Volume 1, Issue 48 December 28, 2011

.
US Libor
"6 mth" "3 mth" "1 mth"

Whitehall & C o m p a n y, L L C
US Treasury Yield Curve

Presented by:

US DEBT MARKET*
80 bps 70 bps 60 bps 50 bps 40 bps 30 bps 20 bps 10 bps 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% I I 2 3 I 5 I 7

Jun

Aug

Feb

May

Dec

Sep

Mar

Libor 12/28/11

1mth 29 bps

3mth 58 bps

6mth 80 bps

Nov

Dec

Jan

Apr

Oct

I 10

Jul

30yr Avg 15yr Avg Today (12/28/11) I 30

UST 12/28/11

2yr 0.29%

3yr 0.52%

5yr 0.96%

7yr 1.38%

10yr 2.00%

30yr 3.03%

10 Year US Swap Rates

12/28/11 2.17% 3.80% 3.30% 2.80% 2.30%

10 Year US Treasury
12/28/11 2.00% 3.60% 3.10% 2.60% 2.10%

12/28/11 2.17% 12/28/11 2.00%

Jul

Aug

Feb

Sep

Oct

Nov Nov Nov

Dec

Jan

May

Mar

Aug

Feb

Sep

Oct

Nov

Dec

May

Mar

Average 10 Year US Industrial Yield

5.00% 4.50%

Dec

Apr

Average 10 Year US Industrial Spreads

A 12/28/11 BBB A: 150 bps BBB: 233 bps
235 bps 220 bps 205 bps 190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

12/28/11 A: 3.34% BBB: 4.18% 4.00% 12/28/11 12/28/11 3 .34% A : 150 bps BBB: 233 bps A:
BBB: 4.18%

A BBB

3.50%

Jul

Aug

Feb

Sep

Dec

Oct

Jan

May

Mar

Jun

Aug

Oct

Nov

Dec

Jan

Mar

S&P/LSTA Leveraged Loan Index

12/28/11 91.51 12/28/11 8.92 %
12/28/11 91.51 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00 89.00 88.00

May

Dec

Feb

Sep

Apr

Average Junk-Bond Yield

9.50% 12/28/11 8.92 % 9.00% 8.50% 8.00% 7.50%

Jun

Aug

Oct

Nov

Dec

Jan

Mar

Dec

Feb

Sep

Jul

Aug

Feb

Sep

Dec

Oct

Jan

May

Mar

*Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2011 Whitehall & Company, LLC www.whitehallandcompany.com

May

Dec

Apr

Apr

Jun

Jul

Dec

Apr

Jun

Jul

3.00%

Dec

Apr

Jan

Jun

Jun

Jul

1.80%

1.60%

7.00%

Volume 1, Issue 48 December 28, 2011

.
Select US Private Placements
Type $mm Tenor (y) Spread Coupon Rating

Whitehall & C o m p a n y, L L C
Sector

Presented by:

Date Issuer

Country

No US Private Placement issuance last week.

Public and private market information is from sources that are deemed reliable, but information has not been confirmed.

Select US Public Market New Issues

Investment Grade Issuance
Date Issuer Type
Snr Notes

$mm
$650

Tenor (y)

Spread Coupon
8.63%

Yield

Rating

Sector
Financial

Country
USA

12/19 International Lease Finance Source: Bloomberg

10 681.5bps

8.399% B1/BBB-

Below Investment Grade Issuance

Date
Source: Bloomberg

Issuer

Type

$mm

Tenor (y)

Spread Coupon

Yield

Rating

Sector

Country

No below investment grade issuance last week.

Select Closed Syndicated Loans

Date Issuer Type
Gtd Snr Sec Unsec Snr Sec Usec Snr Unsec Unsec Snr Sec

$mm Tenor (m) (mth) Spread

$325 $125 $375 $28 $214 $250 $1,000 $5,000 $315 $1,250 60 36 60 120 120 36 60 12 36 60 L+175bps L+125bps L+125bps L+250bps L+250bps L+120bps L+97.5bps L+71bps L+225bps L+325bps

Class

Iss. Rating

Sector
Technology Financial Utilities Financial Consumer, Non-Cyclical Communications Consumer, Non-Cyclical

12/23 ON Semiconductor Corp 12/22 Ventas Realty LP 12/21 Edison Mission Energy 12/20 PS Business Parks LP 12/19 Lab Corp of America Holdings 12/19 AT&T Inc 12/19 Fidelity National Information
Source: Bloomberg

Revolver Term Term LOC Term Term Revolver Revolver Term Term

Contact Whitehall
Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com Timothy Page Managing Director (646) 450-9751 Mmothy.page@ whitehallandcompany.com Giord Nowland Analyst (646) 543-4443 giord.nowland@ whitehallandcompany.com Gabrielle Sullivan Analyst (646) 543-4404 gabrielle.sullivan@ whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.

Copyright 2011 Whitehall & Company, LLC www.whitehallandcompany.com