Volume 3, Issue 27 July 23, 2013

Whitehall
UNITED STATES DEBT MARKET
US Libor
6 mth 3 mth 1 mth 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% 1.0% 0.0% I I 30yr Avg 15yr Avg Today (7/23/13)

US Treasury Yield Curve

23
Libor 07/23/13 1 month 19 bps 3 month 26 bps 6 month 40 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 07/23/13

10yr

30yr

0.30% 0.64% 1.31% 1.77% 2.48% 3.55%

10 Year US Swap Rates

3.00% 7/23/13 2.67% 2.50% 2.00% 1.50% 1.00%

10 Year US Treasury
7/23/13 2.48% 2.50%

2.00%

1.50%

1.00%

Average 10 Year US Industrial Yield

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

7/23/13 3.47% A BBB 4.21%

7/23/13 A 98 bps BBB 172 bps

S&P/LSTA Leveraged Loan Index

7/23/13 97.95% 99.00 98.00 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00

Average Junk-Bond Yield

7/23/13 5.96 % 8.75% 8.25% 7.75% 7.25% 6.75% 6.25% 5.75% 5.25% 4.75%

Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2013 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com

Volume 3, Issue 27 July 23, 2013

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

Date

Issuer

$mm
$260 $150 $325

Years Spread
20(10.9avg) 30 35 10 30 125bps 120bps 125bps 135bps 150bps

Coupon
3.81% N/A N/A

Rating
1 1 1

Sector
Industrial Energy Utilities

Country
France USA Canada

7/19 EADS NV 7/19 Questar Gas Co 7/19 Fortis

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 Sec Snr Notes Snr Notes

$mm
$1,000 $350 $500 $1,200

Years Spread
10 30 30 5 10 132bps 155bps 200bps 75bps 100bps

Coupon

Rating

Sector
Consumer, NonCyclical Consumer, NonCyclical Consumer, NonCyclical Consumer, NonCyclical

Country
USA USA Japan USA

7/18 The Kroger Co 7/18 The City of Hope 7/16 Japan Tobacco Inc 7/16 Howard Hughes Medical Institute
Source: Bloomberg

3.85% Baa2/BBB 5.15% 5.62% A1/A+ 2.10% 3.50% Aa3/AAAaa/AAA

SELECT BELOW INVESTMENT GRADE ISSUANCES

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

$mm
$900 $450 $350 $271 $225

Years Spread
5 8 8 5 4 8 393bps 372bps 355bps 792bps 719bps 448bps

Coupon
5.25% 5.88% 5.75% 9.25% 9.50% 6.63%

Rating
B2/BBB1/BBB3/B B3/B B1/BB-

Sector
Consumer, NonCyclical Basic Materials Consumer, Cyclical Basic Materials Technology

Country
USA USA USA USA USA

7/19 Sun Merger Sub Inc 7/18 Chemtura Corp 7/17 Chassix Inc 7/17 Mercer International Inc 7/15 Magnachip Semiconductor Corp
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date
Source: Bloomberg

Issuer

Type
Term

$mm
$90

Months
60

Spread
L+125bps

Rating
BB+

Sector
Industrial

7/18 Actuant Corp

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 Analyst (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 2013 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com