Volume 1, Issue 30 August 23, 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 08/23/11

1mth 22 bps

3mth 31 bps

6mth 47 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 (8/23/11) 15yr Avg 30yr Avg

I 5

I 7

I 10

I 30

Jul

UST 2yr 08/23/11 0.20%

4.00%

3yr 0.44%

5yr 0.92%

7yr 1.39%

10yr 2.10%

30yr 3.42%
4.00%

10 Year US Swap Rates

8/23/11 2.25% 8/23/11 2.10%
8/23/11 2.25% 3.50% 3.00% 2.50%

10 Year US Treasury
8/23/11 2.10% 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

8/23/11 A: 3.37% BBB: 3.86% 5.00% 4.50% 4.00% 3.50% 3.00%

May

Average 10 Year US Industrial Spreads

A
8/23/11 A: 111 bps BBB: 160 bps 190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

8/23/11 A: 3.37% BBB: 3.86% 8/23/11 A: 111 bps BBB: 160 bps A BBB
Aug Jun Nov Mar May Aug Oct Dec Sep Jan Feb Apr Jul

Aug

Jun

Nov

Mar

S&P/LSTA Leveraged Loan Index

8/23/11 90.04 8/23/11 90.04 8/23/11 8.20 %
97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00 89.00

Average Junk-Bond Yield

May

8/23/11 8.20 %

Aug

Jun

Nov

Mar

May

Aug

Oct

Dec

Sep

Jan

Feb

Apr

Jul

Aug

Nov

Mar

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

Aug

Sep

Dec

Feb

Oct

Jan

Apr

Jun

Aug

Oct

Dec

Sep

Jan

Feb

Apr

Aug

Sep

Dec

Feb

Oct

Jan

Jun

Sep

Feb

Oct

Apr

Apr

Jan

Jun

Jul

2.00%

2.00%

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

Volume 1, Issue 30 August 23, 2011

Date Issuer

Type

Select US Private Placements

$mm Tenor (yr)
$30 $560 $220 $170 $125 $150 16.5/8 14/8.5 14F 14F 10 10/8

Whitehall & C o m p a n y, L L C
Sector
Financial Utility Industrial Financial Communications 1 2

Presented by:

Spread

Coupon

Rating

Country
USA USA Panama Australia USA

8/19 Loew's CTL 8/19 Midland Cogeneration Snr Notes Venture LP 8/19 ENA Sur Trust Snr Notes 8/19 Stockland Trust Group Snr Notes 8/19 Fitch Snr Notes

160bps 383bps N/A N/A 260bps

N/A 6.00% 5.25% 5.75% N/A 5.12%

AAA BBB 1 1

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

Select US Public Market New Issues

$mm Tenor (yr)
$400 $1,850 $750 $1,000 $700 $500 $1,000 10 5 10 10 30 2 5 10 5 10 5 10 30 5 10 30 6 11 10 10

Date Issuer
8/18 PPL Electric Utility

Type
FMB

Investment Grade Issuance

Spread Coupon
100bps 3.00%

Yield
3.041% 1.476% 2.883% 4.401% 3.423% 4.907% 2.661% 4.141% 2.661% 2.019% 3.460% 3.618% 5.100% 6.813% 2.358% 3.746% 5.592% 1.868% 3.267% 3.151% 3.027%

Rating
A3/AA2/A A3/ BBB+ Baa2/ BBB+ Baa2/ BBB+ A3/ BBB Baa3/ BBBA2/A-

Sector
Utility Communicatons Industrial Consumer, Non-Cyc Consumer, Non-Cyc Consumer, Non-Cyc Basic Materials Communications Energy Utility Utility

Country
USA USA USA USA USA USA Canada

8/17 Walt Disney Company Snr Notes 8/17 Burlington Corporation Snr Notes 8/16 Dentsply International 8/16 Nabors Industry Inc Snr Notes Snr Notes

60bps 1.35% 72bps 2.75% 87.5bps 4.375% 130bps 3.45% 140bps 4.95% FRN L+150bps 185bps 2.75% 195bps 4.13% 245bps 4.63% 110bps 125bps 270bps 290bps 315bps 148bps 160bps 185bps 95bps 105bps 85bps 78bps 2.00% 3.25% 3.63% 5.13% 6.88% 2.40% 3.87% 5.55% 1.75% 3.13% 3.10% 3.00%

8/16 Coca Cola Enterprises Snr Notes 8/15 Kinross Gold Company Guarantee Snr Notes

8/15 AT&T Inc

$5,000

USA

8/15 Occidental Petroleum Corporation 8/15 Florida Power Corp 8/15 San Diego G & E

Snr Notes Snr Notes FMB

$2,150 $300 $350

A2/A A2/A Aa3/A+

USA USA USA

No below investment grade issuance this week

Source: Bloomberg

Below Investment Grade Issuance

Date Issuer
8/18 BHP Billiton PLC 8/17 Family Dollar Stores 8/17 American Realty Capital Operations 8/16 Thomas Reuters Corporation
Source: Bloomberg

Type
Unsec

Select Closed Syndicated Loans

$mm Tenor (mth)
12 12 60 36 60 60

Spread

Class

Issuer
A+ BBBN/A A-

Sector
Basic Materials Consumer, Cyclical Financial Communications

Unsec Gtd Unsec Snr Unsec

$2,500 $5,000 $300 $115 $650 $1,350

Revolver Term Revolver Revolver Revolver Revolver

L+50bps L+50bps Libor L+245bps L+100bps L+100bps

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

Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com

Timothy Page Managing Director (646) 450-9751 Nmothy.page@ whitehallandcompany.com

CONTACT

Giord Nowland Analyst (646) 543-4443 giord.nowland@ whitehallandcompany.com

Gabrielle Sullivan Analyst (646) 543-4404 gabrielle.sullivan@ whitehallandcompany.com