document_description: The document discusses the radio industry's status and trends, highlighting Nielsen's data on radio's reach and time spent listening. It notes a decline in time spent listening among adults and projects low-single-digit declines for the industry. Concerns about competition from digital entrants, especially in cars, are mentioned. The document also discusses the financial status of major radio companies like iHeartMedia and Cumulus, recommending a market-weight position for investors in radio broadcasting for 2018.

key_people: Nielsen iHeartMedia Cumulus


source: doj

document_description: The document provides an analysis of the TV broadcasting sector's core and total revenue performance and guidance, excluding political influences. It includes a detailed table with financial data for various TV broadcasting companies, highlighting their revenue performance and projections. The document also discusses the anticipated trends in the local broadcast television sector for 2018, following a relatively slow year for mergers and acquisitions in 2017.

document_type: tabular

key_organizations:
Deutsche Bank
Nielsen
TVB
Kantar Media
Street Events


document_description: The document discusses the impact of web streaming, mobile, VOD, and OTT services on traditional TV viewership, noting a decline in national viewership during primetime but stability in local programming. It also mentions Nielsen's Total Audience Measurement offering to improve audience measurement across various platforms.

document_type: media

key_organizations:
Nielsen
Deutsche Bank Securities Inc.


document_description: The document discusses advertising trends in 2017, highlighting challenges such as declining viewership, plateauing auto sales, and digital competition. It also provides a forecast for 2018, expecting growth due to political, Olympics, and World Cup events.

title: HY Corporate Credit - Advertising Trends

document_subtype: financial report


document_description: The document discusses the political ad spending trends, particularly in relation to the 2018 mid-term elections, and the impact of FCC policy changes under the Trump administration on local broadcasters. It highlights the potential for increased political ad spending on local market TV and the regulatory environment changes that may lead to consolidation in the local TV space.

title: HY Corporate Credit - Media, Cable & Satellite

key_people:
Donald Trump
Tom Wheeler
Ajit Pai

key_organizations:
FCC
TVB
CMAG
MAGNA
Deutsche Bank


document_description: The document provides an analysis of the U.S. TV households' reach by various companies, highlighting the impact of retransmission fees on broadcasters' revenue. It discusses the industry landscape, noting that retransmission fees are becoming a significant part of broadcasters' revenue, offsetting the decline in core advertising. The document also mentions the potential impact of cord-cutting on MVPDs' revenue and the entry of digital services into the distribution arena. The analysis concludes with a positive outlook for the High Yield TV sub-sector in 2018, recommending overweighting TV credits.

key_organizations:
Deutsche Bank
ION
Tribune
Univision
Nexstar
CBS
Sinclair
FOX
NBC+TM
TEGNA
ABC
Hearst
EW Scripps
Raycom
Entravision
Meredith
Cox
Gray
Graham


document_description: The document discusses the performance of theater exhibitors, emphasizing that it is more closely linked to the quality of film releases than the overall economy. It includes a table tracking trends in ticket prices, admissions, and total gross from 1981 to 2016. The document also reviews the box office performance in 2017 and highlights improvements in theater experiences to boost attendance and sales.

title: HY Corporate Credit - HY Multi Sector, Media, Cable & Satellite


document_description: The document discusses the state of the media and cable & satellite sectors, focusing on the movie theater industry. It highlights the impact of mergers and acquisitions, the potential changes in the theatrical window, and the upcoming movie release slate for 2018. The document also analyzes the financial stability of theater exhibitors and their securities, with a positive outlook for 2018.

title: HY Corporate Credit - HY Multi Sector.Media. Cable & Satellite

key_people:
Leigh Whannell
Liam Neeson
Vera Farmiga
Hugh Grant
Charlize Theron
Mark Duplass
Laz Alonso
Omar Epps
Paula Patton
Dakota Johnson
Jamie Dornan
Robert Downey Jr.
Chris Hemsworth
Tessa Thompson
Natalie Portman
Melissa McCarthy
Gillian Jacobs
David Oyelowo
Amanda Seyfried
Sandra Bullock
Cate Blanchett
Anne Hathaway
Rihanna
Craig Nelson
Holly Hunter
Samuel L. Jackson
Frank Marshall
Steven Spielberg
Adam Sandler
Selena Gomez
Ryan Gosling
Tom Cruise
Denzel Washington
Anton Fuqua
Tyler Perry
Benedict Cumberbatch
Myles Truitt
Jack Reynor
James Franco
Zoe Kravitz
Mandy Moore
Eddie Redmayne
Jude Law
Rob Letterman
Taron Egerton
Jamie Foxx
Jason Momoa
Emily Blunt
Lin-Manuel Miranda

key_locations: UK US Stockholm

key_organizations:
AMC
Cineworld
Regal
Cinemark
Universal
Fox
Lionsgate
Disney
Warner Bros
Box Office Mojo
Deutsche Bank Securities Inc.


document_description: The document provides an analysis of the outdoor advertising sector, highlighting its resilience against secular threats and the positive impact of digital advances. It discusses the sector's steady growth, attractive margins, and limited supply, which have kept outdoor credits favorable with investors. The document also mentions key topics such as M&A activity, better measurement capabilities, and the expansion of digital billboard footprints. It concludes with a recommendation for investors to market-weight this 'core-holding' sub-sector.

title: Outdoor Advertising: Core Revenue Performance & Guidance

key_organizations:
Deutsche Bank
Clear Channel Outdoor
OAAA


document_description: The document provides an analysis of newspaper advertising revenue trends, highlighting a continued decline in 2017 and projecting further erosion in 2018. It includes a table with performance metrics for various newspaper companies and discusses the impact of digital transition on physical distribution and circulation.

title: Newspapers: Core Revenue Performance & Guidance

key_organizations:
Deutsche Bank
Lee Enterprises
McClatchy


document_description: The document provides an analysis of music industry unit sales trends by format from 2007 to the present and music industry revenues by format from 2008 to the present. It includes data on sales/streams unit changes and revenue in billions of dollars, sourced from Nielsen SoundScan, Deutsche Bank estimates, and RIAA.

title: Music Industry Sales and Revenue Trends

key_organizations:
Nielsen SoundScan
Deutsche Bank
RIAA


document_description: The document provides a detailed analysis of the music market share as of September 2017, highlighting the performance of major music groups and labels in terms of sales and streaming. It also discusses top-selling albums and singles, and provides insights into the transition from music downloads to streaming services.

title: Music Market Share and Trends

key_people:
Kendrick Lamar
Drake
Ed Sheeran
Bruno Mars
The Weeknd
Luis Fonsi
Daddy Yankee
Justin Bieber
Lil Uzi Vert
Future

key_organizations:
Universal Music Group
Sony Music Entertainment
Warner Music
Atlantic
Columbia
Republic
IGA
Capitol Music Group
RCA
Warner Bros.
Epic
Def Jam
UMG Nashville
Deutsche Bank Securities Inc.


document_description: The document discusses the HY Corporate Credit with a focus on Media, Cable & Satellite, and Business Services & Other sectors. It highlights the diversity of credits in the Business Services category, mentioning companies like Nielsen, CISION, and Ceridian, and suggests contacting for detailed views.

title: HY Corporate Credit

document_date: January 2018

document_type: financial

key_organizations:
Deutsche Bank Securities Inc.
Nielsen
CISION
Ceridian


document_description: The document discusses the retail sector's outlook for 2018, highlighting challenges and opportunities. It notes the positive impact of the 2017 holiday season on retail performance, the growth of e-commerce, and the pressure on retailers to compete on price. It also mentions specific companies like Neiman Marcus, PetSmart, and Sally Beauty, and discusses trends in brands and specialty retailers.

title: Retail, Consumer and Food Outlook

document_type: correspondence

key_organizations:
Deutsche Bank Securities Inc.
Neiman Marcus
PetSmart
Sally Beauty
Wolverine Worldwide
Levi Strauss
Hanesbrands
Tailored Brands
Staples
Rite Aid


document_description: The document discusses key themes in high yield food & beverage for 2018, focusing on M&A as a key driver. It highlights strategic M&A, margins, and debt reduction, with transactions generally being credit positive. The document includes a table of select food M&A transactions with details on acquirers, targets, and EV/EBITDA ratios.

title: HY Corporate Credit - Food & Beverage M&A Focus

key_organizations:
Deutsche Bank
Cott Beverage
Refresco
Tyson Foods
Pinnacle Foods
B&G Foods
Pilgrim's Pride
Post Holdings
Greenyard
Dole Food Co.
Campbell Soup
The Hershey Co


document_description: The document discusses themes in the corporate credit sector, focusing on margin risk and debt reduction. It highlights the impact of competition among food retailers on pricing and mentions specific companies like Kroger and TreeHouse Foods. The document also covers holiday spending expectations, with the National Retail Federation predicting a 3.6% to 4.0% increase in holiday spending compared to 2016. It includes a table showing year-over-year changes in retail sales and spending trends. The document cites sources such as Deutsche Bank, US Department of Commerce, and others.

key_organizations:
Kroger
TreeHouse Foods
Alliance One International
National Retail Federation
Deutsche Bank
US Department of Commerce
Adobe


document_description: The document discusses the expected growth in online holiday shopping, the positive economic backdrop for U.S. consumers, and the performance of financial assets and home prices. Online holiday spending is projected to increase by 14% year-over-year, with significant contributions from e-commerce. The U.S. unemployment rate is improving, and there is potential for wage growth. Financial assets like the S&P 500 have shown robust performance, and home prices are expected to continue rising.

