Volume 4, Issue 15 April 29, 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 (4/29/14)

US Treasury Yield Curve

23
Libor 04/29/14 1 month 15 bps 3 month 22 bps 6 month 33 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 04/29/14

10yr

30yr

0.43% 0.86% 1.73% 2.11% 2.68% 3.46%

10 Year US Swap Rates

4/29/14 2.78% 3.25% 2.75% 2.25% 1.75% 1.25% 4/29/14 2.68%

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

4/29/14 A 3.37% BBB 3.75%

4/29/14 A 70 bps BBB 109 bps

S&P/LSTA Leveraged Loan Index

4/29/14 98.31% 99.50 99.00 98.50 98.00 97.50 97.00 96.50 96.00 95.50

Average Junk-Bond Yield

4/29/14 5.62 % 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 15 April 29, 2014

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes Snr Notes

Date

Issuer

$mm
$300 $250

Years
7 7 10

Spread
N/A 185bps 190bps

Coupon
4.75% 4.12% 4.58%

Rating
N/A 2

Sector
Consumer, Cyclical Financial

Country
USA USA

4/25 Aaron's Inc 4/25 Retail Properties of America Inc

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 Snr Notes Snr Notes

$mm
$650 $500 $500 $350 $2,500 $2,000

Years
5 8 3 5 30 3 5 5 10

Spread
155bps 210bps 80bps 155bps 88bps 115bps 165bps 145bps 195bps

Coupon
3.25% 4.75% 1.63% 3.25% 4.35% 2.00% 3.38% 3.13% 4.63%

Rating
Baa3 A1/A+ A3/AA1/A+ A3/ABaa2

Sector
Financial Industrial Basic Materials Financial Communications Basic Materials

Country
USA Korea USA USA China USA

4/23 Senior Housing Properties Trust 4/22 Korea Expressway 4/22 Sinochem Offshore Capita 4/22 Progressive Corp 4/22 Tencent Holdings Ltd 4/22 Glencore Funding LLC
Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Notes Snr Sec Snr Notes Snr Notes

$mm
$300 $2,900 $600 $7,800

Years
8 8 8 4 8 10

Spread
226bps 525bps 256bps 316bps 350bps 335bps

Coupon
4.75% 7.75% 5.13% 4.88% 6.00% 6.25%

Rating
Ba2/BB B3/B B1/BBBa3

Sector
Consumer, NonCyclical Communications Energy Communications

Country
USA Luxembourg USA France

4/24 Centene Corp 4/23 Altice SA 4/23 Antero Resoucres Corp 4/23 Numericable Group SA

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Revolver Delay, Term Revolver Term Term Term

$mm
$500 $700 $200 $500 $1,580 $1,100

Months
60 84 24 36 60 84

Spread
L+225bps L+325bps N/A L+225bps L+200bps L+300bps

Rating
Ba3/BB N/A B1

Sector
Communications Financial Communications

4/28 Time Inc 4/23 Callidus Capital Corp 4/22 Nielsen Finance

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