Volume 4, Issue 37

October 15, 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
10/15/14 15 bps 23 bps 32 bps 10/15/14 0.37% 0.73% 1.45% 1.76% 2.21% 2.96%
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%
10/15/14
2.21%
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 (10/15/14)
2 3 30
I I I
7 5 10
I I I
1.25%
1.75%
2.25%
2.75%
3.25%
10/15/14
2.35%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
A
BBB
10/15/14
3.08%
3.42%
0 bps
25 bps
50 bps
75 bps
100 bps
125 bps
150 bps
175 bps
200 bps
225 bps
A
BBB
10/15/14
80 bps
114 bps
95.50
96.00
96.50
97.00
97.50
98.00
98.50
99.00
99.50 10/15/14
97.29%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50% 10/15/14
6.13 %
Copyright 2014 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380 Fax: (212) 205-1381
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Volume 4, Issue 37
October 15, 2014
Whitehall
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
10/10 Kayne Anderson MLP
Investment Co
Snr Notes $225 6
8
9
10
110bps
115bps
115bps
115bps
2.89%
3.26%
3.37%
3.46%
1 Financial USA
10/10 Canpotex Ltd Snr Notes $225 10
15
20
30
130bps
155bps
140bps
150bps
3.61%
3.86%
4.08%
4.55%
1 Basic Materials Canada
10/10 Tyman plc Snr Notes $100 7
10
290bps
300bps
4.97%
5.37%
2 Basic Materials 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
10/8 CDK Global Inc Snr Notes $750 5
10
173bps
216bps
3.30%
4.50%
Baa3/BBB- Consumer,
Cyclical
USA
10/7 Wal-Mart Stores Inc Snr Notes $1,500 10 68bps 3.30% Aa2/AA Consumer, Non-
cyclical
USA
10/6 Cadence Design
Systems Inc
Snr Notes $350 10 200bps 4.38% Baa2/BBB+ Technology USA
10/6 Public Service Co of
New Hampshire
Snr Sec $325 9 90bps 3.50% A2/A Utilities USA
10/6 Wisconsin Power &
Light Co
Snr Notes $250 30 98bps 4.10% A1/A Utilities USA
10/6 Marriott International Inc Snr Notes $400 7 110bps 3.13% Baa2/BBB Consumer,
Cyclical
USA
10/6 Keysight Technologies
Inc
Snr Notes $1,100 5
10
163bps
213bps
3.30%
4.55%
Baa3 Consumer, Non-
cyclical
USA
Source: Bloomberg
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
10/10 Dynegy Finance I/II Inc Snr Notes $5,100 5
8
10
511bps
523bps
531bps
6.75%
7.38%
7.63%
B3 Utilities USA
10/9 Natural Resource
Partners LP
Snr Notes $125 4 796bps 9.13% B3/B+ Energy USA
10/7 HCA Inc Snr Sec $2,000 5
11
263bps
291bps
4.25%
5.25%
Ba2/BB Consumer, Non-
cyclical
USA
Source: Bloomberg
Date Issuer Type $mm Months Spread Rating Sector
10/10 American Airlines Inc Revolver
Term
$400
$750
60
84
Baa1/B
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+350bps
Consumer, Cyclical
Jonathan Cody
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Managing Director
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Susan Vick
Managing Director
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www.whitehallandcompany.com