key_organizations:
Deutsche Bank
Adobe
Deloitte
First Data


document_description: The document discusses consumer confidence, retail challenges, and e-commerce growth. It includes data on consumer confidence expectations, retail sales, and e-commerce as a percentage of retail growth. The report highlights the impact of online shopping on traditional retail and provides insights into the U.S. retail market.

title: HY Corporate Credit Report

key_people:
Paul Trussell
Mike Baker

key_organizations:
Deutsche Bank
Bloomberg Finance LP
US Census Bureau
Deutsche Bank Securities Inc.


document_description: The document contains data on online sales growth across various categories from November 2015 to November 2017, and retail foot traffic in North America from 2011 to 2017. It includes tables and figures showing percentage changes in sales and traffic indices.

key_organizations:
Deutsche Bank
comScore
Prodco
ShopperTrak
Bloomberg Finance LP


document_description: The document provides an analysis of the retail sector, highlighting the performance of department stores versus discount and club stores. It includes data on store closures and openings, driven by bankruptcy proceedings, and discusses the impact of digital penetration on apparel pricing.

key_organizations:
Deutsche Bank
SpendTrend
Bloomberg Finance LP
Fung Global Retail & Technology


document_description: The document provides data on apparel deflation trends and high yield issuance across various sectors from 2014 to 2017. It includes tables showing CPI changes and issuance amounts in different industries.

title: HY Corporate Credit and High Yield Issuance Review

key_organizations:
Deutsche Bank
Bloomberg Finance LP


document_description: The document contains financial data related to various sectors such as Food/Bev/Tob., Restaurant, Retail/Grocery, Services/Home Sec., and Consumer. It includes percentage shares of segments, issuance data from 2014 to 2017, and use of proceeds for 2017. The data is sourced from Deutsche Bank as of December 18, 2017.


document_description: The document provides a performance summary of high yield credit indices, focusing on sectors such as retail, food, and staples. It includes a detailed table of yield to worst (YTW) and option-adjusted spread (OAS) for various Deutsche Bank HY Credit Strategy Indices, comparing current pricing to December 30, 2016, and showing year-to-date changes. The document also includes a graph of spread performance by sector over time.

title: High yield performance summary


document_description: The document contains a table of Deutsche Bank High Yield (HY) indices for Retail, Food, and Staples sectors, showing monthly index values from December 2016 to November 2017. It also includes a figure showing the performance of Single-B rated sectors over the same period.

title: HY Corporate Credit


document_description: The document contains a financial table related to retail, consumer, and food sectors as of December 20, 2017. It includes data on Moody's/SAP ratings, next call dates, financial data, and credit metrics for various companies such as Dollar Tree Inc, Party City, and others. The source of the data is Deutsche Bank, company reports, and Bloomberg Finance LP.


document_description: This document contains a table of financial data related to retail, consumer, and food sectors as of December 20, 2017. It includes information on collateral types, ratings, call dates, prices, and various financial metrics for different companies.

title: HY Corporate Credit - Retail, Consumer and Food Relative Value

key_organizations:
Deutsche Bank
Bloomberg
Finance LP


document_description: This document contains a financial data table comparing various companies in the retail, consumer, and food sectors. It includes information on call prices, financial data, and credit metrics for different securities issued by these companies.

title: Retail, Consumer and Food Relative Value

document_subtype: financial data table

key_organizations:
Alliance One International
B&G Foods
Dean Foods
Dale Food Company
Pinnacle Foods
US Foods Holding Corp


document_description: This document contains a table of financial data related to various companies in the retail, consumer, and food sectors, as of December 20, 2017. It includes information on call and offer prices, financial data, and credit metrics for companies such as Ace Brands, Avon International, Central Garden & Pet, Energizer Holdings, and others.


document_description: The document provides an analysis of the U.S. steel industry outlook for 2018, highlighting the positive trends in global demand, particularly from China, and the impact on U.S. steel prices. It discusses the investment rationale for U.S. steel companies, noting potential challenges such as input cost inflation and the influence of Chinese demand. The document also initiates a Buy rating on ArcelorMittal's USD-denominated bonds, citing expected benefits from increased cash flow and deleveraging efforts.

title: Steel Industry Outlook

key_locations: U.S. China Europe

key_organizations:
Deutsche Bank Securities Inc.
ArcelorMittal


document_description: The document provides an outlook on the U.S. steel market for 2018, highlighting the improved performance in 2017 due to global demand trends and industrial strength in the U.S. It discusses price increases, capacity utilization, and potential impacts of U.S. corporate tax reform and Chinese market dynamics.

title: 2018 U.S. Steel Market Outlook

document_type: other


document_description: The document discusses the investment rationale for the U.S. steel market as of early 2018. It highlights concerns about inflationary input costs affecting Q4-2017 earnings but suggests a positive outlook for Q1-2018. The document also discusses the impact of China's supply curtailments and potential risks from Chinese fiscal tightening. It includes figures on U.S. steel pricing trends and capacity utilization.

title: HY Corporate Credit - Investment Rationale


document_description: Deutsche Bank Securities initiates a Buy rating on all USD-denominated bonds of ArcelorMittal (MTNA) due to expected increased cash flow and deleveraging. MTNA's net debt has declined by 45% over 5 years, and the company is likely to achieve investment grade ratings. Risks include M&A, Chinese demand, input costs, and regulatory changes.

title: ArcelorMittal (MTNA) Bond Investment Recommendation

key_locations:
Americas
Africa
Europe
CIS
Kazakhstan
South Africa
Ukraine

key_organizations:
ArcelorMittal
Deutsche Bank Securities Inc.


document_description: This document contains a detailed financial summary of ArcelorMittal, including semi-annual results, income statements, cash flow, balance sheet, and debt information. It provides data on net sales, gross profit, operating income, EBITDA, and various financial ratios over multiple periods from 2014 to 2017.

title: ArcelorMittal Semi-Annual Financial Summary

key_organizations:
ArcelorMittal
Deutsche Bank
Bloomberg Finance LP


document_description: The document provides an investment thesis and recommendation for AK Steel Holding Corporation (AKS), highlighting a Buy rating for various senior notes due to expected recovery in steel prices and market conditions. It includes a detailed table of AKS's 3Q17 capitalization and discusses potential risks to the investment.

title: AK Steel Holding Corporation (AKS) Investment Thesis and Recommendation

key_organizations:
AK Steel Holding Corporation
Deutsche Bank Securities Inc.


document_description: This document is a financial analysis and recommendation report on Ryerson Holding Corp. (RYI), highlighting its market position, recent operating performance, and investment recommendation. The report discusses RYI's profitability challenges due to deflationary chrome and nickel costs, but notes a positive outlook due to rising stainless steel prices and reduced steel imports into the U.S. The recommendation is to buy RYI's 11.0% senior secured notes due 2022, with a focus on deleveraging and refinancing. Risks include raw material inflation, foreign steel imports, and potential economic downturns.

title: Ryerson Holding Corp. (RYI): Strengthening End Markets, Higher Metals Prices, Solid Current Yield: BUY

key_locations:
North America
China
U.S.


document_description: This document provides a detailed financial summary of Ryerson Holding Corporation, including income statements, balance sheets, and cash flow analysis. It covers various financial metrics such as net sales, gross profit, operating income, and EBITDA margins over different periods. The document also includes information on the company's debt structure, market capitalization, and liquidity.

title: Ryerson Holding Corporation (RYI) Financial Summary

key_locations:
United States
Mexico
Canada
China
Brazil

key_organizations:
Ryerson Holding Corporation
Deutsche Bank Securities Inc.


document_description: The document provides an earnings update for Steel Dynamics, Inc. (STLD) for the third quarter of 2017, including financial performance, cash flow, leverage, liquidity, and recommendations. It also includes a detailed table of STLD's capitalization as of 3Q17.

title: Steel Dynamics, Inc. (STLD) 3Q17 Earnings Summary and Capitalization

key_organizations:
Steel Dynamics, Inc.
Deutsche Bank Securities Inc.


document_description: This document is a financial analysis report from Deutsche Bank Securities Inc. dated January 3, 2018. It provides a comparative analysis of U.S. domestic steel companies, including AK Steel, ArcelorMittal, Commercial Metals Co., Nucor, Ryerson, Steel Dynamics, and U.S. Steel. The report includes data on equity prices, bond recommendations, business descriptions, income statements, financial ratios, and outstanding issues for each company.

title: U.S. Domestic Steel Companies Relative Value Comparison

key_organizations:
Deutsche Bank Securities Inc.
AK Steel
ArcelorMittal
Commercial Metals Co.
Nucor
Ryerson
Steel Dynamics
U.S. Steel


document_description: The document provides an analysis of U.S. economic trends with a focus on GDP growth and its impact on domestic steel demand. It includes forecasts for U.S. GDP growth in 2018 and discusses factors affecting steel demand such as industrial activity, end-market demand, and steel prices. The document also presents data on steel shipments by market classification and trends in industrial production and capacity utilization.

title: U.S. Economic Trends and Steel Industry Analysis

key_organizations:
Deutsche Bank
Bloomberg
American Iron and Steel Institute


document_description: The document provides an analysis of various economic sectors, including U.S. crude oil production, nonresidential construction, housing starts, and the automotive market. It includes data tables on U.S. DOE crude oil production, NSA nonresidential construction, and housing starts. The document discusses trends in the steel industry, the impact of storms on housing starts, and the performance of the automotive market in 2017. It also highlights the Institute for Supply Management's PMI as an indicator of manufacturing sector health.

