Volume 1, Issue 26 July 26, 2011

US Libor

US DEBT MARKET*
"1 mth" "3 mth" "6 mth"

Whitehall & C o m p a n y, L L C

Presented by:

US Treasury Yield Curve

Mar

Nov

Aug

Dec

Apr

Oct

Libor 07/26/11

1mth 19 bps

3mth 25 bps

6mth 42 bps

May

Sep

Feb

Jun

Jul

Jan

80 bps 70 bps 60 bps 50 bps 40 bps 30 bps 20 bps 10 bps

7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% I I 2 3

Today (7/26/11) 15yr Avg

I 5

I 7

I 10

30yr Avg

I 30

UST 2yr 07/26/11 0.41%

4.00%

3yr 0.79%

5yr 1.54%

7yr 2.13%

10yr 3.02%

30yr 4.33%
4.00%

10 Year US Swap Rates

7/26/11 3.10% 7/26/11 3.02%
7/26/11 3.10% 3.50% 3.00% 2.50%

10 Year US Treasury
7/26/11 3.02% 3.50% 3.00% 2.50%

Jul

Aug

Sep

Nov

Dec

Feb

Oct

Jan

May

Mar

Jun

Aug

Sep

Nov

Dec

Feb

Oct

Mar

Apr

Average 10 Year US Industrial Yield

7/26/11 A: 4.00% BBB: 4.48%

May

Average 10 Year US Industrial Spreads

5.50% 5.00% 4.50% 4.00% 7/26/11 A: 110 bps BBB: 158 bps

Apr

Jan

Jun BBB Jun Jun

Jul

Jul

Jul Jul

2.00%

2.00%

BBB

7/26/11 A: 4.00% BBB: 4.48% 7/26/11 A: 110 bps BBB: 158 bps
Jun Jul Aug Oct Nov Dec Sep Jan Mar Feb Apr May Jul

Aug

Oct

Nov

Dec

Jan

Mar

Sep

Feb

Jul

Apr

S&P/LSTA Leveraged Loan Index

7/26/11 ps 7/26/11 95 b95 bps

Average Junk-Bond Yield

97 bps 96 bps 95 bps 94 bps 93 bps 92 bps 91 bps 90 bps 89 bps 7/26/11 7.37 %

May

7/26/11 7.37 %

Aug

Oct

Nov

Dec

Sep

Feb

Mar

Jun

Jan

Jul

Apr

May

Jul

Jul

Aug

Sep

Nov

Dec

Feb

Oct

Jan

Mar

Apr

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. *Source: Bloomberg Copyright 2011 Whitehall & Company, LLC www.whitehallandcompany.com

May

Jul

3.50%

190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

9.00% 8.50% 8.00% 7.50% 7.00%

Volume 1, Issue 26 July 26, 2011

Date Issuer
7/22

Fugro NV

Type

Select US Private Placements

$mm Tenor (yr) Spread
$910 7 10 12 7 10 10 10 12 15 10 15/10 185bps 185bps 195bps 170bps 189bps 162bps 130bps 155bps 170bps N/A 135bps 4.05% 4.78% 4.88% 4.06% 4.82% 4.81% 4.27% 4.52% 4.67% 4.35% 4.34%

Whitehall & C o m p a n y, L L C
Rating
2 Basic Materials

Presented by:

Snr Notes

Coupon

Sector

Country
NL

7/22 7/22 7/22

Perrigo Company San Jose Water Co Lowe's

Snr Notes Snr Notes CTL

$350 $50 $10

2 1 1

Consumer Non-Cyclical Utilities Financial

USA USA USA

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

Select US Public Market New Issues

Type

Date Issuer
7/22 7/21 7/21 7/20 7/19 7/19

Investment Grade Issuance

$2,750 $1,600 $2,000 $1,000 $500 $2,000

Goldman Sachs Group Inc Snr Notes Bank of NY Mellon Snr Notes Morgan Stanley Petroleos Mexicanos Braskem America IBM Corporation Snr Notes Snr Notes Snr Notes Snr Notes

$mm Tenor (yr) Spread

10 3 5 3 10 10 30 5

230bps FRN 78bps 220bps 250bps 190bps 308.1bps 65bps

5.25% Lib+27bps 2.30% 2.88% 5.50% 5.50% 7.13% 1.95%

Coupon

5.122% N/A 2.293% 2.718% 5.218% 4.759% 7.198% 2.001%

Yield

Rating
A1/A Aa2/ AAA2/A

Financial Financial Financial

Sector

Country
USA USA USA MX USA USA

Source: Bloomberg

Date Issuer
7/22 7/20 7/14

MTR Gaming Group Suncoke Energy Inc WM Financial Hldgs

Type

Below Investment Grade Issuance

$mm Tenor (yr) Spread
$565 $400 $150 8 8 8 956bps 515bps 1127bps

Baa1/ Energy BBB Baa3/ Basic BBB- Materials Aa3/A Technology +

Snr Notes Snr Notes Snr Notes

Coupon
11.50% 7.63% 13.75%

Yield
N/A

Consumer Cyclical 7.239% B1/B+ Energy 13.943% B3/B- Financial

Rating
B3

Sector

Country
USA USA USA

Source: Bloomberg

Select Closed Syndicated Loans

Type $mm
$960 $1,250 $342 $839 $280 $150 $300 $300 $50

Date Issuer
7/22 7/22 7/22 7/21 7/18

Tenor (mth)
36 12 216 216 216 60 84 60 60

Spread
Lib+85bps N/A N/A N/A Lib+300bps N/A

Class
Revolver Revolver Term Term Term Revolver Term Revolver Revolver

Issuer Rating
N/A A N/A BBA2

Sector
Technology Industrial Energy Energy Energy

Chicony Electronics Co Ltd Unsec Stanley Black & Decker Inc Unsec AES VCM Mong Duong First Lien Power Co Lt Suncoke Energy Inc Laclede Gas Co First Lien Unsec

Source: Bloomberg

Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com

Timothy Page Managing Director (646) 450-9751 Mmothy.page@ whitehallandcompany.com

CONTACT

Giord Nowland Analyst (646) 543-4443 giord.nowland@ whitehallandcompany.com

Gabrielle Sullivan Analyst (646) 543-4404 gabrielle.sullivan@ whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2011 Whitehall & Company, LLC www.whitehallandcompany.com