Volume 6, Issue 48

November 29, 2016

UNITED STATES DEBT MARKET

US LIBOR

US TREASURY YIELD CURVE

130 bps 7.00%
110 bps 6.00%
5.00%
90 bps
4.00%
70 bps
3.00%
50 bps
2.00%

Nov-15

Feb-16

May-16

Aug-16

30 bps

1.00%

10 bps

0.00% I I

Nov-16

1 Month

3 Month

6 Month

61 bps

94 bps

129 bps

30yr Avg

23
2yr
1.10%

10 YEAR US SWAP RATES

I
5

15yr Avg

Today (11/29/16)

I
10

I
7
3yr
1.33%

I
30
5yr
1.79%

7yr
2.00%

10yr
2.31%

30yr
2.97%

10 YEAR US TREASURY

11/29/16
2.15%

3.20%

3.25%

2.70%

2.75%

2.20%

11/29/16
2.31%

1.70%

1.75%

1.20%
Nov-15

Feb-16

May-16

Aug-16

Nov-16

1.25%
Nov-15

AVERAGE 10 YEAR US INDUSTRIAL YIELD

Feb-16

May-16

Aug-16

Nov-16

AVERAGE 10 YEAR US INDUSTRIAL SPREADS

200bps

4.50%

175bps

4.00%

150bps

3.50%

125bps

3.00%

100bps

2.50%
11/29/16
3.30%
A
BBB 3.71%

2.00%

A
BBB

1.50%

11/29/16
94 bps
135 bps

Feb-16

May-16

Aug-16

Nov-15

Nov-16

S&P / LSTA LEVERAGED LOAN INDEX

11/29/16
97.04%
Nov-15

Feb-16

May-16

Aug-16

Nov-16

75bps
50bps
25bps
0bps

1.00%
Nov-15

2.25%

Feb-16

May-16

Aug-16

Nov-16

AVERAGE JUNK-BOND YIELD

98.00
97.00
96.00
95.00
94.00
93.00
92.00
91.00
90.00
89.00

11/29/16
6.53%
Nov-15

Feb-16

Copyright 2016 Whitehall & Company LLC

280 Park Avenue, 15th Floor New York, NY 10017
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

May-16

Aug-16

Nov-16

9.50%
9.00%
8.50%
8.00%
7.50%
7.00%
6.50%
6.00%
5.50%
5.00%

Volume 6, Issue 48
November 29, 2016

SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

No select private placements this week.

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

11/21 AEP Transmission Co LLC

Sr Notes

$400

30

115bps

4.00%

BBB+ / A2

Utilities

US

11/21 CF Industries Inc

Sr Secured

190bps
245bps
115bps
163bps

3.40%
4.50%
3.40%
1.88%

US

Sr Notes
Sr Notes

5
10
10
10

BBB / Baa3 Basic Materials

11/22 Chevron Phillips Chemical Co LLC

11/21 Eastman Chemical Co

$500
$750
$700
$500

A- / A2
Basic Materials
BBB / Baa2 Basic Materials

US
US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

11/21 Bombardier Inc

Sr Notes

$1,400

726bps

8.75%

Industrial

Canada

B- / B3

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm

Months Spread

Rating

Sector

Country

11/23
11/22
11/22
11/21

Term
Term
Term
Term

$50
$150
$300
$1,006

59
35
71
83

B / B3

Industrial
Basic Materials
Industrial
Consumer,
Cyclical

China
China
US
US

Compeq Technology Co Ltd

Hesteel Co Ltd
Sirva Worldwide Inc
WMG Acquisition Corp

L+110bps
L+120bps
L+650bps
L+275bps

CONTACT WHITEHALL
Jon Cody
Managing Director
(212) 205-1398
jon.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

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

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

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

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

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

Mark Halpin
Director
(212) 205-1393
mark.halpin@
whitehallandcompany.com

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

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

Aaron Richardson
Associate
(212) 205-1387
aaron.richardson@
whitehallandcompany.com

Ted Barrett
Analyst
(212) 205-1396
ted.barrett@
whitehallandcompany.com

Billy Kovanis
Analyst
(212) 335-2550
billy.kovanis@
whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.

Copyright 2016 Whitehall & Company LLC

280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

Matt Cody
Managing Director
(212) 205-1398
matt.cody@
whitehallandcompany.com

Sang Joon Lee

Analyst
(212) 205-1391
sang.lee@
whitehallandcompany.com