key_organizations:
Deutsche Bank
Bloomberg Finance LP
Ryerson Holdings
Institute for Supply Management


document_description: The document provides an analysis of the global steel market, highlighting the oversupply in certain regions and detailing global crude steel production by region from 2007 to 2016. It includes tables showing production figures and percentage changes year-over-year for various regions and countries, with a focus on the top five steelmaking nations.

title: Deciphering the Global Steel Markets

key_locations:
China
Japan
India
United States
Russia

key_organizations:
Deutsche Bank
Bloomberg Finance LP
World Steel Association


document_description: The document explores global steel apparent demand trends, providing a summary of global steel consumption by region from 2007 to 2016. It includes detailed tables showing steel consumption in thousands of metric tonnes for various regions, including China, Japan, India, South Korea, and others. The document also highlights the top five steel-consuming countries worldwide in 2016, which collectively comprised 63% of global apparent demand.

title: Worldwide Steel Consumption (Apparent Demand)

key_locations:
China
Japan
India
South Korea
United States
Russia
European Union
North America
CIS
South America
Middle East
Africa
Oceania


document_description: The document analyzes the global steel industry's structural oversupply, highlighting geographical dislocations in supply and demand. It discusses how Asia and CIS regions produce a surplus of steel, while other regions like North America and the European Union face deficits and rely on imports. The influx of cheaper steel, particularly from China, has pressured domestic pricing and led to bankruptcies, prompting calls for protective tariffs.

title: Inequalities within the International Steel Markets

key_locations:
Asia
CIS
North America
European Union
Middle East
Africa
Oceania
South America


document_description: The document discusses the oversupply of steel in Asia, primarily due to high production levels in China and Japan. In 2016, Asia produced 1.125 billion metric tonnes of steel but consumed only 1.061 billion, resulting in a surplus. The document includes a table showing steel production and consumption data from 2007 to 2016 for China, Japan, India, and South Korea. It highlights the impact of excess steel production on global markets, particularly in North America and the EU, where it affects domestic pricing and profitability.

title: Volume Trends in the Regional Markets

key_locations:
Asia
China
Japan
India
South Korea
North America
EU


document_description: The document provides an analysis of the global steel supply and demand, focusing on the Commonwealth of Independent States (CIS) and South America. It highlights the steel production and consumption figures for these regions, noting a surplus in CIS and a deficit in South America for the year 2016. The document includes detailed tables with historical data from 2007 to 2016, showing production and consumption trends.

title: HY Corporate Credit - Global Steel Supply/Demand Analysis

key_locations:
Commonwealth of Independent States
Russia
South America
Brazil


document_description: The document provides an analysis of North American steel production and demand, highlighting a steel deficit in 2016. It includes a detailed table of global steel production and consumption from 2007 to 2016, showing a consistent deficit in North America. The document discusses the impact of steel imports on the U.S. market, noting an increase in imports from 2014-2016 and the resulting decline in capacity utilization at U.S. mills. It also mentions the enforcement of trade tariffs to address unfairly-traded imports.

title: North American Steel Production and Demand Analysis

key_locations:
North America
United States

key_organizations:
Deutsche Bank
Bloomberg Finance LP
World Steel Association
US Department of Commerce
American Iron and Steel Institute


document_description: The document discusses the impact of globalization on the North American steel market, highlighting how foreign steelmakers exploit price disparities to sell steel in the U.S. It includes a table of steel exports to the U.S. from various countries and discusses methods used to avoid tariffs, such as transshipments and mislabeling. The document also touches on the U.S. Commerce Department's investigation into applying Section 232 to restrict steel imports.

title: Efforts Employed to Avoid Tariffs: Transshipments & Mislabeled Goods

key_locations:
North America
U.S.
China

key_organizations:
Deutsche Bank
U.S. Commerce Department


document_description: The document provides an analysis of steel production and consumption in the European Union, Other Europe, and Oceania for the year 2016. It highlights the steel deficit in the EU and Other Europe, with a focus on Turkey's role in the global scrap trade. Oceania's steel market is also discussed, noting its minimal impact on global supply and demand.

title: HY Corporate Credit - Steel Supply/Demand Analysis

key_locations:
European Union
Germany
Italy
Turkey
Oceania
Australia
New Zealand


document_description: The document provides an analysis of steel production and consumption in the Middle East and Africa, highlighting a steel deficit in both regions for 2016. It includes a table with data from 2007 to 2016, showing production and demand figures. Key takeaways discuss global oversupply, regional disparities, and market trends.

title: Global Steel Production and Consumption Analysis

document_date: 3 January 2018

key_locations:
Middle East
Africa
China
CIS
Asia
EU
Turkey
U.S.


document_description: The document provides a detailed breakdown of global steel production by process type for the year 2016, highlighting the dominance of oxygen furnaces over electric arc furnaces (EAFs) and other types. It includes a table showing the percentage supply and metric tonnes of steel produced by each process type across various countries and regions.

title: Steel Production by Type of Process

key_locations:
China
India
United States
European Union
Russia
Brazil
Middle East
Asia
Oceania

key_organizations:
Deutsche Bank
World Steel Association


document_description: The document provides a detailed analysis of the global crude steel production trends for the year 2017 up to November. It includes production data by region and percentage changes year-over-year and month-over-month.

title: 2017 YTD Global Production Data


document_description: The document discusses China's significant role in global steel production and its impact on worldwide markets. It highlights China's efforts to reduce pollution by shutting down steelmaking facilities during winter, affecting global supply and demand. The document also includes a table of China's monthly social financing investments from 2014 to 2017, indicating economic stimulus efforts.

title: China Social Financing and Steel Market Analysis

key_organizations:
People's Bank of China
Deutsche Bank Securities Inc.


document_description: The document provides an economic outlook for China in 2018, highlighting structural challenges such as rising global interest rates, a shrinking labor force, and financial risks. It discusses President Xi's focus on a new growth model prioritizing sustainability and quality. GDP growth is expected to slow, with policy adjustments anticipated. The document also addresses fiscal policy, monetary policy, and potential growth sectors. Risks include inflation and interest rates.

title: China 2018 Outlook

key_people:
Zhiwei Zhang
Yi Xiong
President Xi

key_organizations:
Deutsche Bank
PBoC
ECB
BoJ
Fed


document_description: The document provides an analysis of economic conditions, focusing on changes in the balance sheets of major central banks and the economic situation in China. It discusses the end of China's demographic dividend and the high leverage in China's nonfinancial sector.

title: HY Corporate Credit - Economic Analysis

key_people:
Zhiwei Zhang
Yi Xiong

key_locations: China Japan Korea

key_organizations:
Deutsche Bank
Federal Reserve
Bank of Japan
Bank of England
European Central Bank


document_description: The document provides a detailed analysis of debt-to-GDP ratios from 1980 to 1H17, focusing on different sectors such as SOEs, private enterprises, households, and government. It highlights the slowdown in infrastructure investment and the financial deterioration of local government financing vehicles (LGFVs). The document also discusses macroeconomic policy shifts following the 19th party congress, emphasizing growth quality over quantity.

key_people:
Zhiwei Zhang
Yi Xiong
Zhou Xiaochuan
President Xi

key_organizations:
Deutsche Bank
WIND
NAO
CBRC
PBoC


document_description: The document discusses vulnerabilities in the financial sector and needed policy actions to prevent systemic financial breakdown. It includes economic forecasts for China's GDP growth, highlighting a tightening bias in fiscal and monetary policies. The report predicts a slowdown in growth to 6.3% in 2018, with detailed quarterly forecasts.

title: HY Corporate Credit Report

key_people:
Han Wenxiu
Zhiwei Zhang
Yi Xiong

key_organizations:
State Council's Research Office
Ministry of Finance
PBOC
Ministry of Housing
Deutsche Bank Securities Inc.


document_description: The document provides an economic forecast for China in 2018, expecting the government to maintain a 3% GDP deficit target and a slowdown in fiscal spending due to reduced land sales. It includes detailed fiscal spending projections and macroeconomic indicators, predicting stable RMB/USD exchange rates and a narrowing current account surplus.

title: HY Corporate Credit - HY Multi Sector, Media, Cable & Satellite


document_description: The document discusses the cooling off of the property market cycle, with a focus on policy tightening in tier 3 cities. It includes analysis of property sales growth, price indices, and the impact of policy changes using a 'difference in difference' approach. The document contains tables showing the number of tier 3 cities implementing policy changes and the effect on property prices over time.

title: Property Market Cycle Analysis

key_locations:
Tier 1 cities
Tier 2 cities
Tier 3 cities


document_description: The document discusses the impact of the end of the property cycle on local government revenue and the potential loosening of property market controls in Q2 2018. It highlights new growth engines for China's economy, focusing on manufacturing industry advancements and consumption upgrades. The document includes data on labor productivity and industrial robots in manufacturing, emphasizing the potential for technological investment and the shift from labor-intensive industries due to rising wages.

