Volume 4, Issue 23

June 24, 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
06/24/14 15 bps 23 bps 33 bps 06/24/14 0.47% 0.88% 1.70% 2.07% 2.63% 3.46%
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%
6/24/14
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 (6/24/14)
2 3 30
I I I
7 5 10
I I I
1.25%
1.75%
2.25%
2.75%
3.25%
6/24/14
2.72%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
A
BBB
6/24/14
3.29%
3.57%
0 bps
25 bps
50 bps
75 bps
100 bps
125 bps
150 bps
175 bps
200 bps
225 bps
A
BBB
6/24/14
68 bps
96 bps
95.50
96.00
96.50
97.00
97.50
98.00
98.50
99.00
99.50 6/24/14
98.95%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50% 6/24/14
5.30 %
Copyright 2014 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380 Fax: (212) 205-1381
www.whitehallandcompany.com
Volume 4, Issue 23
June 24, 2014
Whitehall
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/20 DuluxGroup Ltd Snr Notes $188 7
A$10
10
12
145bps
155bps
150bps
160bps
3.68%
5.83%
4.13%
4.23%
2 Basic Materials Australia
6/20 Alliance Trust PLC Snr Notes 100 15d N/A 4.28% 1 Financial Scotland
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
6/19 Hess Corp Snr Notes $600 3
10
40bps
95bps
1.30%
3.50%
Baa2/BBB Energy USA
6/17 Target Corp Snr Notes $2,000 5
10
60bps
90bps
2.30%
3.50%
A2/A Consumer, Non-
Cyclical
USA
6/17 Entergy Louisiana LLC Snr Sec $170 30 158bps 5.00% A2/A Utilities USA
6/17 Cameron International
Corp
Snr Notes $500 3
10
43bps
108bps
1.40%
3.70%
Baa1/BBB+ Energy USA
6/16 Total Capital
International SA
Snr Notes $2,250 5
5
7
FRN
43bps
58bps
L+35bps
2.10%
2.75%
Aa1/AA- Energy France
Source: Bloomberg
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
6/19 Williams Companies Inc Snr Notes $1,900 10
30
195bps
230bps
4.55%
5.75%
Baa3/BB+ Energy USA
6/19 Global Partners LP Snr Notes $375 8 387bps 6.25% B2/B+ Consumer,
Cyclical
USA
6/17 Acadia Healthcare Snr Notes $300 8 271bps 5.13% B3/B Consumer, Non-
Cyclical
USA
Source: Bloomberg
Date Issuer Type $mm Months Spread Rating Sector
6/18 Peak 10 Inc Revolver
Term
Term
$65
$330
$130
60
84
96
B3/B
6/16 PACCAR Inc Revolver $1,000 12 A1/A+
6/16 Southern Star Central
Gas Pipeline Inc
Term $100 24 Baa3/BBB-
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
N/A
L+400bps
L+725bps
Technology
L+75bps Industrial
L+175bps Utilities
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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Managing Director
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Managing Director
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whitehallandcompany.com
CONTACT WHITEHALL
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Managing Director
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Analyst
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Vice President
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Copyright 2014 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380 Fax: (212) 205-1381
www.whitehallandcompany.com