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Volume 5, Issue 34

September 16, 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

21 bps

34 bps

54 bps

09/16/15

9/16/15
2.24%

3yr

5yr

7yr

10yr

30yr

0.74% 1.01% 1.53% 1.80% 2.21% 2.99%

9/16/15
2.21%

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


9/16/15
96.65%

2yr

I
30

10 Year US Treasury

Average 10 Year US Industrial Yield

9/16/15
A
3.44%
BBB 3.88%

I
10

I
7

09/16/15

10 Year US Swap Rates

30yr Avg
15yr Avg
Today (9/16/15)

1.00%

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

9/16/15
A
125 bps
BBB 169 bps

25 bps
0 bps

Average Junk-Bond Yield


99.50

9/16/15
7.12%

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 34
September 16, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

9/15

CF Industries Inc

Snr Notes

9/15

Gator Power II Holdings LLC

Snr Sec

$mm

Years Spread Coupon

$250
$500
$250

7
10
5

260bps
275bps
N/A

4.49%
4.93%
4.08%

Rating

Sector

Country

Basic Materials

US

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

9/11

Canadian Pacific RR Co

Sr Unsecured

$mm
$300

Years Spread Coupon


20

185bps

4.80%

Sr Unsecured

$900

100

314bps

6.13%

9/11

Enbridge Gas Distribution Inc.

Sr Unsecured

$400

10

183bps

3.31%

Rating

Sector

Country

BBB+ / Baa1 Industrial

Canada

BBB+

Utilities

Canada

Sector

Country

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES


Date Issuer

Type

$mm

Years Spread Coupon

Rating

No Select Below Investment Grade Issuances this week.


Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS


Date Issuer

Type

$mm Months

Spread

Rating

Sector

Country

9/8

Term

$1,000

59

L+200bps

BBB / Ba2

US

Term

$800

83

L+275bps

Consumer,
Non-cyclical

Rev

$500

59

L+200bps

Term

$250

69

L+325bps

B+ / B2

Communications

Luxembourg

Hill-Rom Holdings Inc

9/8
Source: Bloomberg

CONTACT WHITEHALL
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Managing Director
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Managing Director
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richard.ashby@
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Managing Director
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todd.brussel@
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Roland DaCosta
Managing Director
(212) 205-1394
roland.dacosta@
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Director
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brian.burchfield@
whitehallandcompany.com

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

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Associate
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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