Volume 5, Issue 18

May 20, 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

I
10

I
7

Libor

1 month

3 month

6 month

UST

05/20/15

18 bps

28 bps

41 bps

05/20/15

10 Year US Swap Rates

30yr Avg
15yr Avg
Today (5/20/15)

1.00%

2yr

3yr

5yr

7yr

10yr

I
30

30yr

0.60% 0.93% 1.58% 1.85% 2.26% 3.04%

10 Year US Treasury

5/20/15
2.31%

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

5/20/15
97.46%

3.25%

2.75%

Average 10 Year US Industrial Yield

5/20/15
A
3.09%
BBB 3.51%

5/20/15
2.26%

3.25%

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

5/20/15
A
95 bps
BBB 137 bps

25 bps
0 bps

Average Junk-Bond Yield

99.50
98.50
97.50
96.50

5/20/15
6.11%

7.50%
7.00%
6.50%
6.00%
5.50%

95.50

5.00%

94.50

4.50%

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 18
May 20, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

Rating

Sector

Country

5/15

ElectraNet Pty Ltd

Snr Sec

$mm
$80
$100
$95

Years Spread Coupon

7
10
12

115bps
120bps
130bps

N/A

Utilities

Australia

5/15

Potomac Edison

FMB

$145

30

140bpa

4.47%

Utilities

US

5/15

Stepan Co

Snr Notes

$100

12 (9 avg)

190bps

3.95%

Industrial

US

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

5/11

Delmarva Power & Light Co

Secured

5/12
5/12
5/12

Rating

Sector

Country

$200

30

N/A

4.15%

A / A2

Utilities

US

EnLink Midstream Partners LP Sr Unsecured

$750

10

200bps

4.15%

BBB / Baa3 Energy

US

Public Service Company of

Colorado
Public Service Electric & Gas
Co

Secured

$250

10

75bps

2.90%

A / A1

Utilities

US

Secured

$350

10

78bps

3.00%

A / Aa3

Utilities

US

$250

30

110bps

4.05%

$400

10

147bps

3.65%

BBB- / Baa3 Utilities

US

AA / Aa1

Energy

Netherlands

A- / A2

Utilities

US

5/12

Puget Energy Inc

5/11

Shell International Finance BV Sr Unsecured

5/13

Secured

Virginia Electric & Power Co

Sr Unsecured

$mm

Years Spread Coupon

$2,000

60bps

2.13%

$2,750

10

105bps

3.25%

$1,500

20

120bps

4.13%

$3,000

30

140bps

4.38%

$350

10

85bps

3.10%

$350

30

120bps

4.20%

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

5/12

The Chemours Co

Sr Unsecured

$1,350

Years Spread Coupon

5/12

PBF Logistics LP

Sr Unsecured

$350

478bps

6.88%

5/14

Range Resources Corp

Sr Unsecured

$750

10

269bps

4.88%

5/14

Rose Rock Midstream

Sr Unsecured

$350

379bps

5.63%

458bps

6.63%

Rating

Sector

Country

BB- / B1

US

B+ / B3

Basic
Materials
Energy

US

BB+ / Ba1

Energy

US

B / B1

Energy

US

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm

Months

Spread

Rating

Sector

Country

5/12

The Chemours Co

Term

$1,500

83

L+300bps

BBB- / Ba1

Basic

US

Rev

$1,000

59

5/14

Inc Research LLC

Term

$525

48

L+200bps

Ba3

$150

48

L+200bps

Consumer,
Non-cyclical

US

Rev
Source: Bloomberg

CONTACTWHITEHALL
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