Volume 4, Issue 41

November 11, 2014

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

50 bps

6 mth
3 mth
1 mth

7.0%
40 bps

6.0%

30 bps

5.0%
4.0%

20 bps
10 bps
0 bps

3.0%
2.0%

0.0% I I

23

I
5

Libor

1 month

3 month

6 month

UST

16 bps

23 bps

33 bps

11/11/14

2yr

10 Year US Swap Rates

3yr

5yr

7yr

10yr

30yr

0.54% 0.91% 1.64% 1.93% 2.36% 3.09%

11/11/14
2.36%
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

11/11/14
97.44%

I
30

10 Year US Treasury
3.25%

11/11/14
A
3.12%
BBB 3.47%

I
10

I
7

11/11/14

11/11/14
2.49%

30yr Avg
15yr Avg
Today (11/11/14)

1.0%

11/11/14
A
82 bps
BBB 117 bps

225 bps
200 bps
175 bps
150 bps
125 bps
100 bps
75 bps
50 bps
25 bps
0 bps

Average Junk-Bond Yield

99.50
99.00
98.50
98.00
97.50
97.00
96.50
96.00
95.50

11/11/14
5.92 %

Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Copyright 2014 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

7.50%
7.00%
6.50%
6.00%
5.50%
5.00%
4.50%

Volume 4, Issue 41
November 11, 2014

Whitehall
SELECT US PRIVATE PLACEMENTS

Date

Issuer

Type

11/7 Cerner Corp

11/7 Potomac Edison
11/7 AVR

11/7 Great River Energy

$mm

Snr Notes

$500

Years

Rating

Sector

Country

7
7
10
30

Spread
110bps
FRN
120bps
135bps

Coupon
3.18%
L+100bps
3.58%
N/A

Technology

USA

FMB

$200

Utilities

USA

Snr Sec

300

7
7
10
10
10
12

G+180bps
MS+155bps
200bps
MS+165bps
Eur+165bps
MS+160bps

N/A

Energy

Netherlands

FMB

$350

13.9d(10.4avg)
20.9d(17.6avg)
29.9d(24.9avg)
29.9d(24.9avg)

140bps
150bps
155bps
163bps

3.73%
4.11%
4.62%
4.70%

Utilities

USA

Sector

Country

Energy

USA

Energy

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

11/6 EnLink Midstream

Partners LP
11/6 ConocoPhillips Co

Snr Notes

$850

Snr Notes

$3,000

11/6 Walgreens Boots

Alliance Inc

Snr Notes

11/4 Noble Energy Inc

11/3 Statoil ASA

Years

Spread

Coupon

Rating

10
31
7
10
20
30

150bps
200bps
78bps
98bps
105bps
123bps

4.40% Baa3/BBB
5.05%
2.88%
A1/A
3.35%
4.15%
4.30%

$8,000

2
3
5
7
10
30

FRN
80bps
105bps
125bps
145bps
170bps

L+45bps Baa2/BBB Consumer, Non1.75%

cyclical
2.70%
3.30%
3.80%
4.80%

USA

Snr Notes

$1,500

3.90% Baa2/BBB
5.05%
L+20bps Aa2/AA1.25%
2.25%
2.75%
3.25%

USA

$3,000

160bps
205bps
FRN
40bps
63bps
80bps
98bps

Energy

Snr Notes

10
30
3
3
5
7
10

Energy

Norway

Rating

Sector

Country

B3/B

Energy

USA

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date

Issuer

Type

11/7 Blue Racer Midstream

LLC

$mm

Snr Notes

Years

$550

Spread

Coupon

420bps

6.13%

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
(646) 450-9750
jp.cody@
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Managing Director
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whitehallandcompany.com

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

Natalia Kotlyarchuk
Vice President
(212) 205-1396
natalia.kotlyarchuk@
whitehallandcompany.com

Oliver Langel
Managing Director
(212) 205-1386
oliver.langel@
whitehallandcompany.com

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

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

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

Susan Vick
Managing Director
(212) 205-1398
susan.vick@
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 2014 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

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