Volume 2, Issue 39 September 25, 2012

Whitehall.
UNITED STATES DEBT MARKET
US Libor 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%

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

1.0% 0.0% I I

23

I 5

I 7

I 10

30yr Avg 15yr Avg Today (9/25/12)

I 30

Libor 09/25/12

1 month 22 bps

3 month 37 bps

6 month 65 bps

UST 2yr 3yr 5yr 7yr 10yr 30yr 09/25/12 0.26% 0.39% 0.65% 1.08% 1.71% 2.90%

10 Year US Swap Rates
9/25/12 1.73%
2.50% 2.00% 1.50%
1.00%

10 Year US Treasury
9/25/12 1.71%
2.50% 2.00%

1.50%
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

9/25/12 A 2.56% BBB 3.56%

9/25/12 A 81 bps BBB 181 bps

S&P/LSTA Leveraged Loan Index
9/25/12 96.39%
98.00

Average Junk-Bond Yield
96.00 94.00
92.00

9/25/12 6.59 %

9.25%

8.75% 8.25%
7.75%

7.25%
6.75%

90.00 88.00

6.25%

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 39 September 25, 2012

Whitehall
Type Snr Notes

Date Issuer 9/21 Questrar Gas Co

SELECT US PRIVATE PLACEMENTS
$mm $150 Years 12 15 $100 12/10avg $750 Spread Coupon 120bps 2.98% 150bps 3.28% 248bps 3.95% 4.15% N/A 4.30% 2.19% 2.72% 3.34% 3.25% 3.49% 3.74% 1 2

Rating 1

Sector Energy Consumer, Cyclical Consumer, Non-Cyclical

Country USA USA UK

9/21 International Speedway Snr Notes Corp 9/21 Rexam PLC Snr Notes

9/21 Mars Inc

10 235bps €10 MS+192bps 12/10avg 250bps Snr Notes $2,000 5 150bps 7 155bps 10 155bps £10 N/A 12 170bps 15 195bps

1

Consumer, Non-Cyclical

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
Years 10 10 10 10 10 5 10 30 30 Spread Coupon 110bps 2.88% 110bps 2.88% 458bps 145bps 175bps 135bps 165bps 105bps 80bps 6.38% 3.25% 3.50% 2.00% 3.45% 4.00% 3.75% Date Issuer 9/19 Sempra Energy 9/19 Church & Dwight Co Inc 9/18 Amkor Technology Inc 9/18 Kohl's Corporation 9/18 FiServ Inc 9/18 FMC Technologies Inc Type Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes $mm $500 $400 $300 $350 $700 $800 $650 $350 Yield Rating Sector Country 2.80% Baa1/BBB+ Utilities USA 2.83% Baa2/BBB Basic Materials USA 6.39% Ba3/BB 3.15% Baa1/BBB+ Industrial Consumer, Cyclical 3.49% Baa2/BBB- Consumer, NonCyclical 1.79% Baa2/BBB Energy 3.32% 3.93% A1/A Utilities 3.70% Aa3/A+ Utilities USA USA USA USA USA USA

9/18 Duke Energy Carolinas Snr Notes 9/18 LLC Southern California Snr Notes Gas Co
Source: Bloomberg

BELOW INVESTMENT GRADE ISSUANCES
Date Issuer 9/20 General Cable Corporation 9/20 Rockwood Specialties Group 9/20 Jones Group Inc/ Apparel Group Hold 9/21 Sotheby's
Source: Bloomberg

Type Snr Notes

$mm $600

Years 10 8 7 10

Spread 400bps 325bps 446bps 357bps

Coupon Yield 5.75% 5.57% 4.63% 4.44% 6.88% 5.37% 5.25% 5.15%

Rating B1/B+ Ba2/BB Ba3/B+ Ba3/BB

Sector Industrial Basic Materials Industrial Consumer, Cyclical Sector

Country USA USA USA USA

Snr Notes $1,250 Snr Notes Snr Notes $400 $300

Date Issuer Type $mm No Select Closed Syndicated Loans This Week
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS
Months Spread Class

Rating

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 Elizabeth Morton Managing Director (212) 205-1392 elizabeth.morton@ 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