Volume 1, Issue 28 August 9, 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

70 bps

Jun

Mar

Nov

Aug

Dec

Apr

Oct

Jan

Libor 08/09/11

1mth 21 bps

3mth 27 bps

6mth 44 bps

May

Aug

Sep

Feb

7.00% 60 bps 6.00% 50 bps 5.00% 40 bps 4.00% 30 bps 3.00% 2.00% 20 bps 1.00% 10 bps 0.00% I I 2 3

Today (8/9/11) 15yr Avg 30yr Avg

I 5

I 7

I 10

I 30

Jul

UST 2yr 08/09/11 0.26%

4.00%

3yr 0.54%

5yr 1.09%

7yr 1.59%

10yr 2.34%

30yr 3.67%
4.00%

10 Year US Swap Rates

8/9/11 2.58% 8/9/11 2.34%
8/9/11 2.58% 3.50% 3.00% 2.50%

10 Year US Treasury
8/9/11 2.34% 3.50% 3.00% 2.50%

Aug

Jul BBB Jul Jul

Nov

May

Mar

Aug

Nov

Aug

Dec

Mar

Average 10 Year US Industrial Yield

8/9/11 A: 3.89% BBB: 4.35%

May

Average 10 Year US Industrial Spreads

5.00% 4.50% 4.00% 3.50% 8/9/11 A: 109 bps BBB: 155 bps

Aug Aug

Sep

Dec

Feb

Oct

Jan

Jun

Sep

Feb

Oct

Apr

Apr

Jan

Jun

Jul

2.00%

2.00%

BBB

8/9/11 A: 3.89% BBB: 4.35% 8/9/11 A: 109 bps BBB: 155 bps
Jun Aug Jul Nov Mar May Aug Oct Dec Sep Jan Feb Apr

Aug

Jun

Nov

Mar

S&P/LSTA Leveraged Loan Index

8/9/11 93 93 bps 8/9/11 bps 8/9/11 7.67 %
97 bps 96 bps 95 bps 94 bps 93 bps 92 bps 91 bps 90 bps 89 bps

Average Junk-Bond Yield

May

8/9/11 7.67 %

Aug

Jun

Nov

Mar

May

Aug

Oct

Dec

Sep

Jan

Feb

Apr

Jul

Aug

Sep

Nov

Dec

Feb

Oct

Jan

Mar

Apr

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

May

Jun

Aug

Oct

Dec

Sep

Jan

Feb

Apr

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

8.80% 8.60% 8.40% 8.20% 8.00% 7.80% 7.60% 7.40% 7.20% 7.00%

Volume 1, Issue 28 August 9, 2011

Date Issuer
8/5

Compass Group plc

Type

Select US Private Placements

$1,000

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

Presented by:

Snr Notes

$mm

Tenor (yr)
7 10 12

Spread

147bps 147bps 147bps

Coupon

N/A

Sector

Country
UK

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

Select US Public Market New Issues

Date Issuer
8/4 8/3 8/3 8/3 8/3 8/2 8/2 8/2 8/1 Hyatt Hotels

Type

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

$mm Tenor (yr)

$500 $2,000 $1,250 $750 $200 $400 $500 $250 $750 5 10 5 10 10 10 30 30 10 30 30 5 30

Investment Grade Issuance

Spread
287.5bps 300bps 57bps 72bps 175bps 157bps 180bps 78bps 200bps 110bps 78bps 225bps 300bps

Coupon

The Coca-Cola Company JP Morgan Chase Kinder Morgan Energy Partners Southwestern Public Service Energen Corporation Dominion Resources Public Service Colorado Lorillard Tabacco

3.87% 5.38% 1.80% 3.30% 4.35% 4.15% 5.63% 4.50% 4.63% 4.90% 4.75% 3.50% 7.00%

4.036% Baa2/BBB Consumer, 5.400% Cyclical 1.693% Aa3/A+ Consumer, 3.180% Non-Cyc 4.350% Aa3/AAFinancial 4.169% Baa2/BBB Energy 5.620% 4.640% A2/AUtility 4.555% Baa3/BBB Energy 4.956% Baa2/BBB Utility + 4.622% A2/A Utility 3.323% Baa2/BBB- Consumer, 6.830% Cyclical

Yield

Rating

Sector

Country
USA USA USA USA USA USA USA USA USA

Source: Bloomberg

Date Issuer
8/4

Ballarpur International Graphic PA

Type

Below Investment Grade Issuance

$mm Tenor (yr)
$200 Perpetual

Snr Notes

Spread

857bps

Coupon

9.75%

Yield

N/A

Rating
BB-

Basic Materials

Sector

Country
USA

Source: Bloomberg

Select Closed Syndicated Loans

Date Issuer
8/5 Los Angeles Dodgers Holding Company Ltd 8/3 Pinnacle Entertainment Inc 8/2 Hanover Insurance Group Inc 8/2 Autoparts Holdings 8/1 8/1 WellCare Health Plans Inc Pepco Holdings Inc

Type
First Lien First Lien Unsec First Lien First Lien Unsec

$mm
$150 $410 $200 $50 $150 $530 $150 $150 $1,500

Tenor (mth)
15 60 48 60 84 72 60 60 60

Spread
L+550bps L+250bps

Class
Revolver Revolver

Issuer Rating
N/A B+ BBBN/A B BBB+/Baa3

Sector
Consumer, Cyclical Consumer, Cyclical Financial Consumer,Cyclical Consumer, NonCyclical Utility

L+187.5bps Revolver L+500bps L+900bps L+500bps L+200bps L+200bps L+150bps Revolver Term Term Revolver Term Revolver

Source: Bloomberg

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

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