021,725,1*

Presented by:
Volume 1, Issue 13
April 26, 2011
0$5.(76 7+( Whitehall
. &   C o m p a n y,   L L C

FIXED  INCOME  MARKET

On-­‐The-­‐Run  US  Treasurys  (Apr  26,  2011)
Tenor   Value  (4/26/11) 5.00%  
2 2-Year 0.62% 4.00%  
3 3-Year 1.08% 3.00%  
5 5-Year 2.01% 2.00%  
7 7-Year 2.53% 1.00%  
10 10-Year 3.30% 0.00%   I I I I I I
2 3 5 7 10 30
30 30-Year 4.43%
Tenor  

10  Year  US  Swap  Rates 10  Year  US  Treasurys

4.00%   4.00%  
4/26/11 3.37% 4/26/11 3.30%
4/26/11        3.37% 4/26/11        3.30%
3.50%   3.50%  

3.00%   3.00%  

2.50%   2.50%  

2.00%   2.00%  
Jun  
Jul  
Aug  
Sep  
Oct  
Nov  
Dec  

Feb  
Jan  

Mar  
Apr  

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

Mar  
Apr  

Apr  

US  Yield  Curve
7.00%
30-Year Historic Avg 1981-2011
6.00%
15-Year Historic Avg 1996-2011
5.00%
4.00% Today (4/26/11)
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  (Apr  26,  2011)
0.80%  
Tenor Value  (4/26/11)
1-Month 0.21% 0.60%  
3-Month 0.27%
0.40%  
6-Month 0.43%
0.20%  
Jun  
Jul  
Aug  
Sep  
Oct  
Nov  
Dec  
Jan  
Feb  
Apr  

Apr  
May  

Mar  

1  Month   3  Month   6  Month  

Copyright © 2011 Whitehall & Company, LLC

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Presented by:
Volume 1, Issue 13
April 26, 2011
0$5.(76 7+( Whitehall
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Recent  US  Private  Placements

Date Issuer Type $mm Tenor Spread Coupon Rating Sector Country
4/2011 Hudson Transmission Snr $700 22.5/ 210bps N/A 2 Energy USA
Partners LLC Notes 11
4/2011 Australand Property Snr Grd $170 10 225bps 5.61% 2 Financial Australia
Group Notes 12 245bps 5.81%

Recent  US  Public  Market  New  Issues

Date Company Type $mm Tenor Spread Coupon Yield Rating Sector Country
4/2011 Consolidated Minerals Snr $405 5 685bps 8.88% 8.55% B2/BB- Industrial Australia
Notes
4/2011 Community Choice Snr $395 8 772bps 10.75% 10.28% B3/B- Financial USA
Financial Notes
4/2011 CNPC HK Overseas Snr $650 5 123bps 3.13% 3.26% A1/A+ Energy China
Capital Notes 10 138bps 4.50% 4.70%
30 163bps 5.95% 5.90%
4/2011 Sesi LLC Snr $500 8 333bps 6.38% 5.98% Ba3/ Energy USA
Notes BB+
4/2011 Evraz Group SA Snr $850 7 N/A 6.75% 6.73% B+/BB- Basic USA
Notes Materials
4/2011 Dematic SA Snr $300 5 668bps 8.75% 8.63% B3/B Industrial Luxem-
Notes bourg
4/2011 Ohio National Snr $250 20 220bps 6.63% 6.54% Baa1/A Financial USA
Financial Service Notes
4/2011 PPL Wem Holdings Snr $460 5 185bps 3.90% N/A Baa3/ Utilites USA
PLC Notes 10 200bps 5.38% BBB-
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   5.50%   BBB   A   190  bps  
5.25%   175  bps  
5.00%   160  bps  
4.75%   145  bps  
4.50%  
130  bps  
4.25%  
4.00%   115  bps  
3.75%   100  bps  
3.50%   85  bps  
Jul  
Aug  
Sep  
Oct  
Nov  
Dec  
Jan  
Feb  
May  
Jun  

Jun  
Jul  
Aug  
Sep  

Nov  
Dec  
Jan  
Feb  
Mar  

Oct  
Apr  

Apr  

May  

Mar  
Apr  

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@   Wmothy.page@   gifford.nowland@   gabrielle.sullivan@  
whitehallandcompany.com   whitehallandcompany.com   whitehallandcompany.com   whitehallandcompany.com  
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