Volume 4, Issue 11 April 1, 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 (4/1/14)

US Treasury Yield Curve

23
Libor 04/01/14 1 month 15 bps 3 month 23 bps 6 month 33 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 04/01/14

10yr

30yr

0.42% 0.85% 1.72% 2.12% 2.72% 3.56%

10 Year US Swap Rates

4/1/14 2.84% 3.25% 2.75% 2.25% 1.75% 1.25% 4/1/14 2.72%

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

4/1/14 A 3.59% BBB 4.07%

4/1/14 A 87 bps BBB 135 bps

S&P/LSTA Leveraged Loan Index

4/1/14 98.64% 99.50 99.00 98.50 98.00 97.50 97.00 96.50 96.00 95.50

Average Junk-Bond Yield

4/1/14 5.70 % 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 11 April 1, 2014

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

Date

Issuer

$mm
$250 $175 $100

Years
7.5(5avg) 10 7 10 12 5 7 7d 10 10d 12 15 30 30d

Spread
315bps 190bps 175bps 180bps 195bps 120bps 120bps 135bps 125bps 140bps 140bps 150bps 135bps 150bps

Coupon
N/A N/A 4.05% 4.57% 4.72% 2.92% 3.49% 3.64% 3.95% 4.10% 4.10% 4.20% 4.88% 5.03%

Rating
2 2 2

Sector
Financial Financial Consumer, NonCyclical Utilities

Country
British Virgin Islands USA United Kingdom

3/28 Credomatic International Corp 3/28 Sovran Self Storage Inc 3/28 Devro PLC

3/28 Fortis

Snr Notes

$500

Canada

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 Select Investment Grade Issuances This Week

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes

$mm
$735 $750 $500 $900 $500 $150 $360

Years
6 8 8 7 8 5 8

Spread
540bps 249bps 450bps 425bps 389bps 401bps 348bps

Coupon
6.75% 5.00% 6.75% 6.50% 6.38% 5.75% 6.00%

Rating
B3/BB1/BB B3/BB2/B+ B3/BB3/BB3/BB-

Sector
Communications Communications Energy Energy Consumer, NonCyclical Consumer, Cyclical Technology

Country
Canada USA USA USA USA USA USA

3/28 MDC Partners Inc 3/28 Nielsen Finance LLC 3/27 Jones Energy Holdings LLC 3/26 Calumet Specialty Products Partners LP 3/26 Kindred Healthcare Inc 3/26 William Lyon Homes Inc 3/25 Entegris Inc
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Term Term Revolver Revolver Term

$mm
$390 $170 $100 $100 $650

Months
84 90 60 60 36

Spread
L+325bps L+675bps L+100bps L+113bps L+400bps

Rating
B2/B A3/AA3/AB1/B+

Sector
Basic Materials Utilities Utilities Technology

3/31 Road Infrastructure Investment LLC 3/28 International Transmission Co 3/28 Michigan Electric Transmission Co LLC 3/26 Presidio 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 Associate (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 2014 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com