Volume 3, Issue 28 July 30, 2013

Whitehall
UNITED STATES DEBT MARKET
US Libor
6 mth 3 mth 1 mth 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 (7/30/13)

US Treasury Yield Curve

23
Libor 07/30/13 1 month 19 bps 3 month 27 bps 6 month 40 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 07/30/13

10yr

30yr

0.32% 0.67% 1.38% 1.86% 2.58% 3.64%

10 Year US Swap Rates

7/30/13 2.77% 3.00% 2.50% 2.00% 1.50% 1.00% 7/30/13 2.58%

10 Year US Treasury
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

7/30/13 3.50% A BBB 4.26%

7/30/13 A 94 bps BBB 169 bps

S&P/LSTA Leveraged Loan Index

7/30/13 97.97% 99.00 98.00 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00

Average Junk-Bond Yield

7/30/13 6.17 % 8.75% 8.25% 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 28 July 30, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes Snr Notes

Date

Issuer

$mm
$300 $150

Years Spread
10 12 10 235bps 250bps 110bps

Coupon
N/A 3.72%

Rating
2 1

Sector
Energy Energy

Country
Canada USA

7/26 Irving Oil Ltd 7/26 Vectren Utility Holdings

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

SELECT INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Sec Snr Notes Snr Sec Snr Notes

US PUBLIC MARKET ISSUANCES

$mm
$1,410 $1,700 $825 $3,000

Years Spread
10 2 6 23 3 3 5 5 30 10 30 2 5 N/A FRN 90bps 233bps FRN 85bps FRN 105bps 210bps 140bps 155bps FRN 168bps

Coupon
4.95% L+20bps 2.25% 6.00% L+68bps 1.45% L+86bps 2.38% 5.75% 4.00% 5.20% L+12bps 2.88%

Rating
BBBA1/AA3/AA3

Sector
Consumer, Cyclical Consumer, NonCyclical Utilities Consumer, Cyclical

Country
USA USA United Arab Emirates USA

7/26 American Airlines 2013-2 7/25 PepsiCo Inc 7/25 Ruwais Power Co 7/24 Daimler Finance NA LLC

7/24 NYU Hospitals Center 7/24 Nucor Corp 7/23 John Deere Capital Corp 7/22 Korea Gas Corp
Source: Bloomberg

Snr Sec Snr Notes Snr Notes Snr Notes

$350 $1,000 $500 $500

A3 Baa1/A A2/A A1/A+

Consumer, NonCyclical Industrial Industrial Utilities

USA USA USA Korea

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes

$mm
$250 $225 $600 $400 $250

Years Spread
5 7 7 9 8 613bps 550bps 340bps 322bps 420bps

Coupon
7.25% 7.50% 5.13% 5.50% 6.25%

Rating
B1/B+ B1/B+ Ba1/BB B3/BB3/B-

Sector
Technology Energy Consumer, Cyclical Energy Consumer, Cyclical

Country
USA USA USA Canada USA

7/26 Brightstar Corp 7/25 Parker Drilling Co 7/24 Gannett Co Inc 7/23 Kodiak Oil & Gas Corp 7/23 Midcontinent Communications
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Revolver Term Revolver Term Revolver Term Term

$mm
$850 $1,120 $25 $140 $50 $120 $255

Months
60 60 54 54 60 82 82

Spread
L+175bps L+175bps N/A L+475bps N/A L+300bps L+300bps

Rating
BB+ B BB-

Sector
Industrial Consumer, Non-Cyclical Industrial

7/25 NCR Corp 7/24 FHC Health Systems Inc 7/23 US Silica Co

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