Volume 2, Issue 15 April 10, 2012

.
US Libor

Whitehall & C o m p a n y, L L C
US Treasury Yield Curve

Presented by:

US DEBT MARKET*
80 bps 70 bps 60 bps 50 bps 40 bps 30 bps 20 bps 10 bps 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% I I 2 3 I 5 I 7

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

Jun

Aug

Sep

May

Dec

Feb

Jan

Mar

Apr

Libor 04/10/12

1mth 24 bps

3mth 47 bps

Nov

6mth 73 bps

Apr

Oct

I 10

Jul

30yr Avg 15yr Avg Today (4/10/12) I 30

UST 04/10/12

2yr 0.32%

3yr 0.44%

5yr 0.90%

7yr 1.43%

10yr 2.04%

30yr 3.19%

10 Year US Swap Rates

4/10/12 2.14% 3.80% 3.30% 2.80% 2.30%

10 Year US Treasury
4/10/12 2.04% 3.60% 3.10% 2.60% 2.10%

4/10/12 2.14% 4/10/12 2.04%

Jul

Aug

Sep

Nov

May

Dec

Feb

Oct

Jun

Jan

Mar Mar Mar

Apr

Aug

Sep

Nov

May

Dec

Feb

Oct

Mar

Apr

Average 10 Year US Industrial Yield

5.00% 4.50%

Apr

Average 10 Year US Industrial Spreads

4/10/12 A A: 104 bps BBB BBB: 168 bps 235 bps 220 bps 205 bps 190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

4/10/12 A: 3.25% BBB: 3.89% 4/10/12 4/10/12 A: 104 bps BBB: 168 bps A: 3.25%
BBB: 3.89%

4.00% 3.50%

A BBB

Jul

Aug

Sep

Nov

May

Dec

Apr

Feb

Oct

Jun

Jan

Jun

Aug

Oct

Nov

Dec

Sep

Jan

Feb

Mar

Apr

May

S&P/LSTA Leveraged Loan Index

4/10/12 94.04 4/10/12 7.33 %
4/10/12 94.04 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00 89.00 88.00

Apr

Average Junk-Bond Yield

4/10/12 7.33 % 9.50% 9.00% 8.50% 8.00% 7.50% 7.00% 6.50%

Jul

Aug

Sep

May

Nov

Dec

Apr

Feb

Oct

Jun

Jan

Jun

Aug

Oct

Nov

Dec

Mar

Sep

Feb

Apr

May

*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

Apr

Apr

Jan

Jul

Apr

Jul

3.00%

Apr

Jul

Jun

Jan

1.80%

1.60%

Volume 2, Issue 15 April 10, 2012

.
Type

Whitehall & C o m p a n y, L L C
Sector
Industrial Utilities 2 2 USA

Presented by:

Date Issuer
4/6 4/6 Emeco Holdings Ltd

Select US Private Placements

$mm Tenor (y)
$140 $459 7 10 7 8 12 18 30 7 12 300bps 300bps 215bps 215bps 215bps 200bps 200bps 395bps 410bps N/A 3.79% 4.03% 4.55% 4.72% 5.39% 5.52% 6.29%

Spread Coupon Rating

Country
Australia

Snr Notes

Hawaiian Electric Industries Snr Notes

4/6

Safestore Holdings plc

Snr Notes

$115

Consumer, NonCyclical

UK

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

Select US Public Market New Issues

Date
4/3 4/3 4/3 4/3 4/2 4/2 4/2 Vivendi SA

Issuer

Type

$mm

Investment Grade Issuance

Tenor (y)
3 6 10 10 30 7 30 5 10 30 2 3 5 5 185bps 235bps 250bps 130bps 150bps 250bps 70bps

Spread Coupon
2.40% 3.45% 4.75% 3.50% 4.87% 4.13% 4.01%

Yield

Rating

Sector

Country
France USA Belgium USA USA USA USA

Snr Notes $2,000

Kaiser Foundation Hospital Snr Notes $1,000 Delhaize Group Stanford University Hartford Financial Daimler Finance Snr Notes Snr Notes $300 $143

Snr Notes $1,550 Snr Notes $1,750

Samsung Electron America Snr Notes $1,000

300bps 4.00% 300bps 5.13% 330bps 6.63% FRN L+78bps 118bps 1.65% 138bps 2.40% 80bps 1.75%

2.24% Baa2/ Commun3.36% BBB ications 4.64% 3.47% A+ Consumer, 4.82% Non-Cyc 4.06% Baa3/ Consumer, BBB Non-Cyc 4.01% Aaa/ Consumer, AAA Non-Cyc 4.03% Baa3/ Financial 5.00% BBB 6.56% N/A A3/A- Consumer, 1.60% Cyclical 2.25% 1.79% A1/A Technology

Source: Bloomberg

Date
4/5 4/4 4/3 4/2

Issuer
HD Supply Inc Wind Acquisitions Cengage Learning Acquisitions Inc Sandridge Energy

Type

Below Investment Grade Issuance

$mm Tenor (y) Spread Coupon
7 657bps 10 922bps 6 864bps 8 972bps 10 596bps 8.13% 11.00% 7.38%

Yield
7.96% N/A 9.570%

Rating
B2 Ba3

Sector

Country

Snr Notes $1,625 Snr Notes Snr Notes Snr Notes $200 $725 $750

11.50% 10.920% B2/B 8.13% 8.110% B3/B

Consumer, USA Non-Cyc Communi- Luxembourg cations Consumer, USA Cyclical Energy USA

Source: Bloomberg

Select Closed Syndicated Loans

Date
4/5 4/2

Issuer
Endurance International Group Sinclair Television Group

Type
Snr Sec

$mm

$535

Tenor (m)

Spread
L+625bps L+225bps L+300bps

Class
Term Term Term

72 48 54

Iss.
B Ba1/ BB+

Sector
Communications Communications

Grd Snr $192.50 $157.50 Sec

Source: Bloomberg

Contact Whitehall
Elizabeth Morton Timothy Page Giord Nowland Roland DaCosta Managing Director, COO Managing Director Analyst Managing Director (212) 398-1401 (646) 450-9737 (646) 543-4443 (212) 398-1401 elizabeth.morton@ Lmothy.page@ giord.nowland@ roland.dacosta@ whitehallandcompany.com whitehallandcompany.com whitehallandcompany.com whitehallandcompany.com This market leVer is not to be construed as a recommendaLon to buy, hold or sell any parLcular security. Gabrielle Sullivan Analyst (646) 543-4404 gabrielle.sullivan@ whitehallandcompany.com

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

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