Volume 2, Issue 23 June 5, 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 Apr Jan 7.0%

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

6.0%
5.0%

4.0%
3.0%

2.0%
1.0%

Aug

May

Nov

Sep

Feb

Mar

Oct

Jun

Libor 06/05/12

1 month 24 bps

Dec

3 month 47 bps

6 month 74 bps

Jun

0.0% I I 23

I 5

I 7

I 10

30yr Avg 15yr Avg Today (6/5/12)

Jul

I 30

UST 2yr 3yr 5yr 7yr 10yr 30yr 06/05/12 0.25% 0.39% 0.68% 1.02% 1.53% 2.57%

10 Year US Swap Rates

3.50% 6/5/12 2.33% 3.00%

10 Year US Treasury
3.50% 6/5/12 1.53% 3.00% 2.50%

2.50%
2.00% 1.50%

2.00% 1.50% 1.00%

Nov

Dec

Jan

Feb

Mar

Apr

May

Aug

Sep

Jul

Oct

Jun

Jun

Dec

Sep

Jan

Nov

Aug

Feb

Mar

Apr

Oct

May May

Jun

Jul

Average 10 Year US Industrial Yield

6/5/12 A BBB 2.66% 3.34% 4.10% 3.60% 3.10% 4.60%

Average 10 Year US Industrial Spreads

A 6/5/12 BBB 120 bps
189 bps 250 bps 225 bps 200 bps 175 bps 150 bps 125 bps 100 bps 75 bps

Nov

Dec

Sep

Jan

Aug

Feb

Mar

Apr

Oct

Jun

Jul

Nov

Sep

Jan

Dec

Feb

Aug

Apr

May

Mar

Oct

S&P/LSTA Leveraged Loan Index

6/5/12 93.31% 96.00 94.00 92.00 90.00 88.00

Jun

Jun

Average Junk-Bond Yield

9.50%
6/5/12 8.09 % 9.00% 8.50% 8.00%

Jun
7.50%
7.00% 6.50%

2.60%

Jul

Nov

Dec

Aug

Sep

Jan

Feb

Mar

Oct

Apr

May

Jun

Jul

Jun

Nov

Dec

Jan

Sep

Feb

Mar

Apr

May

Aug

Jul

Oct

Jun

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

Jun

Jun

Volume 2, Issue 23 June 5, 2012

SELECT US PRIVATE PLACEMENTS

Date
6/1 6/1 6/1

Whitehall
Sector
Energy Consumer, Non-Cyclical Industrial

Issuer
Patterson-UTI Energy Inc Groupe Auchan SA Borealis AG

Type
Snr Notes Snr Notes Snr Notes

$mm
$300 $250 $133

Years
10 7 10 7 10 15

Spread
250bps 190bps 190bps 300bps 300bps 335bps

Coupon
N/A 3.00% 3.50% 3.93% 4.46% 4.81%

Rating
2 1 2

Country
USA France Austria

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
$mm
$500 $2,000 $1,000 $300 $2,400

Date
6/1

Issuer
BRF-Brasil Foods SA

Type
Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes

Years
10 3 5 10 30 5 10 30 10 10

Spread
444bps 115bps 150bps 180bps 230bps 145bps 170bps 195bps 200bps 130bps 300bps

Coupon
5.87% 1.40% 2.13% 3.25% 3.85% 4.10% 2.40% 3.60% 4.80% 3.00% 7.00%

Yield
5.78% 1.44% 2.19% 3.39% 3.74% 3.93% 2.31% 3.68% 4.79% 2.99% 4.63%

Rating

Sector

Country
Brazil UK USA USA USA

5/31 BAT International Finance 5/31 Boston Properties LP 5/31 Tampa Electric 5/29 Eastman Chemical

Baa3/BBB- Consumer, Non-Cyclical Baa1/ Consumer, BBB+ Cyclical Baa2/BBB Financial A3/AUtilities Baa2/BBB Basic Materials Consumer, Non-Cyclical Baa3/BBB- Consumer, Cyclical A3/A-

5/29 Danone 5/29 Whirlpool Corporation

Source: Bloomberg

Snr Notes Snr Notes

$850 $300

France USA

BELOW INVESTMENT GRADE ISSUANCES

5/31 Comstock Resource Inc Snr Notes 5/30 Nara Cable Funding 5/30 Rivers Pittsburg LP
Source: Bloomberg

$300 $310 $275

8 6 7

922bps 1,133bps 200bps

9.50% 10.05% 8.87% 12.07% 4.80% N/A

B3/BB1/B+ B3

Energy Communications Consumer, Cyclical

USA Ireland USA

Snr Notes Snr Notes

SELECT CLOSED SYNDICATED LOANS

Issuer Type
Unsec Unsec Gtd Snr Sec Snr Sec

Date
6/1 5/31 5/30 5/29

$mm Months
$2,000 $175 $1,800 $100 48 60 60 72

Spread
L+100bps L+125bps L+575bps L+475bps

Class
Revolver Revolver Term Term

Rating

Sector

Simon Property Group ITC Midwest LLC Ceridian Corp Sprouts Farmers LLC

AFinancial A3/BBB+ Energy BConsumer, Non-Cyclical B+ Consumer, Non-Cyclical

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