Volume 2, Issue 9 February 28, 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 02/28/12

1mth 24 bps

3mth 49 bps

Nov

6mth 75 bps

Feb

Apr

Oct

Jan

I 10

30yr Avg 15yr Avg Today (2/28/12)

Jul

I 30

UST 02/28/12

2yr 0.29%

3yr 0.40%

5yr 0.85%

7yr 1.36%

10yr 1.93%

30yr 3.05%

10 Year US Swap Rates

2/28/12 2.03% 3.80% 3.30% 2.80% 2.30%

10 Year US Treasury
2/28/12 1.93% 3.60% 3.10% 2.60% 2.10%

2/28/12 2.03% 2/28/12 1.93%

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

2/28/12 A BBB A: 115 bps BBB: 207 bps 235 bps 220 bps 205 bps 190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

2/28/12 A: 3.15% BBB: 4.08% 2/28/12 2/28/12 A: 115 bps BBB: 207 bps A: 3.15%
BBB: 4.08%

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

2/28/12 93.59 2/28/12 7.23 %
2/28/12 93.59 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

2/28/12 7.23 % 9.50% 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 9 February 28, 2012

Date Issuer
2/24 International SOS

Type

Select US Private Placements

$mm Tenor (y)
$250

Whitehall & C o m p a n y, L L C
Sector
Consumer, NonCyclical USA

Presented by:

Spread Coupon Rating

5.00% 2

Country

Snr Notes

12/9.3 303bps

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

$mm

Investment Grade Issuance

Tenor (y) Spread
10 31 3 5 10 10 2 5 10 10

Coupon

Yield

Rating

Sector

Country

2/24 CBS Corp 2/23 CSX Corp 2/23 Arcelormittal

$700 $300 $3,000

2/22 Reliance Holding USA 2/22 John Deere Capital

Snr Notes Snr Notes

$1,500 $1,500

2/22 Alexandria Real Estate Equities 2/21 BHP Finance USA

Snr Notes Snr Notes

$550 $5,250

150bps 3.37% 133bps 4.40% 340bps 3.75% 370bps 4.50% 435bps 6.25% 325bps 5.40% FRN L+17bps 55bps 1.40% 77bps 2.75% 260bps 4.60% FRRN L+27bps 62bps 1.00% 77bps 1.63% 92bps 2.87% 102bps 4.13% 325bps 5.25% 105bps 130bps 103bps 123bps 1.9% 2.35% 1.45% 2.13%

3.483% Baa2 Communica USA tions 4.391% Baa3/BBB Industrial USA 3.115% Baa3/ Basic Luxembourg Materials 4.372% BBB6.058% 5.221% Baa2/BBB Energy USA N/A A2/A Financial USA 1.380% 2.760% 4.504% Baa2 Financial USA N/A 0.967% 1.594% 2.938% 4.162% 5.053% 1.855% 3.274% 1.374% 1.941% A1/A+ Basic Materials Australia

2/21 Methanex Corp 2/21 Cargill Inc

Snr Notes Snr Notes

$250 $1,000 $1,750

2 3 5 10 30 10 5 10 3 5

Ba1/ BBBA2/A A+

2/21 American Honda Finance Snr Notes

Source: Bloomberg

Basic Materials Consumer, Non-Cyc Finance

Canada USA USA

Date

Issuer

Type
Snr Notes Snr Notes Snr Notes

Below Investment Grade Issuance

$mm
$750 $700 $275

2/23 Ball Corp 2/23 Goodyear Tire 2/22 Viasat Inc

Source: Bloomberg

Tenor (y) Spread

10 10 8

Coupon

Yield

Rating

Sector
Industrial Consumer, Cyclical Communications

Country
USA USA USA

301bps 501bps 530bps

5.00% 7.00% 6.88%

4.723% Ba1/BB+ 6.781% B1/B+ 6.453% B1/B+

Date
2/24 2/24 2/23 2/22

Issuer
Tanger Factory Outlet Centers MGM Resorts International Inc Flying Fortress AMC Entertainment Inc

Type
Unsec Gtd Snr Sec Gtd Snr Sec Gtd Snr Sec

Select Closed Syndicated Loans

$mm Tenor (m) (mth) Spread
$250 $1,800 $900 $300 84 36 64 72

Class
Term Term Term Term

L+180bps L+250bps L+400bps L+325bps

Iss. Rating
BBB BBBB-/Ba3 B

Sector
Financial Consumer, Cyclical Financial Consumer, Cyclical

Source: Bloomberg

Contact Whitehall
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

Timothy Page Managing Director (646) 450-9737 Jmothy.page@ whitehallandcompany.com