2011

Mid-Year Review
June 30, 2011

Presented by:

Whitehall
& C o m p a n y, L L C
BASE RATES YEAR-TO-DATE

US Treasuries

US Swap Rates

01/01/11

06/30/11

bps CHG

0.60%
1.00%
2.00%
2.54%
3.33%
4.40%

0.46%
0.80%
1.76%
2.32%
3.16%
4.37%

-13.7
-20.4
-24.2
-21.4
-17.3
-2.7

2Y
3Y
5Y
7Y
10Y
30Y

Feb-11 Mar-11 Apr-11 May-11 Jun-11

06/30/11

bps CHG

0.79%
1.26%
2.17%
2.83%
3.41%
4.18%

0.70%
1.15%
2.03%
2.69%
3.28%
4.07%

-8.6
-11.5
-13.2
-14.4
-12.7
-10.8

-36

2Y
3Y
5Y
7Y
10Y
30Y

2.00
1.00

DATE

BBB

2Y

30

3Y

5Y

7Y

10Y

Jan-11

Apr-11 May-11 Jun-11

30Y

01/01/11 1.13% 1.76% 2.76% 3.61% 4.43% 5.50%

06/30/11 0.98% 1.48% 2.60% 3.46% 4.23% 5.42%
bps CHG -14.4 -27.6 -16.1 -15.2 -19.5 -7.4

A
BBB
BB

01/01/11 2.05% 2.68% 3.70% 4.42% 4.98% 5.96%

06/30/11 1.84% 2.41% 3.35% 4.10% 4.69% 5.84%
bps CHG -20.5 -27.6 -34.1 -32.0 -29.0 -12.4
01/01/11 3.31% 3.76% 4.91% 5.80% 6.42% 7.38%
06/30/11 3.52% 4.00% 5.21% 6.09% 6.94% 7.87%
bps CHG 21.1
24.0
29.9
28.7
52.9
49.0

01/01/11

06/30/11

bps CHG

4.43%
4.98%
6.42%

4.23%
4.69%
6.94%

-19.5
-29.0
52.9

Current
A

BB

Feb-11 Mar-11

BBB
BB

4.23%
4.69%
6.94%

High

Low

4.58 (04/11/11) 3.96 (06/01/11)

5.07 (04/11/11) 4.44 (06/01/11)
6.99 (06/28/11) 6.00 (06/01/11)

Average

4.28
4.76
6.31

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

Timothy Page
Managing Director
(646) 450-9751
dmothy.page@
whitehallandcompany.com

Giord Nowland
Analyst
(646) 543-4443
giord.nowland@
whitehallandcompany.com

Source: Bloomberg. No part of this publication is intened for commerical use. This market

COMMODITIES

3.00

Gabrielle Sullivan
Analyst
(646) 543-4404
gabrielle.sullivan@
whitehallandcompany.com

CURRENCIES

Yield %

Yield %

4.00

US EQUITY

6.90
6.65
6.40
6.15
5.90
5.65
5.40
5.15
4.90
4.65
4.40
4.15
3.90

5.00

10

22

-26

17
Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11

01/01/11

06/30/11

bps CHG

19.0
26.0
16.2
29.3
7.2
-21.7

24.1
35.0
27.2
36.3
11.8
-29.8

5.1
8.9
11.1
7.1
4.6
-8.1

Dow Jones

6.00

27

US 1 Month Libor
US 3 Month Libor
US 6 Month Libor

01/01/11

06/30/11

26.1
30.3
45.6

18.6
24.6
39.8

bps CHG
-7.5
-5.7
-5.8

INDICIES AND INDICATORS

7.00

32

-16

10 Year US Industrial Yields

8.00

23

37

4
-6

US INDUSTRIAL CREDIT MARKET YEAR-TO-DATE

0.00 I I I I I I

14

Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11

01/01/11

US Industrial Credit Curve

42

24

bps

2Y
3Y
5Y
7Y
10Y
30Y

Jan-11

47

34

bps

Feb-11 Mar-11 Apr-11 May-11 Jun-11

LIBOR Rate

Yield %

Jan-11

US Swap Spreads

5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00

Yield %

5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00

S&P 500
NASDAQ
Brent
$US/barrel
WTI
$US/barrel
Natural Gas
$US/mmBTU
Gasoline
$US/gallon
Corn
cents/bushel
Sugar
cents/lb
Gold
$US/ozt
Silver
$US/ozt
Copper
cents/lb
Euro
/$US
Pound Sterling
/$US
Yen
$US/
Canadian Dollar
$CA/$US
Australian Dollar
$AU/$US

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

01/01/11

06/30/11

YTD %Chg

YTD High

YTD Low

11670.75

12414.34

1.94

12810.54 (04/29) 11613.30 (03/16)

1271.87

1320.64

0.04

1363.61 (04/29)

1256.88 (03/16)

2691.52

2773.52

0.03

2873.54 (04/29)

2616.48 (06/17)

94.84

112.48

0.16

126.65 (04/08)

93.33 (01/07)

91.55

95.42

0.04

113.93 (04/29)

84.32 (02/15)

4.65

4.37

-0.06

4.85 (06/08)

3.78 (03/03)

242.73

303.16

0.20

346.48 (04/29)

234.27 (01/25)

620.50

629.00

0.01

787.00 (06/10)

595.00 (01/07)

31.00

28.36

-0.09

35.31 (02/02)

20.47 (05/06)

1422.90

1502.80

0.05

1557.10 (05/02)

1318.40 (01/27)

31.10

34.81

0.11

48.58 (04/29)

26.81 (01/25)

445.15

427.20

-0.04

462.30 (02/14)

390.20 (05/11)

1.34

1.45

0.08

1.48 (05/02)

1.29 (01/07)

1.55

1.61

0.04

1.67 (04/29)

1.55 (01/06)

81.74

80.56

-0.01

85.49 (04/06)

78.89 (03/17)

0.99

0.96

-0.03

1.00 (01/28)

0.95 (04/29)

1.02

1.07

0.05

1.10 (04/29)

0.98 (03/17)

6mth Chart