Volume 7, Issue 4

January 23, 2017

UNITED STATES DEBT MARKET

US LIBOR

US TREASURY YIELD CURVE

150 bps 6.00%
125 bps 5.00%
100 bps 4.00%

Jan-16

Apr-16

Jul-16

Oct-16

75 bps

3.00%

50 bps

2.00%

25 bps

1.00%

0 bps

0.00%

Jan-17

1 Month

3 Month

6 Month

78 bps

104 bps

136 bps

30yr Avg

I I
2 3

2yr
1.16%

10 YEAR US SWAP RATES

I
7

I
5
3yr
1.40%

15yr Avg

Today (1/23/17)

I
30

I
10
5yr
1.88%

7yr
2.10%

10yr
2.42%

30yr
3.01%

10 YEAR US TREASURY
3.00%

3.00%

2.50%

2.50%

2.00%

2.00%

1.50%
1/23/17
2.32%
Jan-16

Apr-16

Jul-16

Oct-16

1.50%
1/23/17
2.42%

1.00%

Jan-17

1.00%
Jan-16

AVERAGE 10 YEAR US INDUSTRIAL YIELD

Apr-16

Jul-16

Oct-16

Jan-17

AVERAGE 10 YEAR US INDUSTRIAL SPREADS

250bps

4.50%

200bps

4.00%

A
BBB
Jan-16

Apr-16

Jul-16

Oct-16

1/23/17
3.31%
3.69%

3.50%

150bps

3.00%

100bps

2.50%

A
BBB

2.00%
Jan-16

Jan-17

S&P / LSTA LEVERAGED LOAN INDEX

1/23/17
98.23%
Jan-16

Apr-16

Jul-16

Oct-16

Jan-17

1/23/17
85 bps
122 bps

Apr-16

Jul-16

Oct-16

50bps
0bps

Jan-17

AVERAGE JUNK-BOND YIELD

100.00

10.00%

98.00

9.00%

96.00

8.00%

94.00

7.00%

92.00

6.00%

90.00

1/23/17
6.27%

88.00
Jan-16

Apr-16

Copyright 2017 Whitehall & Company LLC

280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

Jul-16

Oct-16

Jan-17

5.00%
4.00%

Volume 7, Issue 4
January 23, 2017

SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

1/20

Landsnet hf

Sr Notes

$10
$35
$100
$55

5
7
10
12

215bps
220bps
225bps
235bps

Utilities

Iceland

1/20

The National Basketball Association

Sr Secured

$39
$81
$94
$160

7
10
12
15

100bps
105bps
115bps
130bps

3.18%
3.42%
3.53%
3.68%

Consumer,
Cyclical

US

1/20

Waste Connections Inc

Sr Notes

$150
$250

7
10

95bps
100bps

3.24%
3.49%

Industrial

US

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

1/19

Broadcom Corp /
Broadcom Cayman Finance Ltd

Sr Notes

2.38%
3.00%
3.63%
3.88%
4.20%
5.30%

US

Sr Notes

100bps
120bps
145bps
155bps
185bps
235bps

Technology

Energy Transfer Partners LP

3
5
7
10
10
30

BBB- / Baa2

1/17

$2,750
$3,500
$2,500
$4,800
$600
$900

BBB- / Baa3

Energy

US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

1/17

Sr Notes

$1,250
$750
$2,000
$2,000

5
10
5
10

160bps
200bps
-

3.45%
4.35%
6.13%
7.38%

Consumer,
Cyclical
Energy

US

1/17

General Motors Financial

Company Inc
Petrobras Global Finance BV

Sr Notes

BBB / Ba1
B+ / B2

Netherlands

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm

Months Spread

Rating

Sector

Country

1/19

Berry Plastics Group Inc

68
83
59
59
83

BB
BB / Ba3
BB+
BB+
BB+ / Ba3

US

Nexstar Broadcasting Inc

$1,895
$500
$169
$294
$2,518

Industrial

1/17

Term
Term
Rev
Term
Term

L+250bps
L+250bps
L+250bps
L+250bps
L+300bps

Communications US

CONTACT WHITEHALL
Jon Cody
Managing Director
(212) 205-1398
jon.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

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
Source: Bloomberg

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

Aaron Richardson
Associate
(212) 205-1387
aaron.richardson@
whitehallandcompany.com

Ted Barrett
Analyst
(212) 205-1396
ted.barrett@
whitehallandcompany.com

Billy Kovanis
Analyst
(212) 335-2550
billy.kovanis@
whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.

Copyright 2017 Whitehall & Company LLC

280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

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

Sang Joon Lee

Analyst
(212) 205-1391
sang.lee@
whitehallandcompany.com