Volume 4, Issue 5 February 11, 2014

Whitehall
UNITED STATES DEBT MARKET
US Libor
6 mth 3 mth 1 mth 70 bps 60 bps 50 bps 40 bps 30 bps 20 bps 10 bps 0 bps 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% I I 30yr Avg 15yr Avg Today (2/11/14)

US Treasury Yield Curve

23
Libor 02/11/14 1 month 16 bps 3 month 24 bps 6 month 33 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 02/11/14

10yr

30yr

0.31% 0.71% 1.49% 1.96% 2.67% 3.65%

10 Year US Swap Rates

2/11/14 2.81% 3.00% 2.50% 2.00% 1.50% 1.00% 2/11/14 2.67%

10 Year US Treasury
3.00% 2.50% 2.00% 1.50% 1.00%

Average 10 Year US Industrial Yield

4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00%

Average 10 Year US Industrial Spreads

225 bps 200 bps 175 bps 150 bps 125 bps 100 bps 75 bps 50 bps 25 bps 0 bps

2/11/14 A 3.49% BBB 4.20%

2/11/14 A 85 bps BBB 155 bps

S&P/LSTA Leveraged Loan Index

2/11/14 98.47% 99.25 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25

Average Junk-Bond Yield

2/11/14 6.08 % 7.75% 7.25% 6.75% 6.25% 5.75% 5.25% 4.75%

Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2014 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com

Volume 4, Issue 5 February 11, 2014

Whitehall
SELECT US PRIVATE PLACEMENTS
Type $mm Years Spread Coupon Rating Sector Country

Date

Issuer

No Select USPP This Week

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

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date
2/6

Issuer
IBM Corp

Type
Snr Notes

$mm
$4,500

Years Spread
2 5 5 10 10 10 31 10 30 FRN FRN 48bps 95bps 125bps 125bps 145bps 85bps 90bps

Coupon
L+7bps L+37bps 1.95% 3.63% 3.88%

Rating
Aa3/AA-

Sector
Technology

Country
USA

2/6 2/5 2/4

Korea Gas Corp Enterprise Products Operating LLC Virginia Electric & Power Co

Snr Notes Snr Notes Snr Notes

$500 $2,000 $750

A1/A+

Utilities Energy Utilities

Korea USA USA

3.90% Baa1/BBB+ 5.10% 3.45% A2/A4.45%

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date
2/6 2/5 2/5

Issuer
Oshkosh Corp Micron Technology Inc Lennar Corp

Type
Snr Notes Snr Notes Snr Notes

$mm
$250 $600 $400

Years Spread
8 8 5 297bps 351bps 301bps

Coupon
5.38% 5.88% 4.50%

Rating
B1/BB+ Ba3/BBBa3/BB-

Sector
Industrial Technology Consumer, Cyclical

Country
USA USA USA

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date
2/7

Issuer
Extreme Reach Inc

Type
Revovler Term Term Term

$mm
$30 $300 $165 $945

Months
60 72 84 67

Spread
NA L+600bps L+950bps L+275bps

Rating
B2/B

Sector
Communications

2/3

Verint Systems Inc

B1/BB-

Technology

Source: Bloomberg

CONTACT WHITEHALL
Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com Timothy Page Managing Director (212) 205-1399 timothy.page@ whitehallandcompany.com Roland DaCosta Managing Director (212) 205-1394 roland.dacosta@ whitehallandcompany.com Oliver Langel Managing Director (212) 205-1386 oliver.langel@ whitehallandcompany.com Vincas Snipas Managing Director (212) 205-1385 vincas.snipas@ whitehallandcompany.com Susan Vick Managing Director (212) 205-1398 susan.vick@ whitehallandcompany.com Brian Burchfield Director (212) 205-1395 brian.burchfield@ whitehallandcompany.com

Natalia Kotlyarchuk Vice President (212) 205-1396 natalia.kotlyarchuk@ whitehallandcompany.com

Nicholas Page Associate (212) 205-1389 nicholas.page@ whitehallandcompany.com

Gabrielle Sullivan Analyst (212) 205-1383 gabrielle.sullivan@ whitehallandcompany.com

Blaine Burke Analyst (212) 205-1382 blaine.burke@ whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2014 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com