Volume 3, Issue 40 October 29, 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 (10/29/13)

US Treasury Yield Curve

23
Libor 10/29/13 1 month 18 bps 3 month 24 bps 6 month 35 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 10/29/13

10yr

30yr

0.30% 0.63% 1.28% 1.77% 2.51% 3.60%

10 Year US Swap Rates

10/29/13 2.66% 3.00% 2.50% 2.00% 1.50% 1.00% 10/29/13 2.51%

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

10/29/13 A 3.47% BBB 4.25%

10/29/13 A 96 bps BBB 174 bps

S&P/LSTA Leveraged Loan Index

10/29/13 97.85% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

10/29/13 5.92 % 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 40 October 29, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes Snr Notes

Date

Issuer

$mm
56 $100

Years Spread
10(7avg) 15 30 N/A 125bps 105bps

Coupon
3.64% 3.74% 4.67%

Rating
2 1

Sector
Industrial Utilities

Country
France USA

10/25 LISI Group 10/25 American Transmission Co

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
$1,000 $1,500

Years Spread
11 5 10 30 30 10 30 245bps 55bps 87bps 92bps 110bps 140bps 170bps

Coupon
1.75% 3.25% 4.50% 4.75%

Rating
A2/A+

Sector
Consumer, NonCyclical Industrial Consumer, Cyclical

Country
Chile USA

10/24 ENTEL Chile SA 10/24 Bristol-Myers Squibb Co

4.88% Baa2/BBB+ Communications

10/22 Union Pacific Corp 10/22 Yum! Brands Inc

Source: Bloomberg

Snr Notes Snr Notes

$500 $600

Baa1/A-

USA USA

3.88% Baa3/BBB 5.35%

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Notes Snr Notes

$mm
$1,000 $300 $600 $100 $300

Years Spread
8 8 8 7 8 319bps 312bps 388bps 560bps 359bps

Coupon
5.38% 5.25% 6.13% 8.50% 5.88%

Rating
B1/BBBa3/B+ B1/BB B3 B1/B

Sector
Energy Industrial Energy USA Consumer, Cyclical

Country
USA USA USA USA USA

10/24 Antero Resources Corp 10/22 Alliant Techsystems Inc

10/22 Crestwood Midstream Snr Notes Partners LP 10/21 William Lyon Homes Inc Snr Notes 10/21 Penn National Gaming Inc
Source: Bloomberg

Snr Notes

SELECT CLOSED SYNDICATED LOANS

Date
Source: Bloomberg

Issuer

Type
Term

$mm
$395

Months
48

Spread
L+200bps

Rating
BBB-

Sector
Consumer, Cyclical

10/21 Seminole Tribe of Florida Inc

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