Volume 1, Issue 34 September 20, 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

Mar

Nov

Dec

Apr

Oct

Jan

Jul

May

Aug

Sep

Libor 09/20/11

1mth 23 bps

Feb

3mth 35 bps

6mth 52 bps

Sep

70 bps 7.00% 60 bps 6.00% 50 bps 5.00% 40 bps 4.00% 3.00% 30 bps 2.00% 20 bps 1.00% 10 bps 0.00% I I 2 3

I 5

I 7

I 10

Today (9/20/11) 15yr Avg 30yr Avg

I 30

UST 2yr 09/20/11 0.16%

4.00%

3yr 0.38%

5yr 0.84%

7yr 1.28%

10yr 1.95%

30yr 3.22%

10 Year US Swap Rates

9/20/11 2.15% 9/20/11 1.95%
9/20/11 2.15% 3.50% 3.00% 2.50%

10 Year US Treasury
3.90% 3.40% 2.90% 9/20/11 1.95% 2.40%

Jul

Aug BBB Aug Aug

Sep

Feb

Nov

Dec

May

Mar

Aug

Sep

Feb

Nov

Dec

Sep

Oct

Mar

Apr

Average 10 Year US Industrial Yield

5.00% 4.50%

May

Average 10 Year US Industrial Spreads

A
9/20/11 A: 133 bps BBB: 192 bps 190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

9/20/11 A: 3.25% BBB: 3.84% 9/20/11 9/20/11 A: A.25% b ps BBB: 192 bps 3 : 133
BBB: 3.84%

4.00% 3.50%

BBB

Jun

Jul

Nov

Aug

Oct

Dec

Sep

Jan

Mar

Feb

May

Sep

Apr

Oct

Nov

Dec

Mar

Sep

Feb

Jun

Jan

S&P/LSTA Leveraged Loan Index

9/20/11 90.57 9/20/11 7.84 %
97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00 89.00 88.00

Average Junk-Bond Yield

9/20/11 7.84 % 8.80% 8.60% 8.40% 8.20% 8.00% 7.80% 7.60% 7.40% 7.20% 7.00%

9/20/11 90.57

Jun

Nov

Mar

Aug

Oct

Dec

Sep

Jan

Feb

May

Sep

Apr

Jul

May

Sep

Feb

Jul

Nov

Dec

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

Sep

Oct

Jan

Jun

Sep

Apr

Jul

3.00%

Apr

Sep

Oct

Jan

Jun

Jan

Jun

Jul

2.00%

1.90%

Volume 1, Issue 34 September 20, 2011

Date Issuer
9/16 Stockland Trust Group 9/16 Berlin Station LLC 9/16 Core Laboratories NV

Type

Select US Private Placements

$mm Tenor (yr) Spread
$50 $200 $150 10 215bps 9 FRN 20/14 N/A 10 190bps 12 200bps N/A N/A 7.00% 4.01% 4.11%

Whitehall & C o m p a n y, L L C
Sector
Financial Energy Energy 1 2 2

Presented by:

Coupon Rating

Country
Australia USA Holland/ USA

Snr Notes Snr Notes Snr Notes

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
$mm Tenor (yr) Spread
$400 $5,000 $500 $1,300 $500 $4,600 30 5 10 10 5 5 10 3 4 5 10 30 5

Date Issuer

Type

Coupon

Yield

Rating

Sector

Country
USA USA USA USA USA USA

9/15 Kansas City Power & Light Snr Notes 9/14 Intel Corp Snr Notes 9/14 DCP Midstream 9/14 American Express Credit 9/14 PSGE Power LLC Snr Notes Snr Notes Snr Notes

9/13 Hewlett-Packard Company Snr Notes

9/13 Stryker Corporation

Snr Notes

$750 $500

200bps 5.30% 110bps 1.95% 135bps 3.30% 275bps 4.75% 192bps 2.80% 190bps 2.75% 215bps 4.12% FRN L+155bps 200bps 2.35% 215bps 3.00% 240bps 4.38% 270bps 6.00% 115bps 2.00% 3.00%

9/12 Progress Energy Carolina FMB

Source: Bloomberg

10 110bps

5.350% Baa2 Utility 1.849% A1/A+ Industrial 3.136% 4.754% Baa2/BBB Energy 2.767% A2/BBB+ Financial 2.772% Baa1/ Utility 4.120% BBB N/A A2/A Technology 2.215% 2,834% 4.277% 5.860% 2.022% A3/A+ Consumer, Non-Cyc 2.971% A1/A Utility

USA USA

Below Investment Grade Issuance

Type
Snr Notes Snr Notes Company Guarantee

Date Issuer
9/15 El Paso Pipeline 9/16 Sealed Air Corporation 9/15 Omnicare Inc
Source: Bloomberg

$mm Tenor (yr) Spread

$500 $1,500 $550 10 8 10 9 300bps 605bps 630bps 590bps

Coupon
5.00% 8.13% 8.36% 7.75%

Yield
4.962% 7.784% 8.080% 7.199%

Rating
Ba1/BB B1/B Ba3/BB

Sector
Energy Industrial Consumer, Non-Cyc

Country
USA USA USA

Select Closed Syndicated Loans

Type
First Lien Unsec First Lien Sr Unsec

Date Issuer
9/15 Preem Petroleum 9/14 ConAgra Foods Inc 9/12 Farmers Brothers Company 9/12 NAV Canada
Source: Bloomberg Source: Bloomberg

$mm
$50 $600 $1,780 $1,500 $85 $337.50 $337.50

Tenor (mth)
60 60 60 48 36 60

Spread

Class

L+500bps Term N/A L+500bps Term L+350bps Revoler L+110bps Revolver BBB-/Baa2 L+225bps Revolver L+60bps Revolver Revolver N/A AA

Issuer Rating

Sector
Energy Consumer, NonCyclical Consumer, NonCyclical Industrial

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

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

CONTACT

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