Volume 3, Issue 46 December 10, 2013

Whitehall
UNITED STATES DEBT MARKET
US Libor
6 mth 3 mth 1 mth 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 (12/10/13)

US Treasury Yield Curve

23
Libor 12/10/13 1 month 17 bps 3 month 24 bps 6 month 34 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 12/10/13

10yr

30yr

0.30% 0.69% 1.48% 2.03% 2.84% 3.87%

10 Year US Swap Rates

12/10/13 2.90% 3.00% 2.50% 2.00% 1.50% 1.00% 12/10/13 2.84%

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

12/10/13 A 3.80% BBB 4.52%

12/10/13 A 94 bps BBB 167 bps

S&P/LSTA Leveraged Loan Index

12/10/13 98.18% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

12/10/13 6.02 % 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 46 December 10, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes Snr Notes

Date
12/6 12/6

Issuer
McBride PLC Clarion Lion Properties

$mm
50 $300

Years Spread
7 7 7 7d 10 10d 12 12d 15 20 7 10 N/A FRN 175bps 195bps 175bps 195bps 190bps 210bps G+135bps G+142bps 160bps 160bps

Coupon
6.00% L+170bps 3.95% 4.15% 4.60% 4.80% 4.75% 4.95% 4.41% 4.68% N/A

Rating
2 2

Sector
Consumer, NonCyclical Financial

Country
United Kingdom USA

12/6 12/6

Derwent London PLC WILD Flavors

Snr Notes Snr Notes

100 $200

1 2

Financial Consumer, NonCyclical

United Kingdom Switzerland

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
$400 $3,000

Years Spread
30 5 10 30 3 3 5 10 20 3 5 10 30 3 5 120bps 35bps 90bps 105bps FRN 18bps 28bps 58bps 65bps 65bps 85bps 125bps 145bps 38bps 63bps

Coupon
5.00% 1.63% 3.63% 4.88% L+7bps 0.70% 1.65% 3.38% 4.38%

Rating
Baa1/AAaa/AAA

Sector
Consumer, Cyclical Technology

Country
USA USA

12/3 Nordstrom Inc 12/3 Microsoft Corp

12/2 Johnson & Johnson

Snr Notes

$3,500

Aaa

Consumer, NonCyclical

USA

12/2 CVS Caremark Corp

Snr Notes

$4,000

1.20% Baa1/BBB+ Consumer, Non2.25% Cyclical 4.00% 5.30% 0.88% 2.00% Baa1/AConsumer, Cyclical

USA

12/2 Starbucks Corp

Source: Bloomberg

Snr Notes

$750

USA

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Notes Snr Notes Snr Notes

$mm
$450 $650 $1,100

Years Spread
5 4 8 10 425bps 388bps 340bps 351bps

Coupon
5.75% 4.63% 5.88% 6.38%

Rating
B2/BB B3 Ba3/BB

Sector
Energy Communications Technology

Country
Canada USA USA

12/6 Ultra Petroleum Corp 12/5 Alcatel-Lucent USA Inc 12/5 NCR Escrow Corp
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Term Revolver

$mm
$250 $600

Months
55 60

Spread
L+225bps L+200bps

Rating
Ba2/BB+ Ba2/BB

Sector
Technology Energy

12/4 NCR Corp 12/2 Energy Transfer Equity 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