Volume 5, Issue 37

October 7, 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

19 bps

33 bps

53 bps

10/07/15

10/7/15
2.04%

3yr

5yr

7yr

10yr

30yr

0.61% 0.86% 1.34% 1.63% 2.05% 2.90%

10/7/15
2.05%

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

10/7/15
93.95%

2yr

I
30

10 Year US Treasury

Average 10 Year US Industrial Yield

10/7/15
A
3.24%
BBB 3.69%

I
10

I
7

10/07/15

10 Year US Swap Rates

30yr Avg
15yr Avg
Today (10/7/15)

1.00%

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

10/7/15
A
125 bps
BBB 170 bps

25 bps
0 bps

Average Junk-Bond Yield

99.50
98.50

10/7/15
8.16%

97.50

8.00%
7.50%
7.00%

96.50

6.50%

95.50

6.00%

94.50

5.50%

93.50

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 37
October 7, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

10/2

I-595 Express LLC

Sr Sec

$mm

10/2

MDU Resources Group

Sr Notes

10/2

RREEF America REIT II

Sr Notes

Sector

Country

155bps

3.32%

Industrial

US

$87
$52
$11

16.2
(6.6 avg)
10d
15d
30d

170bps
195bps
200bps

3.78%
4.03%
4.87%

Utilities

US

$75
$75
$75

7
10
12

165bps
170bps
180bps

3.39%
3.73%
3.83%

Financial

US

$827

Years

Spread Coupon

Rating

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

Rating

Sector

Country

10/1

Autoridad del Canal de

Panama

Sr Unsecured

$450

20

220bps

4.95%

A- / A2

Industrial

Panama

9/28

Kentucky Utilities Co

Secured

$250

10

110bps

3.30%

A / A1

Utilities

US

Secured

$250

30

135bps

4.38%

Secured

$300

10

110bps

3.30%

A / A1

Utilities

US

Secured

$250

30

135bps

4.38%

Secured

$350

30

132bps

4.15%

A / A1

Utilities

US

9/28

Louisville Gas & Electric

10/1

PPL Electric Utilities

$mm

Years

Spread Coupon

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Rating

Sector

Country

10/1

Beacon Roofing Supply Inc Sr Unsecured

Type

$mm
$300

Years
8

Spread Coupon
N/A

6.38%

B+ / B3

Consumer,
Cyclical

US

10/1

Berry Plastics Escrow

2nd lien

$400

N/A

6.00%

B / B3

Industrial

US

9/29

Orbital ATK Inc

Sr Unsecured

$400

N/A

5.50%

BB / Ba3

Industrial

US

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm

Months

Spread

Rating

Sector

Country

9/30

National Fuel Gas Co

Rev

$500

11

L+125bps

N/A

Utilities

US

10/1

Ohio Transmission Corp

Term

$135

72

L+425bps

N/A

Industrial

US

$25

72

L+425bps

72
12

L+425bps
N/A

Utilities

US

Delay-Draw Term
9/30

Southern Co

Rev
Bridge Term

$20
$8,100

L+113bps

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

Van Thorne
Managing Director
(212) 205-1386
van.thorne@
whitehallandcompany.com

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

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

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

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

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

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

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