Volume 2, Issue 36 September 5, 2012

Whitehall.
UNITED STATES DEBT MARKET
US Libor US Treasury Yield Curve
80 bps 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%

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

1.0% 0.0% I I

23

I 5

I 7

I 10

30yr Avg 15yr Avg Today (9/5/12)

I 30

Libor 09/05/12

1 month 23 bps

3 month 41 bps

6 month 70 bps

UST 2yr 3yr 5yr 7yr 10yr 30yr 09/05/12 0.22% 0.35% 0.61% 1.00% 1.59% 2.69%

10 Year US Swap Rates

9/5/12 1.68%
2.50% 2.00% 1.50%
1.00%

10 Year US Treasury
9/5/12 1.59%
2.50% 2.00%

1.50%
1.00%

Average 10 Year US Industrial Yield

5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00%

Average 10 Year US Industrial Spreads

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

9/5/12 A 2.41% BBB 3.35%

9/5/12 A 86 bps BBB 180 bps

S&P/LSTA Leveraged Loan Index

9/5/12 95.62%
96.00
94.00

Average Junk-Bond Yield

9/5/12 7.06 %
9.50% 9.00%

8.50% 8.00%
7.50% 7.00%

92.00
90.00

88.00

6.50%

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

Volume 2, Issue 36 September 5, 2012

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

Date Issuer Type No Select US Private Placements Last Week

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

SELECT US PUBLIC MARKET ISSUANCES

INVESTMENT GRADE ISSUANCES
Date 8/30 8/29 Issuer COSL Finance BVI Ltd Tencent Holdings Ltd Type Snr Notes Snr Notes $mm $1,000 $600 Years 10 6 Spread 170bps 275bps Coupon 3.25% 3.38% Yield 3.31% 3.34% Rating A3/A Baa1/BBB+ Sector Energy Technology Country Bulgaria Cayman Islands

Source: Bloomberg

BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm No Below Investment Grade Issuances Last Week
Source: Bloomberg

Years

Spread

Coupon

Yield

Rating

Sector

Country

SELECT CLOSED SYNDICATED LOANS

Date 8/30 8/30 Issuer SuperValu Inc Pinnacle Foods Finance LLC Type Snr Sec Snr Sec $mm $1,650 $850 $450 Months 60 72 60 Spread L+200bps L+675bps L+350bps Class Asset Backed Rev Term Term Rating B B Sector Consumer, Non-Cyclical Consumer, Non-Cyclical

Source: Bloomberg

CONTACT WHITEHALL
Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com Timothy Page Managing Director (646) 450-9737 timothy.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

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 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 398-1401 Fax: (212) 398-1411 www.whitehallandcompany.com