Volume 3, Issue 49 December 31, 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 (12/31/13)

US Treasury Yield Curve

23
Libor 12/31/13 1 month 17 bps 3 month 25 bps 6 month 35 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 12/31/13

10yr

30yr

0.38% 0.82% 1.71% 2.21% 2.97% 3.90%

10 Year US Swap Rates

12/31/13 3.03% 3.00% 2.50% 2.00% 1.50% 1.00% 12/31/13 2.97%

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

12/31/13 A 3.91% BBB 4.62%

12/31/13 A 91 bps BBB 162 bps

S&P/LSTA Leveraged Loan Index

12/31/13 98.27% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

12/31/13 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 49 December 31, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Sec FMB Snr Notes Snr Sec

Date

Issuer

$mm
75 75 $80 $75 $75 $135

Years
30 40 10d 10 12 20(14avg)

Spread
G+85bps G+85bps N/A N/A N/A N/A

Coupon Rating
4.40% 4.04% 4.03% 3.94% 4.04% 8.00% 1 2 1 2

Sector
Consumer, Non-Cyclical Utilities Consumer, Non-Cyclical Energy

Country
United Kingdom USA USA Costa Rica

12/27 Cambridge Colleges Funding plc 12/27 Texas-New Mexico Power Co 12/27 Idexx Laboratories Inc 12/27 Reventazon Hydroelectric Project

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
Source: Bloomberg

Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

No notable issuances this week.

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date
Source: Bloomberg

Issuer

Type

$mm

Years

Spread

Coupon Rating

Sector

Country

No notable issuances this week.

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Revolver Term Term Term Term

$mm
$300 $3,800 $910 $2,025 $2,933

Months
60 84 84 84 41

Spread
L+300bps L+300bps L+325bps L+325bps L+275bps

Rating
Ba3/BBB1 Ba2/B B1/B+

Sector
Communications Communications Communications Consumer, Cyclical

12/27 Tribune Co 12/23 Consolidated Communications Inc 12/23 Cumulus Media Holdings Inc 12/23 Chrysler Group LLC
Source: Bloomberg

CONTACTWHITEHALL
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