Volume 1, Issue 24 July 13, 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

Jul

Mar

Nov

Aug

Dec

Apr

Oct

Jan

Libor 07/13/11

1mth 19 bps

3mth 25 bps

6mth 41 bps

May

Sep

Feb

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 I 2 3

Today (7/13/11) 15yr Avg

I 5

I 7

I 10

30yr Avg

I 30

UST 2yr 07/13/11 0.36%

4.00%

3yr 0.72%

5yr 1.44%

7yr 2.01%

10yr 2.88%

30yr 4.17%
4.00%

10 Year US Swap Rates

7/13/11 3.04% 7/13/11 2.88%
7/13/11 3.04% 3.50% 3.00% 2.50%

10 Year US Treasury
7/13/11 2.88% 3.50% 3.00% 2.50%

Jul

Aug

Sep

Nov

Dec

Feb

Oct

Jan

May

Mar

Jun

Aug

Sep

Nov

Dec

Feb

Oct

Mar

Apr

Average 10 Year US Industrial Yield

7/13/11 A: 4.25% BBB: 4.72%

May

Average 10 Year US Industrial Spreads

5.50% 5.00% 4.50% 4.00% 7/13/11 A: 107 bps BBB: 154 bps

Apr

Jan

Jun BBB Jun Jun

Jul

Jul

Jul Jul

2.00%

2.00%

BBB

7/13/11 A: 4.25% BBB: 4.72% 7/13/11 A: 107 bps BBB: 154 bps
Jun Jul Aug Oct Nov Dec Sep Jan Mar Feb Apr May Jul

Aug

Oct

Nov

Dec

Jan

Mar

Sep

Feb

Jul

Apr

S&P/LSTA Leveraged Loan Index

7/13/11 95 b 7/13/11 95 bps ps 98 bps 96 bps 94 bps 92 bps 90 bps 88 bps 86 bps

Average Junk-Bond Yield

7/13/11 7.38 %

May

7/13/11 7.38 %

Aug

Oct

Nov

Dec

Mar

Sep

Feb

Jun

Jan

Jul

Apr

May

Jul

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

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%