Volume 6, Issue 15

April 12, 2016

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

100 bps
90 bps
80 bps
70 bps
60 bps
50 bps
40 bps
30 bps
20 bps
10 bps

Apr-15

Jul-15

Oct-15

Jan-16

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

0.00% I I

Apr-16

30yr Avg
15yr Avg
Today (4/12/16)

1.00%

23

I
5

I
10

I
7

Libor

1 month

3 month

6 month

UST

04/12/16

43 bps

63 bps

89 bps

04/12/16

2yr

3yr

5yr

7yr

10yr

30yr

0.70% 0.85% 1.16% 1.39% 1.73% 2.56%

10 Year US Swap Rates

10 Year US Treasury
3.25%

3.25%

2.75%

2.75%

2.25%

2.25%
1.75%

1.75%
4/12/16
1.73%

4/12/16
1.60%

1.25%

1.25%
Apr-15

Jul-15

Oct-15

Jan-16

Apr-15

Apr-16

Average 10 Year US Industrial Yield

Jul-15

Oct-15

Jan-16

Apr-16

Average 10 Year US Industrial Spreads

4.50%

200 bps

4.00%

175 bps

3.50%

150 bps
125 bps

3.00%

100 bps

2.50%
4/12/16
2.78%
A
BBB 3.29%

75 bps

2.00%

4/12/16
106 bps
A
BBB 157 bps

1.50%
1.00%

Apr-15

Jul-15

Oct-15

Jan-16

Apr-16

Apr-15

Jul-15

Jul-15

Oct-15

Jan-16

Jan-16

25 bps

Apr-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

Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Copyright 2016 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com
Oct-15

50 bps
0 bps

Apr-15

S&P/LSTA Leveraged Loan Index

4/12/16
91.83%

I
30

4/12/16
7.90%
Apr-16

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

Volume 6, Issue 15
April 12, 2016

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

4/8

Meggitt plc

Sr Notes

4/8

Places for People Homes Ltd Sr Notes

4/8

Fortis TCL Ltd

Sr Notes

$mm

Years

Sector

Country

$300
$300
$100

7
10
7
10
12

Spread Coupon
180bps
185bps
165bps
170bps
180bps

3.31%
3.60%
3.12%
3.42%
3.52%

Rating
2

Industrial

UK

Financial

UK

$45

15

325bps

Utilities

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

4/7

Sr Notes

4/4

Exelon Corp

Occidental Petroleum Corp

Sr Notes

$mm

Years

$300

Spread Coupon
125bps

2.45%

$750

10

165bps

3.40%

$750

30

190bps

4.45%

$400

125bps

2.60%

$1,150

10

155bps

3.40%

$1,200

30

180bps

4.40%

Rating

Sector

Country

BBB- / Baa2

Utilities

US

A / A3

Energy

US

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Years

Rating

Sector

Country

4/4

Aleris International Inc

1st lien

$550

805bps

9.50%

B / B2

Basic Materials

US

4/7

Sunoco LP / Sunoco Finance Sr Notes

Corp

$800

500bps

6.25%

BB- / Ba3

Energy

US

Spread Coupon

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm

Months

Spread

Rating

Sector

Country

4/5

Avangrid Inc

Rev

$1,500

59

L+128bps

BBB / Baa1

Utilities

US

4/6

Tempur Sealy

Term

$500

60

L+175bps

Term

$100

60d

L+175bps

Consumer,
Cyclical
Cyclical

US

International Inc

Rev

$500

60

L+175bps

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

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

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

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

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

Aaron Richardson
Associate
(212) 205-1387
aaron.richardson@
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
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com