Volume 3, Issue 47 December 17, 2013

Whitehall
UNITED STATES DEBT MARKET
US Libor
6 mth 3 mth 1 mth 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 (12/17/13)

US Treasury Yield Curve

23
Libor 12/17/13 1 month 17 bps 3 month 24 bps 6 month 35 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 12/17/13

10yr

30yr

0.32% 0.72% 1.52% 2.05% 2.85% 3.86%

10 Year US Swap Rates

12/17/13 2.91% 3.00% 2.50% 2.00% 1.50% 1.00% 12/17/13 2.85%

10 Year US Treasury
3.00% 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

12/17/13 A 3.80% BBB 4.50%

12/17/13 A 93 bps BBB 163 bps

S&P/LSTA Leveraged Loan Index

12/17/13 98.21% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

12/17/13 6.03 % 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 47 December 17, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
FMB

Date

Issuer

$mm
$75

Years Spread
18 32 33 10 12 15 22(13avg) 30 10 11 13 90bps 95bps 96bps 175bps 190bps 215bps 190bps N/A 170bps 170bps 175bps

Coupon
N/A

Rating
1

Sector
Utilities

Country
USA

12/13 Aqua Pennsylvania Inc

12/13 Arthur J Gallagher & Co

Snr Notes

$600

4.58% 4.73% 4.98% 4.75% 4.77% 4.58% 4.63% 4.79%

Financial

USA

12/13 CVS Caremark Corp 12/13 First Wessex Housing Association 12/13 DEXUS Property Group

Snr Sec Snr Sec Snr Notes

$297 25 $200

2 1 2

Consumer, NonCyclical Financial Financial

USA United Kingdom Australia

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

$mm
$750

Years Spread
3 10 30 3 10 30 10 2 3 3 5 5 10 2 5 55bps 120bps 130bps FRN 90bps 95bps 125bps FRN FRN 62bps 80bps 130bps 165bps FRN 55bps

Coupon

Rating

Sector
Energy

Country
USA

12/11 Cameron International Corp 12/11 Rockwell Collins Inc

1.15% Baa1/BBB+ 4.00% 5.13% L+35bps 3.70% 4.80% A3/A

Snr Notes

$1,100

Industrial

USA

12/11 Time Warner Inc 12/11 Devon Energy Corp

Snr Notes Snr Notes

$500 $2,250

4.05% Baa2/BBB L+45bps Baa1/BBB+ L+54bps 1.20% 2.25% 2.75% Baa2/BBB 4.45% L+12bps A2/A 1.95%

Communications Energy

USA USA

12/10 Crane Co 12/10 John Deere Capital Corp

Source: Bloomberg

Snr Notes Snr Notes

$550 $1,250

Industrial Industrial

USA USA

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Notes Snr Notes Snr Notes

$mm
$250 $700 $2,500

Years Spread
7 5 11 387bps 268bps 428bps

Coupon
5.88% 4.13% 7.13%

Rating
B1 Ba2/BB B1/BB-

Sector
Energy Consumer, Cyclical Communications

Country
USA United Kingdom USA

12/12 Tesoro Logistics LP 12/10 Jaguar Land Rover Automotive PLC 12/9 Sprint Corp
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Term Term

$mm
$810 $396

Months
60 68

Spread
L+225bps L+300bps

Rating
Ba1/BB+ B1/B+

Sector
Technology Consumer, Cyclical

12/12 MSCI Inc 12/9 Blue Buffalo Co Ltd

Source: Bloomberg

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