Volume 3, Issue 32 August 27, 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 (8/27/13)

US Treasury Yield Curve

23
Libor 08/27/13 1 month 18 bps 3 month 26 bps 6 month 40 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 08/27/13

10yr

30yr

0.37% 0.77% 1.59% 2.07% 2.80% 3.78%

10 Year US Swap Rates

8/27/13 2.98% 3.00% 2.50% 2.00% 1.50% 1.00% 8/27/13 2.80%

10 Year US Treasury
3.00% 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

8/27/13 A 3.73% BBB 4.50%

8/27/13 A 92 bps BBB 168 bps

S&P/LSTA Leveraged Loan Index

8/27/13 97.65% 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25 94.75

Average Junk-Bond Yield

8/27/13 6.55 % 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 32 August 27, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes

Date

Issuer

$mm
$25

Years Spread
7 N/A

Coupon
6.50%

Rating
3

Sector
Consumer, NonCyclical

Country
Chile

8/23 Empresas Viutex Ilko

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

SELECT INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Notes Snr Sec Snr Sec

US PUBLIC MARKET ISSUANCES

$mm
$500 $400 $325

Years Spread
5 11 10 93bps 87bps 120bps

Coupon
2.45% 3.65% 4.05%

Rating
Baa1 A1 A3/A-

Sector
Utilities Utilities Utilities

Country
USA USA USA

8/21 Southern Co 8/20 DTE Electric Co 8/19 Entergy Louisiana LLC

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date
Source: Bloomberg

Issuer

Type

$mm

Years Spread

Coupon

Rating

Sector

Country

No Select Below Investment Grade Issuances This Week

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Term Revolver Term Term Term Term Term

$mm
$450 $15 $225 $150 $480 $190 $473

Months
84 60 96 36 84 96 60

Spread
L+450bps L+300bps L+300bps L+375bps L+400bps L+775bps L+200bps

Rating
B BBB

Sector
Energy Energy Consumer, Non-Cyclical

8/23 Foresight Energy LLC 8/22 Vantage Pipeline US LP 8/20 TriNet HR Corp

8/20 ACI Worldwide Inc

Source: Bloomberg

BB-

Technology

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