Volume 4, Issue 10 March 25, 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 (3/25/14)

US Treasury Yield Curve

23
Libor 03/25/14 1 month 15 bps 3 month 24 bps 6 month 33 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 03/25/14

10yr

30yr

0.44% 0.87% 1.73% 2.13% 2.73% 3.57%

10 Year US Swap Rates

3/25/14 2.85% 3.25% 2.75% 2.25% 1.75% 1.25% 3/25/14 2.73%

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

3/25/14 A 3.62% BBB 4.11%

3/25/14 A 88 bps BBB 137 bps

S&P/LSTA Leveraged Loan Index

3/25/14 98.67% 99.50 99.00 98.50 98.00 97.50 97.00 96.50 96.00 95.50

Average Junk-Bond Yield

3/25/14 5.71 % 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 10 March 25, 2014

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes

Date

Issuer

$mm
$750

Years

Spread

Coupon
4.00% 4.06% 3.00% 4.53% 4.49% 3.44% 4.68% 4.78% 4.98% N/A N/A 3.91% 4.53% 4.68%

Rating
2

Sector
Consumer, Cyclical

Country
Ireland

3/21 DCC PLC

7 170bps 7 G+165bps 7 MS+155bps 10 175bps 10 G+170bps 10 MS+155bps 12 190bps 12d 200bps 15d 220bps 7 (5avg) 10yr (7avg) 12 30 7 10 12 190bps 195bps 100bps 90bps 175bps 185bps 190bps

3/21 JRD Holdings 3/21 DTE Electric Co 3/21 Ansell Ltd

Snr Notes Snr Notes Snr Notes

$400 $250 $200

2 1 2

Consumer, NonCyclical Utility Consumer, NonCyclical

USA USA 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 Snr Notes Snr Notes Snr Notes

$mm
$1,000 $500 $1,250 $5,500

Years
10 30 6 10 3 3 5 5 10 5 30

Spread
250bps 325bps 93bps 180bps FRN 15bps FRN 25bps 48bps 105bps 185bps

Coupon

Rating

Sector
Basic Materials Energy

Country
Mexico USA USA USA

3/20 Alfa SAB de CV 3/18 EOG Resources Inc 3/17 DIRECTV Holdings LLC 3/17 Exxon Mobil Corp

5.25% Baa3/BBB6.88% 2.45% A3/A-

4.45% Baa2/BBB Communications L+4bps Aaa/AAA Energy 0.92% L+15bps 1.82% 3.18% 2.50% Baa2/BBB Communications 5.30%

3/17 SES Global Americas Holdings GP

Source: Bloomberg

Snr Notes

$1,000

USA

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Notes Snr Sec Snr Notes Snr Sec

$mm
$400 $275 $325 $650

Years
5 7 5 5

Spread
304bps 570bps 319bps 723bps

Coupon
4.75% 8.00% 4.75% 9.50%

Rating
B2/B Ba3/BBB1/BBB3/B

Sector
Consumer, Cyclical Technology Technology Energy

Country
USA China USA USA

3/20 KB Home 3/20 Pactera Technology International Ltd 3/19 iGate Corp 3/19 Walter Energy Inc
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Term Term Term

$mm
$400 $150 $540

Months
60 67 78

Spread
L+150bps L+375bps L+250bps

Rating
Ba3/BB+ B3/B Ba2/BB-

Sector
Industrial Basic Materials Industrial

3/21 Oshkosh Corp 3/19 Tekni-Plex Inc 3/18 Spirit Aerosystems 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 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 Associate (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