Volume 4, Issue 14 April 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 (4/22/14)

US Treasury Yield Curve

23
Libor 04/22/14 1 month 15 bps 3 month 23 bps 6 month 32 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 04/22/14

10yr

30yr

0.39% 0.83% 1.71% 2.10% 2.69% 3.49%

10 Year US Swap Rates

4/22/14 2.82% 3.25% 2.75% 2.25% 1.75% 1.25% 4/22/14 2.69%

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

4/22/14 A 3.43% BBB 3.83%

4/22/14 A 70 bps BBB 111 bps

S&P/LSTA Leveraged Loan Index

4/22/14 98.42% 99.50 99.00 98.50 98.00 97.50 97.00 96.50 96.00 95.50

Average Junk-Bond Yield

4/22/14 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 14 April 22, 2014

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes

Date

Issuer

$mm
$360

Years
7d(4.6avg) 10d 15d 20d 30d 7 10 12

Spread
90bps 85bps 105bps 85bps 95bps 195bps 200bps 215bps

Coupon
2.45% 3.52% 3.72% 3.93% 4.42% 4.15% 4.64% 4.79%

Rating
1

Sector
Utilities

Country
USA

4/18 Lone Star Transmission LLC

4/18 Brookfield Rail

Snr Notes

$485

Industrial

Australia

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 Snr Notes Snr Notes

$mm
$750 $400 $2,500

Years
10 5 3 10 30 30 7 30 3 5

Spread
340bps 115bps 17bps 73bps 90bps 82bps 105bps 82bps 100bps 110bps

Coupon
2.63% 1.00% 3.30% 4.30% 4.30%

Rating
Baa3 Aa2

Sector
Basic Materials Financial Consumer, NonCyclical Utilities Financial Utilities Communications

Country
Brazil USA USA

4/16 Braskem Finance Ltd 4/15 BioMed Realty LP 4/15 Wal-Mart Stores Inc

6.45% Baa3/BBB-

4/14 Connecticut Light & Power Co 4/14 Kimco Realty Corp 4/14 Connecticut Light & Power Co 4/14 KT Corp
Source: Bloomberg

Snr Sec Snr Notes Snr Sec Snr Notes

$250 $500 $250 $1,000

A2/A

USA USA USA Korea

3.20% Baa1/BBB+ 4.30% 1.75% 2.63% A2/A Baa1

SELECT BELOW INVESTMENT GRADE ISSUANCES

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

$mm
$900 $500 $650 $1,250 $700

Years
8 7 8 8 8

Spread
382bps 421bps N/A 313bps 333bps

Coupon
6.25% 7.00% 6.00% 5.50% 5.75%

Rating
B3/CCC+ B3/B B3/CCC+ B1/BB B1/BB

Sector
Energy Energy Energy Energy Communications

Country
USA USA USA USA USA

4/16 Rice Energy Inc 4/16 Endeavor Energy Resources LP 4/16 Athlon Holdings LP 4/16 Denbury Resources Inc 4/14 Time Inc
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date
Source: Bloomberg

Issuer

Type

$mm

Months

Spread

Rating

Sector

No select closed syndicated loans last 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