Volume 4, Issue 18

May 20, 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
05/20/14 15 bps 23 bps 32 bps 05/20/14 0.34% 0.73% 1.52% 1.91% 2.51% 3.35%
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%
5/20/14
2.51%
0 bps
10 bps
20 bps
30 bps
40 bps
50 bps
60 bps
70 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 (5/20/14)
2 3 30
I I I
7 5 10
I I I
1.25%
1.75%
2.25%
2.75%
3.25%
5/20/14
2.61%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
A
BBB
5/20/14
3.20%
3.51%
0 bps
25 bps
50 bps
75 bps
100 bps
125 bps
150 bps
175 bps
200 bps
225 bps
A
BBB
5/20/14
68 bps
99 bps
95.50
96.00
96.50
97.00
97.50
98.00
98.50
99.00
99.50 5/20/14
98.75%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50% 5/20/14
5.51 %
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 18
May 20, 2014
Whitehall
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/16 Wood Group plc Snr Notes $375 7
7d
10
10d
12
110bps
120bps
115bps
125bps
130bps
3.26%
3.36%
3.77%
3.87%
3.92%
2 Energy United Kingdom
5/16 Associated British Ports
Holding Ltd
Snr Sec $430 8
9
9
10
15
15
N/A 3.82%
3.96%
4.08%
4.11%
4.41%
4.38%
2 Industrial 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
5/15 Volkswagen Group of
America
Snr Notes $3,500 2
2
3
3
5
FRN
FRN
FRN
47bps
60bps
L+17bps
L+22bps
L+37bps
1.25%
2.13%
A3 Consumer,
Cyclical
USA
5/12 Continental Resources
Inc
Snr Notes $1,700 10
30
118bps
143bps
3.80%
4.90%
Baa3/BBB- Energy USA
5/12 Pfizer Inc Snr Notes $4,500 3
3
5
10
30
FRN
25bps
48bps
80bps
95bps
L+15bps
1.10%
2.10%
3.40%
4.40%
A1/AA Consumer, Non-
Cyclical
USA
Source: Bloomberg
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
5/14 FirstEnergy
Transmission LLC
Snr Notes $1,000 11
30
180bps
210bps
4.35%
5.45%
Baa3/BB+ Utilities USA
5/13 Alpha Natural
Resources Inc
Snr Sec $500 6 552bps 7.50% B2/B Energy USA
5/13 Sabine Pass
Liquefaction LLC
Snr Sec $500
$2,000
9
10
N/A
314bps
5.63%
5.75%
Ba3/BB+ Energy USA
Source: Bloomberg
Date Issuer Type $mm Months Spread Rating Sector
5/12 Sterling Infosystems Inc Revolver
Term
$25
$250
72
84
B2/B
5/12 Stater Brothers Markets Revolver
Term
Term
$150
$325
$250
60
60
84
B1
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
L+450bps
L+450bps
Consumer, Cyclical
L+275bps
L+250bps
L+375bps
Consumer, Non-Cyclical
SELECT US PRIVATE PLACEMENTS
US PUBLIC MARKET ISSUANCES
SELECT BELOW INVESTMENT GRADE ISSUANCES
SELECT CLOSED SYNDICATED LOANS
SELECT INVESTMENT GRADE ISSUANCES
Jonathan Cody
Managing Director
(646) 450-9750
jp.cody@
whitehallandcompany.com
Timothy Page
Managing Director
(212) 205-1399
timothy.page@
whitehallandcompany.com
Roland DaCosta
Managing Director
(212) 205-1394
roland.dacosta@
whitehallandcompany.com
Vincas Snipas
Managing Director
(212) 205-1385
vincas.snipas@
whitehallandcompany.com
Susan Vick
Managing Director
(212) 205-1398
susan.vick@
whitehallandcompany.com
CONTACT WHITEHALL
Oliver Langel
Managing Director
(212) 205-1386
oliver.langel@
whitehallandcompany.com
Brian Burchfield
Director
(212) 205-1395
brian.burchfield@
whitehallandcompany.com
Nicholas Page
Associate
(212) 205-1389
nicholas.page@
whitehallandcompany.com
Gabrielle Sullivan
Associate
(212) 205-1383
gabrielle.sullivan@
whitehallandcompany.com
Blaine Burke
Analyst
(212) 205-1382
blaine.burke@
whitehallandcompany.com
Natalia Kotlyarchuk
Vice President
(212) 205-1396
natalia.kotlyarchuk@
whitehallandcompany.com
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