Volume 1, Issue 44 November 29, 2011

.
US Libor
"6 mth" "3 mth" "1 mth"

Whitehall & C o m p a n y, L L C
US Treasury Yield Curve

Presented by:

US DEBT MARKET*
80 bps 70 bps 60 bps 50 bps 40 bps 30 bps 20 bps 10 bps 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% I I 2 3 I 5 I 7

Jun

Aug

Feb

May

Dec

Mar

Sep

Jan

Apr

Nov

Oct

Libor 11/29/11

1mth 26 bps

3mth 52 bps

6mth 74 bps

Nov

I 10

Jul

30yr Avg 15yr Avg Today (11/29/11) I 30

UST 11/29/11

2yr 0.26%

3yr 0.48%

5yr 0.92%

7yr 1.34%

10yr 1.97%

10 Year US Swap Rates

11/29/11 2.16% 3.80% 3.30% 2.80% 2.30%

10 Year US Treasury
11/29/11 1.97% 3.60% 3.10% 2.60% 2.10%

11/29/11 2.16% 11/29/11 1.97%

Jul

Aug

Feb

Sep

Nov

Oct Oct Oct

May

Mar

Aug

Nov

May

Mar

Average 10 Year US Industrial Yield

5.00% 4.50%

Nov

Dec

Apr

Average 10 Year US Industrial Spreads

11/29/11 A: 138 bps A BBB: 218 bps BBB 235 bps 220 bps 205 bps 190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

11/29/11 A: 3.39% BBB: 4.19% 4.00% 11/29/11 11/29/11 3 .39% A : 138 bps BBB: 218 bps A:
BBB: 4.19%

A BBB

3.50%

Jul

Aug

Feb

Nov

Sep

May

Mar

Aug

Nov

Oct

Mar

S&P/LSTA Leveraged Loan Index

11/29/11 91.51 11/29/11 8.45 %
11/29/11 91.51 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00 89.00 88.00

May

Nov

Dec

Feb

Sep

Apr

Average Junk-Bond Yield

9.50% 11/29/11 8.45 % 9.00% 8.50% 8.00% 7.50%

Jun

Aug

Nov

Oct

Mar

Nov

Dec

Jan

Feb

Sep

Jul

Aug

Feb

Nov

Sep

May

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

Nov

Dec

Jan

Apr

Apr

Jun

Jul

Nov

Dec

Jan

Jun

Jan

Apr

Jun

Jul

3.00%

Nov

Dec

Jan

Feb

Sep

Oct

Apr

Jan

Jun

Jun

Jul

1.80%

1.60%

7.00%

Volume 1, Issue 44 November 29, 2011

.
Select US Private Placements
Type
FMB Snr Notes

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

Presented by:

Date Issuer
11/25 ITC Midwest LLC 11/25 UK Power Networks

$mm Tenor (y)

$100 $200 15 10

Spread Coupon
N/A 300bps 5.00% 3.50%

Rating
1 2

Country
USA UK

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
Source: Bloomberg

Issuer

Type

$mm

Tenor (y)

Spread Coupon

Yield

Rating

Sector

Country

No Investment Grade Issuance last week

Below Investment Grade Issuance

Date
Source: Bloomberg

Issuer

Type
Snr Notes

$mm
$800

11/22 Sesi LLC

Tenor (y)

Spread Coupon
517bps 7.13%

Yield

Rating

Sector
Energy

Country
USA

10

6.941% Ba3/BB+

Select Closed Syndicated Loans

Date Issuer Type
Gtd Unsec Snr Sec Snr Sec Snr Unsec 11/25 Parkson Retail Group Ltd 11/22 Cogeco Cable Inc 11/22 Host Hotels & Resorts LP 11/21 Arbitron Inc
Source: Bloomberg

$mm

$400

Tenor (m) (mth) Spread

24 60 48 60

Class
Term Revolver Revolver Revolver

L+215bps N/A N/A L+105bps

Iss. Rating
BB+ BB+ BBN/A

Sector
Consumer, Cyclical Communications Financial Communications

$750 $1,000 $150

Contact Whitehall
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