Volume 4, Issue 21

June 10, 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
06/10/14 15 bps 23 bps 32 bps 06/10/14 0.43% 0.85% 1.69% 2.06% 2.62% 3.46%
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%
6/10/14
2.62%
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 (6/10/14)
2 3 30
I I I
7 5 10
I I I
1.25%
1.75%
2.25%
2.75%
3.25%
6/10/14
2.74%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
A
BBB
6/10/14
3.27%
3.57%
0 bps
25 bps
50 bps
75 bps
100 bps
125 bps
150 bps
175 bps
200 bps
225 bps
A
BBB
6/10/14
68 bps
98 bps
95.50
96.00
96.50
97.00
97.50
98.00
98.50
99.00
99.50 6/10/14
98.86%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50% 6/10/14
5.41 %
Copyright 2014 Whitehall & Company, LLC
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Volume 4, Issue 21
June 10, 2014
Whitehall
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/6 ALLETE Inc FMB $160 7d
15d
30d
85bps
115bps
95bps
3.02%
3.74%
4.39%
1 Energy USA
6/6 Crescent Point Energy
Corp
Snr Notes $350 7
10
C$10
110bps
115bps
150bps
3.29%
3.75%
3.85%
2 Energy Canada
6/6 Arthur J. Gallagher & Co Snr Notes $700 4
5
6
9
11
12
155bps
155bps
155bps
165bps
170bps
175bps
2.80%
3.20%
3.48%
4.13%
4.31%
4.36%
2 Financial USA
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
6/4 Baidu Inc Snr Notes $1,000 5 125bps 2.75% A3 Communications China
6/4 Goldcorp Inc Snr Notes $1,000 7
30
145bps
205bps
3.63%
5.45%
Baa2/BBB+ Basic Materials Canada
6/4 Southeast Supply
Header LLC
Snr Notes $400 10 165bps 4.25% Baa3/BBB- Energy USA
6/4 Verizon
Communications Inc
Snr Notes $3,300 3
3
FRN
53bps
L+40bps
1.35%
Baa1/A- Communications USA
6/3 AT&T Inc Snr Notes $2,000 30 140bps 4.80% A3/A- Communications USA
6/2 NetApp Inc Snr Notes $500 7 130bps 3.38% Baa1/BBB+ Technology USA
6/2 Caterpillar Financial
Services Corp
Snr Notes $1,000 5
10
50bps
80bps
2.10%
3.30%
A2 Industrial USA
6/2 Express Scripts Holding
Co
Snr Notes $2,500 3
5
10
45bps
70bps
105bps
1.25%
2.25%
4.87%
Baa3/BBB+ Consumer, Non-
Cyclical
USA
Source: Bloomberg
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/5 Southern Star Central
Corp
Snr Notes $450 8 279bps 5.13% Ba1/BB+ Utilities USA
6/2 Advanced Micro Devices
Inc
Snr Notes $500 10 447bps 7.00% B2/B Technology USA
Source: Bloomberg
Date Issuer Type $mm Months Spread Rating Sector
6/4 TransDigm Inc Term $825 84 B2/B
6/2 Post Holdings Inc Term $885 84 B1/B
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
L+300bps Industrial
L+300bps Consumer, Non-Cyclical
SELECT US PRIVATE PLACEMENTS
US PUBLIC MARKET ISSUANCES
SELECT BELOW INVESTMENT GRADE ISSUANCES
SELECT CLOSED SYNDICATED LOANS
SELECT INVESTMENT GRADE ISSUANCES
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Managing Director
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Managing Director
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www.whitehallandcompany.com