Volume 5, Issue 4

February 3, 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

02/03/15

2yr

10 Year US Swap Rates

5yr

7yr

10yr

30yr

0.47% 0.72% 1.21% 1.40% 1.69% 2.27%

2/3/15
1.69%

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

2/3/15
95.97%

3yr

I
30

10 Year US Treasury
3.25%

2/3/15
A
2.59%
BBB 2.96%

I
10

I
7

02/03/15

2/3/15
1.83%

30yr Avg
15yr Avg
Today (2/3/15)

1.0%

175 bps
150 bps
125 bps
100 bps
75 bps
2/3/15
A
94 bps
BBB 132 bps

50 bps
25 bps
0 bps

Average Junk-Bond Yield

99.50

2/3/15
6.38 %

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 4
February 3, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date
1/30

Issuer

Type

Teekay Offshore Partners

$mm

Snr Sec

$30

Years Spread
9.5(5avg)

Coupon

295bps

Rating

Sector

Country

Industrial

USA

Rating

Sector

Country

Baa1/A+

Industrial

USA

3.38% Baa3/BBB-

Industrial

USA

1.80%
3.38%
3.88%

Industrial

USA

Sector

Country

N/A

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

Years Spread

Coupon

1/26

TTX Co

Snr Notes

$350

30

157bps

1/26

Penske Truck Leasing Co

Snr Notes

$900

N/A

1/26

Union Pacific Corp

Snr Notes

$1,150

5
20
40

50bps
100bps
150bps

3.90%

A3/A

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
1/26

Issuer
Waste Connections Inc

Type
Revolver
Term

$mm

Months

Spread

Rating

Sector

60
60

L+120bps
L+120bps

BBB+

Industrial

$400
$800

Source: Bloomberg

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

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

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

Roland DaCosta
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

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