Volume 4, Issue 2 January 22, 2014

Whitehall
UNITED STATES DEBT MARKET
US Libor
6 mth 3 mth 1 mth 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 (1/22/14)

US Treasury Yield Curve

23
Libor 01/22/14 1 month 16 bps 3 month 24 bps 6 month 33 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 01/22/14

10yr

30yr

0.38% 0.80% 1.64% 2.11% 2.83% 3.74%

10 Year US Swap Rates

1/22/14 2.93% 3.00% 2.50% 2.00% 1.50% 1.00% 1/22/14 2.83%

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

1/22/14 A 3.67% BBB 4.38%

1/22/14 A 85 bps BBB 156 bps

S&P/LSTA Leveraged Loan Index

1/22/14 98.65% 99.25 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25

Average Junk-Bond Yield

1/22/14 5.83 % 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 2014 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com

Volume 4, Issue 2 January 22, 2014

Whitehall
SELECT US PRIVATE PLACEMENTS
Type $mm Years Spread Coupon Rating Sector Country

Date

Issuer

No Select US Private Placements This Week

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

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date Issuer Type
Snr Notes

$mm
$1,000

Years Spread
5 20bps

Coupon Rating
1.75% Aa1/AA-

Sector
Industrial

Country
United Kingdom

1/16 Network Rail Infrastructure Finance PLC 1/14 John Deere Capital Corp 1/13 One Gas Inc

Snr Notes Snr Notes

$500 $1,200

3 5 10 30 10 30

33bps 48bps 78bps 88bps 135bps 155bps

1.05% 2.07% 3.61% 4.66% 3.88% 5.25%

A2/A A2/A-

Industrial Energy

USA USA

1/13 Coca-Cola Femsa SAB de CV

Source: Bloomberg

Snr Notes

$1,500

A2

Consumer, NonCyclical

Mexico

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Notes Snr Sec Snr Notes Snr Notes Snr Notes

$mm
$600 $760 $800 $500 $450

Years Spread
10 5 8 10 7 8 415bps 536bps 268bps 277bps 465bps 317bps

Coupon Rating
7.00% 7.00% 5.25% 5.63% 8.25% 5.63% B2/BB B3/B B1/BBB3/B+ B2/B

Sector
Consumer, Cyclical Industrial Communications Consumer, Cyclical Energy

Country
Sweden USA USA Canada USA

1/17 Stena AB 1/16 Blueline Rental Finance Corp 1/16 CBS Outdoor Americas Capital 1/15 Masonite International Corp 1/13 Laredo Petroleum Inc
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Revolver Term Term Term Term

$mm
$75 $505 $75 $170 $80

Months
84 84 96 72 78

Spread
NA L+375bps L+750bps L+650bps L+1025bps

Rating
B

Sector
Industrial

1/15 WTG Holdings III Corp

1/13 North Atlantic Trading Co Inc

Source: Bloomberg

B3/B-

Consumer, Non-Cyclical

CONTACT WHITEHALL
Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com Timothy Page Managing Director (212) 205-1399 timothy.page@ whitehallandcompany.com Vincas Snipas Susan Vick Oliver Langel Roland DaCosta Managing Director Managing Director Managing Director Managing Director (212) 205-1385 (212) 205-1398 (212) 205-1386 (212) 205-1394 vincas.snipas@ susan.vick@ roland.dacosta@ oliver.langel@ whitehallandcompany.com whitehallandcompany.com whitehallandcompany.com whitehallandcompany.com Blaine Burke Nicholas Page Natalia Kotlyarchuk Gabrielle Sullivan Analyst Associate Vice President Analyst (212) 205-1382 (212) 205-1389 (212) 205-1396 (212) 205-1383 blaine.burke@ nicholas.page@ natalia.kotlyarchuk@ gabrielle.sullivan@ whitehallandcompany.com whitehallandcompany.com whitehallandcompany.com whitehallandcompany.com Brian Burchfield Director (212) 205-1395 brian.burchfield@ whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2014 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com