title: HY Corporate Credit - HY Multi Sector.Media. Cable & Satellite

key_locations: China Korea Germany Japan

key_organizations:
Deutsche Bank
Haver Analytics
Economist Intelligence Unit
US Census Bureau


document_description: The document discusses the drivers of economic growth in 2017, highlighting a consumption boom driven by increased consumer confidence and property price increases in tier 2 and 3 cities. It projects potential growth in consumption for 2018 and beyond, focusing on consumption upgrades in tier 3 cities and rural areas, and increased spending in the services sector. The document includes tables showing per capita disposable income and non-food expenditure shares, as well as retail sales distribution across city tiers.

title: HY Corporate Credit - Consumption Boom Analysis

key_locations:
tier 2 cities
tier 3 cities
rural areas


document_description: The document discusses the outlook for the telecom, pay-TV, and satellite sectors, focusing on the anticipated mergers and acquisitions (M&A) that did not materialize in 2017. It highlights the competitive environment in the wireless sector, the expected increase in capital expenditures (CapEx) due to the arrival of 5G, and the strategic decisions by major players like Sprint, T-Mobile, AT&T, and Verizon. The document also mentions the impact on macro tower companies and metro fiber players.

title: Telecom, Pay-TV, and Satellite Outlook

key_people:
Anthony Klarman
James Gilson

key_organizations:
Deutsche Bank
Sprint
T-Mobile
SoftBank
Deutsche Telekom
AT&T
Verizon
AMT
CCI
SBAC
ZAYO


document_description: The document discusses the competitive landscape and future prospects of the wireless industry, focusing on spectrum allocation, pricing strategies, and the entry of cable companies into the wireless market. It highlights the FCC's plans for spectrum auctions, the impact of T-Mobile's Un-carrier initiatives, and the strategic positioning of Sprint and T-Mobile. The document also touches on the potential impact of cable companies offering wireless services and the mysterious future plans of DISH Network regarding 5G broadband networks.

key_organizations:
FCC
T-Mobile
Sprint
Verizon
AT&T
DISH Network
Deutsche Bank Securities Inc.


document_description: The document discusses the strategic direction of DISH Network and the challenges faced by the wireline sector, particularly the RLECs, in 2017. It highlights the need for DISH to clarify its strategic direction by late 2018 to maintain its technological advantage. The wireline sector, especially the RLECs, faced significant challenges in 2017, with major companies like Frontier, CenturyLink, and Windstream altering or reducing guidance. The document suggests that the industry needs to increase capital expenditure to overcome secular declines and competitive pressures.

title: HY Corporate Credit - Media, Cable & Satellite

key_organizations:
DISH Network
Deutsche Bank Securities Inc.
Frontier
CenturyLink
Windstream
Comcast
Charter
Verizon
EchoStar
ViaSat
Cincinnati Bell


document_description: The document discusses the strategic moves by a company to cancel its dividend, sell non-core assets, and increase capital spending for a multi-year turnaround to better compete in the future. It highlights the challenges faced by the commercial sector due to newer technologies and the transition from legacy to strategic products. The document also touches on the impact of tax reform on the industry, providing enterprises with more capital for IT infrastructure upgrades and telecom services expansion.


document_description: The document discusses the state of the Pay-TV industry, highlighting the challenges and strategies of cable and satellite companies in adapting to market changes. It covers the shift towards broadband and OTT products, the impact of content pricing, and the trends in cord cutting and linear TV.

key_organizations:
Deutsche Bank Securities Inc.
AT&T
DTV
DISH
WaveDivision
TiVo


document_description: The document discusses the wireless aspirations of cable operators in the US, highlighting their current involvement in the wireless business through MVNO agreements. It explores the potential for cable companies like Comcast, Charter, and Altice to expand their wireless offerings and the strategic implications of such moves. The document also covers trends in the satellite industry, focusing on residential broadband improvements by EchoStar and ViaSat, and the challenges faced by other satellite companies like Intelsat and SES.

title: HY Corporate Credit - Wireless Aspirations and Satellite Industry Trends

key_organizations:
Comcast
Charter
Altice
DISH Network
EchoStar
ViaSat
Intelsat
SES
Deutsche Bank


document_description: The document discusses the competitive landscape and future opportunities in the satellite and telecommunications industry, focusing on the launch of new satellites and the monetization of C-band spectrum. It highlights the challenges and opportunities faced by companies like Intelsat in adapting to new technologies and market demands.

key_organizations:
Intelsat
Intel
SES
FCC
Deutsche Bank Securities Inc.


document_description: Discussion on Intelsat's strategy to monetize spectrum and its potential impact on the company's capital structure.

key_organizations:
Intelsat
Deutsche Bank Securities Inc.


document_description: The document provides trade ideas for Sprint and Frontier, highlighting investment opportunities and risks. It discusses Sprint's operational plans, liquidity, and bond attractiveness, as well as Frontier's challenges and cost reduction strategies.

key_organizations:
Sprint
Frontier
Deutsche Bank Securities Inc.


document_description: The document provides an analysis of the high-yield corporate credit market, focusing on Frontier, DISH, and Intelsat. It discusses the capital structure and investment recommendations for these companies, highlighting the potential risks and opportunities in the market.

title: HY Corporate Credit Analysis

key_organizations:
Frontier
DISH
Intelsat
Deutsche Bank Securities Inc.


document_description: A table detailing various Sprint and T-Mobile senior notes, including issue amounts, collateral types, ratings, call prices, bid prices, and yields.

key_organizations:
Deutsche Securities Bank
Deutsche Bank
Bloomberg Finance LP
SEC


document_description: This document contains a table of financial data related to various senior notes issued by companies such as CenturyLink, Cincinnati Bell, Uniti, Frontier, General Communication, Level 3, West Corp, Windstream, and Zayo. The table includes details such as issue, amount, collateral type, ratings, call dates, call prices, bid prices, and yield information.

title: Wireline Relative Value: HY Multi Sector, Media, Cable & Satellite

key_organizations:
Deutsche Bank
Bloomberg Finance LP
SEC


document_description: This document is a financial report from Deutsche Securities Bank, detailing various cable-related financial instruments, including their issue, amount, collateral type, ratings, call prices, bid prices, and yields.

title: Cable Relative Value

key_organizations:
Deutsche Securities Bank
Bloomberg Finance LP
SEC


document_description: A table detailing various corporate credit issues related to HY Multi Sector, Media, Cable & Satellite, including information on issue amounts, collateral types, ratings, call prices, bid prices, and yields.

title: Satellite Relative Value


document_description: This document is a corporate credit report by Deutsche Bank, covering the HY Multi Sector, Media, Cable & Satellite sectors. It includes important disclosures, analyst certifications, and a bond rating key. The report provides recommendations on bonds, categorized as Buy, Hold, or Sell, with associated percentages of companies covered and those with banking relationships.

title: HY Corporate Credit Report

key_people:
Andrew Zarnett
Anthony Klarman


document_description: This document is a research report prepared by Deutsche Bank AG or its affiliates, providing information and opinions on corporate credit, multi-sector media, cable, and satellite industries. It includes disclaimers about the reliability of information, potential conflicts of interest, and the independence of the research department. The report is intended for informational purposes and does not constitute an offer or solicitation for financial transactions.

title: Deutsche Bank Research Report

key_organizations:
Deutsche Bank AG
Deutsche Bank Securities Inc.


document_description: The document discusses the risks associated with fixed-rate instruments and macroeconomic fluctuations, including interest rate increases, inflation, fiscal funding needs, and FX depreciation. It highlights the importance of proper index fixings in swaps markets and the risks involved in derivative transactions, futures trading, and foreign exchange transactions. The document advises investors to seek expert legal and financial advice and clarifies Deutsche Bank's role and disclaimers.

title: HY Corporate Credit

key_locations:
United States
Germany


document_description: This document outlines the regulatory and distribution details of Deutsche Bank's operations across various countries including the UK, Hong Kong, India, Japan, Korea, South Africa, Singapore, and Taiwan. It includes information about the legal and regulatory compliance of Deutsche Bank in these regions.

key_locations:
London
Hong Kong
Mumbai
Japan
Korea
South Africa
Singapore
Taiwan

key_organizations: Type II Financial Instruments Firms Association

key_organizations: The Financial Futures Association of Japan


document_description: This document contains regulatory and licensing information for Deutsche Bank AG and its branches in various countries, including Qatar, Russia, Saudi Arabia, UAE, Australia, and New Zealand. It outlines the scope of financial services activities permitted under existing licenses in these regions and specifies the target audience for related financial products or services.

key_locations:
Qatar
Russia
Kingdom of Saudi Arabia
United Arab Emirates
Australia
New Zealand

key_organizations: Qatar Financial Centre Regulatory Authority


document_description: This document lists key personnel in Deutsche Bank's research divisions and provides contact information for various international production locations of Deutsche Bank AG.

key_people:
David Folkerts-Landau
Raj Hindocha
Michael Spencer
Steve Pollard
Anthony Klarman
Paul Reynolds
Dave Clark
Pam Finelli
Andreas Neubauer
Spyros Mesomeris

key_locations:
Sydney, Australia
London, United Kingdom
Frankfurt am Main, Germany
Hong Kong
Tokyo, Japan
New York, United States of America

key_organizations:
Deutsche Bank AG
Deutsche Securities Inc.
Deutsche Bank Securitive Inc.


document_description: Deutsche Bank Research report titled 'The Equity View: FRESH MONEY IDEAS #3' distributed on January 7, 2018. The report includes a disclaimer about potential conflicts of interest due to Deutsche Bank's business relationships with companies covered in the report. It advises investors to consider the report as one of many factors in their investment decisions. Disclosures and analyst certifications are located in Appendix 1.

