Volume 6, Issue 40

October 4, 2016

UNITED STATES DEBT MARKET

US LIBOR

US TREASURY YIELD CURVE

130 bps 7.00%
110 bps 6.00%
5.00%
90 bps
4.00%
70 bps
3.00%
50 bps
2.00%

Sep-15

Dec-15

Mar-16

Jun-16

30 bps

1.00%

10 bps

0.00% I I

Sep-16

1 Month

3 Month

6 Month

53 bps

85 bps

124 bps

23
2yr
0.78%

10 YEAR US SWAP RATES

I
5

30yr Avg
15yr Avg
Today (10/4/16)

I
10

I
7
3yr
0.91%

I
30

5yr
1.16%

7yr
1.33%

10yr
1.60%

30yr
2.31%

10 YEAR US TREASURY

10/4/16
1.45%

3.20%

3.25%

2.70%

2.75%

2.20%

10/4/16
1.60%

1.70%

1.75%

1.20%
Sep-15

Dec-15

Mar-16

Jun-16

Sep-16

1.25%
Sep-15

AVERAGE 10 YEAR US INDUSTRIAL YIELD

Dec-15

Mar-16

Jun-16

Sep-16

AVERAGE 10 YEAR US INDUSTRIAL SPREADS

200bps

4.50%

175bps

4.00%

150bps

3.50%

125bps

3.00%

100bps

2.50%
10/4/16
2.55%
A
BBB 2.95%

2.00%

A
BBB

1.50%

10/4/16
96 bps
136 bps

Dec-15

Mar-16

Jun-16

Sep-15

Sep-16

S&P / LSTA LEVERAGED LOAN INDEX

10/4/16
95.21%
Sep-15

Dec-15

Mar-16

Jun-16

Sep-16

75bps
50bps
25bps
0bps

1.00%
Sep-15

2.25%

Dec-15

Mar-16

Jun-16

Sep-16

AVERAGE JUNK-BOND YIELD

98.00
97.00
96.00
95.00
94.00
93.00
92.00
91.00
90.00
89.00

10/4/16
6.31%
Sep-15

Dec-15

Copyright 2016 Whitehall & Company LLC

7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

Mar-16

Jun-16

Sep-16

9.50%
9.00%
8.50%
8.00%
7.50%
7.00%
6.50%
6.00%
5.50%
5.00%

Volume 6, Issue 40
October 4, 2016

SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

9/30

Sr Notes

9/30
9/30

Investa Commercial Property

Fund
CSL Ltd

$mm

Sr Notes

Seton Hall University and

CTL
Hackensack University Health
Network

Years

$75
$75
$150
$200
$200
$120

Spread
12
15
10
12
15
25

Coupon Rating

175bps
190bps
125bps
135bps
150bps-

Sector

Country

Funds

Australia

2.87%
2.97%
3.12%-

Consumer,
Non- Cyclical
Consumer,
Non- Cyclical

Australia

US

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

9/27

Air Liquide Finance SA

Sr Notes

9/28

Hess Corp

Sr Notes

9/27
9/29

MPLX LP
Sinopec Group Overseas
Development Ltd
Southwest Gas Corp

9/29

$mm

Sector

Country

5
7
10
30
10
30
6
3

70bps
85bps
93bps
118bps
263bps
338bps
98bps

1.75%
2.25%
2.50%
3.50%
4.30%
5.80%
5.50%
1.75%

A- / A3

Basic Materials

France

BBB- / Ba1

Energy

US

Sr Notes
Sr Notes

$1,000
$750
$1,250
$750
$1,000
$500
$708
$1,100

Years

Spread

Coupon Rating

BBB- / Baa3
A+ / Aa3

Energy
Energy

US
China

Sr Notes

$300

30

150bps

3.80%

BBB+ / A3

Utilities

US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

9/27

Sr Notes

9/28

Alcoa Nederland Holding

BV
Dominion Resources Inc

Sr Notes

$mm

Years

$750
$500
$300

Spread
8
10
2

Coupon Rating

523bps
537bps
82bps

6.75%
7.00%
1.50%

Sector

Country

BB- / Ba3

Basic Materials

Netherlands

BBB / Baa2

Utilities

US

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

9/29
9/27
9/28

Aecom Technology Corp

Eversource Energy
Michaels Stores Inc

Term
Rev
Term

$mm
$1,781
$450
$2,270

Months Spread
60
59
75

L+225bps
L+90bps
L+275bps

Rating
-

9/30
9/28
9/29
9/30

On Semiconductor Corp
Southern Power Co
Spectra Energy Capital
Tesoro Corp

Term
Term
Rev
Rev

$2,400
$320
$2,000
$2,000

78
23
11
48

L+325bps
L+113bps
L+138bps
L+175bps

Sector

Country

Industrial
Utilities
Consumer,
Cyclical
Technology
Utilities
Energy
Energy

US
US
US
US
US
US
US

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

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

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

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

Van Thorne
Managing Director
(212) 205-1386
van.thorne@
whitehallandcompany.com

Geoffrey Wilson
Managing Director
(212) 205-1392
geoff.wilson@
whitehallandcompany.com

Mark Halpin
Director
(212) 205-1393
mark.halpin@
whitehallandcompany.com

Blaine Burke
Associate
(212) 205-1382
blaine.burke@
whitehallandcompany.com
Source: Bloomberg

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

Aaron Richardson
Associate
(212) 205-1387
aaron.richardson@
whitehallandcompany.com

Ted Barrett
Analyst
(212) 205-1380
ted.barrett@
whitehallandcompany.com

Sang Joon Lee

Analyst
(212) 205-1380
sang.lee@
whitehallandcompany.com

Matt Cody
Managing Director
(212) 205-1398
matt.cody@
whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.

Copyright 2016 Whitehall & Company LLC

7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com