Volume 4, Issue 9 March 18, 2014

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 (3/18/14)

US Treasury Yield Curve

23
Libor 03/18/14 1 month 16 bps 3 month 23 bps 6 month 33 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 03/18/14

10yr

30yr

0.35% 0.75% 1.55% 2.00% 2.67% 3.61%

10 Year US Swap Rates

3/18/14 2.78% 3.25% 2.75% 2.25% 1.75% 1.25% 3/18/14 2.67%

10 Year US Treasury
3.25% 2.75% 2.25% 1.75% 1.25%

Average 10 Year US Industrial Yield

5.00% 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

3/18/14 A 3.55% BBB 4.07%

3/18/14 A 89 bps BBB 141 bps

S&P/LSTA Leveraged Loan Index

3/18/14 98.46% 99.50 99.00 98.50 98.00 97.50 97.00 96.50 96.00 95.50

Average Junk-Bond Yield

3/18/14 5.80 % 7.50% 7.00% 6.50% 6.00% 5.50% 5.00% 4.50%

Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2014 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com

Volume 4, Issue 9 March 18, 2014

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Sec

Date

Issuer

$mm
$267

Years Spread
3 7 10 12 10 10d 10d 12d 13d 5 7 10 12 15 N/A

Coupon
2.80% 3.53% 4.06% 4.21% 3.72% 4.33% 4.48% 4.58% 4.63% 2.84% 3.51% 4.09% 4.24% 4.44%

Rating
1

Sector
Financial

Country
USA

3/14 ClearBridge Energy MLP

3/14 Donaldson Co Inc 3/14 James Campbell Co LLC

Snr Notes Snr Notes

$125 $280

100bps 170bps 185bps 195bps 200bps 125bps 130bps 135bps 150bps 170bps

1 2

Industrial Financial

USA USA

3/14 Autoliv Inc

Snr Notes

$1,250

Consumer, Cyclical

Sweden

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
$750 $1,200

Years Spread
10 5 10 30 3 3 6 6 10 30 5 5 7 10 20 130bps 115bps 170bps 195bps FRN 250bps FRN 330bps 350bps 360bps FRN 95bps 120bps 140bps 135bps

Coupon

Rating

Sector
Energy Energy

Country
Canada USA

3/12 Husky Energy Inc 3/12 EnLink Midstream Partners LP 3/10 Petrobras Global Finance BV

4.00% Baa2/BBB+ 2.70% Baa3/BBB 4.40% 5.60% L+236bps Baa1/BBB 3.25% L+288bps 4.88% 6.25% 7.25%

Snr Notes

$8,500

Energy

Brazil

3/10 Verizon Communications Inc

Snr Notes

$4,500

L+77bps Baa1/BBB+ Communications 2.55% 3.45% 4.15% 5.05%

USA

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Notes Snr Notes

$mm
$150 $425

Years Spread
7 11 501bps 289bps

Coupon
7.25% 5.50%

Rating
B3 Ba3/BB-

Sector
Industrial Communications

Country
USA United Kingdom

3/14 Martin Midstream Partners LP 3/14 Virgin Media Secured Finance PLC
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Revolver Revolver Term Term

$mm
$1,500 $75 $835 $220

Months
12 60 84 96

Spread
L+100bps L+350bps L+350bps L+650bps

Rating
A2/A B3/B

Sector
Communications Consumer, Non-Cyclical

3/14 Walt Disney Co 3/12 Accellent Inc

Source: Bloomberg

CONTACT WHITEHALL
Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com Vincas Snipas Susan Vick Timothy Page Oliver Langel Roland DaCosta Managing Director Managing Director Managing Director Managing Director Managing Director (212) 205-1385 (212) 205-1398 (212) 205-1399 (212) 205-1386 (212) 205-1394 vincas.snipas@ susan.vick@ timothy.page@ oliver.langel@ roland.dacosta@ whitehallandcompany.com 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 2014 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com