Volume 3, Issue 19 May 21, 2013

Whitehall
UNITED STATES DEBT MARKET
US Libor
"6 mth" "3 mth" "1 mth" 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 (5/21/13)

US Treasury Yield Curve

23
Libor 05/21/13 1 month 20 bps 3 month 27 bps 6 month 42 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 05/21/13

10yr

30yr

0.24% 0.44% 0.84% 1.28% 1.96% 3.16%

10 Year US Swap Rates

5/21/13 2.09% 2.50%

10 Year US Treasury
5/21/13 1.96% 2.50%

2.00%

2.00%

1.50%

1.50%

1.00%

1.00%

Average 10 Year US Industrial Yield

4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00%

Average 10 Year US Industrial Spreads

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

5/21/13 2.88% A BBB 3.56%

5/21/13 A 93 bps BBB 161 bps

S&P/LSTA Leveraged Loan Index

5/21/13 98.60% 99.00 98.00 97.00 96.00 95.00 94.00 93.00 92.00 91.00 90.00

Average Junk-Bond Yield

5/21/13 5.31 % 9.00% 8.50% 8.00% 7.50% 7.00% 6.50% 6.00% 5.50% 5.00%

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) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com

Volume 3, Issue 19 May 21, 2013

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Notes

Date

Issuer

$mm
$100

Years Spread
7 180bps

Coupon
3.11%

Rating
2

Sector
Consumer, NonCyclical

Country
USA

5/17 PAREXEL International

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
Snr Notes Snr Notes

$mm
$850 $6,500

Years Spread
3 30 3 3 5 5 10 30 10 10 3 3 6 6 10 30 60bps 155bps FRN 32bps FRN 52bps 87bps 102bps 180bps 72bps FRN 175bps FRN 230bps 260bps 265bps

Coupon
0.88% 4.50% L+19bps 0.70% L+36bps 1.30% 2.80% 4.15%

Rating
Baa1 A2/AA

Sector
Technology Consumer, NonCyclical

Country
Canada USA

5/16 Thomas Reuters Corp 5/15 Merck & Co Inc

5/15 Lorillard Tobacco Co 5/14 Hershey Co 5/13 Petrobras Global Finance BV

Snr Notes Snr Notes Snr Notes

$500 $250 $11,000

3.75% Baa2/BBB- Consumer, NonCyclical 2.63% A2/A Consumer, NonCyclical L+162bps A3/BBB Energy 2.00% L+214bps 3.00% 4.38% 5.63%

USA USA Netherlands

Source: Bloomberg

BELOW INVESTMENT GRADE ISSUANCES

Date Issuer Type
Snr Sec Snr Notes Snr Notes Snr Notes

$mm
$750 $700 $3,250 $600

Years Spread
7 6 10 30 8 416bps 686bps 243bps 251bps 488bps

Coupon
5.38% 7.88%

Rating
B1 B2/B-

Sector
Energy Communications Energy Consumer, NonCyclical

Country
Luxembourg Luxembourg Indonesia USA

5/17 Pacific Drilling SA 5/16 NII International Telecom SA 5/13 PT Pertamina 5/13 Select Medical Corp
Source: Bloomberg

4.30% Baa3/BB+ 5.63% 6.38% B3/B-

SELECT CLOSED SYNDICATED LOANS

Date Issuer Type
Term Term Term

$mm
$746 $750 $272

Months
42 78 58

Spread
L+225bps L+525bps L+300bps

Rating
BB B B+

Sector
Consumer, Non-Cyclical Consumer, Non-Cyclical Industrial

5/16 Universal Health Services Inc 5/14 Performance Food Group Inc 5/13 WCA Waste Corp
Source: Bloomberg

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 Vincas Snipas Managing Director (212) 205-1385 vincas.snipas@ whitehallandcompany.com Susan Vick Managing Director (212) 205-1398 susan.vick@ whitehallandcompany.com Brian Burchfield Director (212) 205-1395 brian.burchfield@ whitehallandcompany.com

Natalia Kotlyarchuk Vice President (212) 205-1396 natalia.kotlyarchuk@ whitehallandcompany.com

Nicholas Page Associate (212) 205-1389 nicholas.page@ whitehallandcompany.com

Gabrielle Sullivan Analyst (212) 205-1383 gabrielle.sullivan@ whitehallandcompany.com

Blaine Burke Analyst (212) 205-1382 blaine.burke@ 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