Volume 4, Issue 19

May 28, 2014

Whitehall
UNITED STATES DEBT MARKET
US Libor US Treasury Yield Curve
Graph Caption Data
Libor 1 month 3 month 6 month UST 2yr 3yr 5yr 7yr 10yr 30yr
05/28/14 15 bps 23 bps 32 bps 05/28/14 0.35% 0.75% 1.55% 1.94% 2.54% 3.39%
10 Year US Swap Rates 10 Year US Treasury
Average 10 Year US Industrial Yield Average 10 Year US Industrial Spreads
S&P/LSTA Leveraged Loan Index Average Junk-Bond Yield
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
1.25%
1.75%
2.25%
2.75%
3.25%
5/28/14
2.54%
0 bps
10 bps
20 bps
30 bps
40 bps
50 bps
60 bps
70 bps
6 mth
3 mth
1 mth
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
30yr Avg
15yr Avg
Today (5/28/14)
2 3 30
I I I
7 5 10
I I I
1.25%
1.75%
2.25%
2.75%
3.25%
5/28/14
2.63%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
A
BBB
5/28/14
3.20%
3.53%
0 bps
25 bps
50 bps
75 bps
100 bps
125 bps
150 bps
175 bps
200 bps
225 bps
A
BBB
5/28/14
67 bps
100 bps
95.50
96.00
96.50
97.00
97.50
98.00
98.50
99.00
99.50 5/28/14
98.73%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50% 5/28/14
5.53 %
Copyright 2014 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380 Fax: (212) 205-1381
www.whitehallandcompany.com
Volume 4, Issue 19
May 28, 2014
Whitehall
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/23 Ramco-Gershenson
Properties Trust
Snr Notes $100 10
12
N/A 4.65%
4.74%
2 Financial USA
5/23 ITC Transmission FMB $100 30 89bps 4.27% 1 Utilities USA
5/23 Cardno Holdings Pty Ltd Snr Notes $160 7d
10d
160bps
165bps
N/A 2 Industrial Australia
5/23 Yoplait Snr Notes 200 7 130bps 2 Consumer, Non-
Cyclical
France
Public and private market information is from sources that are deemed reliable, but information has not been confirmed.
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/20 Time Warner Inc Snr Notes $1,950 5
10
30
60bps
105bps
135bps
2.10%
3.55%
4.65%
Baa2/BBB Communications USA
5/19 Enable Midstream
Partners LP
Snr Notes $1,650 5
10
30
88bps
110bps
163bps
2.40%
3.90%
5.00%
Baa3/BBB Utilities USA
5/19 Amgen Inc Snr Notes $4,500 3
3
5
5
10
FRN
50bps
FRN
70bps
110bps
L+38bps
1.25%
L+60bps
2.20%
3.63%
Baa1/A Consumer, Non-
Cyclical
USA
5/19 Kimberley-Clark Corp Snr Notes $600 2
5
FRN
38bps
L+5bps
1.90%
A2/A Consumer, Non-
Cyclical
USA
Source: Bloomberg
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/22 PT Pertamina Snr Notes $1,500 30 303bps 6.45% Baa3/BB+ Energy Indonesia
5/20 CSC Holdings LLC Snr Notes $750 10 274bps 5.25% Ba2/BB Communications USA
5/20 Cimarex Energy Co Snr Notes $750 10 187bps 4.38% Ba1/BB+ Energy USA
5/20 Sanmina Corp Snr Sec $375 5 287bps 4.38% Ba2/BB Technology USA
Source: Bloomberg
Date Issuer Type $mm Months Spread Rating Sector
5/23 Connacher Oil and Gas
Ltd
Term $128 48 Caa2/CCC+
5/21 EI Du Pont de Nemours
& Co
Revolver $4,000 60 A2/A
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
L+600bps Energy
N/A Basic Materials
SELECT US PRIVATE PLACEMENTS
US PUBLIC MARKET ISSUANCES
SELECT BELOW INVESTMENT GRADE ISSUANCES
SELECT CLOSED SYNDICATED LOANS
SELECT INVESTMENT GRADE ISSUANCES
Jonathan Cody
Managing Director
(646) 450-9750
jp.cody@
whitehallandcompany.com
Timothy Page
Managing Director
(212) 205-1399
timothy.page@
whitehallandcompany.com
Roland DaCosta
Managing Director
(212) 205-1394
roland.dacosta@
whitehallandcompany.com
Vincas Snipas
Managing Director
(212) 205-1385
vincas.snipas@
whitehallandcompany.com
Susan Vick
Managing Director
(212) 205-1398
susan.vick@
whitehallandcompany.com
CONTACT WHITEHALL
Oliver Langel
Managing Director
(212) 205-1386
oliver.langel@
whitehallandcompany.com
Brian Burchfield
Director
(212) 205-1395
brian.burchfield@
whitehallandcompany.com
Nicholas Page
Associate
(212) 205-1389
nicholas.page@
whitehallandcompany.com
Gabrielle Sullivan
Associate
(212) 205-1383
gabrielle.sullivan@
whitehallandcompany.com
Blaine Burke
Analyst
(212) 205-1382
blaine.burke@
whitehallandcompany.com
Natalia Kotlyarchuk
Vice President
(212) 205-1396
natalia.kotlyarchuk@
whitehallandcompany.com
Copyright 2014 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380 Fax: (212) 205-1381
www.whitehallandcompany.com