Volume 1, Issue 21 June 21, 2011

US Libor

US DEBT MARKET*
"1 mth" "3 mth" "6 mth"

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

Presented by:

US Treasury Yield Curve

Jun

Mar

Nov

Aug

Dec

Apr

Oct

Libor 06/21/11

1mth 19 bps

3mth 25 bps

6mth 39 bps

May

Sep

Feb

Jun

Jan

Jul

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 2

Today (6/21/11) 15yr Avg

I I 3 5

I I 7 10

30yr Avg

I 30

UST 2yr 06/21/11 0.38%

4.00%

3yr 0.77%

5yr 1.55%

7yr 2.12%

10yr 2.98%

30yr 4.22%
4.00%

10 Year US Swap Rates

6/21/11 3.12%

10 Year US Treasury
6/21/11 2.98% 3.50% 3.00% 2.50% 3.50% 3.00% 2.50%

6/21/11 3.12% 6/21/11 2.98%

Jul

Aug

Sep

Nov

Dec

Feb

Oct

Jan

May BBB May May

Jun

Mar

Jun

Aug

Sep

Nov

Dec

Feb

Oct

Jun

Mar

Apr

Average 10 Year US Industrial Yield

6/21/11 A: 4.07% BBB: 4.57%

May

Average 10 Year US Industrial Spreads

5.50% 5.00% 4.50% 4.00% 6/21/11 A: 113 bps BBB: 162 bps

Apr

Jan

Jun Jun

Jul

2.00%

2.00%

BBB

6/21/11 A: 4.07% BBB: 4.57% 6/21/11 A: 113 bps BBB: 162 bps
Jun Aug Oct Nov Dec Sep Mar Feb Apr May Jun Jul Jan

Jun

Aug

Oct

Nov

Dec

Mar

Sep

Feb

S&P/LSTA Leveraged Loan Index

6/21/11 6/21/11 95 bps 95 bps

Average Junk-Bond Yield

98 bps 96 bps 94 bps 92 bps 90 bps 88 bps 86 bps 6/21/11 7.69 %

Apr

6/21/11 7.69 %

Jun

Aug

Oct

Nov

Dec

Mar

Sep

Feb

Apr

May

Jun

Jan

Jul

Jul

Aug

Sep

Nov

Dec

Feb

Oct

Jun

Jan

Mar

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

Apr

Jun

Jan

Jul

3.50%

190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

9.50% 9.00% 8.50% 8.00% 7.50% 7.00%

Volume 1, Issue 21 June 21, 2011

Date

Issuer

Type

Select US Private Placements

$mm Tenor (yr) Spread Coupon
$135 7 10 12 22/14.5 7 10 12 245bps 245bps 250bps 225bps 250bps 250bps 265bps 4.68% 5.40% 5.57% 5.19% 4.74% 5.46% 5.61%

Whitehall & C o m p a n y, L L C
Rating
2

Presented by:

Sector
Financial

Country
USA

6/17 Mid-America Apartment Communities Inc 6/17 Gulf States Toyota 6/17 Oriflame Cosmetics SA

Snr Notes

CTL Snr Notes

$125 $230

2 2

Consumer, Cyclical USA Consumer, Cyclical Luxembourg

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

Select US Public Market New Issues

Type $mm

Date

Company

Investment Grade Issuance

Tenor (yr) Spread
5 10 5 3 95bps 110bps 47bps FRN

Coupon
2.50% 4.00% 2.13% L+33bps

Yield

Rating

Sector
Financial Financial Industrial

Country
USA USA USA

6/14 ABB Treasury Center 6/14 USA Export Funding Private 6/13 Eaton Corporation
Source: Bloomberg

Keepwell Agreement Government Guaranteed Snr Notes

$1,250 $300 $300

N/A A2/A 2.190% Aaa/ AA+ N/A A-/A-

Date

Company

Type

Below Investment Grade Issuance

$mm Tenor (yr) Spread Coupon
$600 $175 $650 $225 $1,000 $300 $350 $650 3 4 4 7 5 FRN 661bps N/A N/A 230bps L+85bps 8.50%

Yield

Rating

Sector

Country
USA USA Cayman Islands USA USA USA USA USA

6/17 American Express Credit Snr Notes 6/14 Company Hospital Universal Snr Notes 6/17 Kaisa Group 6/16 Goodman Networks Inc 6/14 Fuel Trust 6/14 Hanover Insurance 6/14 TC Pipelines LP 6/13 Discovery Communications
Source: Bloomberg

Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes Company Guarantee

N/A A2/BB Financial N/A B+ B3 Consumer, Non-Cyc 13.50% 13.827% B2/B Financial 12.13% 11.962% B2/B+ Communications 3.98% 3.890% Baa2/ Financial BBB6.38% 6.310% Baa3/ Financial BBB4.65% 4.650% Baa2/ Energy BBB 4.38% 4.450% BBB/ CommuniBBB caitons

10 337.5bps 10 10 157bps 150bps

Select Closed Syndicated Loans

Issuer Type
Unsec First Lien Unsec Unsec Unsec

Date
6/16 6/16 6/15 6/14 6/14

$mm
$500 $2,000 $1,500 $1,500 $2,875

Eaton Corporation CenturyLink Inc CIGNA Corporation Murphy Oil Corporation Pepsi Co Inc/NC

Tenor (mth)

Spread

Class
Revolver Bridge Loan Revolver Revolver Revolver

Issuer Rating
A-/ABB/BBBBBB/BBB+ BBBA/A+

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

60 N/A 462 Libor+225 bps 60 Libor 60 Libor+125 bps 48 Libor

Source: Bloomberg 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

Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com

Timothy Page Managing Director (646) 450-9751 Mmothy.page@ whitehallandcompany.com

CONTACT

Giord Nowland Analyst (646) 543-4443 giord.nowland@ whitehallandcompany.com

Gabrielle Sullivan Analyst (646) 543-4404 gabrielle.sullivan@ whitehallandcompany.com