Volume 4, Issue 26

July 15, 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
07/15/14 15 bps 23 bps 33 bps 07/15/14 0.46% 0.86% 1.67% 2.02% 2.54% 3.36%
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%
7/15/14
2.54%
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 (7/15/14)
2 3 30
I I I
7 5 10
I I I
1.25%
1.75%
2.25%
2.75%
3.25%
7/15/14
2.65%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
A
BBB
7/15/14
3.20%
3.47%
0 bps
25 bps
50 bps
75 bps
100 bps
125 bps
150 bps
175 bps
200 bps
225 bps
A
BBB
7/15/14
68 bps
95 bps
95.50
96.00
96.50
97.00
97.50
98.00
98.50
99.00
99.50 7/15/14
98.98%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50% 7/15/14
5.43 %
Copyright 2014 Whitehall & Company, LLC
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Volume 4, Issue 26
July 15, 2014
Whitehall
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
7/11 Peyto Exploration &
Development Corp
Snr Notes C$50 8 N/A 3.79% 2 Energy Canada
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
7/11 Drawbridge Special
Opportunites Fund LP
Snr Notes $300 7 313bps 5.00% BBB Consumer,
Cyclical
USA
7/9 Transelec SA Snr Notes $375 11 178bps 4.25% Baa1/BBB Utilities Chile
7/7 Moody's Corp Snr Notes $750 5
30
105bps
185bps
2.75%
5.25%
BBB+ Technology USA
Source: Bloomberg
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
7/11 Paragon Offshore Ltd Snr Notes $500 8
10
448bps
473bps
6.75%
7.25%
Ba3/B+ Energy United Kingdom
7/9 Summit Midstream
Holdings LLC
Snr Notes $300 8 311bps 5.50% B3/B Energy USA
7/8 Walter Energy Inc Snr Sec $970 5 723bps 9.50% B3/B- Energy USA
7/8 Calpine Corp Snr Notes $1,800 9
11
298bps
325bps
5.38%
5.75%
B3/B Utilities USA
Source: Bloomberg
Date Issuer Type $mm Months Spread Rating Sector
7/9 TriNet HR Corp Term
Revolver
Term
$75
$200
$375
36
60
60
B1/B
7/8 EnerSys Term $150 50 Ba1/BB
7/7 Macquarie Infrastructure
Co LLC
Revolver $250 60 BBB-
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
SELECT US PRIVATE PLACEMENTS
US PUBLIC MARKET ISSUANCES
SELECT BELOW INVESTMENT GRADE ISSUANCES
SELECT CLOSED SYNDICATED LOANS
SELECT INVESTMENT GRADE ISSUANCES
L+275bps
L+275bps
L+275bps
Consumer, Cyclical
L+125bps Energy
L+175bps Industrial
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