Volume 1, Issue 40 November 1, 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 11/01/11

1mth 25 bps

3mth 43 bps

6mth 62 bps

Nov

Dec

Jan

Aug

Feb

Sep

I 5

I 7

I 10

Jul

Today (11/1/11) 15yr Avg 30yr Avg I 30

UST 2yr 11/01/11 0.25%

3yr 0.49%

5yr 0.98%

7yr 1.44%

10yr 2.13%

30yr 3.14%

10 Year US Swap Rates

11/1/11 2.29% 3.80% 3.30% 2.80% 2.30%

10 Year US Treasury
11/1/11 2.13% 3.60% 3.10% 2.60% 2.10%

11/1/11 2.29% 11/1/11 2.13%

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

11/1/11 A A: 144 bps BBB: 229 bps

Nov Nov Nov

Dec

Jan

Jun

Feb

Sep

Dec

Oct

Apr

Apr

Jan

Jun

Jul

1.80%

1.60%

BBB

11/1/11 A: 3.66% BBB: 4.51% 11/1/11 11/1/11 A: 3 .66% A: 144 bps BBB: 229 bps
BBB: 4.51%

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

11/1/11 92.26 11/1/11 7.83 %
11/1/11 92.26 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% 11/1/11 7.83 % 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 40 November 1, 2011

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Select US Private Placements
Type
Snr Notes Snr Notes

Whitehall & C o m p a n y, L L C
Sector
Consumer, Cyclical Basic Materials 2 2 Italy UK

Presented by:

Date Issuer
10/28 Luxottica Group SpA 10/28 RPC Group plc

$mm Tenor (yr)

$350 $300

Spread Coupon Rating

4.35% N/A

Country

10/28 Chugach Electric Association

FMB

$250

10 220bps 7 250bps 10 250bps 7 250bps 10 250bps 20/10.7 170bps/10yr 20/15.7 210bps/10yr 30/20.7 190bps/ICUR

4.01% 4.41% 4.78%

Utilities

United States

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

Select US Public Market New Issues

Investment Grade Issuance
$mm Tenor (yr)
$4,600 3 5 10 30 10 5 10 3 10 30

Date Issuer
10/27 Verizon Communication Inc

Type
Snr Notes

Spread Coupon
75bps 95bps 120bps 137.5bps 167bps 107bps 117bps 40bps 62.5bps 145bps 3.87% 2.00% 3.50% 4.75% 3.88% 2.25% 3.56% 0.86% 2.90% 4.75%

Yield Rating
1.208% A3/A2.123% 3.565% 4.747% 3.943% A1 2.209% A2 3.516% 0.896% Aa3/A+ 3.007% 4.718% Baa3/ BBB

Sector
Communications

Country
USA

10/27 Codelco Inc 10/27 BP Capital plc 10/27 IBM Corporation 10/27 CSX Corp
Source: Bloomberg

Snr Notes

$1,150

Company $2,000 Guarantee Snr Notes $1,850 Snr Notes $600

Basic Materials Energy Technolgy Industrial

Chile UK USA USA

Below Investment Grade Issuance

Date Issuer
10/28 Ford Motor Credit 10/27 Acadia Health 10/26 Atlantic Power 10/25 Chesapeake Oil Op/Fin
Source: Bloomberg

Type
Snr Notes Snr Notes Snr Notes Company Guarantee

$mm Tenor (yr)

$1,250 $150 $460 $650 4 7 7 8

Spread Coupon
N/A 3.88%

Yield Rating
3.835% Ba1/ BB+ B3 B1 Ba3/ BB+

Sector
Financial Consumer, Non-Cyc Utilities Energy

Country
USA USA Canada USA

12.88% 12.847% 784bps 482bps 9.00% 6.63% 8.999% 6.453%

Select Closed Syndicated Loans

Type $mm
$2,250 $1,750 $500 $900

Date Issuer
10/27 10/27 10/26 10/25 Consolidated Edison of New York Kimco Realty Corp

Tenor
60 48 60 48

Spread
N/A L+105bps L+200bps L+122.5bps

Class
Revolver Revolver Term Revolver

Issuer
A-/A3 BBB+ BBB BBB

Sector
Utilities Financial Financial Financial

Unsec Unsec CommonWealth REIT Unsec UDR Inc Unsec

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