Volume 2, Issue 29 July 17, 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 mth" "3 mth" "1 mth"

6.0%
5.0%

4.0%
3.0%

2.0%
1.0%

Aug

Nov

Feb

Sep

Mar

Apr

Jan

May

Oct

Libor 07/17/12

1 month 25 bps

Dec

3 month 46 bps

6 month 73 bps

Jun

0.0% I I 23

I 5

I 7

I 10

30yr Avg 15yr Avg Today (7/17/12)

Jul

Jul

I 30

UST 2yr 3yr 5yr 7yr 10yr 30yr 07/17/12 0.22% 0.35% 0.59% 0.94% 1.46% 2.54%

10 Year US Swap Rates

3.50% 7/17/12 2.31% 3.00%

10 Year US Treasury
3.50% 7/17/12 1.46% 3.00% 2.50%

2.50%
2.00% 1.50%

2.00% 1.50% 1.00%

Nov

Dec

Jan

Sep

Feb

Mar

Apr

May

Aug

Jul

Oct

Jun

Jul

Dec

Sep

Jan

Nov

Aug

Feb

Mar

Apr

Oct

May

Jul

Average 10 Year US Industrial Yield

A 7/17/12 BBB 2.55%
3.42% 5.00%

Average 10 Year US Industrial Spreads

4.50% 4.00%
3.50% 3.00%

A 7/17/12 BBB 106 bps

194 bps

Jun Jun Jun

Nov

Dec

Sep

Jan

Aug

Feb

Mar

Apr

Oct

May

Jul

Nov

Sep

Jan

Dec

Feb

Aug

Apr

May

Jul

Mar

Oct

S&P/LSTA Leveraged Loan Index

7/17/12 94.55% 96.00 94.00 92.00 90.00 88.00

Jun

Jul

Average Junk-Bond Yield

9.50%
7/17/12 7.39 % 9.00% 8.50% 8.00%

Jul
7.50%
7.00% 6.50%

2.50%

Nov

Dec

Sep

Jan

Aug

Feb

Mar

Apr

Oct

May

Jul

Jun

Jul

Nov

Dec

Jan

Sep

Mar

Apr

May

Aug

Feb

Jul

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

Oct

Jul

Jul
250 bps 225 bps 200 bps 175 bps 150 bps 125 bps 100 bps 75 bps

Volume 2, Issue 29 July 17, 2012

Whitehall
SELECT US PRIVATE PLACEMENTS
Type $mm
$50 $305

Date

Issuer

Years
8 7 10 20 30 15 15 5 9 12 13

Spread
N/A 203bps 200bps 210bps 220bps 340bps 187bps 192bps 165bps 165bps 165bps 165bps

Coupon
3.99% 3.00% 3.48% 4.65% 4.75% N/A 3.00% 3.05% 2.27% 2.62% 3.13% 3.07%

Rating
2 2

Sector
Financial Industrial

Country
USA USA

7/13 Arthur J. Gallagher and Snr Notes Co 7/13 Electric Transmission Snr Notes Texas LLC

7/13 LTC Properties Inc 7/13 Union Pacific RR 7/13 Nordson Corp

Snr Notes Snr Notes Snr Notes

$85 12/10avg $272 $200

2 1 1

Financial Industrial Industrial

USA USA USA

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 Type
Snr Notes Snr Notes Snr Notes Snr Notes

$mm
$750 $1,000 $2,000 $1,100 $400 $3,000 $600 $500

Years
5 10 10 30 2 10 30 3 4 6 8 10 30

Spread
80bps 345bps 225bps 165bps 180bps 225bps 345bps 185bps 68bps 100bps 195bps 220bps 70bps 100bps

Coupon
1.40% 4.95% 3.00% 4.30% 4.87% 2.50% 4.45% 1.03% 1.63% 2.55% 3.70% 2.20% 3.60%

Yield
1.29% 4.70% 3.13% 4.29% 2.28% 4.96% 4.27% 0.94% 1.53% 2.45% 3.57% 2.17% 3.59%

Rating
Aa2/AA Baa1/BBB A1/A Baa3/BBBBBB/BBB Aa3/AABaa2/BBB+ A1/A+

Sector
Communications Energy Basic Materials Industrial Energy Consumer, NonCyclical Basic Materials Basic Materials

Country
Japan Luxembourg Chile USA USA Japan USA USA

7/11 Nippon Telegraph & Telephone Corp 7/11 Gazprom 7/10 Codelco Inc 7/10 Penske Truck Leasing

7/10 Transcont Gas Pipe Snr Notes Corportation 7/9 Takeda Pharmaceutical Snr Notes 7/9 7/9 Cabot Corporation Monsanto Co Snr Notes Snr Notes

Source: Bloomberg

BELOW INVESTMENT GRADE ISSUANCES

7/11 Beazer Homes USA 7/9 7/9 7/9 Be Aerospace Snr Notes Snr Notes $300 $1,300 $1,200 $300 6 10 8 6 585bps 384bps 596bps 606.2bps 6.62% 5.25% 7.13% 8.00% 6.42% 4.84% 6.78% 6.84% B3/B Ba2/BB B3/B Ba3 Consumer, Cyclical Industrial Consumer, NonCyclical Financial USA USA USA USA

CHS Community Health Snr Notes Systems Icahn Snr Notes Enterprises/Finances

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Issuer Type
Unsec Gtd Unsec

Date

$mm
$350 $200

Months
60 60

Spread
L+155bps L+117.5bps

Class
Term Revolver

Rating
Baa2 Baa2

Sector
Financial Consumer, Non-Cyclical

7/12 Select Income REIT 7/10 Lorillard Tobacco Co

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