Volume 4, Issue 1 January 14, 2014

Whitehall
UNITED STATES DEBT MARKET
US Libor
6 mth 3 mth 1 mth 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 (1/14/14)

US Treasury Yield Curve

23
Libor 01/14/14 1 month 16 bps 3 month 24 bps 6 month 34 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 01/14/14

10yr

30yr

0.36% 0.77% 1.59% 2.08% 2.83% 3.77%

10 Year US Swap Rates

1/14/14 2.91% 3.00% 2.50% 2.00% 1.50% 1.00% 1/14/14 2.83%

10 Year US Treasury
3.00% 2.50% 2.00% 1.50% 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

1/14/14 A 3.73% BBB 4.42%

1/14/14 A 87 bps BBB 156 bps

S&P/LSTA Leveraged Loan Index

1/14/14 98.56% 99.25 98.75 98.25 97.75 97.25 96.75 96.25 95.75 95.25

Average Junk-Bond Yield

1/14/14 5.91 % 7.75% 7.25% 6.75% 6.25% 5.75% 5.25% 4.75%

Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2014 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com

Volume 4, Issue 1 January 14, 2014

Whitehall
SELECT US PRIVATE PLACEMENTS
Type
Snr Sec Snr Notes

Date
1/10 1/10

Issuer
Trident SeaFoods Richardson International

$mm
$150 $259

Years Spread
10 C$7 C$10 10 12 300bps 210bps 215bps 175bps 180bps

Coupon Rating
5.86% N/A 2 2

Sector
Consumer, NonCyclical Consumer, NonCyclical

Country
USA Canada

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

US PUBLIC MARKET ISSUANCES

SELECT INVESTMENT GRADE ISSUANCES
Date
1/9 1/8

Issuer
Hewlett-Packard Co Total Capital International SA Union Pacific Corp

Type
Snr Notes Snr Notes

$mm
$2,000 $2,500

Years Spread
5 5 3 5 10 5 10 30 10 20 30 10 30 5 30 FRN 102bps 25bps 45bps 85bps 60bps 90bps 100bps 105bps 180bps 195bps 180bps 195bps 50bps 80bps

Coupon Rating
L+94bps BBB+ 2.75% 1.00% Aa1/AA2.13% 3.75% 2.25% 3.75% 4.85% Baa1/A

Sector
Technology Energy

Country
USA France

1/7

Snr Notes

$1,000

Industrial

USA

1/6

FedEx Corp

Snr Notes

$2,000

2.00% Baa1/BBB 4.90% 5.10% 4.75% Baa3/BBB5.85% 2.15% A3/A4.70%

Industrial

USA

1/6 1/6

Rowan Companies Inc Commonwealth Edison Co

Snr Notes Snr Sec

$800 $650

Energy Utilities

USA USA

Source: Bloomberg

SELECT BELOW INVESTMENT GRADE ISSUANCES

Date
1/7 1/7 1/7

Issuer
EDP Finance BV Lamar Media Corp Parker Drilling Co

Type
Snr Notes Snr Notes Snr Notes Snr Notes

$mm
$1,100 $750 $510 $360

Years Spread
9 7 10 9 356bps 300bps 244bps 404bps

Coupon Rating
6.25% B1 5.25% Ba1/BB+ 5.38% Ba1/BB6.75% B1/B+

Sector
Utilities Utilities Communication s Energy

Country
USA Netherlands USA USA

1/10 NRG Energy Inc

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date
1/6

Issuer
Manitowoc Co Inc

Type
Revolver Term Term Revolver Term Term Term

$mm
$500 $350 $200 $150 $1,200 $165 $90

Months
60 60 84 60 72 59 65

Spread
L+225bps L+225bps L+250bps L+300bps L+325bps L+600bps L+1200bps

Rating
B1/B+

Sector
Industrial

Selix Pharmaceuticals Ltd 12/31 North Atlantic Trading Co Inc

Source: Bloomberg

1/2

B1/B+ B3/B-

Consumer, Non-Cyclical Consumer, Non-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 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 2014 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com