-16

Dec-16

1.00%
Dec-15

AVERAGE 10 YEAR US INDUSTRIAL YIELD

Mar-16

Jun-16

Sep-16

Dec-16

AVERAGE 10 YEAR US INDUSTRIAL SPREADS

250bps

4.50%
12/28/16
A
3.42%
BBB 3.80%

4.00%

A
BBB

12/28/16
88 bps
127 bps

3.50%

150bps

3.00%

100bps

2.50%

50bps
0bps

2.00%
Dec-15

Mar-16

Jun-16

Sep-16

Dec-15

Dec-16

S&P / LSTA LEVERAGED LOAN INDEX

12/28/16
98.03%

Mar-16

Jun-16

Sep-16

Dec-16

AVERAGE JUNK-BOND YIELD

100.00

10.00%

98.00

9.00%

96.00

8.00%

94.00

7.00%

92.00

6.00%
12/28/16
6.48%

90.00

Mar-16

Jun-16

Sep-16

Dec-16

5.00%
4.00%

88.00
Dec-15

200bps

Dec-15

Mar-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

Jun-16

Sep-16

Dec-16

Volume 6, Issue 52
December 28, 2016

SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

No private placement data this week.

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

12/19 Roper Technologies Inc

Sr Notes

100bps
140bps
85bps
105bps

2.80%
3.80%
3.45%
4.20%

Industrial

US

Sr Notes

5
10
10
30

BBB / Baa3

12/20 Unitedhealth Group Inc

$500
$700
$750
$750

A+
A+ / A3

Consumer,
Non-cyclical

US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

12/21
12/20
12/19
12/21
12/19
12/22

Sr Notes
Sr Notes
Sr Notes
Sr Notes
Sr Notes
Sr Notes

$600
$500
$750
$600
$500
$850
$750

8
8
60
8
8
7
10

271bps
295bps
382bps
503bps
235bps
253bps

5.00%
5.38%
6.00%
6.38%
7.38%
4.75%
5.13%

Energy
Energy
Energy
Energy
Energy
Energy

US
US
Canada
US
US
US

Antero Resources Corp

Diamondback Energy Inc
Enbridge Inc
Gulfport Energy Corp
Rowan Companies Inc
Tesoro Corp

BB / Ba3
BB- / B1
BBB- / Ba1
B+ / B2
B+ / B1
BB+ / Ba2

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm

Months Spread

Rating

Sector

Country

12/23 Albertson's LLC

Term

US

BBB-

Communications US

12/22 Lackawanna Energy Center

Term
Rev
Term
Term
Rev

L+300bps
L+325bps
L+325bps
L+200bps
L+225bps
-

Consumer,
Non-cyclical

Term

55
71
77
52
60
84
95
95
95
83
59

BB / Ba2

12/23 Charter Communications

Operating LLC

$3,271
$1,142
$1,600
$2,572
$995
$2,786
$200
$207
$337
$2,000
$750

Utilities

US

L+350bps
L+175bps

Technology
Industrial

US
US

12/20 Rackspace Hosting Inc

12/21 Vulcan Materials Co

CONTACT WHITEHALL
Jon Cody
Managing Director
(212) 205-1398
jon.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

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

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

Sang Joon Lee

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