Volume 1, Issue 20 June 13, 2011

US  Libor

US  DEBT  MARKET*
"1  mth"   "3  mth"   "6  mth"  

.

Whitehall &   C o m p a n y,   L L C

Presented by:

US  Treasury  Yield  Curve

Jun  

Mar  

Nov  

Aug  

Dec  

Apr  

Oct  

Libor 06/13/11

1mth 19  bps

3mth 25  bps

6mth 39  bps

May  

Sep  

Feb  

Jun  

Jan  

Jul  

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 2

Today  (6/13/11)   15yr  Avg  

I I 3 5

I I 7 10

30yr  Avg  

I 30

UST 2yr 06/13/11 0.39%
4.00%  

3yr 0.79%

5yr 1.58%

7yr 2.14%

10yr 2.99%

30yr 4.21%
4.00%  

10  Year  US  Swap  Rates
6/13/11        3.10%  

10  Year  US  Treasury
6/13/11        2.99%   3.50%   3.00%   2.50%   3.50%   3.00%   2.50%  

6/13/11        3.10% 6/13/11        2.99%

Jul  

Aug  

Sep  

Nov  

May  

Dec  

Feb  

Oct  

Jan  

Average  10  Year  US  Industrial  Yield
6/13/11                             A:  4.07%                 BBB:  4.56%  

May  

Average  10  Year  US  Industrial  Spreads
5.50%   5.00%   4.50%   4.00%   6/13/11                             A:  110  bps                   BBB:  159  bps  

May   Jun  

Jun  

Mar  

Jun  

Aug  

Sep  

Nov  

Dec  

Feb  

Oct  

Jun  

Jul  

Mar  

Apr  

Apr   BBB   May   May  

Jan  

2.00%  

2.00%  

A  

BBB  

A  

6/13/11                            A:  4.07%                BBB:  4.56% 6/13/11                            A:  110  bps                  BBB:  159  bps
Jun   Aug   Oct   Nov   Dec   Sep   Mar   Feb   Apr   May   Jun   Jul   Jan  

Jun  

Aug  

Oct  

Nov  

Dec  

Mar  

Sep  

Feb  

S&P/LSTA  Leveraged  Loan  Index
6/13/11   6/13/11        95  bps      95  bps  

Average  Junk-­‐Bond  Yield
98  bps   96  bps   94  bps   92  bps   90  bps   88  bps   86  bps   6/13/11        7.45  %  

Apr  

6/13/11        7.45  %

Jun  

Aug  

Oct  

Nov  

Dec  

Mar  

Sep  

Feb  

Apr  

May  

Jun  

Jan  

Jul  

Jul  

Aug  

Sep  

Nov  

Dec  

Feb  

Oct  

Jun  

Jan  

Mar  

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

Apr  

Jun  

Jan  

Jul  

3.50%  

190  bps   175  bps   160  bps   145  bps   130  bps   115  bps   100  bps   85  bps  

9.50%   9.00%   8.50%   8.00%   7.50%   7.00%  

Volume 1, Issue 20 June 13, 2011

Date

Issuer

Type

Select  US  Private  Placements
$mm Tenor  (yr) Spread Coupon
$120 $430 $325 $300 $115 5 5 20/12 5 7 10 10/7 12/10 6.25 8.5 N/A 120bps 140bps 145bps 145bps 145bps 215bps 215bps 215bps 5.00% N/A N/A N/A 4.50% 4.92%

.

Whitehall &   C o m p a n y,   L L C
Rating
N/A 1 2 2 2

Presented by:

Sector
Consumer, Cyclical Utility Energy Industrial Financial

Country
USA USA USA USA USA

6/10 Air Lease Corp 6/10 Golden Spread Electric Cooperative 6/10 Electricity Transmission Texas LLP 6/10 Triton Container 6/10 Essex Property Trust, Inc.

Snr Notes FMB Snr Notes Snr Notes Snr Notes

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

Select  US  Public  Market  New  Issues
Type $mm

Date
6/8 6/9

Company
Citigroup Inc CenturyLink Inc

Investment  Grade  Issuance
Tenor  (yr) Spread

Coupon

Yield

Rating

Sector

Country
USA USA

Snr Notes Snr Notes

$1,880 $2,400

6/7 6/6

Met Life Global Florida Power & Light

Snr Notes FMB

$1,150 $250

5 200bps 3.95% 6 360bps 5.15% 10 350bps 6.45% 28 380bps 7.60% 1 FRN L+12.5bps 7 137.5bps 3.65% 30 87bps 5.13%

3.550% A3/A Financial 5.061% Baa3/ Communi6.476% BB cations 7.725% N/A Aa3 Financial 5.090% Aa3/ AAUtility

USA USA

Source:  Bloomberg

Date
6/9 6/8 6/8 6/7 6/6

Company
Basic Energy Service Arch Coal Inc Kia Motors Corp Fiserv Inc

Type
Company Guarantee Company Guarantee Snr Notes Company Guarantee

Below  Investment  Grade  Issuance
$mm Tenor  (yr) Spread Coupon
$440 $475 $1,000 $500 $1,000 10 8 8 5 5 10 134bps 513bps 455bps 208bps 155bps 180bps 4.50% 7.75% 7.00% 3.63% 3.13% 4.75%

Yield

Rating

Sector
Energy Energy Energy

Country
USA USA USA

Texas Gas Transmission Snr Notes

4.177% Baa1/ BBB 7.420% B3/B6.860% B1/B+

3.553% Baa2/ Consumer, South Korea BBB Cyclical 3.068% Baa2/ Technology USA 4.720% BBB-

Source:  Bloomberg

Select  Closed  Syndicated  Loans
Issuer Type
Unsec First Lien Unsec First Lien

Date
6/9 6/8 6/7 6/6

$mm
$1,265 $175 $450 $75 $285

Oglethorpe Power Corp Flint Energy Services Ltd Ensco PLC Valitas Health Services Inc

Tenor   (mth)

Spread
N/A N/A N/A L+450bps L+450bps

Class
Revolver Revolver Revolver Revolver Term Loan

48 48 12 60 72

A/Baa2 BBBBB+ N/A

Issuer   Rating

Sector
Energy Energy Financial Consumer, Non-Cyc

Source:  Bloomberg Source:  Bloomberg

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

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

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

CONTACT  

Gifford  Nowland   Analyst   (646)  543-­‐4443   gifford.nowland@   whitehallandcompany.com  

Gabrielle  Sullivan   Analyst   (646)  543-­‐4404   gabrielle.sullivan@   whitehallandcompany.com