021,725,1*

Presented by:
Volume 1, Issue 17
May 24, 2011
0$5.(76 7+( Whitehall
. &   C o m p a n y,   L L C

US  DEBT  MARKET*
US  Libor US  Treasury  Yield  Curve
"1  mth"   80  bps  
7.00%
"3  mth"   70  bps  
"6  mth"  
6.00%
60  bps  
5.00%
50  bps  
4.00%
40  bps   Today  (5/24/11)  
3.00%
30  bps   2.00% 15yr  Avg  
20  bps   1.00% 30yr  Avg  
10  bps   0.00% I I I I I I
Jun  

Oct  

Nov  
Dec  

Jan  

Mar  

Apr  
Aug  
May  

May  
Jul  

Sep  

Feb  
2 3 5 7 10 30

Libor 1mth 3mth 6mth UST 2yr 3yr 5yr 7yr 10yr 30yr
05/24/11 19  bps 26  bps 41  bps 05/24/11 0.53% 0.94% 1.78% 2.32% 3.13% 4.27%
10  Year  US  Swap  Rates 10  Year  US  Treasury
4.00%   4.00%  
5/24/11        3.22%   5/24/11        3.13%  
3.50%   3.50%  
5/24/11        3.22%
5/24/11        3.13% 3.00%   3.00%  

2.50%   2.50%  

2.00%   2.00%  
Jul  
Aug  
Sep  
Oct  
Nov  
Dec  
Jan  
Feb  
May  

May  
Jun  

Mar  
Jun  
Jul  
Aug  
Sep  
Oct  
Nov  
Dec  

Feb  

Apr  
Jan  

Mar  
Apr  
May  

May  

Average  10  Year  US  Industrial  Yield Average  10  Year  US  Industrial  Spreads
5.50%   190  bps  
5/24/11                             A   BBB   A   BBB  
175  bps  
A:  4.17%                 5.00%  
BBB:  4.68%   160  bps  
5/24/11                            
145  bps  
4.50%   A:  102  bps                  
5/24/11                            A:  4.17%                BBB:  4.68% BBB:  153  bps   130  bps  
5/24/11                            A:  102  bps                  BBB:  153  bps 4.00%   115  bps  
100  bps  
3.50%   85  bps  
Jun  

Aug  

Oct  
Nov  
Dec  
Jan  
Sep  

Feb  
Mar  
Jul  

Jul  
Aug  
Sep  
Oct  
Nov  
Dec  
Jan  
Feb  
Apr  

May  

May  
Jun  
May  

May  

Mar  
Apr  

S&P/LSTA  Leveraged  Loan  Index Average  Junk-­‐Bond  Yield

98  bps   9.50%  
5/24/11        7.12%  
5/24/11        95/24/11  
6  bps      96  bps   96  bps   9.00%  
5/24/11        7.12% 94  bps  
8.50%  
92  bps  
8.00%  
90  bps  
88  bps   7.50%  

86  bps   7.00%  
Jun  
Jul  
Aug  

Oct  
Nov  
Dec  
Jan  
Sep  

Feb  
Mar  
Apr  
Jun  
Jul  
Aug  
Sep  

Nov  
Dec  
Jan  
Feb  

May  

May  
Oct  
May  

May  
Mar  
Apr  

*Source:  Bloomberg  and  FINRA

Copyright © 2011 Whitehall & Company, LLC

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 021,725,1*
Presented by:
Volume 1, Issue 17
May 24, 2011
0$5.(76
7+( Whitehall
. &   C o m p a n y,   L L C
Select  US  Private  Placements
Date Issuer Type $mm Tenor  (yr) Spread Coupon Rating Sector Country
5/20 Square Butte Electric FMB $57 20/12 130bps N/A 1 Utility USA
Cooperative 31/27 145bps
5/20 PowerCo Ltd Snr Notes $245 9 120bps/10yr 4.36% 2 Utility New
12 140bps/10yr 4.56% Zealand
15 170bps/10yr 4.86%
5/20 Visy Packaging Snr Grd $250 12 220bps 5.23% 2 Industrial Australia
Properties Pty Ltd Notes 12 230bps 5.42%

5/20 Catalyst Housing Group Snr Notes £75 15 115bps 4.74% 1 Financial UK
30 5.44%
Public  and  private  market  information  is  from  sources  that  are  deemed  reliable,  but  information  has  not  been  confirmed.

Select  US  Public  Market  New  Issues

Investment  Grade  Issuance
Date Company Type $mm Tenor  (yr) Spread Coupon Yield Rating Sector Country
5/18 Alabama Power Snr Notes $450 10 82bps 3.95% 3.988% A2/A Utilities USA
30 95bps 5.20% 5.182%
5/17 Johnson & Johnson Snr Notes $3,900 2 FRN L flat N/A Aaa/ Consumer, USA
3 FRN L+9bps N/A AAA Non-Cyclical
3 33bps 1.20% 1.195%
5 43bps 2.15% 2.215%
10 55bps 3.55% 3.720%
30 68bps 4.85% 4.892%
5/17 Rio Tinto Financing Snr Notes $2,500 5 83bps 2.50% 2.588% A3/A- Basic Australia
10 103bps 4.13% 4.138% Materials
29 112.5bps 5.20% 5.322%
5/17 Total Capital Canada Ltd Snr Notes $1,000 2 FRN L+9bps N/A Aa1/AA- Energy Canada
Source:  Bloomberg
Below  Investment  Grade  Issuance
Date Company Type $mm Tenor  (yr) Spread Coupon Yield Rating Sector Country
5/19 Chrysler GP/CG Snr Notes $3,200 8 524bps 8.00% N/A B2/B Consumer, USA
Co-Issuer 10 506bps 8.25% Cyclical
5/18 Alpha Natural Snr Notes $1,500 8 308.6bps 6.00% 5.861% Ba3/ Energy USA
10 325.3bps 6.25% 6.023% BB
5/16 Pertamina Snr Notes $1,500 10 235.1bps 5.25% 5.339% Ba1/ Energy Indonesia
30 231.8bps 6.50% N/A BB+
Source:  Bloomberg

Select  Closed  Syndicated  Loans

Date Issuer Type $mm Tenor  (mth) Spread Class Issuer  Rating Sector
5/20 Kub-Gas LLC First Lien $17 77 N/A Delay-draw Term N/A Energy
$23 77 N/A Delay-draw Term
5/19 Alpha Natural Resources First Lien $600 55 L+275bps Term Loan Ba3 Energy
$1,000 61 L+275bps Revolver
5/18 Birchcliff Energy Ltd First Lien $70 60 N/A Term Loan N/A Energy
$75 456 N/A Revolver
5/17 Trilogy Energy Unsec $35 36 N/A Revolver N/A Energy
Corporation $50 14 N/A Term Loan
$385 26 N/A Revolver
Source:  Bloomberg
Source:  Bloomberg
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