Volume 3, Issue 43 November 19, 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 (11/19/13)

US Treasury Yield Curve

23
Libor 11/19/13 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 11/19/13

10yr

30yr

0.28% 0.63% 1.32% 1.86% 2.67% 3.77%

10 Year US Swap Rates

11/19/13 2.74% 3.00% 2.50% 2.00% 1.50% 1.00% 11/19/13 2.67%

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

11/19/13 A 3.67% BBB 4.41%

11/19/13 A 97 bps BBB 170 bps

S&P/LSTA Leveraged Loan Index

11/19/13 98.09% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

11/19/13 6.05 % 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 43 November 19, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes Snr Notes

Date

Issuer

$mm
75 $250

Years Spread
10 15 7 7 10 12 7 10 12 9 AU$9 11 AU$11 12 AU$12 215bps 215bps FRN 160bps 165bps 180bps 175bps 175bps 190bps 200bps 208bps 205bps 215bps 205bps 215bps

Coupon
N/A N/A L+150bps 3.69% 4.38% 4.53% 3.91% 4.53% 4.68% 4.44% 4.52% 4.73% 4.83% 4.78% 4.88%

Rating
2 1

Sector
Industrial Consumer, Cyclical

Country
United Kingdom Australia

11/15 Birmingham Airport 11/15 Treasury Wine Estates

11/15 PriceWaterhouse Coopers LLP 11/15 Mirvac Group

Snr Notes

$300

Consumer, NonCyclical Financial

USA

Snr Notes

$477

Australia

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

$mm
$1,500

Years Spread
3 10 30 2 3 3 5 2 3 3 5 10 90bps 170bps 195bps FRN FRN 55bps 75bps FRN FRN 32bps 55bps 135bps

Coupon
1.30% 4.30% 5.65% L+33bps L+44bps 1.13% 2.13% L+7bps L+21bps 0.90% 2.00% 4.10%

Rating
Baa2

Sector
Technology

Country
Canada

11/14 Thomas Reuters Corp

11/13 Volkswagen International Finance NV 11/12 Shell International Finance BV

Snr Notes

$2,650

A3

Consumer, Cyclical

Germany

Snr Notes

$4,000

Aa1/AA

Energy

Netherlands

11/12 FMC Corp

Source: Bloomberg

Snr Notes

$400

Baa1/A-

Basic Materials

USA

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Notes Snr Notes

$mm
$775 $600

Years Spread
9 5 10 599bps 255bps 285bps

Coupon
7.50% 4.00% 5.63%

Rating
B3/BBa1/BB+

Sector
Energy Consumer, Cyclical

Country
USA USA

11/13 Stone Energy Corp 11/12 Toll Bros Finance Corp

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Term Term Revolver

$mm
$343 $550 $500

Months
42 84 60

Spread
L+275bps L+350bps L+500bps

Rating
B1/BBB1/B+ B2/B

Sector
Industrial Energy Technology

11/13 Terex Corp 11/12 Western Refining Inc 11/12 Advanced Micro Devices 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