Volume 2, Issue 40 October 2, 2012

Whitehall.
UNITED STATES DEBT MARKET
US Libor US Treasury Yield Curve
90 bps 80 bps 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%

"6 mth" "3 mth" "1 mth"

1.0% 0.0% I I

23

I 5

I 7

I 10

30yr Avg 15yr Avg Today (10/2/12)

I 30

Libor 10/02/12

1 month 21 bps

3 month 36 bps

6 month 63 bps

UST 2yr 3yr 5yr 7yr 10yr 30yr 10/02/12 0.24% 0.36% 0.62% 1.02% 1.63% 2.82%

10 Year US Swap Rates

10/2/12 1.70%
2.50% 2.00% 1.50%
1.00%

10 Year US Treasury
10/2/12 1.63%
2.50% 2.00%

1.50%
1.00%

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

250 bps 225 bps 200 bps 175 bps 150 bps 125 bps 100 bps 75 bps 50 bps 25 bps 0 bps

10/2/12 A 2.45% BBB 3.47%

10/2/12 A 81 bps BBB 184 bps

S&P/LSTA Leveraged Loan Index

10/2/12 96.25%
98.00

Average Junk-Bond Yield

96.00 94.00
92.00

10/2/12 6.74 %

9.25%

8.75% 8.25%
7.75%

7.25%
6.75%

90.00 88.00

6.25%

Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2012 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 398-1401 Fax: (212) 398-1411 www.whitehallandcompany.com

Volume 2, Issue 40 October 2, 2012

Whitehall
Type Snr Notes Snr Notes Snr Notes $mm $250 $150 $350

Date Issuer 9/28 Stericycle Inc 9/28 The Empire District Electric Co 9/28 AEP Transmission Co

SELECT US PRIVATE PLACEMENTS

Years 7 10 20 30 10 20 30 30 30 Spread 165bps 165bps 150bps 150bps 165bps 175bps 190bps 195bps 200bps Coupon 2.68% 3.26% 3.73% 4.32% 3.30% 4.00% 4.73% 4.78% 4.83% Rating 2 2 2

Sector Consumer, Non-Cyclical Utilities Utilities

Country USA USA USA

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

SELECT US PUBLIC MARKET ISSUANCES

INVESTMENT GRADE ISSUANCES
Years 30 30 4 6 5 10 Years 10 6 11 10 10 Spread 92bps 80bps 220bps 275bps 135bps 170bps Spread 400bps 939bps 386bps 471bps 373bps Coupon 3.80% 3.63% 2.50% 3.38% 1.88% 3.25% Coupon 5.75% 9.75% 5.50% 6.25% 5.38% Date Issuer 9/24 CommonWealth Edison 9/24 United Parcel Service 9/24 Penske Truck Leasing 9/27 Watson Pharmaceuticals
Source: Bloomberg

Type Snr Notes Snr Notes Snr Notes Snr Notes

$mm $350 $375 $1,500 $2,900

Yield 3.73% 3.56% 2.81% 3.37% 1.62% 3.03% Yield 5.57% 9.84% 5.33% 5.90% 5.19%

Rating A3/AAa3/A+ Baa3/BBB-

Sector Utilities Industrial Industrial

Country USA USA USA USA

Baa3/BBB Consumer, NonCyclical Rating B1/B+ B2/B+ B1/BB Ba3/BB B1/BBSector Industrial Energy Energy Industrial Communications

BELOW INVESTMENT GRADE ISSUANCES

Date Issuer 9/20 General Cable Corporation 9/28 Alpha Natural Resources 9/27 Regency Energy Partners 9/27 Bristow Group Services 9/27 TW Telecom Holdings Inc
Source: Bloomberg

Type Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes

$mm $600 $500 $700 $450 $480

Country USA USA USA USA USA

Date Issuer 9/28 Harris Corp 9/27 Lions Gate Entertainment 9/27 Corp Rock-Tenn Co 9/27 National Oilwell Varco Inc 9/26 Dairy Farmers of America 9/24 Aetna Inc
Source: Bloomberg

Type Unsec Unsec

$mm $1,000

SELECT CLOSED SYNDICATED LOANS

Months 60 60 60 60 60 12 Spread L+112.5bps L+250bps L+175bps L+87.5bps L+112.5bps L+100bps Class Revolver Revolver Term Revolver Revolver Bridge Term $800

Rating BBB+ B BBBA BBB+ A-

Sector Communications Consumer, Cyclical Industrial Energy Consumer, Non-Cyclical Consumer, Non-Cyclical

Gtd Snr Sec $1,220 Unsec Unsec Snr Unsec $3,500 $500 $2,000

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 Elizabeth Morton Managing Director (212) 205-1392 elizabeth.morton@ whitehallandcompany.com NIcholas Page Associate (212) 205-1389 nicholas.page@ whitehallandcompany.com Gabrielle Sullivan Analyst (212) 205-1383 gabrielle.sullivan@ whitehallandcompany.com Blaine Burke Analyst (212) 205-1382 gabrielle.sullivan@ whitehallandcompany.com

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

Copyright 2012 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com