Volume 5, Issue 47

December 15, 2015

Whitehall
UNITED STATES DEBT MARKET
US Libor

US Treasury Yield Curve

80 bps
70 bps

7.00%

60 bps 6.00%
50 bps 5.00%
40 bps 4.00%
30 bps 3.00%
20 bps

6 mth
3 mth
1 mth

10 bps
0 bps

2.00%

0.00% I I

23

I
5

I
7

Libor

1 month

3 month

6 month

UST

12/15/15

33 bps

51 bps

75 bps

12/15/15

10 Year US Swap Rates

30yr Avg
15yr Avg
Today (12/15/15)

1.00%

I
10
2yr

I
30

3yr

5yr

7yr

12/15/15
2.22%

2.75%

2.25%

2.25%

1.75%

1.75%

1.25%

1.25%

Average 10 Year US Industrial Spreads

200 bps
175 bps
150 bps
125 bps
100 bps
75 bps
50 bps
25 bps
0 bps

4.50%
4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%

S&P/LSTA Leveraged Loan Index

12/15/15
91.83%

3.25%

2.75%

Average 10 Year US Industrial Yield

12/15/15
A
3.35%
BBB 3.87%

30yr

10 Year US Treasury
3.25%

12/15/15
2.13%

10yr

0.95% 1.18% 1.65% 1.88% 2.22% 2.96%

12/15/15
A
122 bps
BBB 175 bps

Average Junk-Bond Yield

98.00
97.00
96.00
95.00
94.00
93.00
92.00
91.00
90.00

12/15/15
8.57%

Source: Bloomberg
This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Copyright 2015 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

9.00%
8.50%
8.00%
7.50%
7.00%
6.50%
6.00%
5.50%
5.00%

Volume 5, Issue 47
December 15, 2015

Whitehall
SELECT US PRIVATE PLACEMENTS

Date Issuer

Type

12/11 Gramercy Property Trust Inc Sr Notes

$mm

Years

$150

Spread Coupon
280bps

Rating

4.97%

Sector

Country

Financial

US

Public and private market information is from sources that are deemed reliable, but information has not been confirmed.

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer

Type

12/10 BAE Systems Holdings Inc

Sr Notes

12/9

Sr Notes

12/7

Kansas City Southern

Pioneer Natural Resources

Sr Notes

Co

$mm

Years

$500

Spread Coupon
117bps

2.85%

$750

10

167bps

3.85%

$245

N/A

1.02%

$240

N/A

2.35%

$439

N/A

3.00%

$195

N/A

3.85%

$438

27

N/A

4.30%

$477

30

N/A

4.95%

$500

185bps

3.45%

$500

10

225bps

4.45%

Rating

Sector

Country

BBB+ / Baa2 Industrial

US

BBB- / Baa3

Industrial

US

BBB- / Baa3

Energy

US

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer

Type

12/8

Sr Notes

Mednax Inc

$mm

Years

$750

Spread Coupon
310bps

5.25%

Rating

Sector

Country

BBB- / Ba2

Consumer,
Non-cyclical

US

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer

Type

12/10 Gibraltar Industries Inc

Rev

$mm

Months

Spread

Rating

Sector

Country

$300

60

L+175bps

N/A

Industrial

US

Source: Bloomberg

CONTACT WHITEHALL
Jonathan Cody
Managing Director
(646) 450-9750
jp.cody@
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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

Matt Cody
Managing Director
(212) 205-1398
matt.cody@
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

Nicholas Page
Associate
(212) 205-1389
nicholas.page@
whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Copyright 2015 Whitehall & Company, LLC
7 Times Square, 46th Floor, New York, NY 10036
Office: (212) 205-1380
Fax: (212) 205-1381
www.whitehallandcompany.com

Roland DaCosta
Managing Director
(212) 205-1394
roland.dacosta@
whitehallandcompany.com