Volume 3, Issue 33 September 10, 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 (9/10/13)

US Treasury Yield Curve

23
Libor 09/10/13 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 09/10/13

10yr

30yr

0.44% 0.86% 1.71% 2.18% 2.90% 3.84%

10 Year US Swap Rates

9/10/13 3.06% 3.00% 2.50% 2.00% 1.50% 1.00% 9/10/13 2.90%

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

9/10/13 A 3.86% BBB 4.57%

9/10/13 A 92 bps BBB 163 bps

S&P/LSTA Leveraged Loan Index

9/10/13 97.66% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

9/10/13 6.57 % 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 33 September 10, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes

Date
9/6

Issuer
Invesco Commercial Real Estate REIT Holdings River Fuel Funding #3 British Land Co PLC

$mm
$300

Years Spread
10 13 5 12 145bps 145bps 215bps FRN

Coupon
4.26% 4.38% 3.78% L+103bps

Rating
1

Sector
Financial

Country
USA

9/6 9/6

Snr Sec Snr Notes

$85 200

2 1

Utilities Financial

USA United Kingdom

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

SELECT INVESTMENT GRADE ISSUANCES

Date
9/6 9/4 9/4 9/3

US PUBLIC MARKET ISSUANCES

$mm
$750 $450 $700 $3,250

Issuer

Type

Years Spread
3 10 3 10 5 11 31 10 3 5 6 FRN 70bps 150bps 225bps 60bps 95bps 115bps 100bps 55bps 78bps 75bps

Coupon
L+100bps 3.60%

Rating
A2 Aa3

Sector
Communications Utilities Energy Consumer, Cyclical Consumer, Cyclical Industrial Consumer, NonCyclical

Country
Mexico USA USA USA

American Movil SAB de Snr Notes C.V. San Diego Gas & Snr Sec Electric Co Nabors Industries Inc Snr Notes Home Depot Inc Snr Notes

2.35% Baa2/BBB 5.10% 2.25% A3/A3.75% 4.88% 3.85% 1.35% 2.45% 2.20% Baa2/AA2/A A1/A+

9/3 9/3 9/3

Starbucks Corp Caterpillar Financial Services Corp Unilever Capital Corp

Snr Notes Snr Notes Snr Notes

$750 $750 $750

USA USA USA

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date
9/4 9/4

Issuer
Silgan Holdings Inc Regency Energy Partners

Type
Snr Notes Snr Notes

$mm
$300 $400

Years Spread
9 7 288bps 339bps

Coupon
5.50% 5.75%

Rating
Ba2/BBB1/BB

Sector
Industrial Energy

Country
USA USA

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Term Term Term Term Term

$mm
$90 $364 $1,100 $1,140 $175

Months
38 56 94 72 84

Spread
L+650bps L+275bps L+325bps L+275bps L+125bps

Rating
BBB B+ Baa2/BBB+

Sector
Consumer, Non-Cyclical Consumer, Cyclical Consumer, Cyclical Consumer, Non-Cyclical

8/29 Radiation Therapy Services Inc 8/27 Bally Technologies Inc 8/26 Allison Transmission Inc 8/26 DENTSPLY International Inc
Source: Bloomberg

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