Volume 2, Issue 22 May 30, 2012

Whitehall.
UNITED STATES DEBT MARKET
US Libor US Treasury Yield Curve
80 bps 70 bps 60 bps 50 bps 40 bps 30 bps 20 bps 10 bps 0 bps 7.0%

"6 mth" "3 mth" "1 mth"

6.0%
5.0%

4.0%
3.0%

2.0%
1.0%

Aug

Nov

Sep

May

Feb

Apr

Jan

Libor 05/30/12

1 month 24 bps

3 month 47 bps

6 month 74 bps

May

Mar

Oct

Jun

Dec

0.0% I I 23

30yr Avg 15yr Avg Today (5/30/12)

I 5 I 7 I 10 I 30

Jul

UST 2yr 3yr 5yr 7yr 10yr 30yr 05/30/12 0.29% 0.44% 0.75% 1.13% 1.71% 2.83%

10 Year US Swap Rates

3.50% 5/30/12 2.55% 3.00%

10 Year US Treasury
3.50% 5/30/12 1.71% 3.00% 2.50% 2.00%

2.50%
2.00% 1.50%

1.50%

Nov

Dec

Jan

Sep

Feb

May

Mar

Apr

May

Jul

Aug

Oct

Jun

Dec

Sep

Jan

Nov

Aug

Feb

May

Mar

Apr Apr Apr

Oct

Average 10 Year US Industrial Yield

5/30/12 A BBB 2.87% 3.66%

Average 10 Year US Industrial Spreads

4.70%
4.20% 3.70% 5/30/12 A BBB 113 bps 192 bps 250 bps 225 bps 200 bps 175 bps 150 bps 125 bps 100 bps 75 bps

3.20%

Nov

Dec

Sep

Jan

Aug

Feb

May

Mar

Oct

Nov

Dec

Aug

S&P/LSTA Leveraged Loan Index

5/30/12 93.58% 96.00 94.00 92.00 90.00 88.00

May

May

Mar

Average Junk-Bond Yield

9.50%
5/30/12 7.64 % 9.00% 8.50% 8.00%

May
7.50%
7.00% 6.50%

Sep

Jan

Feb

Nov

Dec

Sep

Jan

Aug

Feb

May

Mar

Apr

Oct

Apr

Oct

Jun

May

Jun

Jul

Jun

Jul

Jul

2.70%

Nov

Dec

Sep

Jan

Feb

May

Mar

Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2012 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 398-1401 Fax: (212) 398-1411 www.whitehallandcompany.com

May

Aug

Jul

Oct

Jun

May

Jun

Jul

Volume 2, Issue 22 May 30, 2012

SELECT US PRIVATE PLACEMENTS

Date Issuer Type
Snr Notes

Whitehall
Sector
Consumer, Cyclical

$mm
$250

Years
5 7 10 7 10 12 $AU10 5 10 15 5 7 10 10 30 10 12 15 $AU10

Spread
250bps 250bps 250bps 250bps 250bps 265bps N/A 275bps 275bps 315bps 195bps 195bps 195bps 130bps 160bps 270bps 280bps 290bps N/A

Coupon
3.23% 3.64% 4.22% 3.68% 4.27% 4.42% 7.04% 3.51% 4.49% 4.89% 2.93% 3.13% 3.72% 3.07% 4.45% N/A

Rating
2

Country
Netherlands

5/25 Nutreco Holdings NV

5/25 Foxtel

Snr Notes

$600

Communications

Australia

5/25 Liberty Utilities Co

Snr Notes

$225

Utilities

Canada

5/25 Muller GmbH

Snr Notes

$375

Consumer, Non-Cyclical

Germany

5/25 Central Maine Power Co FMB 5/25 Perth Airport Snr Notes

$350 $300

1 2

Utilities Consumer, Non-Cyclical

USA Australia

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

SELECT US PUBLIC MARKET ISSUANCES

INVESTMENT GRADE ISSUANCES
Type $mm
$900 $1,250 $1,500 $500

Date

Issuer

Years
3 7 3 10 3 10 10

Spread
45bps 88bps 95bps 145bps 100bps 165bps 300bps

Coupon
0.75% 1.87% 1.35% 3.20% 1.37% 3.37% 4.70%

Yield
0.79% 1.96% 1.34% 3.22% 1.35% 3.41% 4.22%

Rating
A Baa1/A A1 Baa3/BB BB3/BB3 B3/B Ba3/B+

Sector

Country

5/23 McDonalds Corporation Snr Notes 5/22 Covidien International Finance 5/22 Blackrock Inc 5/21 Energizer Holdings Inc
Source: Bloomberg

Snr Notes Snr Notes Snr Notes

Consumer, USA Cyclical Consumer, Luxembourg Non-Cyclical Financial USA Industrial USA

BELOW INVESTMENT GRADE ISSUANCES

5/24 Carrols Restaurant Group 5/24 Roofing Supply Group 5/24 Global Brass 5/22 NGPL Pipeco LLC
Source: Bloomberg

Snr Notes Snr Notes Snr Notes Snr Notes

$150 $200 $375 $550

6 1,028bps 8 7 7 863bps 836bps 842bps

11.25% 11.09% 10.00% 9.50% 9.63% 9.89% 9.43% 9.23%

Consumer, Cyclical Industrial Basic Materials Energy

USA USA USA USA

SELECT CLOSED SYNDICATED LOANS

Issuer Type
Gtd Snr Sec Gtd Snr Sec

Date

$mm
$1,140 $387

Months
48 60

Spread
L+225bps L+175bps

Class
Revolver Term

Rating
BBB BB+

Sector
Financial Basic Materials

5/23 Apollo Investment Corp 5/21 Compasss Minerals International

Source: Bloomberg

CONTACT WHITEHALL
Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com Timothy Page Managing Director (646) 450-9737 timothy.page@ whitehallandcompany.com Roland DaCosta Managing Director (212) 398-1401 roland.dacosta@ whitehallandcompany.com Elizabeth Morton Managing Director, COO (212) 398-1401 elizabeth.morton@ 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 2012 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 398-1401 Fax: (212) 398-1411 www.whitehallandcompany.com