Volume 4, Issue 8 March 11, 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 (3/11/14)

US Treasury Yield Curve

23
Libor 03/11/14 1 month 16 bps 3 month 23 bps 6 month 33 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 03/11/14

10yr

30yr

0.38% 0.80% 1.64% 2.10% 2.79% 3.73%

10 Year US Swap Rates

3/11/14 2.89% 3.25% 2.75% 2.25% 1.75% 1.25% 3/11/14 2.79%

10 Year US Treasury
3.25% 2.75% 2.25% 1.75% 1.25%

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

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

3/11/14 A 3.65% BBB 4.17%

3/11/14 A 86 bps BBB 138 bps

S&P/LSTA Leveraged Loan Index

3/11/14 98.42% 99.50 99.00 98.50 98.00 97.50 97.00 96.50 96.00 95.50

Average Junk-Bond Yield

3/11/14 5.71 % 7.50% 7.00% 6.50% 6.00% 5.50% 5.00% 4.50%

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 8 March 11, 2014

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes

Date
3/7

Issuer
Meredith Corp

$mm
$150

Years Spread
10 150bps

Coupon
N/A

Rating
2

Sector
Consumer, Cyclical

Country
USA

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
3/5 3/5 3/5

Issuer
Texas Instruments Inc Hospitality Properties Trust AT&T Inc

Type
Snr Notes Snr Notes Snr Notes

$mm
$500 $350 $2,500

Years Spread
3 7 10 5 5 10 10 7 10 2 5 10 3 3 7 25bps 70bps 200bps FRN 77bps 125bps 218bps 175bps 105bps FRN 95bps 125bps FRN 50bps 83bps

Coupon

Rating

Sector
Technology Financial Communications

Country
USA USA USA

0.88% A1/A+ 2.75% 4.65% Baa2/BBBL+67bps 2.30% 3.90% 4.88% 3.88% 3.63% L+1bps A3/A-

3/4 3/4 3/4 3/4 3/3 3/3

Access Midstream Partners LP Air Lease Corp Potash Corp of Saskatchewan Inc The Coca-Cola Co J.B. Hunt Transport Services Inc Daimler Finance North America LLC

Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes Snr Notes

$750 $500 $750 $1,000 $500 $2,150

Ba2/BB BBBA3/AAa3/AA-

Energy Financial Basic Materials

USA USA Canada USA USA USA

Consumer, NonCyclical 2.40% Baa1/BBB+ Industrial 3.85% L+35bps A3/AConsumer, 1.13% Cyclical 2.88%

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date
3/6 3/4 3/4 PHI Inc AES Corp Access Midstream Partners LP

Issuer

Type
Snr Notes Snr Notes Snr Notes

$mm
$500 $750 $750

Years Spread
5 10 10 368bps 282bps 218bps

Coupon
5.25% 5.50% 4.88%

Rating
B2/BBBa3/BBBa2/BB

Sector
Energy Utilities Energy

Country
USA USA USA

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date
3/5 3/4 3/4

Issuer
Public Service Co of New Mexico Freescale Semiconductor Inc Select Medical Corp

Type
Term Term Term Term

$mm
$175 $2,720 $284 $495

Months
18 72 33 51

Spread
L+95bps L+325bps L+275bps L+275bps

Rating
Baa2/BBB B2/B B3/B+

Sector
Utilities Technology Consumer, Non-Cyclical

Source: Bloomberg

CONTACT WHITEHALL
Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com Vincas Snipas Susan Vick Timothy Page Oliver Langel Roland DaCosta Managing Director Managing Director Managing Director Managing Director Managing Director (212) 205-1385 (212) 205-1398 (212) 205-1399 (212) 205-1386 (212) 205-1394 vincas.snipas@ susan.vick@ timothy.page@ oliver.langel@ roland.dacosta@ whitehallandcompany.com 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