Volume 3, Issue 18 May 14, 2013

Whitehall
UNITED STATES DEBT MARKET
US Libor
"6 mth" "3 mth" "1 mth" 90 bps 80 bps 70 bps 60 bps 50 bps 40 bps 30 bps 20 bps 10 bps 0 bps 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% I I 30yr Avg 15yr Avg Today (5/14/13)

US Treasury Yield Curve

23
Libor 05/14/13 1 month 20 bps 3 month 28 bps 6 month 43 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 05/14/13

10yr

30yr

0.24% 0.43% 0.82% 1.26% 1.92% 3.13%

10 Year US Swap Rates

5/14/13 2.06% 2.50%

10 Year US Treasury
5/14/13 1.92% 2.50%

2.00%

2.00%

1.50%

1.50%

1.00%

1.00%

Average 10 Year US Industrial Yield

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

Average 10 Year US Industrial Spreads

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

5/14/13 2.85% A BBB 3.50%

5/14/13 A 95 bps BBB 160 bps

S&P/LSTA Leveraged Loan Index

5/14/13 98.60% 99.00 98.00 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00

Average Junk-Bond Yield

5/14/13 5.22 % 9.00% 8.50% 8.00% 7.50% 7.00% 6.50% 6.00% 5.50% 5.00%

Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2012 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com

Volume 3, Issue 18 May 14, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes

Date

Issuer

$mm
$125

Years Spread
7 10 15 10 15 16 19 30 205bps 210bps 250bps 190bps 140bps 115bps 115bps 86bps

Coupon
3.23% 3.86% 4.26% 3.66% 3.10% 3.22% 3.40% 3.77%

Rating
2

Sector
Utilities

Country
Canada

5/10 Liberty Utilities Co

5/10 Royal Boskalis Westminster NV 5/10 Statnett SF

Snr Notes Snr Notes

$325 $290

2 1

Industrial Utilities

Netherlands Norway

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

SELECT US PUBLIC MARKET ISSUANCES

INVESTMENT GRADE ISSUANCES
Date
5/8

Issuer
Statoil ASA

Type
Snr Notes

$mm
$3,000

Years Spread
5 5 11 30 30 10 5 5 10 10 30 FRN 45bps 90bps 95bps 90bps 165bps FRN 68bps 108bps 63bps 110bps

Coupon
L+29bps 1.15% 2.65% 3.95% 3.90%

Rating
Aa2/AA-

Sector
Energy

Country
Norway

5/8 5/7 5/7

Oklahoma Gas and Electric Co Hyatt Hotels Corp

Snr Notes Snr Notes

$250 $350 $3,000

A2/A-

Utilities Consumer, Cyclical Energy

USA USA United Kingdom

3.38% Baa2/BBB L+51bps 1.38% 2.75% 2.38% 4.00% A2/A

BP Capital Markets PLC Snr Notes

5/7 5/7

Public Service Electric & Snr Sec Gas Co S.C. Johnson & Son Inc Snr Notes

$500 $400

A1/A A-

Utilities Consumer, NonCyclical

USA USA

Source: Bloomberg

BELOW INVESTMENT GRADE ISSUANCES

Date
5/9 5/9 5/8 5/8 5/6

Issuer
Targa Resources Partners Ball CorpLP Commercial Metals Co

Type
Snr Notes Snr Notes Snr Notes Snr Notes

$mm
$500 $625 $1,000 $330 $550 $400

Years Spread
5 10 11 10 5 10 8 570bps 249bps 220bps 311bps 188bps 213bps 510bps

Coupon
6.38% 4.25% 4.00% 4.88%

Rating
Ba3 Ba3/BB Ba1/BB+ Ba2/BB+

Sector
Basic Materials Energy Industrial Basic Materials Consumer, Cyclical Energy

Country
Netherlands USA USA USA USA USA

4/29 Nordgold NV

Brinker International Inc Snr Notes Penn Virginia Resource Snr Notes

2.60% Ba2/BBB3.88% 6.50% B2/B-

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date
5/7
Source: Bloomberg

Issuer
Liquidnet Holdings Inc

Type
Term

$mm
$150

Months
48

Spread
L+800bps

Rating
B

Sector
Financial

CONTACT WHITEHALL
Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com Timothy Page Managing Director (212) 205-1399 timothy.page@ whitehallandcompany.com Roland DaCosta Managing Director (212) 205-1394 roland.dacosta@ whitehallandcompany.com Oliver Langel Managing Director (212) 205-1386 oliver.langel@ whitehallandcompany.com Vincas Snipas Managing Director (212) 205-1385 vincas.snipas@ whitehallandcompany.com Susan Vick Managing Director (212) 205-1398 susan.vick@ whitehallandcompany.com Brian Burchfield Director (212) 205-1395 brian.burchfield@ whitehallandcompany.com

Natalia Kotlyarchuk Vice President (212) 205-1396 natalia.kotlyarchuk@ whitehallandcompany.com

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

Gabrielle Sullivan Analyst (212) 205-1383 gabrielle.sullivan@ whitehallandcompany.com

Blaine Burke Analyst (212) 205-1382 blaine.burke@ whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2012 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com