Volume 1, Issue 31 August 30, 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 08/30/11

1mth 22 bps

3mth 32 bps

6mth 48 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 (8/30/11) 15yr Avg 30yr Avg

I 5

I 7

I 10

I 30

Jul

UST 2yr 08/30/11 0.21%

4.00%

3yr 0.47%

5yr 1.00%

7yr 1.51%

10yr 2.27%

30yr 3.62%
4.00%

10 Year US Swap Rates

8/30/11 2.43% 8/30/11 2.27%
8/30/11 2.43% 3.50% 3.00% 2.50% 8/30/11 2.27%

10 Year US Treasury
3.50% 3.00% 2.50%

Aug

Jul BBB Jul Aug

Nov

May

Mar

Aug

Nov

Aug

Dec

Mar

Average 10 Year US Industrial Yield

5.00% 4.50%

May

Average 10 Year US Industrial Spreads

A
8/30/11 A: 120 bps BBB: 163 bps 190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

8/30/11 A: 3.26% BBB: 3.70% 8/30/11 8/30/11 A: A.26% bps A BBB: BBB bps 3 : 120 163
BBB: 3.70%

4.00% 3.50% 3.00%

Aug

Jun

Nov

Mar

May

Aug

Oct

Dec

Sep

Jan

Feb

Apr

Jul

Aug

Jun

Nov

Mar

S&P/LSTA Leveraged Loan Index

8/30/11 89.14 8/30/11 89.14 8/30/11 8.07 %
97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00 89.00 88.00

Average Junk-Bond Yield

May

8/30/11 8.07 %

Aug

Oct

Nov

Dec

Mar

Sep

Feb

Jun

Jan

Apr

May

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

Jul

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 31 August 30, 2011

.
Select US Private Placements
Type $mm Tenor (yr) Spread Coupon Rating

Whitehall & C o m p a n y, L L C
Sector

Presented by:

Date Issuer

Country

No Private Issuances last week

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 Issuer Type $mm Tenor (yr)
$750 $1,000 $1,000 $500 $500 $350 $1,250 $300 $500 2 5 10 30 5 5 10 3 10 30 10

Spread

Coupon

Yield
N/A 2.079% 3.362% 4.926% 2.566% 1.890% 3.813%

Rating
Aa1/AA Aaa A1/A+ Baa3/ BBB A Baa3/ BBBAa3/A-

Sector
Financial Financial Industrial Basic Materials Financial

Country
Norway Sweden USA USA USA USA USA USA USA

8/25 Eksportfinans ASA Snr Notes 8/24 Swedbank Hypotek Snr Notes AB 8/24 Illinois Tool Works Inc Snr Notes 8/24 Waste Management Company 8/23 John Deere Capital 8/22 Yum! Brands Inc 8/22 Pepsico Inc Company Guarantee Snr Notes Snr Notes Snr Notes

FRN L+20bps 113.9bps 2.13% 115bps 135bps 160bps 95bps 170bps 57bps 97bps 170bps 145bps 3.36% 4.86% 2.60% 1.85% 3.75% 0.80% 3.00% 5.05% 3.55%

8/22 Arizona Public Service Snr Notes 8/22 Duke Energy Corporation Snr Notes

Consumer, Cyclical 0.938% Consumer, 3.078% Non-Cyc 5.068% Baa2/BBB Utility 3.596% Baa2/ BBB Utility

Date Issuer
Source: Bloomberg

Type

$mm Tenor (yr)

Spread

Coupon

Yield

Rating

Sector

Country

No below Investment Grade Issuance last week

Select Closed Syndicated Loans

Date Issuer
8/26 Paladin Energy Ltd 8/26 Cabot Corporation 8/25 CIT Group Inc 8/25 Omnicare Inc 8/23 Ashland Inc

Type
First Lien Unsec First Lien Guarenteed Snr Unsec First Lien

$mm
$6 $135 $550 $2,000 $300 $450 $1,000 $1,400 $1,500 $350 $650

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

Spread

Class

Term N/A Term Revolver N/A Revolver L+275bps Revolver Term Revolver Term Term Revolver L+250bps L+250bps Libor L+240bps Libor L+175bps L+175bps

Issuer Rating
N/A BBB+ B+ BB BB N/A

Sector
Energy Basic Materials Financial Consumer, NonCyclical Basic Materials Consumer, NonCyclical

8/22 Fortune Brand Home Guarenteed & Security Unsec

Source: Bloomberg

CONTACT
Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com Timothy Page Managing Director (646) 450-9751 Jmothy.page@ whitehallandcompany.com 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