Volume 2, Issue 14 April 2, 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

Sep

May

Dec

Feb

Jan

Mar

Apr

Libor 04/02/12

1mth 24 bps

3mth 47 bps

Nov

6mth 73 bps

Apr

Oct

I 10

Jul

30yr Avg 15yr Avg Today (4/2/12) I 30

UST 04/02/12

2yr 0.33%

3yr 0.49%

5yr 1.01%

7yr 1.58%

10yr 2.18%

30yr 3.32%

10 Year US Swap Rates

4/2/12 2.26% 3.80% 3.30% 2.80% 2.30%

10 Year US Treasury
4/2/12 2.18% 3.60% 3.10% 2.60% 2.10%

4/2/12 2.26% 4/2/12 2.18%

Jul

Aug

Sep

Nov

May

Dec

Feb

Oct

Jun

Jan

Mar Mar Mar

Apr

Aug

Sep

Nov

May

Dec

Feb

Oct

Mar

Apr

Average 10 Year US Industrial Yield

5.00% 4.50%

Apr

Average 10 Year US Industrial Spreads

4/2/12 A A: 106 bps BBB BBB: 165 bps 235 bps 220 bps 205 bps 190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

4/2/12 A: 3.29% BBB: 3.88% 4/2/12 4/2/12 A: 106 bps BBB: 165 bps A: 3.29%
BBB: 3.88%

4.00% 3.50%

A BBB Aug

Jul

Aug

Sep

Nov

May

Dec

Apr

Feb

Oct

Jun

Jan

Jun

Oct

Nov

Dec

Sep

Jan

Feb

Mar

Apr

May

S&P/LSTA Leveraged Loan Index

4/2/12 94.08 4/2/12 7.18 %
4/2/12 94.08 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00 89.00 88.00

Apr

Average Junk-Bond Yield

4/2/12 7.18 % 9.50% 9.00% 8.50% 8.00% 7.50% 7.00% 6.50%

Jul

Aug

Sep

May

Nov

Dec

Apr

Feb

Oct

Jun

Jan

Jun

Aug

Oct

Nov

Dec

Mar

Sep

Feb

Apr

May

*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

Apr

Apr

Jan

Jul

Apr

Jul

3.00%

Apr

Jul

Jun

Jan

1.80%

1.60%

Volume 2, Issue 14 April 2, 2012

.
Select US Private Placements
Type
Snr Notes $1,000

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

Presented by:

Date Issuer
3/30 JRD Holdings Inc

$mm Tenor (y)

$220 $200

Spread Coupon Rating

240bps 240bps N/A 338bps 325bps 325bps 115bps 325bps 4.04% 4.65% 4.58% 5.20% 4.90% 4.83% 5.05% 3.34% N/A 4.34% 4.40% 4.40% 2 2 2

Country
Australia Belgium

3/30 Tabcorp Holdings Ltd Snr Notes 3/30 Befimmo SCA Snr Notes

3/30 West Penn Power 3/30 TAL International Container Corp 3/30 Enerplus Corp

FMB Snr Notes Snr Notes

$100 $153 C$30 $375

10/7avg 15/10avg 7 10 7 7 8 10 12/10avg

A3/A2 2

Energy Financial Energy

USA USA Canada

7 265bps 10 225bps 12/10avg 225bps

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
Date Issuer Type
Snr Notes

$mm
$300

3/30 Weatherford International 3/29 University of Pennsylvania 3/28 Vale Overseas

Snr Notes $1,300

Tenor (y)

Spread
230bps 265bps 140bps 200bps 260bps 235bps 270bps 160bps

Coupon
4.50% 5.95% 4.67% 4.38% 4.13% 4.50% 6.00% 2.63%

Yield

Rating

Sector
Energy

Country
Switzerland USA Caymen Island USA Canada UK

10 30 100 10 7 10 30 5

4.370% Baa2/BBB 5.868% 4.630% Aa2

Snr Notes $2,250 $600 $700 $600

3/27 Health Care REIT Snr Notes 3/26 Canadian Oil Sands Snr Notes Trust 3/26 Anglo American Snr Notes
Source: Bloomberg

Consumer, Non-Cyc 4.108% Baa2/ABasic Materials 4.139% Baa2/BBB- Financial 4.362% Baa2/BBB Energy 5.755% 2.598% Baa1/BBB+ Basic Materials

Below Investment Grade Issuance

Date Issuer Type $mm
3/29 USG Corporation 3/27 OGX Austria 3/27 Meritage Homes 3/26 Lyondellbasell Industries NV
Source: Bloomberg

Snr Notes $250 Snr Notes $1,060 Snr Notes $300 Snr Notes $3,000

Tenor (y)

Spread
584bps 618bps 481bps 337bps 323bps

Coupon
7.88% 8.38% 7.00% 5.00% 5.75%

Yield
7.822% 8.177% 6.930% 4.993% 5.764%

Rating
B2/BBB1/B B1/B+ Ba2/BB+

Sector

Country

8 10 10

7 12

Industrial USA Energy Austria Consumer, USA Cyclical Basic Netherlands Materials

Select Closed Syndicated Loans

Date Issuer Type
Unsec Unsec Snr Sec 3/28 Commonwealth Edison Company 3/27 Aetna Inc 3/26 Getty Images
Source: Bloomberg

$1,000 $1,500 $350

$mm

Tenor (m)

Spread
L+127.5bps L+100bps L+375bps

Class
Revolver Revolver Term

60 60 36

Iss. Rating
Baa1/ABa3/BB-

Sector
Utility Consumer, Non-Cyclical Communications

Baa2/BBB

Contact Whitehall
Timothy Page Managing Director (646) 450-9737 Lmothy.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 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 leVer is not to be construed as a recommendaLon to buy, hold or sell any parLcular 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