Volume 5, Issue 31

August 25, 2015

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

50 bps 7.00%
40 bps

6.00%
5.00%

30 bps

4.00%

20 bps 3.00%
6 mth
3 mth
1 mth

10 bps 2.00%
0 bps

0.00% I I

23

I
5

Libor

1 month

3 month

6 month

UST

20 bps

33 bps

52 bps

08/25/15

8/25/15
2.15%

3yr

5yr

7yr

10yr

30yr

0.61% 0.88% 1.43% 1.69% 2.08% 2.81%

8/25/15
2.08%

3.25%

3.25%

2.75%

2.75%

2.25%

2.25%

1.75%

1.75%

1.25%

1.25%

Average 10 Year US Industrial Spreads

5.00%
4.50%
4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%

S&P/LSTA Leveraged Loan Index

8/25/15
95.12%

2yr

I
30

10 Year US Treasury

Average 10 Year US Industrial Yield

8/25/15
A
3.28%
BBB 3.73%

I
10

I
7

08/25/15

10 Year US Swap Rates

30yr Avg
15yr Avg
Today (8/25/15)

1.00%

175 bps
150 bps
125 bps
100 bps
75 bps
50 bps

8/25/15
A
124 bps
BBB 170 bps

25 bps
0 bps

Average Junk-Bond Yield

99.50

8/25/15
7.63%

7.50%

98.50

7.00%

97.50

6.50%

96.50

6.00%

95.50

5.50%

94.50

5.00%

Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Copyright 2015 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

Volume 5, Issue 31
August 25, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

$mm

Years Spread Coupon

Rating

Sector

Country

No Select US Private Placements this week.

Public and private market information is from sources that are deemed reliable, but information has not been confirmed.

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

8/20

Burlington Northern Santa

Fe LLC

Sr Unsecured

$mm
$350

Years Spread Coupon

10

148bps

3.65%

Sr Unsecured

$650

30

185bps

4.70%

8/21

The Hershey Company

Sr Unsecured

$300

55bps

1.60%

Sr Unsecured

$300

10

105bps

3.20%

Rating

Sector

Country

BBB+ / A3

Industrial

US

A / A1

Consumer,
Non-cyclical

US

8/18

Interstate Power & Light Co

Sr Unsecured

$250

10

125bps

3.40%

A- / A3

Utilities

US

8/18

Jersey Central Pwr & Lt

Sr Unsecured

$250

10

N/A

4.30%

BBB- / Baa2

Utilities

US

8/18

Kansas City Power & Lt

Sr Unsecured

$350

10

150bps

3.65%

BBB+ / Baa1

Utilities

US

8/18

McGraw Hill Financial Inc

Sr Unsecured

$400

150bps

2.50%

Baa1

US

Sr Unsecured

$700

175bps

3.30%

Consumer,
Non-cyclical

Sr Unsecured

$900

10

225bps

4.40%

8/18

Ralph Lauren Corp

Sr Unsecured

$300

110bps

2.63%

A / A2

Consumer,
Cyclical

US

8/20

Xerox Corporation

Sr Unsecured

$400

213bps

3.50%

BBB / Baa2

Technology

US

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

8/17

AMAG Pharmaceuticals Inc

Sr Unsecured

$mm

Rating

Sector

Country

$500

8/18

Anixter Inc

8/17

Dynegy Inc

Years Spread Coupon

8

N/A

7.88%

B+ / B3

Consumer,
Non-cyclical

US

Sr Unsecured

$350

346bps

5.50%

BB / Ba3

Industrial

US

Sr Unsecured

$2,100

N/A

6.75%

B+ / B3

Utilities

US

Sr Unsecured

$1,750

N/A

7.38%

Sr Unsecured

$1,250

N/A

7.63%

8/17

Level 3 Financing Inc

Sr Unsecured

$500

N/A

5.63%

B / B1

Communications

US

8/21

ONEOK Inc

Sr Unsecured

$500

569bps

7.50%

BB+ / Ba1

Energy

US

8/18

Post Holdings Inc

Sr Unsecured

$800

570bps

7.75%

B / B3

$400

10

587bps

8.00%

Consumer,
Non-cyclical

US

Sr Unsecured
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

Spread

Rating

Sector

Country

8/17

AMAG Pharmaceuticals Inc

Term

$mm Months
$350

71

L+375bps

BB

Consumer,
Non-cyclical

US

8/18

CIMC Enric Holdings Ltd

Delay-Draw
Term

$150

35

L+200bps

N/A

Energy

Cayman
Islands

8/22

Osmose Holdings Inc

84
60
84

L+375bps
L+350bps
L+325bps

Diversified

US

Party City Holdings Inc

$285
$45
$1,340

B / B2

8/19

Term
Rev
Term

B / B1

Consumer,
Cyclical

US

Source: Bloomberg

CONTACT WHITEHALL
Jonathan Cody
Managing Director
(646) 450-9750
jp.cody@
whitehallandcompany.com

Timothy Page
Managing Director
(212) 205-1399
timothy.page@
whitehallandcompany.com

Richard Ashby
Managing Director
(212) 205-1388
richard.ashby@
whitehallandcompany.com

Todd Brussel
Managing Director
(212) 205-1397
todd.brussel@
whitehallandcompany.com

Roland DaCosta
Managing Director
(212) 205-1394
roland.dacosta@
whitehallandcompany.com

Brian Burchfield
Director
(212) 205-1395
brian.burchfield@
whitehallandcompany.com

Nicholas Page
Associate
(212) 205-1389
nicholas.page@
whitehallandcompany.com

Blaine Burke
Analyst
(212) 205-1382
blaine.burke@
whitehallandcompany.com

Vincas Snipas
Managing Director
(212) 205-1385
vincas.snipas@
whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Copyright 2015 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

Geoffrey Wilson
Managing Director
(212) 205-1392
geoff.wilson@
whitehallandcompany.com