Volume 4, Issue 12 April 8, 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 (4/8/14)

US Treasury Yield Curve

23
Libor 04/08/14 1 month 15 bps 3 month 23 bps 6 month 33 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 04/08/14

10yr

30yr

0.40% 0.82% 1.67% 2.08% 2.70% 3.57%

10 Year US Swap Rates

4/8/14 2.82% 3.25% 2.75% 2.25% 1.75% 1.25% 4/8/14 2.70%

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

4/8/14 A 3.53% BBB 4.03%

4/8/14 A 81 bps BBB 131 bps

S&P/LSTA Leveraged Loan Index

4/8/14 98.63% 99.50 99.00 98.50 98.00 97.50 97.00 96.50 96.00 95.50

Average Junk-Bond Yield

4/8/14 5.63 % 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 12 April 8, 2014

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes

Date
4/4

Issuer
Bunzl PLC

$mm
$300

Years
7 11 11d 12 12d 12d 10 12

Spread
MS+97bps 120bps 130bps 120bps 130bps 136bps 225bps 225bps

Coupon
2.36% 4.05% 4.15% 4.09% 4.19% 4.25% 4.98% 4.98%

Rating
2

Sector
Industrial

Country
United Kingdom

4/4

STAG Industrial Inc

Snr Notes

$100

Financial

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
4/2

Issuer
Sinopec Group Overseas Development Ltd

Type
Snr Notes

$mm
$5,000

Years
3 3 5 5 10 5 11 31 10 30

Spread
FRN 90bps FRN 100bps 160bps 47bps 83bps 88bps 155bps 175bps

Coupon
L+78bps 1.75% L+92bps 2.75% 4.38% 2.40% 3.50% 4.40%

Rating
Aa3/A+

Sector
Energy

Country
China

3/31 MidAmerican Energy Co

Snr Sec

$1,200

Aa2/A

Utilities

USA

3/31 Sunoco Logistics Partners Operations LP

Source: Bloomberg

Snr Notes

$1,000

4.25% Baa3/BBB5.30%

Energy

USA

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date
4/4 4/4 4/3 4/1

Issuer
Enquest PLC NRG Energy Inc Tullow Oil PLC First Wind Capital LLC

Type
Snr Notes Snr Notes Snr Notes Snr Sec Snr Notes

$mm
$650 $1,000 $650 $275 $350

Years
8 10 8 4 8

Spread
445bps 352bps 365bps 783bps 370bps

Coupon
7.00% 6.25% 6.25% 10.25% 6.00%

Rating
B3/B B1 B1/BBB3/B B1/B

Sector
Energy Utilities Energy Energy Energy

Country
United Kingdom USA United Kingdom USA USA

3/31 Exterran Partners

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date
Source: Bloomberg

Issuer

Type

$mm

Months

Spread

Rating

Sector

No Select Closed Syndicated Loans This Week

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