title: The Equity View: FRESH MONEY IDEAS #3

document_subtype: research report


document_description: This document is a table of contents for Deutsche Bank's European Equity Focus report from January 2018, listing various companies and sectors covered in the report.

title: Deutsche Bank Research European Equity Focus

key_people:
Mark Braley
Vivek.G Midha
Mairead Smith


document_description: This document is the third edition of a quarterly publication by Deutsche Bank, presenting the strongest investment ideas for the next twelve months. It includes European 'Fresh Money Ideas' grouped by sector, with a focus on various companies across Consumer, Financials, Healthcare, Energy, Materials & Industrials, TMT, and Business Services, Leisure & Transport sectors. The document also references the prior iteration from October 2017 and its performance.

title: The Equity View - Fresh Money Ideas


document_description: A confidential Deutsche Bank research report focusing on European equity for January 2018.

title: Deutsche Bank Research European Equity Focus-January 2018

document_subtype: bank research report


document_description: The document is a financial analysis report by Deutsche Bank focusing on B&M, a value retailer. It discusses B&M's market position, growth opportunities, and financial metrics. The report highlights B&M's price leadership, store expansion plans, and potential for special dividends. It includes a table of quarterly like-for-like sales growth percentages from 2Q13 to 4Q18E.

title: Deutsche Bank Research: European Equity Focus

key_locations: UK Germany

document_subtype: financial analysis

key_organizations:
Deutsche Bank
B&M
Tesco
Asda
Ja Woll
Heron Foods


document_description: The document is a financial analysis by Deutsche Bank on British American Tobacco (BAT), highlighting a 50% total shareholder return (TSR) over the next two years. Key drivers include strong organic EBITDA growth, debt paydown, and an attractive dividend. The analysis also discusses potential impacts of US tax reform and FDA regulations on nicotine content. The document includes tables on EBITDA growth and fiscal year projections.

key_organizations:
Deutsche Bank
British American Tobacco
FDA


document_description: The document is a financial analysis report by Deutsche Bank focusing on Bovis Homes and other UK housebuilders. It discusses Bovis Homes' management targets for 2020, potential for dividend yield, and stock valuation. It includes a table comparing dividend yields and dividend cover by free cash flow for various companies.

title: Deutsche Bank Research: European Equity Focus – January 2018

key_organizations:
Deutsche Bank
Bovis Homes
McCarthy
Berkeley
Persimmon
Redrow
Bellway
Barratt
Crest
Taylor


document_description: The document is a financial analysis by Deutsche Bank on Carrefour, highlighting risks to 2018 consensus, competitive pressures in France, and weak cash flow generation. It discusses Carrefour's market share loss, price perception issues, and strategic challenges. The document includes a table showing sales and EBIT margin trends from 2009 to 2018.

key_organizations:
Deutsche Bank
Carrefour


document_description: A confidential financial report from Deutsche Bank focusing on European equity for January 2018.


document_description: The document is an investment analysis by Deutsche Bank focusing on Aroundtown Properties. It highlights the company's strong position in the German commercial property market, driven by strategic acquisitions and rental growth. The analysis forecasts a 23% FFO CAGR to 2020 and a 12% NAV growth, with potential inclusion in the MDAX as a future catalyst.

document_subtype: investment analysis

key_organizations:
Deutsche Bank
Aroundtown Properties


document_description: Deutsche Bank's analysis of AXA's financial outlook, highlighting potential for re-rating and earnings growth. AXA is positioned to benefit from rising bond yields, with a robust solvency ratio and potential for earnings upgrades. The document includes a table of projected financial metrics from 2016 to 2020.

key_locations: US Europe

key_organizations:
Deutsche Bank
AXA


document_description: The document provides a financial analysis of Banco Santander, highlighting its market cap, earnings momentum, and valuation. It discusses expected growth in Brazil, profit growth in Spain, and revenue and cost tailwinds in the USA. The UK market is becoming less of a drag, and client loyalty is expected to boost fee income. The document includes a table comparing quarterly performance of Santander Brazil with other banks and a chart showing a reduction in Spanish NPAs post-Blackstone deal.

title: Deutsche Bank Financial Analysis on Banco Santander

key_locations: Brazil Spain USA UK

key_organizations:
Deutsche Bank
Banco Santander
Blackstone


document_description: The document is a financial analysis report from Deutsche Bank focusing on Credit Suisse's performance and future outlook. It highlights Credit Suisse's strong wealth management momentum, cost control measures, and potential for capital return. The report also discusses the impact of US tax reform on earnings and provides forecasts for capital ratios and dividends. Key catalysts include US tax reform and target delivery.

key_organizations:
Deutsche Bank
Credit Suisse


document_description: The document provides a financial analysis of Prudential, highlighting its valuation, growth prospects, and market positions. It discusses Prudential's low valuation compared to the sector, its growth potential in Asia, and its strong market positions in both Asia and the US. The document also mentions potential catalysts for growth, such as the sale of the UK annuity book and US tax changes.

key_locations:
Asia
UK
US
Europe
Hong Kong

key_organizations:
Deutsche Bank
Prudential


document_description: A confidential research report by Deutsche Bank focusing on European equity markets as of January 2018.


document_description: The document is a financial analysis report by Deutsche Bank on AstraZeneca, highlighting a likely turning point for margin and EPS momentum in 2018. It discusses AstraZeneca's best-in-class pipeline, substantial margin leverage, and multiple catalysts from the pipeline. The report includes a price scenario table and projected financials from 2015 to 2022.

key_organizations:
Deutsche Bank
AstraZeneca


document_description: The document provides an analysis of Fresenius, highlighting a strong outlook with expected defensive low-teens EPS growth to 2020. It discusses weak sentiment due to concerns over IV generics pricing and Akorn's performance, but anticipates strong 4Q17 results. The valuation is considered undemanding, and several positive catalysts are expected. Historical PE values from 1998 to 2017 are provided in a table.

key_organizations:
Deutsche Bank
Fresenius
Qirónsalud
Kabi
Akorn


document_description: The document is a financial analysis by Deutsche Bank on Shire, highlighting its potential for growth despite challenges in haemophilia. It discusses the company's long-term targets, synergies, and deleveraging strategies. The analysis includes a table of scenario-based share price values and emphasizes Shire's undervaluation compared to EU Pharma.

key_organizations:
Deutsche Bank
Shire


document_description: A confidential research report by Deutsche Bank focusing on European equity in the energy, materials, and industrials sectors.


document_description: Deutsche Bank's research on ABB highlights a late cycle profile with expectations of a rebound in orders from a trough in 2017. The report discusses ABB's market-leading offerings and potential benefits from acquisitions. It also includes a table of large orders from 2006 to 2018 and mentions ABB's 12-month forward P/E relative to the sector average.

title: Deutsche Bank Research on ABB

key_organizations:
Deutsche Bank
ABB
B&R
GE IS
Siemens
Schneider


document_description: The document is a financial analysis by Deutsche Bank on ArcelorMittal, highlighting a BUY recommendation with a target price of €33, indicating a 15% upside. It discusses the company's strong performance, structural changes in the market, and potential for high cash returns. The analysis includes valuation metrics and catalysts for future performance.

title: Deutsche Bank Research' European Equity Focus

key_locations: Europe US China Brazil

key_organizations:
Deutsche Bank
ArcelorMittal


document_description: The document is a financial analysis by Deutsche Bank on BAE Systems, highlighting a potential 63% total shareholder return (TSR) by 2020. It discusses the company's forecasted free cash flow (FCF) of £1.35bn in 2020, EBIT growth, and cash conversion improvements. The analysis also compares BAE's valuation to its EU and US peers, noting a discount. Key growth areas include US Combat Vehicles, Ship Repair, Electronic Systems, and Cyber. Risks include government changes affecting maritime profitability.

key_locations: UK US

key_organizations:
Deutsche Bank
BAE Systems
MBDA


document_description: The document provides an analysis of Continental's performance and growth prospects in the automotive sector, highlighting its leadership in autonomous driving, electrification, and digitalization. It also discusses the company's valuation, cash generation, and potential catalysts for future growth.

key_organizations:
Deutsche Bank
Continental
Valeo


document_description: Deutsche Bank's research report on DSM highlights the company's focus on Nutrition as a key growth driver, with a forecasted 9% EBITDA CAGR from 2018-2020. The report suggests a potential 30% upside to 2018 EBITDA if vitamin prices remain high, supported by China's environmental policies. DSM is expected to exit Materials, shifting towards higher-value ingredients, and may use its strong balance sheet for M&A to broaden its portfolio. The report sets a target price of €100, implying a 20x 2019 P/E, and discusses catalysts for growth through high-value ingredients and portfolio shifts.

title: Deutsche Bank Research on DSM

key_organizations:
Deutsche Bank
DSM


document_description: The document is a financial analysis by Deutsche Bank on Glencore, highlighting strong organic growth from the return of suspended capacity, particularly in zinc and copper production. It discusses Glencore's strategic positioning in the copper market, its exposure to base metals, and its potential as a structural winner in the shift to electric vehicles (EVs). The analysis includes forecasts for copper prices and volume growth, and presents a valuation of Glencore's financial performance.

