Volume 5, Issue 20

June 2, 2015

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

50 bps 7.00%
40 bps

6.00%
5.00%

30 bps

4.00%

20 bps 3.00%
6 mth
3 mth
1 mth

10 bps 2.00%
0 bps

0.00% I I

23

I
5

I
10

I
7

Libor

1 month

3 month

6 month

UST

06/02/15

18 bps

28 bps

42 bps

06/02/15

10 Year US Swap Rates

30yr Avg
15yr Avg
Today (6/2/15)

1.00%

2yr

3yr

5yr

7yr

10yr

I
30

30yr

0.66% 0.98% 1.60% 1.86% 2.25% 3.00%

10 Year US Treasury

6/2/15
2.32%

2.75%

2.25%

2.25%

1.75%

1.75%

1.25%

1.25%

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

6/2/15
97.34%

3.25%

2.75%

Average 10 Year US Industrial Yield

6/2/15
A
3.13%
BBB 3.54%

6/2/15
2.25%

3.25%

175 bps
150 bps
125 bps
100 bps
75 bps
50 bps

6/2/15
A
100 bps
BBB 142 bps

25 bps
0 bps

Average Junk-Bond Yield

99.50
98.50
97.50
96.50

6/2/15
6.05%

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 20
June 2, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

5/29

NorthWestern Corp

FMB

$mm

5/29

Waste Connections Inc

Snr Notes

5/29

WinWholesale Inc

Snr Notes

$75
$125
$125
$375
$200

Years Spread Coupon

10
30
7
10
10

100bps
125bps
115bps
120bps
175bps

Rating

Sector

Country

N/A

Utilities

US

3.09%
3.41%
N/A

Industrial

US

Consumer,
Cyclical

US

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

5/27

Sr Unsecured

$1,500

5/26

5/26

Comcast Corp

International Paper Co

McDonald's Corp

Sr Unsecured

Sr Unsecured

Years Spread Coupon

10

110bps

3.38%

$800

20

130bps

4.40%

$1,700

30

150bps

4.60%

$700

11

160bps

3.80%

$600

20

200bps

5.00%

$700

31

215bps

5.15%

$700

70bps

2.20%

$700

10

115bps

3.38%

Rating

Sector

Country

A- / A3

Comm.

US

BBB / Baa2

Basic
Materials

US

A3

Consumer,
Cyclical

US

Basic
Materials
Industrial

US

$600

30

155bps

4.60%

5/29

RPM International, Inc

Sr Unsecured

$250

30

238bps

5.25%

BBB / Baa3

5/27

Siemens
Financieringsmaatschappij
NV

Sr Unsecured

$1,250

50bps

1.45%

A+ / A1

$1,000

65bps

2.15%

$1,750

95bps

2.90%

$1,500

10

105bps

3.25%

$1,750

30

140bps

4.40%

Netherlands

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

Rating

Sector

Country

5/26

A Schulman Inc

Sr Unsecured

$375

480bps

6.88%

B+ / B3

US

5/28

EP Energy LLC and Everest Sr Unsecured

Acquisition Finance Inc.
Plantronics Inc
Sr Unsecured

$800

424bps

6.38%

B / B1

Basic
Materials
Energy

US

$500

345bps

5.50%

BB / Ba2

Comm.

US

5/27

$mm

Years Spread Coupon

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

5/27

Term

Black Knight InfoServ, LLC

$mm
$800

Months

Spread

Rating

Sector

Country

60

L+225bps

BB / Ba2

Technology

US

Utilities

US

Energy

US

Term

$400

84

L+300bps

Rev

$400

60

L+225bps

5/28

Calpine Corp

Term

5/26

Warren Resources Inc

Delay-Draw Term

$1,600

84

L+275bps

$250

60

L+850bps

B1

Source: Bloomberg

CONTACTWHITEHALL
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

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

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

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

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

Vincas Snipas
Managing Director
(212) 205-1385
vincas.snipas@
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

Geoffrey Wilson
Managing Director
(212) 205-1392
geoff.wilson@
whitehallandcompany.com