Volume 3, Issue 30 August 13, 2013

Whitehall
UNITED STATES DEBT MARKET
US Libor
6 mth 3 mth 1 mth 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% 1.0% 0.0% I I 30yr Avg 15yr Avg Today (8/13/13)

US Treasury Yield Curve

23
Libor 08/13/13 1 month 18 bps 3 month 26 bps 6 month 40 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 08/13/13

10yr

30yr

0.30% 0.66% 1.37% 1.86% 2.60% 3.66%

10 Year US Swap Rates

8/13/13 2.77% 3.00% 2.50% 2.00% 1.50% 1.00% 8/13/13 2.60%

10 Year US Treasury
3.00% 2.50% 2.00% 1.50% 1.00%

Average 10 Year US Industrial Yield

4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00%

Average 10 Year US Industrial Spreads

225 bps 200 bps 175 bps 150 bps 125 bps 100 bps 75 bps 50 bps 25 bps 0 bps

8/13/13 A 3.49% BBB 4.25%

8/13/13 A 91 bps BBB 167 bps

S&P/LSTA Leveraged Loan Index

8/13/13 97.94% 99.00 98.00 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00

Average Junk-Bond Yield

8/13/13 6.35 % 8.75% 8.25% 7.75% 7.25% 6.75% 6.25% 5.75% 5.25% 4.75%

Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2013 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com

Volume 3, Issue 30 August 13, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes Snr Sec

Date
8/9 8/9

Issuer
Chesapeake Utilities Corp ClearBridge American Energy MLP Fund Inc

$mm
$70 $275

Years Spread
15(10.5avg) 15(10.5avg)d 5 7 10 12 10 12 7 7 10 12 N/A 185bps 185bps 185bps 200bps 200bps 215bps 145bps FRN 145bps 160bps

Coupon
3.73% 3.80% N/A

Rating
1 1

Sector
Utilities Financial

Country
USA USA

8/9 8/9

Orica Ltd Woodward Inc

Snr Notes Snr Notes

$415 $250

4.59% 4.74% 3.42% L+125bps 4.03% 4.18%

2 2

Basic Materials Industrial

Australia USA

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

SELECT INVESTMENT GRADE ISSUANCES

Date
8/8 8/8 8/7

US PUBLIC MARKET ISSUANCES

$mm
$1,050 $1,000 $3,750

Issuer
Boston Scientific Corp Procter & Gamble Co Shell International Finance BV Total Capital International SA Total Capital SA Alpek SA de CV

Type
Snr Notes Snr Notes Snr Notes

Years Spread
5 10 10 5 10 30 3 5 10 5 10 130bps 155bps 60bps 55bps 83bps 92bps 50bps FRN 110bps 75bps 274bps

Coupon

Rating

Sector

Country
USA USA Netherlands

2.65% Baa3/BBB- Consumer, Non4.13% Cyclical 3.10% Aa3/AAConsumer, NonCyclical 1.90% Aa1/AA Energy 3.40% 4.55% 1.00% L+57bps 3.70% Aa1/AAEnergy

8/5

Snr Notes

$2,000

France

8/5 8/5

Snr Notes Snr Notes

$1,000 $300

2.13% Aa1/AA5.38% Baa3/BBB-

Energy Basic Materials

France Mexico

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date
8/8 8/7 8/6

Issuer
Iron Mountain Inc Hospira Inc Endeavor Energy LP

Type
Snr Notes Snr Notes Snr Notes

$mm
$600 $700 $250

Years Spread
10 7 10 8 341bps 325bps 325bps 471bps

Coupon
6.00%

Rating
Ba1/BB-

Sector
Consumer, NonCyclical Consumer, NonCyclical Energy

Country
USA USA USA

5.20% Ba1/BBB5.80% 7.00% B3/B+

Resources Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date
8/6 8/6

Issuer
Johnson Controls Inc Valeant Pharmaceuticals International Inc Revlon Consumer Products Corp

Type
Revolver Term Term Term

$mm
$2,500 $850 $3,200 $1,375

Months
60 32 84 72

Spread
L+101bps L+225bps L+375bps L+300bps

Rating
Baa1/BBB+ BB-

Sector
Consumer, Cyclical Consumer, Non-Cyclical

8/3

B+

Consumer, Non-Cyclical

Source: Bloomberg

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 Oliver Langel Managing Director (212) 205-1386 oliver.langel@ whitehallandcompany.com Vincas Snipas Managing Director (212) 205-1385 vincas.snipas@ whitehallandcompany.com Susan Vick Managing Director (212) 205-1398 susan.vick@ whitehallandcompany.com Brian Burchfield Director (212) 205-1395 brian.burchfield@ whitehallandcompany.com

Natalia Kotlyarchuk Vice President (212) 205-1396 natalia.kotlyarchuk@ 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 blaine.burke@ whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2013 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com