title: Deutsche Bank Research on Glencore

key_locations: DRC Zambia

key_organizations:
Deutsche Bank
Glencore


document_description: The document is a financial analysis report by Deutsche Bank focusing on Kingspan, a global insulation producer. It discusses Kingspan's expected organic growth, potential M&A impacts, and valuation compared to similar companies. The report includes a table comparing EV/EBITDA and organic growth rates of various companies.

key_locations:
USA
Mainland Europe

key_organizations:
Deutsche Bank
Kingspan
Geberit
Halma
Rotork
Givaudan
Assa Abloy
Legrand
Polypipe
Spirax-Sarco
Renishaw


document_description: The document is a financial analysis by Deutsche Bank focusing on the energy, materials, and industrials sectors, specifically analyzing Linde's market position and future prospects. It discusses key drivers such as improving gas industry fundamentals, macroeconomic tailwinds, and the Praxair merger. The analysis includes forecasts, anti-trust risks, and potential catalysts for Linde's stock performance.

title: Deutsche Bank Research - European Equity Focus

key_locations: Europe Asia US

key_organizations:
Deutsche Bank
Linde
Praxair
Air Liquide
Air Products
TNS
Spirdus Consulting
Taiyo Nippon Sanyo


document_description: The document is a financial analysis of Renault by Deutsche Bank, highlighting growth drivers in emerging markets, stable profit contributions from Europe, and synergies with Nissan. It includes a volume growth breakdown from 2016 to 2022, emphasizing emerging markets as key growth areas.

key_locations: Russia Brazil China Iran India Europe

key_organizations:
Deutsche Bank
Renault
Nissan


document_description: The document is a financial analysis by Deutsche Bank on Royal Dutch Shell, highlighting its cash generation, shareholder returns, and growth potential. It discusses Shell's strong cash flow, dividend yield, and buy-back plans, as well as its strategic positioning in LNG and US Permian shale. The analysis also covers Shell's valuation compared to Exxon and its restructuring potential.

title: Deutsche Bank Research on Royal Dutch Shell

key_locations:
US Permian
Brazil
UK
Canada

key_organizations:
Deutsche Bank
Royal Dutch Shell
Exxon


document_description: The document is a financial analysis by Deutsche Bank on RWE, highlighting its undervaluation and potential upside despite concerns over German coal phase-out. It discusses RWE's market value, EBITDA, and potential catalysts for growth, such as compensation for coal closures and rising power prices.

title: Deutsche Bank Research on RWE

key_organizations:
Deutsche Bank
RWE
innogy


document_description: This document appears to be a confidential research report from Deutsche Bank focusing on European equity for January 2018.


document_description: The document is a financial analysis report by Deutsche Bank focusing on Eutelsat (ETL) and its market performance. It highlights the challenges ETL faces due to operational and capital expenditure cuts, which have left it exposed in 2018. The report discusses the impact of pricing pressure on renewals, the potential shift from satellite to fiber, and the expectation that Eutelsat will miss its growth guidance. It also compares ETL's performance with SES and provides a stock price analysis over several years.

key_organizations:
Deutsche Bank
Eutelsat
SES
Polsat
Sky Italia
Naspers
Multichoice
TEF


document_description: The document is a financial analysis report by Deutsche Bank focusing on Infineon, a leader in automotive semiconductors. It highlights Infineon's growth potential in the automotive sector, driven by autonomous vehicles, electrification, and digitalization. The report discusses Infineon's technology portfolio, market exposure, and financial guidance, projecting significant growth and margin improvements. It also includes a table showing Infineon's revenue distribution across different categories and a chart depicting EPS growth trends from 2014 to 2019E.

key_locations: London Dresden

key_organizations:
Deutsche Bank
Infineon


document_description: The document is a financial analysis by Deutsche Bank focusing on Informa's growth prospects and valuation. It discusses the company's Growth Acceleration Plan, organic revenue growth forecasts, and compares Informa's valuation metrics to its peers. The analysis includes a detailed breakdown of operating profit and growth by division, and a comparison of Informa's PE and EV/EBITDA ratios with other companies.

key_organizations:
Deutsche Bank
Informa


document_description: The document is a financial analysis report by Deutsche Bank focusing on KPN, a Dutch telecommunications company. It highlights the solid performance of the Dutch wireless market, the impact of wireless consolidation, cost-cutting progress, and improving B2B revenue trends. The report also discusses consumer fixed revenue growth and KPN's attractive valuation. Key catalysts include the Q4 results and the progress of the Tele2-TMNL deal.

key_organizations:
Deutsche Bank
KPN
Tele2
T-Mobile NL
Ziggo
Vodafone


document_description: Deutsche Bank's analysis on Sophos highlights its position in the IT security market, focusing on its balanced portfolio across Endpoint and Network security. The report expresses confidence in management forecasts up to FY20, supported by high renewal rates and traction with products like Intercept X. It discusses market demands, margin improvements, and valuation comparisons with peers. Catalysts include the launch of a new product and upcoming financial results. The document includes a table of billings growth from FY15 to FY22 and mentions improving cash EBITDA and adjusted operating profit margins.

title: Deutsche Bank Research on Sophos

key_organizations:
Deutsche Bank
Sophos
Palo Alto Networks
Fortinet
Check Point Software


document_description: Deutsche Bank's analysis of Vodafone highlights a 9.3% organic EBITDA growth year-over-year, despite flat organic service revenue for two years. The report suggests that underlying MSR is improving, growing at 2% when excluding regulation and handset sales. It anticipates reduced drag from poor handset sales and roaming regulations in 2018, potentially leading to a re-rating. The analysis also discusses investment risks, 5G efficiency, fibre deployment, and a possible deal with Liberty Global for Virgin Media. Vodafone's stock is considered undervalued with a 6.0x 19E EV/EBITDA and a 6% dividend yield. Catalysts include improving organic growth and M&A.

title: Vodafone Financial Analysis by Deutsche Bank

key_organizations:
Deutsche Bank
Vodafone
Liberty Global
Virgin Media
CityFibre


document_description: A confidential research report by Deutsche Bank focusing on European equity markets as of January 2018.


document_description: The document is a financial analysis by Deutsche Bank on the acquisition of Air Berlin by Lufthansa. It highlights the potential market share, revenue management opportunities, and expected synergies from the acquisition. The analysis forecasts a significant return on capital employed and limited antitrust risk. It also includes historical data on airline mergers and acquisitions, showing typical synergies as a percentage of revenue.

title: Deutsche Bank Research on Lufthansa and Air Berlin Acquisition

key_organizations:
Deutsche Bank
Lufthansa
Air Berlin


document_description: The document is a financial analysis by Deutsche Bank on Royal Mail, highlighting challenges in restructuring due to weak GDP growth, Brexit risk, and high wage pressures. It compares Royal Mail's dividend yield with peers and discusses the company's unclear medium- to long-term strategy.

key_locations: Europe US UK

key_organizations:
Deutsche Bank
Royal Mail
Deutsche Post DHL
GLS
Austrian Post
PostNL
CTT


document_description: Deutsche Bank's research report on SGS, a global leader in testing and inspection, highlights its long-term market outperformance and potential for growth. The report forecasts 8% organic EBITA growth in 2018 and discusses structural growth opportunities, balance sheet strength, and margin improvement potential. It also provides a historical analysis of SGS's financial metrics, including Net Debt/EBITDA and acquisition spend as a percentage of EBITDA from 2001 to 2020.

title: Deutsche Bank Research on SGS

key_organizations:
Deutsche Bank
SGS


document_description: The document is a financial analysis of Vinci, a large company with a market cap over €50bn. It discusses Vinci's cash generation potential, growth capex, EBIT CAGR, and potential takeover of ADP. The document includes EBIT and EBIT margin data from 2008 to 2019E, and a financial summary of cash flow from operations, cost of debt, taxes, working capital variation, operating capex, operating FCF, growth capex, dividends, and net debt reduction.

key_organizations:
Deutsche Bank
Vinci
ADP


document_description: The document outlines key downside risks for various companies and sectors as identified by Deutsche Bank. It includes risks related to macroeconomic factors, regulatory changes, market competition, and company-specific challenges.

key_locations:
Cyprus
Luxembourg
Brazil
UK
Spain
Saudi Arabia

key_organizations:
Deutsche Bank
ABB
ArcelorMittal
Aroundtown Properties
AXA
AstraZeneca
B&M
BAE Systems Plc
Banco Santander
British American Tobacco


document_description: The document provides an analysis of risks and opportunities for various companies including Bovis Homes, Carrefour, Credit Suisse Group, Continental AG, Deutsche Lufthansa AG, DSM NV, Eutelsat Communications, and Fresenius. It outlines both downside and upside risks related to economic, political, and company-specific factors.

key_locations: Europe France Brazil Germany US

key_organizations:
Deutsche Bank
Bovis Homes
Carrefour
Credit Suisse Group
Continental AG
Deutsche Lufthansa AG
DSM NV
Eutelsat Communications
Fresenius


document_description: The document provides an analysis of risks associated with various companies, including Glencore, Infineon Technologies, Informa PLC, Kingspan, KPN, Linde, Prudential, Royal Mail, and Renault SA. It highlights potential downside risks such as commodity price fluctuations, currency impacts, market cyclicality, and geopolitical factors.

