Volume 3, Issue 38 October 16, 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 (10/16/13)

US Treasury Yield Curve

23
Libor 10/16/13 1 month 17 bps 3 month 24 bps 6 month 36 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 10/16/13

10yr

30yr

0.35% 0.71% 1.44% 1.95% 2.72% 3.77%

10 Year US Swap Rates

10/16/13 2.85% 3.00% 2.50% 2.00% 1.50% 1.00% 10/16/13 2.72%

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

10/16/13 A 3.61% BBB 4.48%

10/16/13 A 92 bps BBB 179 bps

S&P/LSTA Leveraged Loan Index

10/16/13 97.55% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

10/16/13 6.23 % 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 38 October 16, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes

Date
10/11 BASF

Issuer

$mm
$1,250

Years Spread
12 15 21 12 15 10 12 15 7 10 10 15 30 30 125bps 145bps 120bps 130bps 135bps 100bps 110bps 130bps 225bps 230bps 130bps 165bps 150bps 160bps

Coupon
3.89% 4.09% 4.43% N/A 3.64% 3.74% 3.94% 4.29% 4.94% N/A

Rating
1

Sector
Basic Materials

Country
Germany

10/11 McCain Foods Ltd 10/11 DTE Gas Co

Snr Notes FMB

$250 $170

2 N/A

Consumer, NonCyclical Utilities

Canada USA

10/11 Associated Estates Realty Corp 10/11 United Illuminating Companies

Snr Notes Snr Notes

$100 $135

2 2

Financial Utilities

USA USA

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

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type
Snr Notes Snr Notes Snr Notes

$mm
$950 $1,350 $2,750

Years Spread
30 10 30 5 10 30 3 3 200bps 140bps 165bps 120bps 180bps 165bps FRN 42bps

Coupon
5.63% 4.00% 5.38% 2.50% 4.38% 5.38% L+29bps 6.50%

Rating
A1/AAA3 Aa3/A+

Sector
Basic Materials Utilities Energy

Country
Chile United Kingdom China

10/10 Corp Nacional del Cobre de Chile 10/10 Centrica PLC 10/9 Sinopec Group Overseas Development Ltd 10/8 John Deere Capital Corp
Source: Bloomberg

Snr Notes

$750

A2/A

Industrial

USA

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date
10/8

Issuer
T-Mobile USA Inc

Type
Snr Notes

$mm
$3,100

Years Spread
6 7 8 9 10 5 7 10 441bps 460bps 447bps 444bps 450bps N/A

Coupon
6.46% 6.52% 6.63% 6.73% 6.83% 7.13% 6.00% 5.00%

Rating
Ba3/BB

Sector
Communications

Country
USA

10/7

Virgin Australia Holdings Ltd

Snr Sec

$733

Ba3

Consumer, Cyclical

Australia

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Revolver Term Revolver

$mm
$250 $2,500 $1,000

Months
60 84 60

Spread
L+225bps L+250bps L+175bps

Rating
BB+ BB

Sector
Technology Energy

10/11 Activision Blizzard Inc 10/7 Crestwood Midstream Partners LP

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