Volume 2, Issue 43 October 23, 2012

Whitehall.
UNITED STATES DEBT MARKET
US Libor
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 (10/23/12)

US Treasury Yield Curve

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

23
Libor 10/23/12 1 month 21 bps 3 month 32 bps 6 month 56 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 10/23/12

10yr

30yr

0.31% 0.47% 0.79% 1.20% 1.81% 2.97%

10 Year US Swap Rates

10/23/12 1.84%
2.50%

10 Year US Treasury
10/23/12 1.81% 2.50%

2.00%

2.00%

1.50%

1.50%

1.00%

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

A 10/23/12 2.59% BBB 3.39%

10/23/12 A 82 bps BBB 163 bps

S&P/LSTA Leveraged Loan Index

10/23/12 96.58% 98.00
96.00

Average Junk-Bond Yield

10/23/12 6.52 %

9.25% 8.75%
8.25%

94.00
92.00

7.75%
7.25%

90.00 88.00

6.75% 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 43 October 23, 2012

Whitehall
SELECT US PRIVATE PLACEMENTS
Type Snr Notes $mm $350 Years 7 9 11 7 10 C$10 12 Spread Coupon 180bps N/A 190bps 190bps 280bps 3.93% 280bps 4.51% 280bps 5.16% 295bps 4.65% Rating 2 Sector Basic Materials Country UK

Date Issuer 10/19 Bunzl plc

10/19 Goodman Australia Fund

Snr Notes

$185

Industrial

Australia

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
Date Issuer 10/19 Texas Eastern Transmission LP 10/18 PTT PCL 10/18 Oracle Corp 10/18 Xstrata Finance Canada Type Snr Notes Snr Notes Snr Notes Snr Notes $mm $500 $1,100 $5,000 $4,500 Years 10 10 30 5 10 3 5 10 30 3 5 10 30 32 11 Spread Coupon 105bps 2.80% 160bps 160bps 45bps 68bps 140bps 170bps 220bps 235bps 45bps 65bps 95bps 110bps 115bps 220bps 3.38% 4.50% 1.20% 2.50% 1.80% 2.45% 4.00% 5.30% 0.85% 1.40% 2.75% 3.95% 4.10% 3.90% Yield Rating 2.76% Baa1/BBB+ 3.44% 4.55% 1.08% 2.40% 1.72% 2.50% 3.95% 5.29% 0.74% 1.31% 2.61% 3.94% 4.08% 3.74% Baa1/BBB+ A1/A+ Sector Energy Energy Technology Country USA Thailand USA Canada

Baa2/BBB+ Basic Materials

10/17 UnitedHealth Group Inc

Snr Notes

$2,600

A3/A

Consumer, Non-Cyclical

USA

10/17 CSX Corp 10/16 Sydney Airport Finance

Source: Bloomberg

Snr Notes Snr Notes

$800 $600

Baa2/BBB Baa2/BBB

Industrial Industrial

USA Australia

BELOW INVESTMENT GRADE ISSUANCES

Date Issuer 10/19 Dufry Finance SCA 10/17 Owens Corning Inc 10/15 Nuance Communications
Source: Bloomberg

Type Snr Notes Snr Notes Snr Notes

$mm $500 $600 $1,050

Years 8 10 8

Spread Coupon 406bps 5.50% 240bps 377bps 4.20% 5.38%

Yield 5.22%

Rating Ba3/BB+

4.06% Ba1/BBB4.90% Ba3/BB-

Sector Consumer, Cyclical Industrial Technology

Country Switzerland USA USA

SELECT CLOSED SYNDICATED LOANS

Date Issuer 10/18 Delta Air Lines Inc Type Gtd Snr Sec $mm $400 $450 $1,100 Snr Sec $75 $35 $365 Gtd Snr Sec $1,150 Months 42 60 72 60 84 84 60 Spread L+300bps N/A L+400bps N/A L+375bps L+375bps L+185bps Class Term Revolver Term Revolver Delay-Draw Term Revolver Rating B Sector Industrial

10/17 SGS International Inc 10/15 RR Donnelly & Sons Co

Source: Bloomberg

Consumer, Non-Cyclical

BB

Consumer, Non-Cyclical

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

Elizabeth Morton Managing Director (212) 205-1392 elizabeth.morton@ whitehallandcompany.com

Anthony Candela CFO (212) 205-1381

anthony.candela@ whitehallandcompany.com

Rosanna Candela Treasurer (212) 205-1381

rosanna.candela@ 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