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021,725,1*

Presented by:
Volume 1, Issue 2
February 8, 2011
0$5.(76 7+( Whitehall
. &   C o m p a n y,   L L C

FIXED  INCOME  MARKET


On-­‐The-­‐Run  US  Treasurys  (Feb  8,  2011)
Tenor   Value  (2/8/11) 5.00%  
2 2-Year 0.85% 4.00%  
3 3-Year 1.37% 3.00%  
5 5-Year 2.39% 2.00%  
7 7-Year 2.93% 1.00%  
10 10-Year 3.73% 0.00%  
30 30-Year 4.77% 2Y   3Y   5Y   7Y   10Y   30Y  
Tenor  

10  Year  US  Swap  Rates 10  Year  US  Treasurys


4.00%   4.00%  
2/8/11 3.84% 2/8/11 3.73%
2/8/11        3.84% 2/8/11        3.73%
3.50%   3.50%  

3.00%   3.00%  

2.50%   2.50%  

2.00%   2.00%  

Jun  
Jul  
Aug  

Oct  
Nov  
Dec  
Jan  
Feb  
Mar  

Sep  

Feb  
Apr  
Feb  

Jun  
Jul  
Aug  
Sep  
Oct  
Nov  
Dec  

Feb  
Jan  

May  
Mar  
Apr  
May  

US  Yield  Curve
7.00% 30-Year Historic Avg 1981-2011
6.00% 10-Year Historic Avg 2001-2011
5.00% 5-Year Historic Avg 2006-2011
4.00% Today (2/8/11)
3.00%
2.00%
1.00%
0.00% I I I I I I
23 5 7 10 30
US Treasury Bond Tenor

BANK  MARKET
US  Libor  (Feb  8,  2011)
0.80%  
Tenor Value  (2/8/11)
1-Month 0.26% 0.60%  
3-Month 0.31%
0.40%  
6-Month 0.46%
0.20%  
Feb  

Jun  
Jul  
Aug  
Sep  
Oct  
Nov  
Dec  
Jan  
Feb  
May  
Mar  
Apr  

1  Month   3  Month   6  Month  


Copyright © 2011 Whitehall & Company, LLC
Securities and Investment Banking Services offered through Madison Capital Markets Inc. Member FINRA/SIPC
www.whitehallandcompany.com
021,725,1*
Presented by:
Volume 1, Issue 2
February 8, 2011
0$5.(76 7+( Whitehall
. &   C o m p a n y,   L L C

Recent  US  Private  Placements


Date Issuer Type $mm Tenor Spread Coupon Rating Sector Country
2/2011 Northumbrian Water Snr Notes £100 10 Gilts N/A Baa1/ Energy UK
Group +205bps BBB+
2/2011 TRUEnergy Holdings Snr Notes $225 8 165bps 4.67% 2 Energy Australia
12 180bps 5.25%
15 210bps 5.55%
2/2011 Belron, SA Snr Notes $250 5 150bps 4.51% 2 Automotive USA
10 150bps 5.13%
12 150bps 5.25%
2/2011 American Century Snr Notes $225 7 210bps 4.87% 2 Finance USA
Investments 10 215bps 5.58%
12 230bps 5.73%
1/2011 The 1887 Company Snr Sec $300 7 150bps N/A 2 Distilling Scotland
Notes 10 160bps
1/2011 Northern Illanois Gas Snr Notes $75 5 85bps N/A Aa3/AA Energy USA
Co.
Recent  US  Public  Market  New  Issues
Date Company Type $mm Tenor Spread Coupon Yield Rating Sector Country
2/2011 GMX Resources, Inc. Snr Notes $200 8 885pbs 11.38% 12.08% Caa2/BB- Energy USA
2/2011 Energy Partners LTD Snr Notes $210 7 525bps 8.25% N/A Caa1/B- Energy USA
2/2011 Basic Energy Snr Notes $275 8 464bps 7.75% N/A B3/B- Energy USA
Services, LLC
2/2011 Denbury Resources Snr Sub $400 11 285bps 6.38% N/A B1/BB- Energy USA
Notes
2/2011 Microsoft Corporation Snr Notes $2,250 5 38bps 2.50% 2.55% Aaa/ Tech USA
10 48bps 4.00% 4.03% AAA/
30 68bps 5.30% 5.30% AA
Public  and  private  market  information  is  from  sources  that  are  deemed  reliable,  but  information  has  not  been  confirmed. *Final/Average

INDUSTRIALS
Average  10  Year  US  Industrial  Yield Average  10  Year  US  Industrial  Spreads
BBB   A   5.80%   BBB   A   200  bps  
5.40%   180  bps  
5.00%   160  bps  
4.60%   140  bps  
4.20%   120  bps  
3.80%   100  bps  
3.40%   80  bps  
Feb  

Jul  
Aug  
Sep  
Oct  
Nov  
Dec  
Jan  
Feb  
May  
Jun  

Feb  

Jun  
Jul  
Aug  
Sep  

Nov  
Dec  
Jan  
Feb  
Mar  

Oct  
Apr  

May  
Mar  
Apr  

Source:  Bloomberg Source:  Bloomberg

CONTACT
Jonathan  Cody   Timothy  Page   Gifford  Nowland   Gabrielle  Sullivan  
Managing  Director   Managing  Director   Analyst   Analyst  
(646)  450-­‐9750   (646)  450-­‐9751   (646)  543-­‐4443   (646)  543-­‐4404  
jp.cody@   Ymothy.page@   gifford.nowland@   gabrielle.sullivan@  
whitehallandcompany.com   whitehallandcompany.com   whitehallandcompany.com   whitehallandcompany.com  
Copyright © 2011 Whitehall & Company, LLC
Securities and Investment Banking Services offered through Madison Capital Markets Inc. Member FINRA/SIPC.
www.whitehallandcompany.com