Volume 3, Issue 31 August 20, 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 (8/20/13)

US Treasury Yield Curve

23
Libor 08/20/13 1 month 18 bps 3 month 26 bps 6 month 39 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 08/20/13

10yr

30yr

0.35% 0.77% 1.59% 2.10% 2.86% 3.87%

10 Year US Swap Rates

8/20/13 3.04% 3.00% 2.50% 2.00% 1.50% 1.00% 8/20/13 2.86%

10 Year US Treasury
3.00% 2.50% 2.00% 1.50% 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

8/20/13 A 3.75% BBB 4.46%

8/20/13 A 93 bps BBB 163 bps

S&P/LSTA Leveraged Loan Index

8/20/13 97.82% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

8/20/13 6.46 % 7.75% 7.25% 6.75% 6.25% 5.75% 5.25% 4.75%

Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2013 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 31 August 20, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes

Date

Issuer

$mm
$750

Years Spread
7 10 12 6 7 C$7 9 28(14avg) 5 7 10 12 7 7d 10 10d 12 12d 180bps 180bps 195bps 155bps 155bps N/A 160bps 170bps 165bps 165bps 165bps 180bps 125bps 130bps 125bps 130bps 140bps 145bps

Coupon
N/A

Rating
2

Sector
Consumer, NonCyclical Consumer, NonCyclical

Country
USA

8/16 Dollar Tree Stores Inc

8/16 ALS Ltd

Snr Notes

$300

3.40% 3.71% 4.14% 4.17% N/A 3.25% 3.90% 4.50% 4.65% 3.44% 3.49% 4.04% 4.09% 4.19% 4.24%

Australia

8/16 GenConn Energy LLC 8/16 Covance Inc

Snr Sec Snr Notes

$237 $250

2 1

Energy Consumer, NonCyclical

USA USA

8/16 Major League Baseball

Snr Sec

$277

Consumer, Cyclical

USA

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

SELECT INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm
$250 $500 $3,000

US PUBLIC MARKET ISSUANCES

Years Spread
10 5 10 5 10 30 10 30 30 90bps 143bps 183bps 125bps 178bps 220bps 130bps 153bps 92bps

Coupon
3.50%

Rating
A2/A-

Sector
Consumer, NonCyclical Technology Communications

Country
USA USA USA

8/14 McCormick & Company Snr Notes Inc 8/13 CA Inc Snr Notes 8/12 Viacom Inc Snr Notes

2.88% BBB+ 4.50% 2.50% Baa2/BBB 4.25% 5.85% 3.80% Baa2/BBB+ 5.20% 4.60% A3/A-

8/12 Cenovus Energy Inc 8/12 Commonwealth Edison Co

Source: Bloomberg

Snr Notes Snr Sec

$800 $350

Energy Utilities

Canada USA

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Notes Snr Notes Snr Notes

$mm
$300 $300 $500

Years Spread
7 8 8 421bps 463bps 490bps

Coupon
6.38% 6.75% 7.75%

Rating
B2/BBBa1/BB+ B1

Sector
Technology Energy Communications

Country
USA USA USA

8/15 ACI Worldwide Inc 8/14 NuStar Logistics LP 8/12 Windstream Corp
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date
Source: Bloomberg

Issuer

Type
Term

$mm
$1,741

Months
65

Spread
L+475bps

Rating
B-

Sector
Technology

8/16 Alcatel-Lucent USA Inc

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 2013 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com