Volume 3, Issue 39 October 22, 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 (10/22/13)

US Treasury Yield Curve

23
Libor 10/22/13 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 10/22/13

10yr

30yr

0.31% 0.64% 1.31% 1.81% 2.55% 3.64%

10 Year US Swap Rates

10/22/13 2.69% 3.00% 2.50% 2.00% 1.50% 1.00% 10/22/13 2.55%

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

10/22/13 A 3.51% BBB 4.35%

10/22/13 A 93 bps BBB 177 bps

S&P/LSTA Leveraged Loan Index

10/22/13 97.65% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

10/22/13 5.95 % 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 39 October 22, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Sec

Date

Issuer

$mm
$700

Years Spread
7 7 10 10 12 C$6.7(4.8avg) 6.7(4.8avg) C$10(7.7avg) 10(7.7avg) 5 10 15 30 30 30 10 FRN 125bps FRN 130bps FRN N/A

Coupon
L+107bps N/A L+113.5bps N/A L+103bps 4.82% 4.01% 5.87% 5.34% 2.73% 4.05% 4.38% 5.32% 5.42% 5.52% 4.99%

Rating
1

Sector
Industrial

Country
United Kingdom

10/18 Rolls-Royce & Partners Finance Limited (RRPF)

10/18 Ambassador Bridge

Snr Sec

$90

Industrial

USA

10/18 AEP Transmission Co

Snr Notes

$400

140bps 145bps 150bps 165bps 175bps 185bps 225bps

Utilities

USA

10/18 Anglian Water Services Ltd

Snr Sec

$160

Utilities

United Kingdom

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

$mm
$500 $1,200

Years Spread
10 3 10 30 10 3 4 5 6 7 10 113bps 45bps 97bps 112bps 235bps 80bps 65bps 105bps 155bps 135bps 180bps

Coupon
1.05% 3.55% 4.80%

Rating
A3/A-

Sector
Industrial Utilities

Country
USA USA

10/17 CSX Corp 10/17 Dominion Gas Holdings LLC 10/17 Comision Federal de Electricidad 10/16 WM Wrigley Jr Co

3.70% Baa2/BBB

Snr Notes Snr Notes

$1,250 $1,300

4.88% Baa1/BBB

Utilities

Mexico USA

1.40% Baa2/BBB Consumer, Non2.00% Cyclical 2.40% 2.90% 3.38% 4.50% Baa3/BBB Industrial

10/15 Packaging Corp of America

Source: Bloomberg

Snr Notes

$700

USA

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm
$200 $450

Years Spread
6 8 686bps 460bps

Coupon
8.50% 7.00%

Rating
B3/B+ B2/B

Sector
Consumer, Cyclical Consumer, Cyclical

Country
USA USA

10/16 Allied Specialty Vehicles Snr Sec Inc 10/15 KB Home Snr Notes
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date
Source: Bloomberg

Issuer

Type
Term

$mm
$1,700

Months
84

Spread
L+400bps

Rating
B

Sector
Consumer, Cyclical

10/16 CityCenter Holdings LLC

CONTACT WHITEHALL
Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com Vincas Snipas Susan Vick Timothy Page Oliver Langel Roland DaCosta Managing Director Managing Director Managing Director Managing Director Managing Director (212) 205-1385 (212) 205-1398 (212) 205-1399 (212) 205-1386 (212) 205-1394 vincas.snipas@ susan.vick@ timothy.page@ oliver.langel@ roland.dacosta@ whitehallandcompany.com whitehallandcompany.com whitehallandcompany.com whitehallandcompany.com whitehallandcompany.com Blaine Burke Nicholas Page Natalia Kotlyarchuk Gabrielle Sullivan Analyst Associate Vice President Analyst (212) 205-1382 (212) 205-1389 (212) 205-1396 (212) 205-1383 blaine.burke@ nicholas.page@ natalia.kotlyarchuk@ gabrielle.sullivan@ whitehallandcompany.com whitehallandcompany.com whitehallandcompany.com whitehallandcompany.com Brian Burchfield Director (212) 205-1395 brian.burchfield@ 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