Volume 2, Issue 48 November 27, 2012

Whitehall.
UNITED STATES DEBT MARKET
US Libor
"6 mth" "3 mth" "1 mth"

US Treasury Yield Curve

90 bps 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%
1.0% 0.0% I I 30yr Avg 15yr Avg Today (11/27/12)

23
Libor 11/27/12 1 month 21 bps 3 month 31 bps 6 month 53 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 11/27/12

10yr

30yr

0.27% 0.40% 0.66% 1.06% 1.66% 2.79%

10 Year US Swap Rates

11/27/12 1.70%
2.50%

10 Year US Treasury
11/27/12 1.66% 2.50%

2.00%

2.00%

1.50%

1.50%

1.00%

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

11/27/12 A 2.61% BBB 3.41%

11/27/12 A 92 bps BBB 172 bps

S&P/LSTA Leveraged Loan Index

11/27/12 96.13%

Average Junk-Bond Yield

98.00
96.00 11/27/12 6.78 %

9.25% 8.75%
8.25%

94.00
92.00

7.75%
7.25%

90.00 88.00

6.75% 6.25%

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 48 November 27, 2012

Whitehall
SELECT US PRIVATE PLACEMENTS
Spread Coupon Rating Sector Country

Date Issuer Type $mm Years There are no Select US Private Placements this 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 Issuer 11/20 Baidu Inc 11/20 Avnet Inc 11/20 Niagara Mohawk Power 11/19 Airgas Inc 11/19 British Sky Broadcasting Group plc 11/19 Pentair Finance SA
Source: Bloomberg

Type Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes

$mm $1,500 $350 $700 $250 $800

Years 5 10 10 10 30 10 10

Spread Coupon 160bps 2.25% 185bps 3.50% 325bps 4.88% 107bps 2.72% 132bps 4.12% 130bps 2.90% 157bps 3.13%

Yield Rating Sector 2.03% A3 Communications 3.35% 4.80% Baa3/BBBIndustrial 2.68% A3 Utilities 4.05% 2.94% Baa2/BBB Basic Materials 3.12% Baa1/BBB+ Communications

Country Cayman Islands USA USA USA United Kingdom Luxembourg

Snr Notes

$600

3 7

103bps 165bps

1.35% 2.65%

1.30% Baa2/BBB 2.70%

Industrial

BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type $mm Years Spread There are no Select Below Investment Grade Issuances this week
Source: Bloomberg

Coupon

Yield

Rating

Sector

Country

SELECT CLOSED SYNDICATED LOANS

Date Issuer 11/15 US Xpress Enterprises Inc 11/20 Cincinnati Bell Inc 11/20 Kaman Corp 11/19 Hillenbrand Inc 11/19 SL Green Realty Corp
Source: Bloomberg

$mm Months $40 36 $20 48 Snr Sec $200 60 Snr Sec $100 60 $400 60 Gtd Snr Unsec $200 56 Unsec $400 64 $1,200 64

Type Snr Sec

Spread L+600bps L+750bps L+425bps L+150bps L+150bps L+137.5bps L+165bps L+145bps

Class Revolver Term Revolver Term Revolver Term Term Revolver

Rating B B BBBBBBBB+

Sector Industrial Communications Industrial Consumer, Non-Cyclical Financial

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

Timothy Page Managing Director (212) 205-1399

timothy.page@ whitehallandcompany.com

Roland DaCosta Managing Director (212) 205-1394

roland.dacosta@ whitehallandcompany.com

Oliver Langel Managing Director (212) 205-1386

oliver.langel@ whitehallandcompany.com

Elizabeth Morton Managing Director (212) 205-1392 elizabeth.morton@ whitehallandcompany.com Blaine Burke Analyst (212) 205-1382
gabrielle.sullivan@ whitehallandcompany.com

Anthony Candela CFO (212) 205-1380

anthony.candela@ whitehallandcompany.com

Rosanna Candela Treasurer (212) 205-1380

rosanna.candela@ whitehallandcompany.com

NIcholas Page Associate (212) 205-1389

nicholas.page@ whitehallandcompany.com

Gabrielle Sullivan Analyst (212) 205-1383

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) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com