Volume 3, Issue 26 July 16, 2013

Whitehall
UNITED STATES DEBT MARKET
US Libor
6 mth 3 mth 1 mth 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 (7/16/13)

US Treasury Yield Curve

23
Libor 07/16/13 1 month 19 bps 3 month 27 bps 6 month 40 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 07/16/13

10yr

30yr

0.34% 0.69% 1.40% 1.86% 2.56% 3.62%

10 Year US Swap Rates

3.00% 7/16/13 2.78% 2.50% 2.00% 1.50% 1.00%

10 Year US Treasury
7/16/13 2.56% 2.50%

2.00%

1.50%

1.00%

Average 10 Year US Industrial Yield

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

Average 10 Year US Industrial Spreads

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

7/16/13 3.55% A BBB 4.36%

7/16/13 A 96 bps BBB 178 bps

S&P/LSTA Leveraged Loan Index

7/16/13 97.61% 99.00 98.00 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00

Average Junk-Bond Yield

7/16/13 6.31 % 8.75% 8.25% 7.75% 7.25% 6.75% 6.25% 5.75% 5.25% 4.75%

Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2013 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com

Volume 3, Issue 26 July 16, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes

Date

Issuer

$mm
$75

Years Spread
7 10 12 275bps 275bps 275bps

Coupon
4.76% 5.36% 5.47%

Rating
2

Sector
Basic Materials

Country
Austria

7/12 Borealis AG

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

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date
7/9 7/9

Issuer

Type
Snr Notes Snr Notes

$mm
$300 $500 $3,000

Years Spread
30 10 6 6 10 160bps 325bps FRN 95bps 110bps

Coupon

Rating

Sector
Utilities Basic Materials Technology

Country
USA USA USA

7/10 Southern Power Co Oracle Corp

5.25% Baa1/BBB+ 5.88% Baa3/BBBL+58bps 2.38% 3.63% A1/A+

Allegheny Technologies Snr Notes

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Notes Snr Notes Snr Sec

$mm
$350 $500 $1,400

Years Spread
9 5 5 10 445bps 360bps 383bps 434bps

Coupon
7.38% 5.00%

Rating
B1/B+ Baa2/BB

Sector
Consumer, NonCyclical Consumer, Cyclical Utilities

Country
USA USA Israel

7/11 Post Holdings Inc 7/11 Best Buy Co Inc 7/2 Israel Electric Corp Ltd

5.63% Baa3/BB+ 6.88%

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date
7/2 7/1

Issuer
Dean Foods Co Prepaid Legal Services

Type
Term Revolver Revolver Term Term Term

$mm
$300 $750 $30 $310 $175 $500

Months
36 60 60 72 84 60

Spread
L+175bps L+175bps L+500bps L+500bps L+850bps L+125bps

Rating
BB B+ B

Sector
Technology Consumer, Non-Cyclical Consumer, Non-Cyclical

7/11 Salesforce.com Inc

7/1

TC Pipelines LP

BBB-

Energy

Source: Bloomberg

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 Vincas Snipas Managing Director (212) 205-1385 vincas.snipas@ whitehallandcompany.com Susan Vick Managing Director (212) 205-1398 susan.vick@ whitehallandcompany.com Brian Burchfield Director (212) 205-1395 brian.burchfield@ whitehallandcompany.com

Natalia Kotlyarchuk Vice President (212) 205-1396 natalia.kotlyarchuk@ whitehallandcompany.com

Nicholas Page Associate (212) 205-1389 nicholas.page@ whitehallandcompany.com

Gabrielle Sullivan Analyst (212) 205-1383 gabrielle.sullivan@ whitehallandcompany.com

Blaine Burke Analyst (212) 205-1382 blaine.burke@ whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2013 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com