Volume 5, Issue 46

December 8, 2015

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

70 bps
60 bps
50 bps
40 bps
30 bps
20 bps

6 mth
3 mth
1 mth

10 bps
0 bps

7.00%
6.00%
5.00%
4.00%
3.00%
2.00%

0.00% I I

23

I
5

I
10

I
7

Libor

1 month

3 month

6 month

UST

12/08/15

28 bps

46 bps

69 bps

12/08/15

10 Year US Swap Rates

30yr Avg
15yr Avg
Today (12/8/15)

1.00%

2yr

3yr

5yr

7yr

10 Year US Treasury
12/8/15
2.24%

2.75%

2.25%

2.25%

1.75%

1.75%

1.25%

1.25%

Average 10 Year US Industrial Spreads

200 bps
175 bps
150 bps
125 bps
100 bps
75 bps
50 bps
25 bps
0 bps

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

S&P/LSTA Leveraged Loan Index

12/8/15
92.52%

3.25%

2.75%

Average 10 Year US Industrial Yield

12/8/15
A
3.46%
BBB 3.97%

30yr

0.93% 1.18% 1.68% 1.90% 2.24% 2.96%

3.25%
12/8/15
2.13%

10yr

I
30

12/8/15
A
119 bps
BBB 170 bps

Average Junk-Bond Yield

100.00
99.00
98.00
97.00
96.00
95.00
94.00
93.00
92.00

12/8/15
7.95%

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

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

Volume 5, Issue 46
December 8, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

12/4
12/4

Sr Secured
Sr Secured

ConEdison Development
GCT Global Container
Terminals Inc

$mm

Years

Spread Coupon

$159 25 (14.4 avg)

C$270
10

N/A
270bps

Rating

4.53%
3.86%

2
2

Sector

Country

Energy
Consumer,
Non-Cyclical

US
Canada

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

12/2

Exelon Corp

Sr Notes

12/4

Georgia Power Co

Sr Notes

12/4

Lafargeholcim Ltd

Sr Notes

12/4

Wisconsin Public Service

Sr Notes

$mm

Years

$807

10

$741
$500

Spread Coupon

Rating

Sector

Country

BBB-

Utilities

US

1.95%

A- / A3

Utilities

US

0.38%

BBB / Baa2 Industrial

Switzerland

A1

US

N/A

3.95%

30

N/A

5.10%

80bps

$250

N/A

$150

10

N/A

1.00%

$250

50bps

1.65%

Utilities

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Years

Rating

Sector

Country

12/4

Constellation Brands Inc

Sr Notes

$400

10

Spread Coupon
251bps

4.75%

BB+ / Ba1

Consumer,
Non-cyclical

US

12/4

Lifepoint Health Inc

Sr Notes

$500

385bps

5.88%

BB- / Ba2

Consumer,
Non-cyclical

US

12/3

Sally Holdings LLC / Sally

Capital Inc

Sr Notes

$750

10

336bps

5.63%

BB+ / Ba2

Consumer,
Cyclical

US

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer
12/1
12/2
12/3
12/2

Type

China Tian Lun Gas Holdings Term

Harsco Corp
Term
Term
Macdermid Inc
Term
Tata Steel Global Holding
Term
Pte. Ltd
Term

$mm

Months

Spread

Rating

Sector

Country

$250
$100
$150
$1,045
$750
$750

35
42
42
54
59
71

L+350bps
L+250bps
L+250bps
L+450bps
L+215bps
L+250bps

N/A
N/A
N/A
BB- / B2
N/A
N/A

Energy
Industrial

China
US

Basic Materials
Basic Materials

US
Singapore

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

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

Todd Brussel
Managing Director
(212) 205-1397
todd.brussel@
whitehallandcompany.com
Mark Halpin
Director
(212) 205-1393
mark.halpin@
whitehallandcompany.com

Brian Burchfield
Managing Director
(212) 205-1395
brian.burchfield@
whitehallandcompany.com
Blaine Burke
Associate
(212) 205-1382
blaine.burke@
whitehallandcompany.com

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

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