2011

Year In Review
January 4, 2011

Presented by:

Whitehall
& C o m p a n y, L L C
BASE RATES YEAR-TO-DATE

US Treasuries

US Swap Rates

-35.6
-64.6
-117.1
-128.5
-145.7
-150.3

2Y
3Y
5Y
7Y
10Y
30Y

12/30/11

bps CHG

0.79%
1.26%
2.17%
2.83%
3.41%
4.18%

0.73%
0.82%
1.22%
1.64%
2.03%
2.62%

-6.1
-44.1
-94.1
-118.5
-137.9
-156.6

2Y
3Y
5Y
7Y
10Y
30Y

7.50
7.00
6.50

5.00

6.00

4.00

5.50

Yield %

5.00

3.00

4.50

2.00

4.00

1.00

3.50

BBB

2Y

3Y

5Y

7Y

10Y

3.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

30Y

01/03/11 1.13% 1.76% 2.76% 3.61% 4.43% 5.50%

12/30/11 0.92% 1.14% 1.88% 2.57% 3.25% 4.23%
bps CHG -20.7 -62.1 -88.5 -103.8 -118.1 -126.7

A
BBB
BB

01/03/11 2.05% 2.68% 3.70% 4.42% 4.98% 5.96%

12/30/11 1.87% 2.26% 2.86% 3.38% 4.11% 5.12%
bps CHG -17.6 -41.9 -83.9 -103.7 -87.0 -84.0
01/03/11 3.31% 3.76% 4.91% 5.80% 6.42% 7.38%
12/30/11 4.45% 4.32% 5.27% 5.51% 6.45% 7.57%
bps CHG 114.2 55.4
35.4 -28.9
3.5
18.1

12/30/11

bps CHG

4.43%
4.98%
6.42%

3.25%
4.11%
6.45%

-118.1
-87.0
3.5

Current
A

BB

01/03/11

BBB
BB

3.30%
4.12%
6.50%

High

Low

4.73 (02/08/11) 3.12 (09/22/11)

5.19 (02/08/11) 3.67 (08/10/11)
7.70 (10/10/11) 6.00 (06/01/11)

Average

3.93
4.52
6.55

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

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

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

Source: Bloomberg. No part of this publication is intened for commerical use. This market

COMMODITIES

DATE

30

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

CURRENCIES

Yield %

6.00

10

15
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

01/03/11

12/30/11

bps CHG

19.0
25.6
16.2
10.2
7.2
-21.8

48.3
46.9
39.5
28.4
16.8
-27.8

29.3
21.4
23.3
18.2
9.6
-6.0

Dow Jones

US EQUITY

8.00

25

US 1 Month Libor
US 3 Month Libor
US 6 Month Libor

01/04/11

12/30/11

26.1
30.3
45.6

29.5
58.1
80.9

bps CHG
3.5
27.8
35.3

INDICIES AND INDICATORS

7.00

35

-40

10 Year US Industrial Yields

8.00

23

45

-20

US INDUSTRIAL CREDIT MARKET YEAR-TO-DATE

0.00 I I I I I I

55

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

01/03/11

US Industrial Credit Curve 12/30/11

65

20

bps

bps CHG

0.24%
0.36%
0.83%
1.25%
1.88%
2.90%

75

bps

12/30/11

0.60%
1.00%
2.00%
2.54%
3.33%
4.40%

85

40

Yield %

Yield %

01/03/11

LIBOR Rate
60

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2Y
3Y
5Y
7Y
10Y
30Y

US Swap Spreads

5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00

5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00

S&P 500
NASDAQ
Brent
$US/barrel
WTI
$US/barrel
Natural Gas
$US/mmBTU
Gasoline
$US/gallon
Corn
cents/bushel
Sugar
cents/lb
Gold
$US/ozt
Silver
$US/ozt
Copper
cents/lb
Euro
/$US
Pound Sterling
/$US
Yen
$US/
Canadian Dollar
$CA/$US
Australian Dollar
$AU/$US

letter is not to be construed as a recommendation to buy, hold or sell any particular security.
Copyright 2012 Whitehall & Company, LLC
www.whitehallandcompany.com

01/03/11

12/30/11

YTD %Chg

YTD High

YTD Low

11670.75

12217.56

1.96%

12810.54 (04/29) 10655.30 (10/03)

1271.87

1257.60

-0.01%

1363.61 (04/29)

1099.23 (10/03)

2691.52

2605.15

-0.03%

2873.54 (04/29)

2335.83 (10/03)

94.84

107.38

0.12%

126.65 (04/06)

93.33 (01/07)

91.55

98.83

0.07%

113.93 (04/29)

75.67 (10/04)

4.65

2.99

-0.56%

4.85 (06/08)

2.99 (12/30)

242.73

268.63

0.10%

346.48 (04/29)

234.27 (01/25)

620.50

646.50

0.04%

787.00 (06/10)

579.00 (12/15)

31.00

23.30

-0.33%

35.31 (02/02)

20.47 (05/06)

1422.90

1566.80

0.09%

1888.70 (08/22)

1318.40 (01/27)

31.10

27.88

-0.12%

48.58 (04/29)

26.81 (01/25)

445.75

343.60

-0.30%

462.85 (02/14)

305.75 (10/20)

1.34

1.30

-0.03%

1.48 (05/02)

1.29 (01/07)

1.55

1.55

0.00%

1.67 (04/29)

1.53 (09/22)

81.74

76.91

-0.06%

85.49 (04/06)

75.82 (10/28)

0.99

1.02

0.03%

1.05 (10/03)

0.94 (07/21)

1.02

1.02

0.00%

1.10 (07/27)

0.95 (10/03)

1 year Chart