Volume 3, Issue 34 September 17, 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 (9/17/13)

US Treasury Yield Curve

23
Libor 09/17/13 1 month 18 bps 3 month 25 bps 6 month 38 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 09/17/13

10yr

30yr

0.39% 0.79% 1.60% 2.09% 2.84% 3.85%

10 Year US Swap Rates

9/17/13 2.99% 3.00% 2.50% 2.00% 1.50% 1.00% 9/17/13 2.84%

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

9/17/13 A 3.81% BBB 4.57%

9/17/13 A 93 bps BBB 168 bps

S&P/LSTA Leveraged Loan Index

9/17/13 97.75% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

9/17/13 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 34 September 17, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes Snr Notes

Date

Issuer

$mm
$100 $236

Years Spread
12(9.5avg) 7 9 14 30 N/A 160bps 170bps 175bps 180bps

Coupon
3.80% 3.83% 4.45% 4.84% 5.65%

Rating
2 2

Sector
Financial Utilities

Country
USA USA

9/16 EastGroup Properties 9/16 Inc Hawaiian Electric

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
Snr Sec Snr Notes

US PUBLIC MARKET ISSUANCES

$mm
$600 $1,500

Years Spread
10 30 7 10 30 5 10 30 3 3 5 5 7 10 20 30 5 10 30 83bps 95bps 185bps 210bps 225bps 260bps 305bps 350bps FRN 165bps FRN 190bps 215bps 225bps 250bps 265bps 150bps 210bps 235bps

Coupon
3.70% 4.80% 4.15% 5.35% 5.95%

Rating
Aa3/A Baa3

Sector
Utilities Energy

Country
USA USA

9/12 MidAmerican Energy Co 9/12 Energy Transfer Partners LP 9/11 Ecopetrol SA

Snr Notes

$2,500

4.25% Baa2/BBB 5.88% 7.38%

Energy

Colombia

9/11 Verizon Communications Inc

Snr Notes

$49,000

L+153bps Baa1/BBB+ Communications 2.50% L+175bps 3.65% 4.50% 5.15% 6.40% 6.55% 3.20% Baa2/BBB 5.00% 6.20% Energy

USA

9/9

ONEOK Partners LP

Snr Notes

$1,250

USA

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date
9/13 9/12 9/10 9/9

Issuer
Natural Resources Partners LP Activision Blizzard Inc Oasis Petroleum Inc Whiting Petroleum Corp

Type
Snr Notes Snr Notes Snr Notes Snr Notes

$mm
$300 $2,250 $1,000 $1,900

Years Spread
5 8 10 9 6 8 768bps 308bps 325bps 412bps 311bps 334bps

Coupon
9.13% 5.63% 6.13% 6.88% 5.00% 5.75%

Rating
B3/B Ba2/BB+ B3/B Ba2/BB+

Sector
Energy Technology Energy Energy

Country
USA USA USA USA

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Term Term

$mm
$800 $540

Months
88 84

Spread
L+375bps L+300bps

Rating
B B

Sector
Technology Communications

9/11 Freescale Semiconductor Inc 9/10 Cincinnati Bell 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