Volume 5, Issue 2

January 21, 2015

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

6 mth
3 mth
1 mth

50 bps
40 bps

7.0%
6.0%
5.0%

30 bps

4.0%

20 bps

3.0%

10 bps

2.0%

0 bps

0.0% I I

23

I
5

Libor

1 month

3 month

6 month

UST

17 bps

26 bps

36 bps

01/21/15

2yr

10 Year US Swap Rates

5yr

7yr

10yr

30yr

0.49% 0.76% 1.28% 1.48% 1.79% 2.38%

1/21/15
1.79%

3.25%

2.75%

2.75%

2.25%

2.25%

1.75%

1.75%

1.25%

1.25%

Average 10 Year US Industrial Yield

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

1/21/15
95.92%

3yr

I
30

10 Year US Treasury
3.25%

1/21/15
A
2.75%
BBB 3.11%

I
10

I
7

01/21/15

1/21/15
1.92%

30yr Avg
15yr Avg
Today (1/21/15)

1.0%

175 bps
150 bps
125 bps
100 bps
75 bps
1/21/15
A
91 bps
BBB 127 bps

50 bps
25 bps
0 bps

Average Junk-Bond Yield

99.50

1/21/15
6.51 %

98.50
97.50
96.50

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 2
January 21, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date
1/16

Issuer

Type

$mm

National Health Investors

Inc
Michigan Electric
Transmission Co
Idexx Laboratorties

Snr Notes

$225

FMB

$150

Snr Notes

$150

Snr Sec

$378

1/16

2014 Replacement Power

Statutory Trust
Spirits of St. Louis

Snr Sec

$115

1/16

Duquesne Light Co

FMB

$460

1/16
1/16
1/16

Years Spread

Rating

Sector

Country

3.99%
4.51%
4.19%

Financial

USA

Utilities

USA

Consumer, Noncyclical
Utilities

USA

N/A

3.25%
3.72%
3.85%

205bps

3.85%

USA

135bps
150bps
150bps

3.78%
3.93%
3.93%

Consumer,
Cyclical
Utilities

8
12
30

N/A

7
12
14.5
(8avg)
18.1
(11.2avg)
30d
30d
40d

N/A

Coupon

N/A

USA

USA

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

$mm

Years Spread

1/15 Valspar Corp

Snr Notes

$500

1/15 Petroleos Mexicanos

Snr Notes

$6,000

1/13 John Deere Capital Corp

Snr Notes

$750

1/13 Southern California Edison

Co
1/12 Northeast Utilities

Snr Sec

Snr Notes

$1,300

$450

Coupon

10
30
5
11
31

155bps
205bps
235bps
280bps
330bps

3.30%
4.40%
3.50%
4.50%
5.63%

3
3
7
7
30

FRN
50bps
72bps
97bps
112bps

L+29bps
1.35%
2.40%
1.85%
3.60%

3
10

75bps
125bps

Rating

Sector

Country

Baa2/BBB

Basic Materials

USA

A3/BBB+

Energy

Mexico

A2/A

Industrial

USA

Aa3/A

Utilities

USA

Utilities

USA

Country

1.60% Baa1/BBB+
3.15%

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date

Rating

Sector

NCI Building Systems Inc

Snr Notes

$250

643bps

8.25%

B3/B+

Industrial

USA

1/15 Valeant Pharmaceuticals

International Inc

Snr Notes

$1,000

386bps

5.50%

B1/B

Consumer, Noncyclical

Canada

1/13 Virgin Media Finance PLC

Snr Notes

$400

10

382bps

5.75%

B2/B+

Communications

United Kingdom

1/13 SunCoke Energy Partners

LP Inc
1/13 HCA

Snr Notes

$200

543bps

7.38%

B1/BB-

Basic Materials

USA

Snr Notes

$1,000

10

348bps

5.38%

B2/B+

Consumer, Noncyclical

USA

1/9

Issuer

Type

$mm

Years Spread

Coupon

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date

Issuer

Type

$mm

Months

Spread

Rating

Sector

No Select Closed Syndicated Loans This Week.

Source: Bloomberg

CONTACT WHITEHALL
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Managing Director
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Managing Director
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Managing Director
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Managing Director
(212) 205-1385
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Director
(212) 205-1395
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whitehallandcompany.com

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Vice President
(212) 205-1396
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whitehallandcompany.com

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

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Associate
(212) 205-1383
gabrielle.sullivan@
whitehallandcompany.com

Blaine Burke
Analyst
(212) 205-1382
blaine.burke@
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

Susan Vick
Managing Director
(212) 205-1398
susan.vick@
whitehallandcompany.com