Volume 1, Issue 41 November 8, 2011

US Libor
"1 mth" "3 mth" "6 mth"

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

Whitehall & C o m p a n y, L L C

Presented by:

US Treasury Yield Curve

Jun

Apr

Nov

Oct

Mar

May

Libor 11/08/11

1mth 25 bps

3mth 44 bps

6mth 64 bps

Nov

Dec

Jan

Aug

Feb

Sep

I 5

I 7

I 10

Jul

Today (11/8/11) 15yr Avg 30yr Avg I 30

UST 2yr 11/08/11 0.23%

3yr 0.45%

5yr 0.89%

7yr 1.34%

10yr 2.01%

30yr 3.06%

10 Year US Swap Rates

11/8/11 2.17% 3.80% 3.30% 2.80% 2.30%

10 Year US Treasury
11/8/11 2.01% 3.60% 3.10% 2.60% 2.10%

11/8/11 2.17% 11/8/11 2.01%

Jul

Aug

Feb

Sep

Nov

Oct Oct Oct

May

Mar

Aug

Nov

Nov

Mar

Average 10 Year US Industrial Yield

5.00% 4.50%

May

Average 10 Year US Industrial Spreads

11/8/11 A A: 131 bps BBB: 203 bps

Nov Nov Nov

Dec

Jan

Jun

Feb

Sep

Dec

Oct

Apr

Apr

Jan

Jun

Jul

1.80%

1.60%

BBB

11/8/11 A: 3.63% BBB: 4.35% 11/8/11 11/8/11 A: 3 .63% A: 131 bps BBB: 203 bps
BBB: 4.35%

4.00% 3.50%

BBB

Jul

Aug

Feb

Nov

Dec

May

Aug

Nov

Mar

Nov

Dec

Feb

Sep

Mar

Apr

S&P/LSTA Leveraged Loan Index

11/8/11 92.15 11/8/11 7.70 %
11/8/11 92.15 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00 89.00 88.00

May

Average Junk-Bond Yield

9.50% 11/8/11 7.70 % 9.00% 8.50% 8.00% 7.50%

Apr

Sep

Jan

Jun

Oct

Jun

Jan

Jul

3.00%

235 bps 220 bps 205 bps 190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

Jun

Aug

Nov

Oct

Mar

May

Nov

Dec

Jan

Feb

Sep

Apr

Jul

Jul

Aug

Feb

Nov

Dec

Mar

Apr

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. *Source: Bloomberg Copyright 2011 Whitehall & Company, LLC www.whitehallandcompany.com

May

Sep

Jan

Jun

7.00%

Volume 1, Issue 41 November 8, 2011

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Select US Private Placements
Type
Snr Notes Snr Notes Snr Notes

Whitehall & C o m p a n y, L L C
Sector
Industrial Financial Industrial

Presented by:

Date Issuer
11/4 11/4 11/4 Bradken Ltd Goodman Australian Industrial Fund Curtiss-Wright

$mm Tenor (yr)

$200 $300 $300

Spread Coupon Rating

4.21% 4.75% 4.85% 5.26% 5.41% 3.84% 4.24% N/A 2 N/A

Country
Australia Australia USA

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

7 275bps 10 275bps 12 285bps 10 N/A 12 10 180bps 15 220bps/10y

Select US Public Market New Issues

Investment Grade Issuance
$mm Tenor (yr)
$2,100 $250 $500 $1,000 $850 $600 $750 5 10 30 10 10 3 5 10 7 5 30 10

Date Issuer
11/3 11/3 11/3 11/3 11/3 11/3 11/2 Cigna Corp

Type
Snr Notes

Spread Coupon
185bps 205bps 230bps 312.5bps 125bps 35bps 50bps 55bps 225bps 165bps 240bps 300bps 2.75% 4.00% 5.37% 2.75% 3.25% 0.60% 1.30% 2.45% 3.70% 2.50% 5.45% 4.87%

Yield Rating

Sector

Country
USA USA USA USA USA USA USA

Tucson Electric Power Snr Notes Cargill Inc Snr Notes

Colgate-Palmolive Snr Notes Company Boston Properties LP Snr Notes Mattel Snr Notes EQT Corp Snr Notes

2.731% Baa2/ Consumer, Non4.061% BBB Cyclical 5.363% 4.949% Baa3/ Utility BBB3.221% A2/A Consumer, NonCyc 0.580% Aa3/ Consumer, Non1.318% AACyc 2.554% Baa2/A3.662% Financial 2.370% Baa1/ Consumer, 5.384% ACyclical 4.875% Baa2/ Energy BBB

Source: Bloomberg

Below Investment Grade Issuance

Date Issuer
11/4 11/2 11/1 Tenant Healthcare Spectrum Brands CNH Capital LLC

Type
Snr Notes Snr Notes Company Guarantee Snr Notes

$mm Tenor (yr)

$900 $200 $500 $1,000 7 7 5 10

Spread Coupon
479bps 584bps 535bps 455bps 6.25% 9.50% 6.25% 6.75%

Yield Rating

Sector

Country
USA USA USA USA

6.150% B1/BB- Consumer, NonCyc 7.673% B1/BBConsumer, Cyclical 6.073% Ba2/BB Financial 6.759% Ba3/BB Communciations

10/31 CSC Holdings Inc

Source: Bloomberg

Select Closed Syndicated Loans

Type $mm Tenor
48 48 60 60

Date Issuer
11/2 11/1 11/1 10/31 Boyd Gaming Corp Mid-America Apartments LP NIKE Inc Joy Global Inc

Spread
L+475bps L+190bps L+56bps L+175bps

Class
Term Revolver Revolver Delayeddraw

Issuer
B BBB A+ BBB

Sector
Consumer, Cyclical Financial Consumer, Cyclical Basic Materials

First Lien $350 Gtd Sr Unsec $250 Unsec $1,000 Gtd Unsec $250

Source: Bloomberg

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

Timothy Page Managing Director (646) 450-9751 Mmothy.page@ whitehallandcompany.com

CONTACT

Giord Nowland Analyst (646) 543-4443 giord.nowland@ 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 2011 Whitehall & Company, LLC www.whitehallandcompany.com