key_locations:
Democratic Republic of Congo
Equatorial Guinea
UK
US
Europe
Asia
Hong Kong

key_organizations:
Deutsche Bank
Glencore
Infineon Technologies
Informa PLC
Kingspan
KPN
Linde
Prudential
Royal Mail
Renault SA


document_description: The document outlines downside risks for various companies including Royal Dutch Shell, RWE, SGS, Shire PLC, Sophos, Vinci, and Vodafone Group Plc. It highlights potential financial and market challenges each company may face.

key_locations:
Europe
UK
Egypt
Turkey
India
South Africa

key_organizations:
Deutsche Bank
Royal Dutch Shell Plc
RWE
SGS
Shire PLC
Sophos
Vinci
Vodafone Group Plc


document_description: The document contains Deutsche Bank's forecasts for GDP growth and CPI inflation for various global regions and countries from 2016 to 2019. It includes data on central bank policy rates and key market metrics such as US 10Y yield, EUR/USD, and oil prices.


document_description: A table listing various companies along with their stock tickers, as part of Deutsche Bank's European Equity Focus report for January 2018.

document_subtype: Company Information Table


document_description: This document contains important disclosures related to Deutsche Bank's research on European equities, including analyst certifications and conflict disclosures. It advises investors to review disclosures before investing.

document_subtype: financial disclosure


document_description: The document outlines Deutsche Bank's equity rating key, which includes definitions for Buy, Sell, and Hold recommendations based on a 12-month view of total shareholder return. It also provides historical rating definitions prior to January 27, 2007, and presents statistics on the percentage of companies covered and those with banking relationships under each rating category.

document_subtype: Equity Rating Key


document_description: This document is a research report by Deutsche Bank, providing information and opinions on securities, market conditions, and investment strategies. It discusses the risks associated with financial instruments, including macroeconomic fluctuations, interest rate changes, and derivative transactions. The report emphasizes the importance of expert legal and financial advice for investors considering transactions inspired by the report's contents.

document_subtype: Research Report


document_description: This document is a financial report by Deutsche Bank discussing risks associated with foreign exchange transactions and securities investments. It outlines the regulatory and advisory roles of Deutsche Bank in various countries, including the United States, Germany, the United Kingdom, Hong Kong, India, Japan, Korea, and South Africa. The report emphasizes the importance of independent assessment by investors and provides regulatory information for each jurisdiction.

key_locations:
United States
Germany
United Kingdom
Hong Kong
India
Japan
Korea
South Africa

key_organizations:
Deutsche Bank
Deutsche Bank Securities Incorporated
Deutsche Equities India Private Limited
Deutsche Securities Inc.
Deutsche Securities Korea Co.
Deutsche Bank AG Johannesburg

reference_numbers: NSE (Capital Market Segment) - INB231196834

reference_numbers: NSE (Currency Derivatives Segment) INE231196834

reference_numbers: BSE (Capital Market Segment) INB011196830

reference_numbers: Branch Register Number in South Africa: 1998/003298/10


document_description: This document is a financial report issued by Deutsche Bank AG and its branches in various countries, including Singapore, Taiwan, Qatar, Russia, Saudi Arabia, UAE, Australia, and New Zealand. It outlines the regulatory compliance and distribution limitations of Deutsche Bank's financial services and research in these regions. The report is intended for specific investor categories and includes disclaimers about the distribution and use of the information provided.

key_locations:
Singapore
Taiwan
Qatar
Russia
Saudi Arabia
United Arab Emirates
Australia
New Zealand

key_organizations: Deutsche Securities Saudi Arabia LLC Company


document_description: This Information Statement is provided to inform recipients about the general risks and consequences involved in consenting to a right of use of collateral under security collateral arrangements or title transfer collateral arrangements, in compliance with Article 15 of the Securities Financing Transactions Regulation.

title: Information Statement on Collateral Arrangements

document_subtype: Information Statement

key_organizations: International Swaps and Derivatives Association

key_organizations: Association for Financial Markets in Europe


document_description: This document outlines the risks and consequences associated with the re-use of financial instruments provided as collateral under a title transfer or security collateral arrangement. It highlights the replacement of proprietary rights with unsecured claims, lack of client asset protection, potential impacts in case of insolvency or resolution authority actions, and the loss of voting rights. The document is intended for U.S. broker-dealers, futures commission merchants, banks, or branches of non-U.S. banks.

document_type: legal

document_subtype: financial collateral arrangement

key_organizations: International Capital Market Association


document_description: This document outlines the risks and consequences associated with financial instruments and clearing services, including potential tax implications, default scenarios, and the lack of obligation to inform about corporate events. It also highlights the potential inability to fulfill settlement obligations and the impact of title transfer collateral.

document_subtype: financial agreement


document_description: This document defines terms related to the Securities Financing Transactions Regulation, including 'financial instrument', 'title transfer collateral arrangement', and 'security collateral arrangement'.

title: Appendix 1 - Defined terms for the purposes of the Securities Financing Transactions Regulation

document_subtype: regulation appendix

key_organizations: International Securities Lending Association


document_description: The document provides examples of agreements related to Title Transfer Collateral Arrangements and Security Collateral Arrangements with a right of use. It clarifies that the characterization of these agreements may differ under U.S. and European law.


document_description: The document is a SIFMA Master Securities Lending Agreement, which is a security collateral arrangement involving collateral delivered to the lender, with the borrower taking title to the borrowed securities. It also mentions bespoke security agreements with rehypothecation rights or rights of use over financial instruments in favor of the secured party.

document_subtype: Securities Lending Agreement


document_description: This appendix outlines the risks and consequences associated with collateral arrangements involving U.S. banking organizations, broker-dealers, and futures commission merchants (FCMs). It distinguishes between Customer Assets, Custodial Assets, and Non-Customer Assets, and explains the regulatory requirements for each under U.S. law. The document also discusses the conditions under which Customer Assets can be used or substituted by broker-dealers and FCMs, and the implications for customer claims in case of asset insufficiency.

title: Appendix 3: Re-use Risks and Consequences under Collateral Arrangements

document_subtype: Appendix


document_description: The document discusses the treatment of customer assets and collateral arrangements in the event of insolvency for U.S. broker-dealers, FCMs, and banking organizations. It outlines the rights and risks associated with the use of customer assets and collateral, including the potential impact on property interests and claims in insolvency proceedings. The document also highlights the differences in treatment under U.S. law and customer protection systems.


document_description: The document discusses the risks and implications of using financial instruments, particularly in the context of insolvency and the distinction between Customer Assets and Non-Customer Assets. It highlights the potential loss of proprietary rights and the replacement of such rights with unsecured claims in the event of insolvency. The document also notes the lack of protection for Non-Customer Assets under U.S. customer protection rules and the potential consequences of re-use of these assets.


document_description: The document discusses the potential risks and implications for parties involved in financial transactions, particularly in the event of insolvency. It highlights the possibility of reduced exposure due to collateral, the potential for superior rights by other parties, and the impact of insolvency proceedings on agreements and claims. The document also notes that certain associations have not reviewed or endorsed modifications to the document.


document_description: The document is a confidential communication from Deutsche Bank, indicating that it does not provide legal or tax advice. It includes confidentiality notices and reference numbers.


document_description: The document outlines the decision by the trustees of the Butterfly Trust to administer the trust's assets in Delaware and the United States Virgin Islands. This decision is made to ensure the trust qualifies as a U.S. domestic trust under Title 26 section 7701(a)(30) of the Internal Revenue Code by meeting the court and control tests. The trustees, Harry I. Beller and Erika A. Kellerhals, declare that the courts of Delaware and the U.S. Virgin Islands will have primary supervision over the trust's administration.


document_description: This document is a notarized statement confirming the identity and acknowledgment of Erika A. Kellerhals, who executed an instrument in her individual capacity. It also mentions Jeffrey E. Epstein as the grantor and includes details of the notary public, Gina Marie Bryan.


document_description: The document is a legal designation and acceptance of a successor trustee for the Butterfly Trust. Trustees Darren K. Indyke and Richard Kahn designate Erika A. Kellerhals as a successor trustee, effective upon their death, resignation, or removal. Erika A. Kellerhals accepts the designation and agrees to execute her duties as trustee.


document_description: Darren K. Indyke resigns as Trustee of the Butterfly Trust, effective October 31, 2014, as per the provisions of the trust agreement dated December 27, 2006. The resignation is acknowledged by Jeffrey E. Epstein (Grantor), Richard Kahn (Trustee), Harry I. Eller (Successor Trustee), and Erika A. Klerhals (Successor Trustee).


document_description: Richard Kahn resigns as Trustee of the Butterfly Trust, effective October 31, 2014. The resignation is acknowledged by Jeffrey E. Epstein, Darren K. Indyke, Harry I. Beller, and Erika A. Kellerhals.

title: Butterfly Trust Resignation of Trustee

key_people:
Richard Kahn
Jeffrey E. Epstein
Darren K. Indyke
Harry I. Beller
Erika A. Kellerhals

document_subtype: Trustee Resignation


document_description: Joshua Shoshan will take over coverage of certain accounts, replacing Daniel Sabba. Josh's backup will be Vahe Stepanian or Donald Summer. This is a temporary arrangement until 1Q17.

key_people:
Joshua Shoshan
Daniel Sabba
Vahe Stepanian
Donald Summer
Zbynek Kozelsky

document_subtype: memo

key_organizations:
Deutsche Bank Securities Inc.
Deutsche Asset & Wealth Management


document_description: The document is marked as confidential and is related to legal proceedings, specifically under the Federal Rules of Criminal Procedure 6(e). It contains reference numbers that likely pertain to case files or evidence documentation.


