Volume 6, Issue 46

November 15, 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%

Public Service Enterprise

Nov-15

Feb-16

May-16

Aug-16

1.00%

10 bps

0.00% I I

Nov-16

1 Month

3 Month

6 Month

54 bps

91 bps

126 bps

30yr Avg

30 bps

23
2yr
1.02%

10 YEAR US SWAP RATES

I
5

I
10

I
7
3yr
1.22%

I
30
5yr
1.64%

7yr
1.88%

10yr
2.22%

30yr
2.98%

10 YEAR US TREASURY

11/15/16
2.10%

3.20%

3.20%

2.70%

2.70%

2.20%

2.20%

11/15/16
2.22%

1.70%

1.70%

1.20%
Nov-15

Feb-16

May-16

Aug-16

Nov-16

1.20%
Nov-15

AVERAGE 10 YEAR US INDUSTRIAL YIELD

Feb-16

May-16

Aug-16

Nov-16

AVERAGE 10 YEAR US INDUSTRIAL SPREADS

200bps

4.50%

175bps

4.00%

150bps

3.50%

125bps

3.00%

100bps

2.50%
11/15/16
3.05%
A
BBB 3.45%

2.00%

A
BBB

1.50%

11/15/16
90 bps
130 bps

Feb-16

May-16

Aug-16

Nov-15

Nov-16

S&P / LSTA LEVERAGED LOAN INDEX

Feb-16

May-16

Aug-16

AVERAGE JUNK-BOND YIELD

97.00
96.00
95.00
94.00
93.00
92.00
91.00
90.00
89.00

Nov-15

Feb-16

May-16

Aug-16

Nov-16

25bps

Nov-16

98.00

11/15/16
96.87%

50bps
0bps

1.00%
Nov-15

75bps

11/15/16
6.51%
Nov-15

Feb-16

Copyright 2016 Whitehall & Company LLC

280 Park Avenue, 15th Floor New York, NY 10017
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

May-16

Aug-16

Nov-16

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

Volume 6, Issue 46
November 15, 2016

SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

11/11 Major League Baseball

Sr Secured

$86

7-15

110 - 140bps

Consumer,
Cyclical

US

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

11/7
11/7
11/7

Buckeye Partners LP
Illinois Tool Works Inc
Occidental Petroleum Corp

Sr Notes
Sr Notes
Sr Notes

3.95%
2.65%
3.00%
4.10%
1.60%
2.00%

US
US
US

Sr Notes

215bps
85bps
125bps
155bps
68bps
78bps

Energy
Industrial
Energy

Public Service Enterprise

Group Inc

10
10
10
30
3
5

BBB- / Baa3
A+ / A2
A / A3

11/8

$600
$1,000
$750
$750
$400
$300

BBB / Baa2

Utilities

US

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

11/9

Centene Corp

Sr Notes

$1,200

304bps

4.75%

BB / Ba2

US

11/7

CIA General de Combustibles

SA
Combustibles
Precision Drilling Corp
Servicemaster Global
Holdings Inc
United Rentals North America

Sr Notes

$300

9.50%

B-

Consumer,
Non-cyclical
Energy

Sr Notes
Sr Notes

$350
$750

7
8

612bps
345bps

7.75%
5.13%

BB / B3
BB- / B1

Canada
US

Sr Notes

$750

10

374bps

5.50%

BB- / B1

Energy
Consumer,
Non-cyclical
Consumer,
Non-cyclical

11/4
11/8
11/7

Argentina

US

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm

Months Spread

Rating

Sector

Country

11/7

AngioDynamics Inc

Rev

$150

59

L+225bps

US

11/8

CWGS Group LLC

Term

$645

83

L+350bps

B1

11/9

Inventiv Health Inc

Term

$1,730

84

L+375bps

B / B2

11/7

Vxi Global Solutions Inc

Term

$600

59

Consumer,
Non-cyclical
Consumer,
Cyclical
Consumer,
Non-cyclical
Consumer,
Non-cyclical

US
US
US

CONTACT WHITEHALL
Matt Cody
Managing Director
(212) 205-1398
matt.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) 205-1396
ted.barrett@
whitehallandcompany.com

Billy Kovanis
Analyst
(212) 335-2550
billy.kovanis@
whitehallandcompany.com

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

Sang Joon Lee

Analyst
(212) 205-1391
sang.lee@
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

280 Park Avenue, 15th Floor, New York, NY 10017
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com