Volume 4, Issue 24

July 1, 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
07/01/14 16 bps 23 bps 33 bps 07/01/14 0.46% 0.85% 1.63% 1.99% 2.52% 3.34%
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%
7/1/14
2.52%
0 bps
10 bps
20 bps
30 bps
40 bps
50 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 (7/1/14)
2 3 30
I I I
7 5 10
I I I
1.25%
1.75%
2.25%
2.75%
3.25%
7/1/14
2.62%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
A
BBB
7/1/14
3.22%
3.49%
0 bps
25 bps
50 bps
75 bps
100 bps
125 bps
150 bps
175 bps
200 bps
225 bps
A
BBB
7/1/14
68 bps
96 bps
95.50
96.00
96.50
97.00
97.50
98.00
98.50
99.00
99.50 7/1/14
98.97%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50% 7/1/14
5.32 %
Copyright 2014 Whitehall & Company, LLC
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Volume 4, Issue 24
July 1, 2014
Whitehall
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/27 DEXUS Wholesale
Property Fund
Snr Notes A$100 5 MS+110bps 4.25% N/A Financial Australia
6/27 TAG Immobilien AG Snr Notes 300 6 N/A 3.75% N/A Financial Germany
6/27 Argiva Broadcast
Holdings Ltd
Snr Notes 300 15(12avg) FRN L+210bps 2 Communications United Kingdom
6/27 Shurgard Self-Storage
Europe
Snr Notes 300 7
10
12
MS+167bps
MS+166bps
MS+181bps
2.67%
3.11%
3.26%
N/A Consumer,
Cyclical
Belgium
6/27 TalkTalk Telecom Group
plc
Snr Notes $185 7
10
12
215bps
215bps
230bps
4.29%
4.70%
4.85%
2 Communications United Kingdom
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
6/26 Monsanto Co Snr Notes $4,500 3
5
7
10
20
30
50
N/A
50bps
65bps
85bps
90bps
110bps
140bps
1.15%
2.13%
2.75%
3.38%
4.20%
4.40%
4.70%
A3/BBB+ Basic Materials USA
6/24 Williams Partners LP Snr Notes $1,250 11
31
135bps
155bps
3.90%
4.90%
Baa2/BBB Energy USA
6/24 Entergy Gulf States
Louisiana LLC
Snr Sec $110 11 120bps 3.78% A2/A- Utilities USA
6/24 Entergy Louisiana LLC Snr Sec $190 11 120bps 3.78% A2 Utilities USA
Source: Bloomberg
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/24 NGL Energy Partners
LP
Snr Notes $400 5 345bps 5.13% B2/BB- Utilities USA
6/24 Hilcorp Energy I LP Snr Notes $500 11 248bps 5.00% Ba3/BB Energy USA
6/24 Wind Acquisition
Finance SA
Snr Sec $1,900 6 277bps 4.75% Ba3/BB Communications Luxembourg
Source: Bloomberg
Date Issuer Type $mm Months Spread Rating Sector
6/27 Berkshire Hathaway
Energy Co
Revolver $1,400 36 A3/BBB+
6/27 Centaur Acquisition LLC Revolver
Term
$25
$400
60
60
B3
6/24 DaVita HealthCare
Partners Inc
Revolver
Term
Term
$1,000
$3,500
$1,000
60
60
84
Ba3/BB
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
L+100bps Utilities
L+275bps
L+275bps
Consumer, Cyclical
L+175bps
L+175bps
L+275bps
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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Office: (212) 205-1380 Fax: (212) 205-1381
www.whitehallandcompany.com