Volume 6, Issue 45

November 8, 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%
30 bps

Nov-15

Feb-16

May-16

10 bps
Nov-16

Aug-16

1 Month

3 Month

6 Month

54 bps

88 bps

125 bps

30yr Avg
15yr Avg
Today (11/8/16)

1.00%
0.00% I I

23
2yr
0.83%

10 YEAR US SWAP RATES

I
5

I
10

I
7
3yr
0.98%

I
30

5yr
1.29%

7yr
1.50%

10yr
1.82%

30yr
2.58%

10 YEAR US TREASURY

11/8/16
1.68%

3.20%

3.25%

2.70%

2.75%

2.20%

11/8/16
1.82%

1.70%

Nov-15

Feb-16

May-16

Aug-16

1.20%
Nov-16

AVERAGE 10 YEAR US INDUSTRIAL YIELD

1.75%

Nov-15

Feb-16

May-16

1.25%
Nov-16

Aug-16

AVERAGE 10 YEAR US INDUSTRIAL SPREADS

200bps

4.50%

175bps

4.00%

150bps

3.50%

125bps

3.00%

100bps

2.50%
11/8/16
2.71%
A
BBB 3.17%
Nov-15

Feb-16

May-16

Aug-16

2.00%

A
BBB

1.50%

1.00%
Nov-16

Nov-15

S&P / LSTA LEVERAGED LOAN INDEX

Nov-15

Feb-16

May-16

98.00
97.00
96.00
95.00
94.00
93.00
92.00
11/8/16
91.00
96.89%
90.00
89.00
Aug-16
Nov-16

2.25%

Feb-16

May-16

11/8/16
94 bps
139 bps

Aug-16

75bps
50bps
25bps

0bps
Nov-16

AVERAGE JUNK-BOND YIELD

Nov-15

Feb-16

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

May-16

9.50%
9.00%
8.50%
8.00%
7.50%
7.00%
6.50%
6.00%
11/8/16
5.50%
6.34%
5.00%
Aug-16
Nov-16

Volume 6, Issue 45
November 8, 2016

SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

11/4
11/4

Faroe Islands Project

Inchcape plc

Sr Secured
Sr Notes

Government
Consumer,
Cyclical

Faroe Islands
UK

Sr Notes

Industrial

Ireland

11/4

South Jersey Gas

FMB

2.73%
2.85%
3.02%
3.12%
3.10%
1.06%
1.35%
1.64%
1.67%
3.00%

1
2

Kingspan Group plc

22
7
10
10
12
6
8
10
10
30

190bps
-

11/4

360
70
30
70
40
26
93
101
30
$100

Utilities

US

96bps
104bps
113bps
116bps
125bps

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

11/3 CMS Energy Corp

10/31 Daimler Finance North
America LLC

Sr Notes
Sr Notes

115bps
78bps
90bps
240bps
199bps
255bps
43bps
58bps
78bps

2.95%
1.75%
1.51%
2.20%
4.13%
3.00%
4.25%
1.40%
1.17%
1.85%
2.50%

Utilities
Consumer,
Cyclical

US
US

Sr Notes
Sr Notes

10
3
3
5
10
5
10
3
3
5
10

BBB / Baa2
A / A3

11/4
11/3

$275
$1,100
$400
$1,000
$500
$1,000
$1,250
$1,250
$250
$1,500
$1,500

BBB- / Ba1
BBB+ / Baa2

Energy
Basic Materials

US
Netherlands

A / A2

Industrial

US

EQT Midstream Partners LP

Equate Petrochemical BV

10/31 Honeywell International

Sr Notes

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

11/3

Inception Merger Sub Inc /

Rackspace Hosting Inc
10/31 Live Nation Entertainment

Sr Notes

$1,200

697bps

8.63%

B+ / B3

Technology

US

Sr Notes

$575

320bps

4.88%

B+ / B3

US

11/4

Sr Notes

$350

612bps

7.75%

BB / B3

Consumer,
Non-cyclical
Energy

Precision Drilling Corp

Canada

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

$mm

Months Spread

Rating

Sector

Country

10/31 ABC Supply Co Inc

Term

$1,875

83

L+275bps

BB+ / B1

US

11/3 Inception Merger Sub Inc

10/31 L-3 Communications Corp

Term
Rev

$2,000
$1,000

83
59

L+400bps
L+150bps

BB+ / Ba2
-

Consumer,
Cyclical
Technology
Industrial

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
Managing Director
(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

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