Volume 5, Issue 32

September 3, 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

Libor

1 month

3 month

6 month

UST

20 bps

33 bps

54 bps

09/03/15

9/3/15
2.21%

3yr

5yr

7yr

10yr

30yr

0.69% 0.95% 1.48% 1.75% 2.16% 2.93%

9/3/15
2.16%

3.25%

3.25%

2.75%

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

9/3/15
95.11%

2yr

I
30

10 Year US Treasury

Average 10 Year US Industrial Yield

9/3/15
A
3.42%
BBB 3.88%

I
10

I
7

09/03/15

10 Year US Swap Rates

30yr Avg
15yr Avg
Today (9/3/15)

1.00%

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

9/3/15
A
124 bps
BBB 169 bps

25 bps
0 bps

Average Junk-Bond Yield

99.50

9/3/15
7.21%

7.50%

98.50

7.00%

97.50

6.50%

96.50

6.00%

95.50

5.50%

94.50

5.00%

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 32
September 3, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

8/28

LTC Properties Inc

Snr Notes

$mm
$100

Years Spread Coupon

8/28

Lion Industrial Trust Fund

Snr Notes

$50

15 (12
avg)
7

Rating

Sector

Country

N/A

4.50%

Financial

US

205bps

N/A

Financial

US

$75
10been confirmed.
210bps
Public and private market information is from sources that are deemed reliable, but information
has not

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

8/24

Delta Air Lines 2015-1 Class

AA Pass Through Trust

1st lien

$mm

8/24

Delta Air Lines 2015-1 Class A 2nd lien

Pass Through Trust

8/24

Delta Airlines 2015-1 Class B

Pass Through Trust

3rd lien

8/24

Plains All American

Pipeline LP

Sr Unsecured

8/24

Ryder System Inc

Unsecured

Rating

Sector

Country

$313

Years Spread Coupon

12

138bps

3.63%

AA / Aa3

Consumer,
Cyclical

US

$69

12

163bps

3.88%

A+ / A1

Consumer,
Cyclical

US

$118

276bps

4.25%

BBB / Baa2

Consumer,
Cyclical

US

$1,000

10

250bps

4.65%

BBB+ / Baa2

Energy

US

$300

135bps

2.88%

BBB / Baa1

Industrial

US

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

Rating

Sector

Country

8/25

Infor US Inc

1st lien

$mm
$500

Years Spread Coupon

5

443bps

5.75%

B+ / B1

Technology

US

8/24

Owens-Brockway Glass
Container Inc

Sr Unsecured

$700

400bps

5.88%

BB / B1

Industrial

US

Sr Unsecured

$300

10

423bps

6.38%

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

8/28

Ancestry.Com Inc

Term

8/24

Charter Communications

Rev

8/24

Delta Air Lines

8/26

Williams Partners LP

$mm Months

Spread

Rating

Sector

Country

$735

84

L+400bps

B / Ba3

Communications

US

$80

60

L+375bps

B / Ba3

Term

$2,800

88

L+275bps

BBB- / Ba1

Communications

US

Term

$1,000

71

L+250bps

Term

$500

83

L+250bps

BBB / Baa3

US

Rev

$1,500

59

L+250bps

Consumer,
Cyclical

Rev

$1,000

11

L+125bps

BBB / Baa2

Energy

US

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

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