Volume 2, Issue 4 January 24, 2012

.
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

Sep

Dec

Jan

Mar

Apr

Oct

Libor 01/24/12

1mth 28 bps

3mth 56 bps

6mth 79 bps

Nov

Jan

I 10

Jul

30yr Avg 15yr Avg Today (1/24/12) I 30

UST 01/24/12

2yr 0.24%

3yr 0.38%

5yr 0.91%

7yr 1.49%

10yr 2.06%

30yr 3.14%

10 Year US Swap Rates

1/24/12 2.19% 3.80% 3.30% 2.80% 2.30%

10 Year US Treasury
1/24/12 2.06% 3.60% 3.10% 2.60% 2.10%

1/24/12 2.19% 1/24/12 2.06%

Jul

Aug

Feb

Sep

Oct

Nov

Jan

May

Mar

Aug

Feb

Sep

Oct

Nov

May

Mar

Average 10 Year US Industrial Yield

5.00% 4.50%

Dec

Apr

Average 10 Year US Industrial Spreads

1/24/12 A BBB A: 130 bps BBB: 217 bps 235 bps 220 bps 205 bps 190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

1/24/12 A: 3.17% BBB: 4.03% 1/24/12 1/24/12 A: .17% A : 130 bps BBB: 217 bps 3
BBB: 4.03%

4.00% 3.50%

A BBB

Jul

Aug

Feb

Sep

Oct

Nov

Jan

May

Mar

Jun

Aug

Oct

Nov

Jan

Mar

S&P/LSTA Leveraged Loan Index

1/24/12 92.67 1/24/12 8.05 %
1/24/12 92.67 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00 89.00 88.00

May

Dec

Feb

Sep

Apr

Jan

Average Junk-Bond Yield

9.50% 1/24/12 8.05 % 9.00% 8.50% 8.00% 7.50%

Dec Dec

Apr

Jun

Jul

Jun

Aug

Oct

Nov

Jan

Mar

Dec

Feb

Sep

Jan

Jul

Aug

Feb

Sep

Oct

Nov

Jan

Apr

May

Mar

Apr

*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 www.whitehallandcompany.com

May

Jun

Jan

Jul

Jan

3.00%

Dec

Apr

Jan

Jun

Jan

Jun

Jan

Jul

1.80%

1.60%

7.00%

Volume 2, Issue 4 January 24, 2012

Date Issuer
1/20 Essilor International SA 1/20 Safran SA

Type

Select US Private Placements

$mm Tenor (y)
$300

Whitehall & C o m p a n y, L L C
Sector
Consumer, Non-Cyclical Industrial

Presented by:

Spread Coupon
180bps 170bps N/A

Rating
1 1

Country
France France

Snr Notes

Snr Notes $1,200

1/20 Liberty Living plc 1/20 The United Illuminating Co 1/20 Weir Group plc

Snr Notes

$155

Snr Notes $203.5

Snr Notes $1,000

5 7 5 7 10 12 10 12 7 10 30 7 10 11

260bps 270bps 155bps 160bps 180bps 225bps 225bps 232bps

2.65% 3.10% 3.14% 3.70% 4.28% 4.43% N/A 2.98% 3.61% 4.89% 3.69% 4.27% 4.34%

1 2

Consumer, Non-Cyclical Utility

UK USA

Industrial

Scotland

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
Coupon
4.00% 4.50% 4.13% 3.75% 4.88% 10 10 10 7 10 205bps 270bps 235bps 250bps 315bps

Date

Issuer

Type
Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes

1/19 Amphenol Corporation 1/18 Grupo Bimbo SAB DE CV 1/18 Scana Corp 1/18 HCP Inc 1/18 Petroleos Mexicanos
Source: Bloomberg

$mm Tenor (y) Spread

$500 $800 $250 $450 $2,100

Yield

Rating

Sector
Industrial Consumer, Non-Cyc Utility Financial Energy

Country
USA Mexico USA USA Mexico

3.968% Baa2/BBB 4.466% Baa2/BBB 4.195% Baa3/BBB 3.750% Baa2/BBB+ 4.899% Baa1/BBB

Below Investment Grade Issuance

Date Issuer Type
Snr Notes Snr Notes Snr Notes 1/20 Sable International Finance 1/19 Ardagh Packaging Finance 1/17 Fresenius Med Care II
Source: Bloomberg

$mm Tenor (y) Spread

$400 $770 $1,500 8 5 8 7 10

Coupon
8.75% 7.37% 9.13% 5.63% 5.87%

Yield
N/A 6.825% 9.767% 5.471% 5.660%

Rating
Ba2 Ba3/BBBa2/BB

Sector
Communications Basic Materials Consumer, Non-Cyc

Country
Cayman Islands Ireland USA

713bps N/A 434bps 403bps

Date

Issuer

Type

Select Closed Syndicated Loans

$mm Tenor (m) (mth) Spread
$300 72

Class

1/19 Post Apartment Homes Gtd Unsec

Source: Bloomberg

L+190bps

Delay Draw

Iss. Rating
BBB-

Sector
Financial

Contact Whitehall
Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com Timothy Page Managing Director (646) 450-9751 Jmothy.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 2012 Whitehall & Company, LLC www.whitehallandcompany.com