Volume 1, Issue 29 August 16, 2011

US Libor

US DEBT MARKET*
"1 mth" "3 mth" "6 mth"

Whitehall & C o m p a n y, L L C

Presented by:

70 bps

US Treasury Yield Curve

Jun

Mar

Nov

Aug

Dec

Apr

Oct

Jan

Libor 08/16/11

1mth 21 bps

3mth 29 bps

6mth 46 bps

May

Aug

Sep

Feb

7.00% 60 bps 6.00% 50 bps 5.00% 40 bps 4.00% 30 bps 3.00% 2.00% 20 bps 1.00% 10 bps 0.00% I I 2 3

Today (8/16/11) 15yr Avg 30yr Avg

I 5

I 7

I 10

I 30

Jul

UST 2yr 08/16/11 0.19%

4.00% 3.50% 3.00% 2.50%

3yr 0.46%

5yr 0.99%

7yr 1.52%

10yr 2.31%

30yr 3.77%
4.00% 3.50% 3.00% 2.50%

10 Year US Swap Rates

8/16/11 2.45%

10 Year US Treasury
8/16/11 2.31%

8/16/11 2.45% 8/16/11 2.31%

Aug

Jul BBB Jul Jul

Nov

May

Mar

Aug

Nov

Aug

Dec

Mar

Average 10 Year US Industrial Yield

8/16/11 A: 3.68% BBB: 4.13%

May

Average 10 Year US Industrial Spreads

5.00% 4.50% 4.00% 3.50% 8/16/11 A: 112 bps BBB: 157 bps

BBB

Aug Aug

Sep

Dec

Feb

Oct

Jan

Jun

Sep

Feb

Oct

Apr

Apr

Jan

Jun

Jul

2.00%

2.00%

8/16/11 A: 3.68% BBB: 4.13% 8/16/11 A: 112 bps BBB: 157 bps
Jun Aug Jul Nov Mar May Aug Oct Dec Sep Jan Feb Apr

Aug

Jun

Nov

Mar

S&P/LSTA Leveraged Loan Index

8/16/11 90.06 8/16/11 90.06 8/16/11 8.27 %
97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00 89.00

Average Junk-Bond Yield

May

8/16/11 8.27 %

Aug

Jun

Nov

Mar

May

Aug

Oct

Dec

Sep

Jan

Feb

Apr

Jul

Aug

Sep

Nov

Dec

Feb

Oct

Jan

Mar

Apr

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. *Source: Bloomberg Copyright 2011 Whitehall & Company, LLC www.whitehallandcompany.com

May

Jun

Aug

Oct

Dec

Sep

Jan

Feb

Apr

190 bps 175 bps 160 bps 145 bps 130 bps 115 bps 100 bps 85 bps

8.80% 8.60% 8.40% 8.20% 8.00% 7.80% 7.60% 7.40% 7.20% 7.00%

Volume 1, Issue 29 August 16, 2011

Date Issuer
8/12 Peoples Gas and Light & Coke Co

Type
FMB

Select US Private Placements

$mm Tenor (yr) Spread
$50 5

Whitehall & C o m p a n y, L L C
Sector
Utiltiy 1

Presented by:

Coupon

Rating

Country
USA

105bps

2.21%

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

Select US Public Market New Issues

Investment Grade Issuance
Date Issuer
8/10 Transcont Gas Pipe Corporation 8/10 Enterprise Products Operators 8/10 Baker Hughes Inc 8/10 Procter & Gamble Co 8/10 Public Service Electric & Gas 8/10 Dominion Resources Inc 8/10 Wellpoint Inc 8/9 8/8

Type
Snr Unsec Notes Company Guarantee Snr Notes Snr Notes Secured

$mm Tenor (yr) Spread

$375 $1,250 $750 $2,000 $250 $450 $1,100 $2,100 $2,000 30 10 30 10 3 5 3 5 6 10 5 10 3 5 10 195bps 200bps 225bps 108bps 52bps 67bps 57bps 105bps 155bps 160bps 115bps 130bps FRN 130bps 160bps

Coupon
5.40% 4.05% 5.70% 3.20% 0.70% 1.45% 0.85% 1.95% 2.38% 3.70% 2.25% 3.60% L+70bps 2.20% 3.75%

Yield

Rating

Sector
Energy Energy Energy Consumer, Non-Cyclical Utility Utility Consumer, Non Cyclical Technology Financial

Country
USA USA USA USA USA USA USA USA USA

5.587% Baa2/BBB4.107% Baa3/BBB5.722% 3.344% A2/A 0.783% Aa3/AA1.560% 0.830% A2/A 1.946% 2.456% 3.707% 2.071% 3.476% N/A 2.208% 3.712% Baa2/ABaa1/AA3/A Aa2/AA+

Snr Unsec Notes Snr Unsec Notes Thermo Fisher Snr Unsec Notes Berkshire Hathaway Inc Snr Notes

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

Select Closed Syndicated Loans

Date Issuer
8/12 8/11 8/10 8/9 Banco Itau BBA Dubai Holding LLC Walsin Lihwa Holdings Solar Applied Materials Technology Innergex Renewable Energy

Type
Unsec Unsec Gtd Unsec Gtd Unsec

$mm
$494 $555 $460 $4 $16 $240 $350

Tenor (mth)
36 6 36 60 60 60 60

Spread
L+120bps N/A L+68bps N/A

Class
Term Term Revolver Term Term Term Revolver

Issuer Rating
BBBB N/A N/A

Sector
Financial Consumer, Cyclical Industrial Industrial

8/7

Gtd Snr Unsec

N/A

BBB-

Energy

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

Source: Bloomberg

CONTACT
Timothy Page Managing Director (646) 450-9751 Mmothy.page@ whitehallandcompany.com Giord Nowland Analyst (646) 543-4443 giord.nowland@ whitehallandcompany.com Gabrielle Sullivan Analyst (646) 543-4404 gabrielle.sullivan@ whitehallandcompany.com

Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.

Copyright 2011 Whitehall & Company, LLC www.whitehallandcompany.com