021,725,1*

Presented by:
Volume 1, Issue 6
March 8, 2011
0$5.(76 7+( Whitehall
. &   C o m p a n y,   L L C

FIXED  INCOME  MARKET

On-­‐The-­‐Run  US  Treasurys  (Mar  8,  2011)
Tenor   Value  (3/8/11) 5.00%  
2 2-Year 0.71% 4.00%  
3 3-Year 1.21% 3.00%  
5 5-Year 2.20% 2.00%  
7 7-Year 2.74% 1.00%  
10 10-Year 3.54% 0.00%   I I I I I I
2 3 5 7 10 30
30 30-Year 4.65%
Tenor  

10  Year  US  Swap  Rates 10  Year  US  Treasurys

4.00%   4.00%  
3/8/11 3.63% 3/8/11 3.54%
3/8/11        3.63% 3/8/11        3.54%
3.50%   3.50%  

3.00%   3.00%  

2.50%   2.50%  

2.00%   2.00%  
Jun  
Jul  
Aug  

Oct  
Nov  
Dec  
Jan  
Mar  

Sep  

Feb  
Mar  
Apr  
Jun  
Jul  
Aug  
Sep  
Oct  
Nov  
Dec  

Feb  
Jan  

May  
Mar  

Mar  
Apr  
May  

US  Yield  Curve
7.00%
30-Year Historic Avg 1981-2011
6.00%
15-Year Historic Avg 1996-2011
5.00%
4.00% Today (3/8/11)
3.00%
2.00%
1.00%
0.00% I I I I I I
23 5 7 10 30
US Treasury Bond Tenor

BANK  MARKET
US  Libor  (Mar  8,  2011)
0.80%  
Tenor Value  (3/8/11)
1-Month 0.26% 0.60%  
3-Month 0.31%
0.40%  
6-Month 0.46%
0.20%  
Jun  
Jul  
Aug  
Sep  

Nov  
Dec  
Jan  
Feb  
Oct  
May  
Mar  

Mar  
Apr  

1  Month   3  Month   6  Month  

Copyright © 2011 Whitehall & Company, LLC

Securities and Investment Banking Services offered through Madison Capital Markets Inc. Member FINRA/SIPC
www.whitehallandcompany.com
 021,725,1*
Presented by:
Volume 1, Issue 6
March 8, 2011
0$5.(76 7+( Whitehall
. &   C o m p a n y,   L L C

Recent  US  Private  Placements

Date Issuer Type $mm Tenor Spread Coupon Rating Sector Country
3/2011 Van Oord NV Snr Notes $500 8 185bps 4.84% 2 Marine/ Nether-
10 185bps 5.41% Offshore Services lands
12 185bps 5.53%
15 195bps 5.79%
3/2011 Babcock International Snr Notes $650 7 210bps 4.94% 2 Defense/ UK
Group 10 220bps 5.64% Engineering
3/2011 Baytex Energy Limited Snr Notes $150 20 305bps 6.75% 2 Energy Canada
30
3/2011 Dow Corning Snr Notes $700 7 125bps 4.13% Baa1/ Commodity/ USA
10 130bps 4.78% BBB+ Energy

Recent  US  Public  Market  New  Issues

Date Company Type $mm Tenor Spread Coupon Yield Rating Sector Country
3/2011 MEMC Electronics Snr Notes $550 8 458bps 7.75% N/A B1/BB Energy USA
Materials, Inc.
3/2011 Sand Ridge Energy, Inc. Snr Notes $900 10 405bps 7.50% N/A B3/B+ Energy USA
3/2011 Dominion Resources Snr Notes $900 3 68bps 1.80% 1.82% Baa2/A- Utilities USA
10 105bps 4.50% 4.48%
3/2011 Arcelor Mittal Snr Notes $3,000 5 170bps 3.75% 3.85% Baa3/BBB- Comm- Luxem-
10 215bps 5.50% 5.58% odities bourg
30 230bps 6.75% 6.82%
3/2011 Consolidated Energy Snr Notes $250 10 295bps 6.38% N/A B1/BB Energy USA
3/2011 Markwest Energy PartnersSnr Notes $500 10 318bps 6.50% 6.59% B1/BB- Energy USA
3/2011 Key Energy Services Snr Notes $475 10 329bps 6.75% N/A B1/BB- Energy USA
Public  and  private  market  information  is  from  sources  that  are  deemed  reliable,  but  information  has  not  been  confirmed. *Final/Average

INDUSTRIALS
Average  10  Year  US  Industrial  Yield Average  10  Year  US  Industrial  Spreads
BBB   A   BBB   A   200  bps  
5.30%  
180  bps  
5.10%  
160  bps  
4.90%  
4.70%   140  bps  

4.50%   120  bps  

4.30%   100  bps  
4.10%   80  bps  
Jul  
Aug  
Sep  
Oct  
Nov  
Dec  
Jan  
Feb  
May  
Jun  

Jun  
Jul  
Aug  
Sep  

Nov  
Dec  
Jan  
Feb  
Mar  

Mar  

Oct  
Apr  

May  
Mar  

Mar  
Apr  

Source:  Bloomberg Source:  Bloomberg

CONTACT
Jonathan  Cody   Timothy  Page   Gifford  Nowland   Gabrielle  Sullivan  
Managing  Director   Managing  Director   Analyst   Analyst  
(646)  450-­‐9750   (646)  450-­‐9751   (646)  543-­‐4443   (646)  543-­‐4404  
jp.cody@   Wmothy.page@   gifford.nowland@   gabrielle.sullivan@  
whitehallandcompany.com   whitehallandcompany.com   whitehallandcompany.com   whitehallandcompany.com  

Copyright © 2011 Whitehall & Company, LLC

Securities and Investment Banking Services offered through Madison Capital Markets Inc. Member FINRA/SIPC.
www.whitehallandcompany.com