Volume 6, Issue 34

August 23, 2016

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

130 bps
120 bps
110 bps
100 bps
90 bps
80 bps
70 bps
60 bps
50 bps
40 bps
30 bps
20 bps
10 bps

Aug-15

Nov-15

Feb-16

May-16

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

0.00% I I

Aug-16

30yr Avg
15yr Avg
Today (8/23/16)

1.00%

23

I
5

Libor

1 month

3 month

6 month

UST

08/23/16

52 bps

82 bps

121 bps

08/23/16

10 Year US Swap Rates

I
10

I
7

2yr

I
30

3yr

5yr

7yr

10yr

30yr

0.74% 0.87% 1.14% 1.30% 1.54% 2.24%

10 Year US Treasury

8/23/16
1.40%

3.20%

3.25%

2.70%

2.75%

2.20%

2.25%

8/23/16
1.54%

1.75%

1.70%

1.25%

1.20%
Aug-15

Nov-15

Feb-16

May-16

Aug-15

Aug-16

Average 10 Year US Industrial Yield

Nov-15

Feb-16

May-16

Aug-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%
8/23/16
2.50%
A
BBB 2.92%

75 bps

2.00%

8/23/16
92 bps
A
BBB 134 bps

1.50%
1.00%

Aug-15

Nov-15

Feb-16

May-16

Aug-16

8/23/16
94.32%
Aug-15

Nov-15

Nov-15

Feb-16

May-16

May-16

Aug-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

Aug-15
Nov-15
Feb-16
May-16
Aug-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
Feb-16

25 bps
0 bps

Aug-15

S&P/LSTA Leveraged Loan Index

50 bps

8/23/16
6.28%
Aug-16

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

Volume 6, Issue 34
August 23, 2016

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

$mm

Years

8/19
8/19

Blackstone Group LP
Ocean Spray Cranberries Inc

MRPS
CTL

8/19

Questar Gas Co

Sr Notes

$45
$20
$10
$46
$50
$50

7
7
20
20
30
35

Spread Coupon

Rating

175bps

3.61%
3.39%

1
2

135bps
140bps

3.62%
3.67%

Sector

Country

Financial
Consumer,
Non-Cyclical
Utilities

US
US
US

Source: Bloomberg

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

8/18

Baltimore Gas & Electric Co

Sr Notes

8/19

Black Hills Corp

Sr Notes

8/16
8/19

Colorado Interstate Gas Co LLC

Entergy Corp

Sr Notes
Sr Notes

$mm

Years

$350
$500
$400
$300
$375
$750

10
30
10
30
10
10

Spread Coupon
88bps
123bps
165bps
200bps
260bps
140bps

2.40%
3.50%
3.15%
4.20%
4.15%
2.95%

Rating

Sector

Country

A- / A3

Utilities

US

BBB / Baa1

Utilities

US

BBB- / Baa3
BBB / Baa3

Energy
Utilities

US
US

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Years

8/16
8/18
8/17
8/15

Sr Notes
Sr Notes
Sr Notes
Sr Notes

$500
$600
$550
$1,100

8
7
8
8

Axalta Coating Systems LLC

CNH Industrial NV
Murphy Oil Corp
SBA Communications Corp

Spread Coupon
349bps
319bps
548bps
360bps

4.88%
4.50%
6.88%
4.88%

Rating

Sector

Country

B+ / B2
BB+ / Ba2
BBB- / B1
B / B3

Basic Materials
Industrial
Energy
Industrial

US
Netherlands
US
US

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

Spread

Rating

Sector

Country

8/18

Continental Building Products

Operating Co LLC

Term

$mm Months
$275

84

L+275bps

BB+

Industrial

US

8/18

Hilton Worldwide Finance LLC

Term

$3,225

86

L+250bps

BBB / Ba1

Consumer,
Cyclical

US

8/16

Polyconcept North America

Holdings Inc

Term

$435

83

L+525bps

B / B1

Communications

US

8/17
8/19
8/17

Western Digital Corp

WideOpenWest Finance LLC
Ziggo Secured Financing
Partnership

Term
Term
Term

$3,000
$2,065
$1,000

80
84
96

L+375bps
L+350bps
L+300bps

BBB- / Ba1
B / B1
BB- / Ba3

Technology
Communications
Communications

US
US
US

Source: Bloomberg

CONTACT WHITEHALL
Jonathan Cody
Managing Director
(646) 450-9750
jp.cody@
whitehallandcompany.com
Vincas Snipas
Managing Director
(212) 205-1385
vincas.snipas@
whitehallandcompany.com

Timothy Page
Managing Director
(212) 205-1399
timothy.page@
whitehallandcompany.com
Van Thorne
Managing Director
(212) 205-1386
van.thorne@
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

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

Sang Joon Lee

Analyst
(212) 205-1391
sang.lee@
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

Roland DaCosta
Managing Director
(212) 205-1394
roland.dacosta@
whitehallandcompany.com
Aaron Richardson
Associate
(212) 205-1387
aaron.richardson@
whitehallandcompany.com