Volume 4, Issue 33

September 16, 2014

Whitehall
UNITED STATES DEBT MARKET
US Libor US Treasury Yield Curve
Libor 1 month 3 month 6 month UST 2yr 3yr 5yr 7yr 10yr 30yr
09/16/14 15 bps 23 bps 33 bps 09/16/14 0.53% 0.93% 1.72% 2.02% 2.47% 3.23%
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%
9/16/14
2.47%
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 (9/16/14)
2 3 30
I I I
7 5 10
I I I
1.25%
1.75%
2.25%
2.75%
3.25%
9/16/14
2.60%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
A
BBB
9/16/14
3.20%
3.39%
0 bps
25 bps
50 bps
75 bps
100 bps
125 bps
150 bps
175 bps
200 bps
225 bps
A
BBB
9/16/14
74 bps
93 bps
95.50
96.00
96.50
97.00
97.50
98.00
98.50
99.00
99.50 9/16/14
98.34%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50% 9/16/14
5.69 %
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 33
September 16, 2014
Whitehall
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
9/12 Emera Maine Snr Notes $110 30 120bps 4.34% N/A Utilities USA
9/12 AMETEK Inc Snr Notes $300
$100
$100
$50
10
12
15
20d
120bps
130bps
145bps
155bps
3.73%
3.83%
3.98%
N/A
2 Industrial USA
9/12 Ramco-Gershenson
Properties Trust
Snr Notes $50
$50
10
12
N/A
N/A
4.16%
4.30%
2 Financial USA
9/12 Teledyne Technologies
Inc
Snr Notes $30
$95
5d
7d
90bps
95bps
2.61%
3.09%
2 Industrial USA
8/22 Cabot Oil & Gas Corp Snr Notes $925 7
10
12
115bps
125bps
135bps
N/A 2 Energy 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
9/10 J ohn Deere Capital
Corp.
Snr Notes $500 5 53bps 2.30% A / A2e Industrial USA
9/9 Dow Chemical Co. Snr Notes $900 10 115bps 3.50% BBB / Baa2 Basic Materials USA
$500 30 150bps 4.63%
$600 20 120bps 4.25%
9/8 Southern California Gas
Co.
Secured $500 10 72bps 3.15% A+/ Aa2 Utilities USA
9/8 Peco Energy Co. Secured $300 30 95bps 4.15% A- / Aa3 Utilities USA
9/8 Kinder Morgan Energy Sr Unsec. $550 30 220bps 5.40% BBB / Baa2 Energy USA
$650 10 180bps 4.25%
9/8 Starwood Hotels Snr Notes $300 20 150bps 4.50% BBB / Baa2 USA
$350 11 140bps 3.75%
Source: Bloomberg
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
9/11 California Resources Sr Unsec. $1,000 5 312bps 5.00% BB / Ba1 Energy USA
$1,750 7 328bps 5.50%
$2,250 10 347bps 6.00%
9/9 Buckeye Partners, L.P. Sr Unsec. $300 10 188bps 4.35% Baa3 Energy USA
$300 30 238bps 5.60%
Source: Bloomberg
Date Issuer Type $mm Months Spread Rating Sector
9/5 Amazon.com Inc. Rev $2,000 24 AA-
9/12 Charter Comm.'s
Operating LLC
Term $3,500 84 BB+/ Ba1
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
63bps Communications
350bps Communications
Consumer,
Cyclical
Jonathan Cody
Managing Director
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Managing Director
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Managing Director
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whitehallandcompany.com
Vincas Snipas
Managing Director
(212) 205-1385
vincas.snipas@
whitehallandcompany.com
Susan Vick
Managing Director
(212) 205-1398
susan.vick@
whitehallandcompany.com
CONTACTWHITEHALL
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Managing Director
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Analyst
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Vice President
(212) 205-1396
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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