Volume 2, Issue 49 December 4, 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 (12/4/12)

23
Libor 12/04/12 1 month 22 bps 3 month 31 bps 6 month 53 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 12/04/12

10yr

30yr

0.25% 0.38% 0.62% 1.02% 1.62% 2.80%

10 Year US Swap Rates

12/4/12 1.67%
2.50%

10 Year US Treasury
12/4/12 1.62% 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

12/4/12 A 2.50% BBB 3.40%

12/4/12 A 89 bps BBB 178 bps

S&P/LSTA Leveraged Loan Index

12/4/12 96.39%

Average Junk-Bond Yield

98.00 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00
12/4/12 6.56 % 9.50%

9.00%
8.50%

8.00%
7.50%

7.00% 6.50% 6.00%

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 49 December 4, 2012

Whitehall
SELECT US PRIVATE PLACEMENTS
Type Snr Notes $mm $515 Years 7 10 15/12avg 25/20avg $175 30/15.5avg $125 15 30 Spread Coupon 362bps 4.67% 362bps 5.25% N/A 5.68% N/A 6.55% 230bps 3.93% 158bps 149bps 3.20% 4.25% Rating 2 Sector Industrial Country UK

Date Issuer 11/30 Peel Ports Group

11/30 Mid-Kansas Electric Co LLC 11/30 Vectren Utility Holdings

FMB Snr Notes

2 1

Utilities Utilities

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 11/29 McKesson Corp 11/28 Costco Wholesale Corp 11/28 Dun & Bradstreet Corp 11/27 The Walt Disney Co Type Snr Notes Snr Notes $mm $900 $3,500 Years 3 10 3 5 7 5 10 3 5 10 30 5 10 30 30 30 3 5 10 Spread Coupon 65bps 0.95% 110bps 2.70% 35bps 0.65% 50bps 1.13% 70bps 1.70% 262.5bps 3.25% 287.5bps 4.38% 35bps 0.45% 60bps 1.10% 80bps 2.35% 95bps 3.70% 185bps 2.50% 210bps 3.70% 235bps 5.13% 107bps 3.85% 87.5bps 3.67% 38bps 63bps 93bps 0.65% 1.20% 2.50% Yield Rating Sector 0.86% Baa2/A- Consumer, Non2.58% Cyclical 0.56% A1/A+ Consumer, Non1.06% Cyclical 1.60% 2.92% BBB+ Technology 4.16% 0.60% Aa2/A Communications 1.06% 2.24% 3.67% 2.39% BBB/BBBEnergy 3.72% 5.19% 3.82% A2/A Utilities 3.63% Aa3/A Utilities 0.73% Baa1/AA1.25% 2.45% Consumer, Cyclical Country USA USA

Snr Notes Snr Notes

$750 $3,000

USA USA

11/27 Murphy Oil Corp

Snr Notes

$1,500

USA

11/27 Alabama Power Co 11/26 Wisconsin Public Service 11/26 Amazon.com Inc

Snr Notes Snr Notes Snr Notes

$350 $300 $3,000

USA USA USA

Source: Bloomberg

BELOW INVESTMENT GRADE ISSUANCES

Date Issuer 11/30 GulfMark Offshore Inc 11/28 Dycom Investments Inc
Source: Bloomberg

Type Snr Notes Snr Notes

$mm $500 $90

Years 9 8

Spread Coupon 481bps 6.38% 507bps 7.13%

Yield 5.91% 6.43%

Rating B1/BBBa3

Sector Industrial Industrial

Country USA USA

SELECT CLOSED SYNDICATED LOANS

Date Issuer 11/30 The Neiman Marcus Group Inc 11/27 FTI Consulting Inc 11/27 Entercom Radio LLC 11/26 National CineMedia LLC
Source: Bloomberg

Type Gtd Snr Sec Gtd Snr Sec Snr Sec Snr Sec

$mm $500 $350 $348 $265

Months 66 60 72 84

Spread L+350bps L+200bps L+375bps L+325bps

Class Term Revolver Term Term

Rating B+ BB+ B+ BB-

Sector Consumer, Cyclical Consumer, Non-Cyclical Communications Consumer, Cyclical

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

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

Blaine Burke Analyst (212) 205-1382

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