Volume 4, Issue 27

July 22, 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
07/22/14 15 bps 23 bps 33 bps 07/22/14 0.49% 0.88% 1.66% 1.98% 2.46% 3.26%
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%
7/22/14
2.46%
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 (7/22/14)
2 3 30
I I I
7 5 10
I I I
1.25%
1.75%
2.25%
2.75%
3.25%
7/22/14
2.58%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
A
BBB
7/22/14
3.19%
3.42%
0 bps
25 bps
50 bps
75 bps
100 bps
125 bps
150 bps
175 bps
200 bps
225 bps
A
BBB
7/22/14
71 bps
94 bps
95.50
96.00
96.50
97.00
97.50
98.00
98.50
99.00
99.50 7/22/14
98.91%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50% 7/22/14
5.70 %
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 27
July 22, 2014
Whitehall
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
7/18 Prime Property Fund
LLC
Snr Notes $240 10
12
140bps
150bps
3.88%
3.98%
2 Financial USA
7/18 New Mexico Gas
Intermediate Inc
Snr Notes $200 5
10
105bps
115bps
2.71%
3.64%
2 Utilities USA
7/18 New Mexico Gas Co Snr Notes $70 12 105bps 3.54% 2 Utilities USA
7/18 Attero NV Snr Sec $126 3
5
5
7
N/A 3.55%
4.30%
2.87%
3.27%
2 Industrial Netherlands
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
7/17 Empresa Nacional de
Telecomunicaciones SA
Snr Notes $800 12 230bps 4.75% Baa2/BBB Communications Chile
7/16 CSX Corp Snr Notes $1,000 10
40
88bps
120bps
3.40%
4.50%
Baa2/BBB+ Industrial USA
7/14 Bed Bath and Beyond
Inc
Snr Notes $1,500 10
20
30
120bps
155bps
180bps
3.75%
4.92%
5.17%
Baa1/A- Consumer,
Cyclical
USA
Source: Bloomberg
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
7/16 American Energy
Partners LP
Snr Notes $1,600 5
6
7
FRN
504bps
513bps
L+650bps
504bps
513bps
Caa1/CCC+ Energy USA
7/15 Triangle USA Petroleum
Corp
Snr Notes $450 8 440bps 6.75% Caa1/CCC+ Energy USA
7/15 Bonanza Creek Energy
Inc
Snr Notes $300 9 337bps 5.75% B3/B- Energy USA
7/14 Rex Energy Corp Snr Notes $325 8 N/A 6.25% B3/B- Energy USA
Source: Bloomberg
Date Issuer Type $mm Months Spread Rating Sector
7/16 Amsurg Corp Revolver
Term
$300
$870
60
84
B1/B+
7/15 QoL meds LLC Revolver
Term
$30
$285
60
72
B2/B
7/15 Tyson Foods Inc Bridge Term
Term
Term
Term
$5,700
$1,306
$594
$600
12
36
60
60
Baa3/BBB
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
SELECT US PRIVATE PLACEMENTS
US PUBLIC MARKET ISSUANCES
SELECT BELOW INVESTMENT GRADE ISSUANCES
SELECT CLOSED SYNDICATED LOANS
SELECT INVESTMENT GRADE ISSUANCES
L+300bps
L+300bps
Consumer, Non-Cyclical
L+450bps
L+450bps
Consumer, Non-Cyclical
L+150bps
L+138bps
L+150bps
L+150bps
Consumer, Non-Cyclical
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