Volume 3, Issue 35 September 24, 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 (9/24/13)

US Treasury Yield Curve

23
Libor 09/24/13 1 month 18 bps 3 month 25 bps 6 month 37 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 09/24/13

10yr

30yr

0.33% 0.70% 1.45% 1.95% 2.71% 3.74%

10 Year US Swap Rates

9/24/13 2.86% 3.00% 2.50% 2.00% 1.50% 1.00% 9/24/13 2.71%

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

9/24/13 A 3.67% BBB 4.40%

9/24/13 A 93 bps BBB 167 bps

S&P/LSTA Leveraged Loan Index

9/24/13 97.87% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

9/24/13 6.19 % 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 35 September 24, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Sec Snr Notes

Date

Issuer

$mm
$226 $300

Years Spread
9(6avg) 12 C$12 15 C$15 30 30d 40d 7 10 12 7 10 12 260bps 200bps 220bps 220bps 230bps N/A

Coupon
N/A 4.75% 5.05% 4.95% 5.34% 3.97% 4.02% 4.12% N/A

Rating
1 2

Sector
Consumer, Cyclical Energy

Country
USA Canada

9/20 JetBlue Airways Corp 9/20 Keyera Corp

9/20 Duquesne Light Co

FMB

$290

Energy

USA

9/20 Tidewater Inc

Snr Notes

$500

200bps 215bps 230bps 255bps 250bps 270bps

Energy

USA

9/20 Myers Industries Inc

Snr Notes

$100

4.67% 5.25% 5.45%

Industrial

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
Snr Sec

US PUBLIC MARKET ISSUANCES

$mm
$550 $1,000 $1,900

Years Spread
3 30 5 10 5 11 30 45bps 93bps 63bps 90bps 135bps 190bps 205bps

Coupon

Rating

Sector
Utilities Consumer, NonCyclical Energy

Country
USA United Kingdom USA

9/16 Peco Energy Co

9/16 Reckitt Benckiser Group Snr Notes PLC 9/16 Spectra Energy Snr Notes Partners LP
Source: Bloomberg

1.20% A1/A4.80% 2.13% A1/A+ 3.63% 2.95% Baa3/BBB 4.75% 5.95%

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date
9/17
Source: Bloomberg

Issuer
Hercules Offshore Inc

Type
Snr Notes

$mm
$300

Years Spread
8 500bps

Coupon
7.50%

Rating
B3/B

Sector
Energy

Country
USA

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Term

$mm
$225

Months
56

Spread
L+225bps

Rating
B+

Sector
Consumer, Cyclical

9/18 Wendy's 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