Volume 4, Issue 35

September 30, 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
09/30/14 15 bps 23 bps 33 bps 09/30/14 0.58% 0.97% 1.77% 2.05% 2.48% 3.17%
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%
9/30/14
2.48%
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 (9/30/14)
2 3 30
I I I
7 5 10
I I I
1.25%
1.75%
2.25%
2.75%
3.25%
9/30/14
2.63%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
A
BBB
9/30/14
3.29%
3.60%
0 bps
25 bps
50 bps
75 bps
100 bps
125 bps
150 bps
175 bps
200 bps
225 bps
A
BBB
9/30/14
76 bps
107 bps
95.50
96.00
96.50
97.00
97.50
98.00
98.50
99.00
99.50 9/30/14
97.90%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50% 9/30/14
6.23 %
Copyright 2014 Whitehall & Company, LLC
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Volume 4, Issue 35
September 30, 2014
Whitehall
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
9/26 ARC Resources Ltd Snr Notes $150 12(10avg) N/A 3.72% 2 Energy Canada
9/26 Keller Group PLC Snr Notes $150 10 155bps N/A 2 Industrial United Kingdom
9/26 Powercor Australia Snr Notes $300 10
12
110bps
120bps
N/A 1 Utilities Australia
9/26 Cobham PLC Snr Notes $930 3
5
7
10
165bps
165bps
170bps
175bps
2.68%
3.41%
3.90%
4.26%
2 Industrial United Kingdom
9/26 The National Football
League
Snr Sec $475 8
10
12
15
FRN
115bps
125bps
140bps
L+108bps
3.73%
3.82%
3.97%
1 Consumer,
Cyclical
USA
9/26 Compass Group PLC Snr Notes $400 10
12
100bps
110bps
3.54%
3.64%
1 Consumer,
Cyclical
United Kingdom
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
9/24 Ensco PLC Snr Notes $1,250 10
30
195bps
250bps
4.50%
5.75%
Baa1/BBB+ Energy United Kingdom
9/22 Niagara Mohawk Power
Corp
Snr Notes $900 10
20
95bps
100bps
4.28%
3.51%
A2/A Utilities USA
9/22 Thomson Reuters Corp Snr Notes $1,000 3
10
65bps
135bps
1.65%
3.85%
Baa2/BBB+ Technology Canada
9/22 Roche Holdings Inc Snr Notes $5,750 3
3
5
5
7
10
FRN
30bps
FRN
50bps
67bps
82bps
L+9bps
1.35%
L+34bps
2.25%
2.88%
3.35%
A1/AA Consumer, Non-
cyclical
USA
Source: Bloomberg
Date Issuer Type $mm Years Spread Coupon Rating Sector Country
9/23 RSP Permian Inc Snr Notes $500 8 423bps 6.63% B3/B- Energy USA
9/22 Northern Tier Energy
LLC
Snr Sec $75 6 576bps 7.13% B1/BB- Energy USA
Source: Bloomberg
Date Issuer Type $mm Months Spread Rating Sector
9/25 Tyson Foods Inc Revolver $1,250 60 Baa3/BBB
9/24 Hexcel Corp Revolver $700 60 BBB-
9/24 Jeld-Wen Inc Term $775 84 B1/B
Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
L+125bps Consumer, Non-cyclical
L+125bps Industrial
L+425bps Consumer, Cyclical
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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