Volume 6, Issue 13

March 29, 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

Mar-15

Jun-15

Sep-15

Dec-15

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

0.00% I I

Mar-16

30yr Avg
15yr Avg
Today (3/29/16)

1.00%

23

I
5

I
10

I
7

Libor

1 month

3 month

6 month

UST

03/29/16

44 bps

63 bps

91 bps

03/29/16

2yr

3yr

5yr

7yr

10yr

30yr

0.86% 1.03% 1.36% 1.57% 1.89% 2.66%

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%
3/29/16
1.75%
Mar-15

Jun-15

Sep-15

Dec-15

3/29/16
1.89%

1.25%
Mar-15

Mar-16

Average 10 Year US Industrial Yield

Jun-15

Sep-15

Dec-15

1.25%

Mar-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%
3/29/16
3.04%
A
BBB 3.56%

75 bps

2.00%

3/29/16
114 bps
A
BBB 166 bps

1.50%
1.00%

Mar-15

Jun-15

Sep-15

Dec-15

Mar-16

Jun-15

Jun-15

Sep-15

Dec-15

Mar-15
Jun-15
Sep-15
Dec-15
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
Sep-15

Dec-15

Mar-16

25 bps

Mar-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

3/29/16
91.46%

50 bps
0 bps

Mar-15

S&P/LSTA Leveraged Loan Index

Mar-15

I
30

3/29/16
7.89%
Mar-16

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

Volume 6, Issue 13
March 29, 2016

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

$mm

Years

Sector

Country

3/25

CarMax Inc

Sr Notes

$500

7
10
12

Spread Coupon
220bps
230bps
240bps

3.86%
4.17%
4.27%

Rating
2

Consumer,
Cyclical

US

3/25

Coventry University

Sr Notes

35
40
20

15
18
20

G+135bps
G+135bps
G+140bps

3.24%
3.46%
3.72%

Consumer,
Non-Cyclical

UK

3/25

Healthscope Ltd.

Sr Notes

$300

10d

215bps

4.05%

Australia

3/25

Renewable Power
Generation LLC

Sr Notes

$150

19

235bps

4.11%

Consumer,
Non-Cyclical
Energy

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

3/24

Entergy Louisiana LLC

Secured

3/24

FedEx Corp

Sr Notes

3/22

HollyFrontier Corp

Sr Notes

$mm

Years

Rating

Sector

Country

$425

12

Spread Coupon
135bps

3.25%

A- / A2

Utilities

US

BBB / Baa2

Industrial

US

BBB- / Baa3

Energy

US

$750

10

135bps

3.25%

$1,250

30

185bps

4.55%

$250

10

400bps

5.88%

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Years

Rating

Sector

Country

3/22

Level 3 Financing Inc

Sr Notes

$775

10

344bps

5.25%

B / B1

Communications

US

3/23

Sinclair Television Group Inc Sr Notes

$350

10

399bps

5.88%

B+ / B1

Communications

US

3/23

MDC Partners Inc

Sr Notes

$900

473bps

6.50%

B+ / B3

Communications

Canada

3/23

YPF Sociedad Anonima

Sr Notes

$1,000

8.50%

Caa1

Energy

Argentina

Spread Coupon

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm

Months

Spread

Rating

Sector

Country

3/22

E.I. Du Pont De
Nemours & Co

Delay-Draw Term $4,500

35

L+100bps

A- / A3

Basic Materials

US

3/21

Reliance Industries Ltd

Term

29

L+66bps

BBB+ / Baa2 Energy

$866

India

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