021,725,1*

Presented by:
Volume 1, Issue 14
May 2, 2011
0$5.(76 7+( Whitehall
. &   C o m p a n y,   L L C

FIXED  INCOME  MARKET

On-­‐The-­‐Run  US  Treasurys  (May  2,  2011)
Tenor   Value  (5/2/11) 5.00%  
2 2-Year 0.61% 4.00%  
3 3-Year 1.06% 3.00%  
5 5-Year 1.97% 2.00%  
7 7-Year 2.49% 1.00%  
10 10-Year 3.28% 0.00%   I I I I I I
2 3 5 7 10 30
30 30-Year 4.38%
Tenor  

10  Year  US  Swap  Rates 10  Year  US  Treasurys

4.00%   4.00%  
5/2/11 3.35% 5/2/11 3.28%
5/2/11        3.35% 5/2/11        3.28%
3.50%   3.50%  

3.00%   3.00%  

2.50%   2.50%  

2.00%   2.00%  
Jun  
Jul  
Aug  
Sep  
Oct  
Nov  
Dec  

Feb  
Jan  

Mar  
Apr  
May  
Jul  
Aug  
Sep  
Oct  
Nov  
Dec  
Jan  
Feb  
May  
Jun  

Mar  
Apr  

US  Yield  Curve
7.00%
30-Year Historic Avg 1981-2011
6.00%
15-Year Historic Avg 1996-2011
5.00%
4.00% Today (5/2/11)
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  (May  2,  2011)
0.80%  
Tenor Value  (5/2/11)
1-Month 0.21% 0.60%  
3-Month 0.27%
0.40%  
6-Month 0.43%
0.20%  
Jun  
Jul  
Aug  
Sep  
Oct  
Nov  
Dec  
Jan  
Feb  
Apr  
May  

Mar  

1  Month   3  Month   6  Month  

Copyright © 2011 Whitehall & Company, LLC

www.whitehallandcompany.com
 021,725,1*
Presented by:
Volume 1, Issue 14
May 2, 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
4/2011 Central Maine Power FMB $250 10 85bps 4.20% 1 Energy Spain
30 125bps 5.68%
4/2011 One Steele Limited Snr $200 7 230bps N/A 2 Basic Materials Australia
Notes 10 230bps
12 240bps/10y

Recent  US  Public  Market  New  Issues

Date Company Type $mm Tenor Spread Coupon Yield Rating Sector Country
4/2011 Colgate-Palmolive Snr $500 3 30bps 1.25% 1.250% Aa3/AA- Consumer, USA
Company Notes 6 77bps 2.63% 2.672% Non-Cyc
4/2011 Xinergy Corp Snr $200 8 630bps 9.25% N/A Caa1/B- Energy USA
Notes
4/2011 Indo Energy Finance Snr $115 7 430bps 7.00% 6.560% B1/B+ Energy Indonesia
Notes
4/2011 Iasis Healthcare Snr $850 8 550bps 8.38% 8.180% Caa1/ Consumer, USA
Notes CCC+ Non-Cyc
4/2011 Building Material Corp Snr $1,010 10 358bps 6.75% 6.750% Ba3/ Industrial USA
Notes BB+
4/2011 Felcor Escrow Snr $525 8 377bps 6.75% 6.698% B2/B- Financial USA
Notes
4/2011 Sanmina-Sci Corp Snr $500 8 403bps 7.00% 6.928% B1/B Industrial USA
Notes
4/2011 AT&T Snr $3,000 5 97bps 2.95% 2.933% A2/A- Communic- USA
Notes 10 115bps 4.45% 4.415% ations
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   5.50%   BBB   A   190  bps  
5.25%   175  bps  
5.00%   160  bps  
4.75%   145  bps  
4.50%  
130  bps  
4.25%  
4.00%   115  bps  
3.75%   100  bps  
3.50%   85  bps  
Jul  
Aug  
Sep  
Oct  
Nov  
Dec  
Jan  
Feb  
May  
Jun  

Jun  
Jul  
Aug  
Sep  

Nov  
Dec  
Jan  
Feb  
Mar  

Oct  
Apr  

Apr  

May  

Mar  
Apr  

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

www.whitehallandcompany.com