Volume 5, Issue 9

March 10, 2015

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

6 mth
3 mth
1 mth

50 bps 7.00%
40 bps

6.00%
5.00%

30 bps

4.00%

20 bps 3.00%
10 bps 2.00%
0 bps

0.00% I I

23

I
5

Libor

1 month

3 month

6 month

UST

18 bps

26 bps

40 bps

03/10/15

2yr

10 Year US Swap Rates

5yr

7yr

10yr

30yr

0.67% 0.98% 1.61% 1.82% 2.14% 2.75%

3/10/15
2.14%

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

3/10/15
97.18%

3yr

I
30

10 Year US Treasury
3.25%

3/10/15
A
3.08%
BBB 3.35%

I
10

I
7

03/10/15

3/10/15
2.25%

30yr Avg
15yr Avg
Today (3/10/15)

1.00%

175 bps
150 bps
125 bps
100 bps
75 bps
3/10/15
A
83 bps
BBB 111 bps

50 bps
25 bps
0 bps

Average Junk-Bond Yield

99.50

3/10/15
6.13%

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 9
March 10, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

3/6

Snr Notes

Patterson Companies

$mm
$250

Years
10

Spread Coupon
135bps

3.48%

Rating

Sector

Country

Consumer, Noncyclical

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

3/2

Agrium Inc

Sr Unsecured

$mm

3/3

Chevron Corp

3/2

Commonwealth Edison Co Secured

3/6

Exxon Mobil Corporation

Years

Spread Coupon

Rating

Sector

Country

Basic Materials

Canada

10

142bps

Sr Unsecured

$450

20

162bps

4.13%

Sr Unsecured

$1,750

50bps

1.96%

AA / Aa1

Energy

US

$400

30

103bps

3.70%

A- / A2

Utilities

US

$1,600

23bps

1.31%

AAA / Aaa

Energy

US

$1,500

30bps

1.91%

Sr Unsecured

3.38%

BBB / Baa2

$550

$1,150

45bps

2.40%

$1,000

30

85bps

3.57%

3/6

Idaho Power Company

Secured

$250

30

100bps

3.65%

A- / A1

Utilities

US

3/4

Juniper Networks Inc

Sr Unsecured

$300

185bps

3.30%

BBB / Baa2

Communications

US

Sr Unsecured

$300

10

240bps

4.35%

Sr Unsecured

$1,000

40

210bps

4.63%

BBB / Baa1

Basic Materials

Netherlands

Sr Unsecured

$250

10

125bps

3.20%

BBB+ / Baa1

Energy

US

$250

30

165bps

4.20%
Technology

US

3/5
3/4
3/3

LyondellBasell Industries
NV
Magellan Midstream
Partners, L.P.
Xerox Corporation

Sr Unsecured

$400

125bps

2.75%

Baa2

Sr Unsecured

$250

20

225bps

4.80%

Baa2

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

3/5

Cemex SAB de CV

1st lien

$mm

3/2

Oshkosh Corp

Sr Unsecured

$250

10

326bps

5.38%

BB+ / Ba3

Industrial

US

3/3

Sabine Pass Liquefaction

1st lien

$2,000

10

363bps

5.63%

BB+ / Ba3

Energy

US

3/6

Sirius XM Radio Inc

Sr Unsecured

$1,000

10

326bps

5.38%

BB / Ba3

Communications

US

$750

Years
10

Spread Coupon
N/A

6.13%

Rating

Sector

Country

B+

Industrial

Mexico

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm Months

Rating

Sector

Country

3/3

Canadian Natl Resources

Term

$1,500

37

Spread
L+110bps

Energy

Canada

3/2

Sabre Industries Inc

Term

$255

83

L+475bps

B+ / B2

Communications US

3/2

Waste Industries USA Inc

Term

$700

59

L+325bps

BB- / B1

Industrial

Rev

$275

59

US

BB-

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