Volume 3, Issue 41 November 5, 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 (11/5/13)

US Treasury Yield Curve

23
Libor 11/05/13 1 month 17 bps 3 month 24 bps 6 month 35 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 11/05/13

10yr

30yr

0.30% 0.65% 1.35% 1.85% 2.60% 3.69%

10 Year US Swap Rates

11/5/13 2.74% 3.00% 2.50% 2.00% 1.50% 1.00% 11/5/13 2.60%

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

11/5/13 A 3.58% BBB 4.33%

11/5/13 A 96 bps BBB 171 bps

S&P/LSTA Leveraged Loan Index

11/5/13 97.95% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

11/5/13 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 41 November 5, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type $mm Years Spread Coupon Rating Sector Country

Date

Issuer

No Select USPP Transactions This Week

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 $2,000

Years Spread
10 30 3 3 5 3 3 5 7 10 5 10 5 10 2 30 5 95bps 120bps FRN 20bps 40bps FRN 22bps 42bps 60bps 70bps 135bps 175bps 125bps 165bps FRN 95bps 35bps

Coupon
3.45% 4.88% L+8bps 0.75% 1.60% L+10bps 0.75% 1.65% 2.45% 3.20%

Rating
A3/AAa3/AA-

Sector
Energy Consumer, NonCyclical Consumer, NonCyclical

Country
USA USA

10/31 Diamond Offshore Drilling Inc 10/30 Procter & Gamble Co

10/29 Coca-Cola Co

Snr Notes

$5,000

Aa3/AA-

USA

10/29 Altera Corp 10/29 Laboratory Corp of America Holdings 10/29 Canadian National Railway Co 10/28 Colgate-Palmolive Co
Source: Bloomberg

Snr Notes Snr Notes Snr Notes Snr Notes

$1,000 $700 $600 $300

2.50% BBB+ 4.10% 2.50% Baa2/BBB 4.00% L+20bps A3/A4.50% 1.50% Aa3/AA-

Technology Consumer, NonCyclical Industrial Consumer, NonCyclical

USA USA Canada USA

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date
11/1

Issuer

Type
Snr Notes Snr Notes Snr Notes Snr Sec Snr Notes Snr Notes

$mm
$1,000 $300 $650 $1,500 $250 $350

Years Spread
8 7 7 7 10 5 8 319bps 401bps 400bps 306bps 307bps N/A 370bps

Coupon
5.38% 6.00% 6.00% 5.00% 5.63% 7.50% 5.88%

Rating
B1/BBB2/B B1/BBBa2/BB Ba2 B2/BB-

Sector
Energy Consumer, Cyclical Energy Energy Energy Basic Materials

Country
USA USA United Kingdom USA China USA

10/24 Antero Resources Corp United Continental Holdings Inc 11/1 Tullow Oil PLC 10/31 Kinder Morgan Inc 10/30 Anton Oilfield Services Group 10/28 USG Corp
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Revolver Term Term Revolver Term

$mm
$700 $1,010 $250 $2,390 $350

Months
60 60 84 60 54

Spread
L+200bps L+200bps L+275bps L+80bps L+350bps

Rating
BB

Sector
Industrial

11/1 Alliant Techsystems Inc

10/30 Boeing Co 10/28 Kinetic Concepts Inc

Source: Bloomberg

A B

Industrial Consumer, Non-Cyclical

CONTACT WHITEHALL
Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com Timothy Page Managing Director (212) 205-1399 timothy.page@ whitehallandcompany.com Vincas Snipas Susan Vick Oliver Langel Roland DaCosta Managing Director Managing Director Managing Director Managing Director (212) 205-1385 (212) 205-1398 (212) 205-1386 (212) 205-1394 vincas.snipas@ susan.vick@ oliver.langel@ roland.dacosta@ 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