Volume 1, Issue 35 September 27, 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 09/27/11

1mth 24 bps

Feb

3mth 36 bps

6mth 54 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 (9/27/11) 15yr Avg 30yr Avg

I 30

UST 2yr 09/27/11 0.23%

3yr 0.45%

5yr 0.91%

7yr 1.30%

10yr 1.90%

30yr 2.99%

10 Year US Swap Rates

3.80%

10 Year US Treasury
3.60% 3.10% 2.60% 9/27/11 1.90% 2.10% 3.30% 2.80%

9/27/11 2.08% 9/27/11 1.90%

9/27/11 2.08%

2.30%

Jul

Aug BBB 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

9/27/11 A: 135 bps BBB: 205 bps

Apr

Sep Sep

Oct

Jan

Jun

Jan

Jun

Jul

1.80%

1.60%

9/27/11 A: 3.40% BBB: 4.10% 9/27/11 9/27/11 A: A.40% b ps BBB: 205 bps 3 : 135
BBB: 4.10%

4.00% 3.50%

BBB Jul

Jul

Aug

Sep

Oct

Feb

Nov

Dec

May

Nov

Aug

Dec

Sep

Mar

Feb

Sep

Mar

Apr

S&P/LSTA Leveraged Loan Index

9/27/11 90.36 9/27/11 8.20 %
97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00 89.00 88.00

May

Average Junk-Bond Yield

9/27/11 8.20 % 8.80% 8.60% 8.40% 8.20% 8.00% 7.80% 7.60% 7.40% 7.20% 7.00%

9/27/11 90.36

Jun

Nov

Mar

Aug

Oct

Dec

Sep

Jan

Feb

May

Sep

Apr

Jul

Apr

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

Sep

Jan

Oct

Jun

Jun

Jan

3.00%

220 bps 205 bps 190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

Volume 1, Issue 35 September 27, 2011

.
Select US Private Placements
Type
Snr Notes Snr Notes Snr Notes Snr Notes FMB Snr Notes

Whitehall & C o m p a n y, L L C
Sector
Consumer, NonCyclical Basic Materials Utility Consumer, NonCyclical Utility Basic Materials 2 2 1 2 1 2

Presented by:

Date Issuer
9/23 Mediq NV 9/23 Centennial Coal Company Ltd 9/23 Transpower New Zealand 9/23 Dairy Crest Group plc 9/23 Hoosier Energy Rural Electric Cooperative Inc 9/23 TimberWest Forest Corporation

$mm Tenor (yr)

$100 $225 $380 $85 $240 $300

Spread Coupon Rating

N/A 4.47% 4.62% 4.82% 3.34% 3.58% 3.83% 3.37% 3.93% 4.07% 4.86% 4.11% 4.66% 4.81% 4.99% N/A

Country
The Netherlands Australia New Zealand UK USA Canada

9/23 Heineken International

Snr Notes

$90

7 195bps 10 250bps 10 270bps 12 285bps/10yr 15 305bps/10yr 10 150bps 12 165bps 15 190bps 7 200bps 10 200bps 18 185bps 28 200bps/30y 7 275bps 10 275bps 12 290bps 15 275bps/curve 6 275bps

Consumer, NonCyclical

The Netherlands

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)
$800 3

Date Issuer
9/21 Kommunalbanken
Source: Bloomberg

Type
Snr Notes

Spread Coupon
FRN L+12bps

Yield Rating
8.140% Aaa

Sector
Financial

Country
Norway

Below Investment Grade Issuance

Date Issuer
9/21 AE Escrow Corp 9/20 Bill Barrett Corporation 9/20 Iron Mountain
Source: Bloomberg

Type
Snr Notes Company Guarantee Company Guarantee

$mm Tenor (yr)

$250 $400 $400 9 8 8

Spread Coupon
815bps 609bps 616bps 9.75% 7.63% 7.75%

Yield Rating

Sector

Country
USA USA USA

9.620% B2/B Consumer, Cyclical 7.754% B1/ Energy BB7.728% B1/B+ Consumer, Non-Cyc

Select Closed Syndicated Loans

Type
First Lien Unsec Unsec Sr Unsec

Date Issuer
9/23 Charles River Laboratories International 9/23 Western Union Company 9/22 Camden Property Trust 9/19 NASDAQ OMX Group Inc
Source: Bloomberg

$mm
350 $400 $1,650 $500 $450 $750

Tenor (mth)

Spread
L+175bps L+175bps L+100bps L+125bps L+137.5bps L+117.5bps

Class

60 60 60 48 60 60

Revolver BBB- Consumer, Non-Cyclical Term Revolver AConsumer, Non-Cyclical Revolver BBB Financial Term BBB/ Financial Revolver Baa3

Issuer Rating

Sector

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