Volume 3, Issue 4 February 5, 2013

Whitehall.
UNITED STATES DEBT MARKET
US Libor
"6 mth" "3 mth" "1 mth"

US Treasury Yield Curve

90 bps 80 bps 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 (2/5/13)

23
Libor 02/05/13 1 month 20 bps 3 month 30 bps 6 month 47 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 02/05/13

10yr

30yr

0.26% 0.47% 0.88% 1.32% 1.99% 3.17%

10 Year US Swap Rates

2/5/13 2.06%
2.50%

10 Year US Treasury
2/5/13 1.99% 2.50%

2.00%

2.00%

1.50%

1.50%

1.00%

1.00%

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

250 bps 225 bps 200 bps 175 bps 150 bps 125 bps 100 bps 75 bps 50 bps 25 bps 0 bps

2/5/13 A 2.87% BBB 3.79%

2/5/13 A 92 bps BBB 184 bps

S&P/LSTA Leveraged Loan Index

2/5/13 97.65%

Average Junk-Bond Yield

99.00 98.00 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00
2/5/13 5.94 % 9.00%

8.50%
8.00%

7.50%
7.00%

6.50% 6.00% 5.50%

Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2012 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 398-1401 Fax: (212) 398-1411 www.whitehallandcompany.com

Volume 3, Issue 4 February 5, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type Snr Sec Snr Sec $mm $70 $350 Years 7.5 5 7 10 12 Spread 200bps 315bps 315bps 315bps 330bps Coupon N/A 4.03% 4.53% 5.14% 5.29% Rating 2 2 Sector Energy Industrial Country USA UK

Date Issuer 2/1 River Bend Fuel Services 2/1 Blafour Beatty plc

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

SELECT US PUBLIC MARKET ISSUANCES

INVESTMENT GRADE ISSUANCES
Date Issuer Type 1/31 Yale-New Haven Hospital Snr Notes Inc 1/31 Carnival Corp 1/30 Air Products and Chemicals Inc 1/29 FMR LLC 1/28 General Mills Inc Snr Notes Snr Notes Snr Notes Snr Notes $mm $132 $500 $400 $700 $1,000 Years 30 3 10 20 30 3 3 30 Spread 120bps 80bps 78bps 180bps 200bps FRN 45bps 105bps Coupon 4.37% 1.20% 2.75% 4.95% 5.15% L+30bps 4.15% 6.00% Rating Aa3 A3/BBB+ A2/A A2/A+ Baa1/BBB+ Sector Consumer, NonCyclical Consumer, NonCyclical Basic Materials Financial Consumer, NonCyclical Country USA Panama USA USA USA

Source: Bloomberg

BELOW INVESTMENT GRADE ISSUANCES

Date Issuer 1/18 Gibraltar Industries Inc 2/1 NCL Corp Ltd 1/30 DR Horton Inc Type Snr Notes Snr Notes Snr Notes $mm $210 $300 $700 $630 $800 $1,500 $500 $600 Years 8 5 5 10 10 5 10 8 8 10 Spread 481bps 425bps 275bps 276bps 353bps 300bps 324bps 406bps 379bps 187.5bps Coupon 6.25% 5.00% 3.63% 4.75% 7.00% 4.13% 4.75% 5.63% 5.38% 3.85% Rating B2/BBB3/BBBa2/BBB3/B+ Ba3/BBBa3/BB+ Ba3/BBBa1/BBBSector Industrial Consumer, Cyclical Consumer, Cyclical Industrial Consumer, Cyclical Energy Consumer, Cyclical Consumer, Cyclical Country USA Bermuda USA USA USA USA USA USA

1/30 H&E Equipment Services Snr Notes Inc 1/30 Lennar Corp Snr Notes 1/29 Sabine Pass Liquefaction Snr Sec 1/29 Netflix Inc Snr Notes 1/28 Mohawk Industries Inc Snr Notes
Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date Issuer 1/31 DigitalGlobe Inc 1/30 Alcatel-Lucent USA Inc 1/28 Tesero Corp 1/28 Michael Stores Inc
Source: Bloomberg

Type Revolver Term Term Term Term Term

$mm Months $150 60 $550 84 $500 36 $1750 72 $500 36 $1,640 84

Spread L+500bps L+275bps L+525bps L+625bps L+225bps L+275bps

Rating BB B BB+ B

Sector Industrial Communications Energy Consumer, Cyclical

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

Elizabeth Morton Director (212) 205-1392 elizabeth.morton@ whitehallandcompany.com

Blaine Burke Analyst (212) 205-1382
gabrielle.sullivan@ whitehallandcompany.com

Anthony Candela CFO (212) 205-1380

anthony.candellsrc@ whitehallandcompany.com

Rosanna Candela Treasurer (212) 205-1380

rosanna.candela@ whitehallandcompany.com

NIcholas Page Associate (212) 205-1389

nicholas.page@ whitehallandcompany.com

Gabrielle Sullivan Analyst (212) 205-1383

gabrielle.sullivan@ whitehallandcompany.com

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

Copyright 2012 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com