Volume 2, Issue 7 February 14, 2012

.
US Libor

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

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

Jun

Aug

Feb

Sep

May

Dec

Mar

Libor 02/14/12

1mth 25 bps

3mth 50 bps

Nov

6mth 76 bps

Feb

Apr

Oct

Jan

I 10

30yr Avg 15yr Avg Today (2/14/12)

Jul

I 30

UST 02/14/12

2yr 0.28%

3yr 0.39%

5yr 0.83%

7yr 1.37%

10yr 1.98%

30yr 3.12%

10 Year US Swap Rates

2/14/12 2.06% 3.80% 3.30% 2.80% 2.30%

10 Year US Treasury
2/14/12 1.98% 3.60% 3.10% 2.60% 2.10%

2/14/12 2.06% 2/14/12 1.98%

Jul

Aug

Feb

Sep

Nov

May

Mar

Aug

Feb

Sep

Nov

May

Mar

Average 10 Year US Industrial Yield

5.00% 4.50%

Dec

Apr

Feb

Oct

Average 10 Year US Industrial Spreads

2/14/12 A BBB A: 119 bps BBB: 215 bps 235 bps 220 bps 205 bps 190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

2/14/12 A: 3.12% BBB: 4.07% 2/14/12 2/14/12 A: 119 bps BBB: 215 bps A: 3.12%
BBB: 4.07%

4.00% 3.50%

A BBB

Jul

Aug

Feb

Sep

Nov

May

Mar

Jun

Aug

Oct

Nov

Dec

Feb

Sep

Jan

Mar

S&P/LSTA Leveraged Loan Index

2/14/12 93.73 2/14/12 7.32 %
2/14/12 93.73 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00 89.00 88.00

May

Feb

Apr

Average Junk-Bond Yield

9.50% 2/14/12 7.32 % 9.00% 8.50% 8.00% 7.50%

Dec

Apr

Jun

Aug

Oct

Nov

Mar

Dec

Feb

Sep

Jan

Feb

Jul

Aug

Feb

Sep

Nov

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 www.whitehallandcompany.com

May

Dec

Apr

Feb

Oct

Apr

Jun

Jan

Jul

Feb

Oct

Jun

Jul

Jan

3.00%

Dec

Apr

Jun

Feb

Oct

Jan

Jun

Jan

Jul

1.80%

1.60%

7.00%

Volume 2, Issue 7 February 14, 2012

Date Issuer
2/10 Ruby Pipeline 2/10 Premier Oil Plc

Type

Select US Private Placements

$1,075

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

Presented by:

Snr Notes Snr Notes

$mm Tenor (y)

$235

Spread Coupon
369bps 407bps 325bps 325bps 325bps 340bps 225bps 220bps 4.50% 6.00% N/A

Rating
2 2

Country

2/10 Meredith Corp

Snr Notes

$200

5 10 7 7 10 12 3 6/5 avg

2.62% 3.04%

Communications

USA

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

Select US Public Market New Issues

Date Issuer Type
Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes

$mm

Investment Grade Issuance

Tenor (y) Spread Coupon
10 10 5 10 3 5 10 3 5 10 5 10 10 10 332bps 345bps 47bps 62bps 110bps 135bps 160bps 55bps 80bps 105bps 185bps 205bps 384bps 68bps 5.50% 5.40% 1.13% 2.55% 1.40% 2.15% 3.55% 0.87% 1.60% 3.00% 2.65% 4.00% 5.75% 2.40%

Yield
5.180% 5.312% 1.234% 2.516% 1.290% 2.070% 3.578% 0.868% 1.612% 2.994% 2.599% 3.678% 5.710%

Rating
A1/A+ Baa2 A2/A Baa3/ BBB A2/AA3/A-

Sector
Energy Energy Communications Basic Materials Communications Financial Communications Consumer, Non-Cyc

Country
UAE USA USA USA USA USA Brazil USA

2/10 Dolphin Energy 2/9 Reliance Holdings USA 2/9 Walt Disney 2/8 2/8 2/8 2/6 2/6 Freeport-McMoRan Copper & Gold AT&T Aflac Inc Brasil Telecom Kimberly-Clark

$1,300 $1,000 $1,400 $3,000 $3,000 $750 $1,500 $300

Baa2/ BBB 2.605% A2/A

Source: Bloomberg

Date
2/9 2/9 2/8 2/7

Issuer
Caesars Operating Escrow Ally Financial Synovus Financial Corporation HCA Inc

Type
Snr Notes Snr Notes Snr Notes Snr Notes

Below Investment Grade Issuance

$mm
$1,250 $1,000 $300 $1,350

Tenor (y) Spread Coupon

8 690bps 5 488.6bps 7 N/A 10 392bps

Yield
8.489%

Rating
B2/B

Sector

Country
USA USA USA USA

8.50% 5.50% 7.88% 5.88%

Consumer, Cyclical 5.414% B1/BB- Financial 7.502% B2/B Financial 5.791% Ba3/BB Consumer, Non-Cyc

Source: Bloomberg

Date
2/7 2/6 SESI Inc TNS Inc

Issuer

Type

Select Closed Syndicated Loans

$mm Tenor (m) (mth)Spread
$400 $600 $100 $350 60 60 60 60

Class

Gtd Snr Sec Snr Sec

L+225bps L+225bps L+300bps L+300bps

Term Revolver Revolver Term

BB+ BB-

Iss.

Sector
Energy Tecnology

Source: Bloomberg

Contact Whitehall
Timothy Page Managing Director (646) 450-9737 Jmothy.page@ whitehallandcompany.com Giord Nowland Analyst (646) 543-4443 giord.nowland@ whitehallandcompany.com Gabrielle Sullivan Analyst (646) 543-4404 gabrielle.sullivan@ whitehallandcompany.com

Jonathan Cody Managing Director (646) 450-9750 jp.cody@ 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