Volume 5, Issue 1

January 13, 2015

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

6 mth
3 mth
1 mth

50 bps
40 bps

7.0%
6.0%
5.0%

30 bps

4.0%

20 bps

3.0%

10 bps

2.0%

0 bps

0.0% I I

23

I
5

Libor

1 month

3 month

6 month

UST

17 bps

25 bps

36 bps

01/13/15

2yr

10 Year US Swap Rates

5yr

7yr

10yr

30yr

0.56% 0.84% 1.41% 1.62% 1.93% 2.52%

1/13/15
1.93%

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

1/13/15
95.90%

3yr

I
30

10 Year US Treasury
3.25%

1/13/15
A
2.84%
BBB 3.21%

I
10

I
7

01/13/15

1/13/15
2.05%

30yr Avg
15yr Avg
Today (1/13/15)

1.0%

175 bps
150 bps
125 bps
100 bps
75 bps
1/13/15
A
90 bps
BBB 127 bps

50 bps
25 bps
0 bps

Average Junk-Bond Yield

99.50

1/13/15
6.45 %

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 1
January 13, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date

Issuer

Type

$mm

Years Spread

Coupon

Rating

Sector

Country

No Select US Private Placement Issuances This Week.

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
1/8

Issuer

Type

$mm

Years Spread

Coupon

Rating

Sector

Country

Baa2/BBB

Utilities

USA

A3

Energy

Canada

Aa3/AA-

Consumer,
Cyclical
Consumer,
Cyclical

Japan

A1/AA+

Financial

USA

2.30%
3.20%
3.90%
4.10%
4.50%

Baa1/BBB

Industrial

USA

L+94bps
2.15%
3.22%

Baa3/BBB-

Consumer,
Cyclical

USA

Exelon Generation Co
LLC
TransCanada PipeLines
Ltd
Toyota Motor Credit Corp

Snr Notes

$750

145bps

2.95%

Snr Notes

$750

Snr Notes

$1,750

1/7

General Motors Financial

Co Inc

Snr Notes

$2,250

3
3
3
3
5
5
10

FRN
100bps
FRN
53bps
FRN
170bps
210bps

L+79bps
1.88%
L+32bps
1.45%
L+156bps
3.15%
4.00%

1/6

General Electric Capital

Corp

Snr Notes

$4,500

2
5
5

FRN
FRN
75bps

L+28bps
L+62bps
2.20%

1/6

FedEx Corp

Snr Notes

$2,500

5
10
20
30
50

85bps
125bps
140bps
160bps
160bps

1/6

Ford Motor Credit Corp

Snr Notes

$2,000

3
3
8

FRN
115bps
145bps

1/7
1/7

Ba1/BBB-

USA

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date

Issuer

Type

Rating

Sector

Country

1/9

NCI Building Systems Inc

Snr Notes

$mm
$250

Years Spread
8

643bps

Coupon
8.25%

B3/B+

Industrial

USA

1/9

Centene Corp

Snr Notes

$500

226bps

4.75%

Ba2/BB

Consumer, Noncyclical

USA

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
Jonathan Cody
Managing Director
(646) 450-9750
jp.cody@
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Timothy Page
Managing Director
(212) 205-1399
timothy.page@
whitehallandcompany.com

Richard Ashby
Managing Director
(212) 205-1388
richard.ashby@
whitehallandcompany.com

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

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

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

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

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

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

Gabrielle Sullivan
Associate
(212) 205-1383
gabrielle.sullivan@
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 2015 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

Susan Vick
Managing Director
(212) 205-1398
susan.vick@
whitehallandcompany.com