Volume 4, Issue 25

July 8, 2014
Whitehall
UNITED STATES DEBT MARKET
US Libor US Treasury Yield Curve
Graph Caption Data
Libor 1 month 3 month 6 month UST 2yr 3yr 5yr 7yr 10yr 30yr
07/08/14 15 bps 23 bps 33 bps 07/08/14 0.52% 0.93% 1.74% 2.10% 2.63% 3.45%
10 Year US Swap Rates 10 Year US Treasury
Average 10 Year US Industrial Yield Average 10 Year US Industrial Spreads
S&P/LSTA Leveraged Loan Index Average Junk-Bond Yield
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
1.25%
1.75%
2.25%
2.75%
3.25%
7/8/14
2.63%
0 bps
10 bps
20 bps
30 bps
40 bps
50 bps
6 mth
3 mth
1 mth
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
30yr Avg
15yr Avg
Today (7/8/14)
2 3 30
I I I
7 5 10
I I I
1.25%
1.75%
2.25%
2.75%
3.25%
7/8/14
2.72%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
A
BBB
7/8/14
3.31%
3.57%
0 bps
25 bps
50 bps
75 bps
100 bps
125 bps
150 bps
175 bps
200 bps
225 bps
A
BBB
7/8/14
67 bps
93 bps
95.50
96.00
96.50
97.00
97.50
98.00
98.50
99.00
99.50 7/8/14
99.05%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50% 7/8/14
5.34 %
Copyright 2014 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380 Fax: (212) 205-1381
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Volume 4, Issue 25
July 8, 2014
Whitehall
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
7/4 Albioma SA Snr Notes 80 6.5 N/A 3.85% N/A Utilities France
7/4 Black Hills Power-
Cheyenne Light Fuel &
Power
FMB $160 30d
30d
N/A
N/A
4.43%
4.53%
N/A Utilities USA
7/4 Mettler-Toledo
International
Snr Notes $250 10d
11
N/A
N/A
3.84%
4.24%
2 Consumer, Non-
Cyclical
USA
7/4 Entergy River Fuel Trust
#1
Snr Sec $90 7 140bps 3.65% 2 Financial USA
7/4 Wereldhave NV Snr Notes $362 7
8
10
10
12
12
15
MS+145bps
MS+140bps
175bps
MS+150bps
185bps
MS+140bps
G+145bps
2.44%
2.55%
4.30%
2.94%
4.40%
3.06%
4.51%
2 Financial Netherlands
Public and private market information is from sources that are deemed reliable, but information has not been confirmed.
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
7/1 Anadarko Petroleum
Corp
Snr Notes $1,250 10
30
90bps
115bps
3.45%
4.50%
Baa3/BBB- Energy USA
6/30 Oracle Corp Snr Notes $10,000 3
5
5
7
10
20
30
FRN
FRN
65bps
70bps
90bps
95bps
115bps
L+20bps
L+51bps
2.25%
2.80%
3.40%
4.30%
4.50%
A1/A+ Technology USA
Source: Bloomberg
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
7/2 RJS Power Holdings
LLC
Snr Notes $1,250 5 343bps 5.13% B1/BB- Utilities USA
7/2 Puma International
Financing SA
Snr Notes $1,000 7 455bps 6.75% Ba3 Energy Luxembourg
7/1 Amsurg Corp Snr Notes $1,100 8 346bps 5.63% B3/B- Consumer, Non-
Cyclical
USA
Source: Bloomberg
Date Issuer Type $mm Months Spread Rating Sector
6/30 Republic Services Inc Revolver $1,250 60 Baa3/BBB+
6/30 Tyson Foods Inc Revolver $1,000 12 Baa3/BBB
6/30 AGCO Corp Term $355 60 Baa3/BBB-
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
L+105bps Industrial
L+110bps Consumer, Non-Cyclical
L+150bps Industrial
SELECT US PRIVATE PLACEMENTS
US PUBLIC MARKET ISSUANCES
SELECT BELOW INVESTMENT GRADE ISSUANCES
SELECT CLOSED SYNDICATED LOANS
SELECT INVESTMENT GRADE ISSUANCES
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www.whitehallandcompany.com