document_description: A list of beneficiaries from the Butterfly Trust with some information redacted.

title: Butterfly Trust Beneficiaries

key_people:
Darren Indyke
Karyna Shuliak
Richard Kahn

document_subtype: Beneficiary List


document_description: The document outlines the addition of beneficiaries to the Butterfly Trust, as per the authority granted under Article Third, Paragraph B of the Trust Agreement dated December 27, 2006. The current acting trustees, Harry I. Beller and Erika A. Kellerhals, add new beneficiaries to the Trust.

title: Butterfly Trust Addition of Beneficiaries

key_people:
Jeffrey E. Epstein
Darren K. Indyke
Richard Kahn
Harry I. Beller
Erika A. Kellerhals

document_subtype: Trust Document


document_description: Amendment to the Butterfly Trust to add beneficiaries by the acting trustees, Harry I. Beller and Erika A. Kellerhals, under the authority of Article Third, Paragraph B of the Trust Agreement.

document_subtype: Trust Agreement Amendment


document_description: Notarized acknowledgment of Erika A. Kellerhals executing an instrument in her individual capacity, received by Jeffrey E. Epstein as Grantor.

key_people:
Erika A. Kellerhals
Jeffrey E. Epstein
Gina Marie Bryan

document_subtype: notarized document


document_description: The document outlines the addition of beneficiaries to the Butterfly Trust, as per the authority granted under Article Third, Paragraph B of the Trust Agreement dated December 27, 2006. The current acting trustees, Harry I. Beller and Erika A. Kellerhals, have executed the addition of a beneficiary under the Trust Agreement.


document_description: Amendment to the Butterfly Trust to add a new beneficiary, executed by current acting trustees Harry I. Beller and Erika A. Kellerhals, under the authority of Article Third, Paragraph B of the Trust Agreement dated December 27, 2006.


document_description: Notarized acknowledgment of Erika A. Kellerhals executing an instrument in her individual capacity, received by Jeffrey E. Epstein.

key_locations:
St. Thomas
St. John
USVI


document_description: The document is an addition of beneficiaries to the Butterfly Trust, pursuant to Article Third, Paragraph B of the Trust Agreement dated December 27, 2006. The acting trustees, Harry L. Beller and Erika A. Kellerhals, add a beneficiary under Article Third of the Trust Agreement.

key_people:
Jeffrey E. Epstein
Darren K Indyke
Richard Kahn
Harry L. Beller
Erika A. Kellerhals


document_description: The document is an amendment to the Butterfly Trust Agreement, allowing the addition of beneficiaries by the acting trustees, Harry I. Beller and Erika A. Kellerhals, under Article Third of the Trust Agreement.


document_description: Acknowledgment of execution of an instrument by Erika A. Kellerhals, witnessed by a notary public, and received by Jeffrey E. Epstein as Grantor.

key_locations:
St. Thomas
St. John
US Virgin Islands


document_description: The document is an addition of beneficiaries to the Butterfly Trust, executed by the acting trustees Harry I. Beller and Erika A. Kellerhals, under the authority of Article Third, Paragraph B of the Trust Agreement dated December 27, 2006. The addition is acknowledged by a notary public.

title: Butterfly Trust - Addition of Beneficiaries

key_people:
Jeffrey E. Epstein
Darren K. Indyke
Richard Kahn
Harry I. Beller
Erika A. Kellerhals
Eli Z. Mendlowitz

key_locations:
New York
Rockland County


document_description: The document is an addition of beneficiaries to the Butterfly Trust, pursuant to Article Third, Paragraph B of the Trust Agreement dated December 27, 2006. The acting trustees, Harry I. Beller and Erika A. Kellerhals, have added a beneficiary under Article Third of the Trust Agreement.


document_description: The document is an amendment to the Butterfly Trust Agreement, allowing the addition of a new beneficiary, Henry I Phee, by the acting trustees Harry I. Beller and Erika A. Kellerhals, under the authority of Article Third, Paragraph B of the Trust Agreement.

title: Butterfly Trust Addition of Beneficiary

key_people:
Jeffrey E. Epstein
Darren K. Indyke
Richard Kahn
Harry I. Beller
Erika A. Kellerhals
Henry I Phee


document_description: The document is an addition of a beneficiary to the Butterfly Trust, pursuant to Article Third, Paragraph B of the Trust Agreement dated December 27, 2006. The acting trustees, Harry I. Beller and Erika A. Kellerhals, add a beneficiary under the authority conferred by the Trust Agreement.

title: Butterfly Trust Addition of Beneficiary


document_description: Notarized acknowledgment of Erika A. Kellerhals executing an instrument in her individual capacity, with Jeffrey E. Epstein as the grantor.

key_people:
Erika A. Kellerhals
Jeffrey E. Epstein
William A. Thomas


document_description: Amendment to the Butterfly Trust to delete Ghislaine Maxwell as a beneficiary and add Karyna Shuliak, Darren K. Indyke, and Richard Kahn as beneficiaries.

key_people:
Jeffrey E. Epstein
Darren K. Indyke
Richard Kahn
Harry I. Beller
Erika A. Kellerhals
Ghislaine Maxwell
Karyna Shuliak


document_description: Notarized acknowledgment of execution of an instrument by Erika A. Kellerhals and Jeffrey E. Epstein.

key_people:
Erika A. Kellerhals
Jeffrey E. Epstein
Habibe Avdiu
Gina Marie Bryan

key_locations:
State of New York
Richmond County
Territory of the Virgin Islands
Division of St. Thomas & St. John


document_description: Confidential communication from Bebe Avdiu, Legal Assistant at Darren K. Indyke, PLLC, containing attorney-client privileged information.

key_people:
Bebe Avdiu
Darren K. Indyke

document_subtype: confidential communication


document_description: A table listing various entities with associated details such as names, locations, and dates. The table includes entities like Scuften Francia LLC, Southern Trust Company, and others, with corresponding locations and dates.


document_description: The document is a daily deposit report dated April 1, 2017, detailing large, zero, and negative balances for various accounts, including those associated with Jeffrey Epstein and related entities. It also lists large transactions for PLAN D, LLC and SOUTHERN TRUST COMPANY, INC.

title: Daily Deposit Report

document_subtype: financial report

key_organizations:
Hyperion Air, LLC
JEGE, INC
PLAN D, LLC
JEGE, LLC
Darren K. Indyke PLLC
HBRK Associates, Inc
NES, LLC
LSJE, LLC
Gratitude America, Ltd
Zorro Management, LLC
Prytanee, LLC
CRW 2007 LLC
GEW 2007 LLC
Wanek Trust of 2000
Todd R. Wanek 2016 GRAT
Shari Wagner 2016 GRAT
Shari Wagner 2015 GRAT
Kati Wanek-Forsythe 2016 GRAT
Kati Wanek-Forsythe 2015 GRAT
Southern Trust Company, Inc.
CRW 2009 LLC
GEW 2009 LLC
The Haze Trust
Southern Financial LLC
Todd R. Wanek and Karen A. Wanek
SSW 2007 LLC
KWF 2007 LLC
Shari Wagner 2014 GRAT
Kati Forsythe 2014 GRAT


document_description: This document is a confidential communication from Deutsche Bank, containing disclaimers about the confidentiality and privileged nature of the information. It advises unintended recipients to notify the sender and destroy the communication. It also includes a reference to EU corporate and regulatory disclosures and states that Deutsche Bank does not provide legal or tax advice.


document_description: Correspondence regarding the purchase of Citi 5.8% preferred shares by Jeffrey Epstein. Discussion on the number of shares purchased and the current trading level, with a request for further instructions on bidding limits.

key_people:
Jeffrey Epstein
Tazia Smith
Daniel Sabba
Paul Morris
Richard Kahn
Vahe Stepanian

key_organizations:
DB Securities Inc.
Deutsche Asset & Wealth Management


document_description: The document describes an investment strategy using an investor's existing portfolio as collateral, managed through a separately managed account (SMA) with transparency and daily liquidity. Harvest, a leader in managed option strategies, manages the strategy with a team of 15 investment professionals. The document includes contact information for Andrew King, CFA, from Deutsche Bank Securities Inc.

key_organizations:
Deutsche Bank Securities Inc.
Deutsche Bank Wealth Management
Harvest


document_description: A confidential communication from Cynthia Rodriguez, Assistant Vice President at Deutsche Bank Trust Company Americas, containing disclaimers about confidentiality and legal/tax advice.

document_subtype: fax

key_organizations:
Deutsche Bank Trust Company Americas
Deutsche Bank Wealth Management


document_description: A confidential memo from Martin Zeman, Director at Deutsche Bank Wealth Management, discussing Key Client Partners (KCP) products and services intended for sophisticated institutional investors. It emphasizes the confidentiality of the information and the requirement for internal approvals for trades and transactions.

key_organizations:
Deutsche Bank Wealth Management
DB Securities Inc


document_description: The document contains a table with ticket purchase details for Stewart Oldfield, including sessions, seating, and pricing. It also lists various names and entities, possibly related to financial or business contexts.

key_organizations:
Deutsche Bank Trust Company Americas
Deutsche Bank Wealth Management
Deutsche Bank Securities Inc.


document_description: The document is a financial data table for the ticker EP044023 Pfd, covering the date range from 10/29/2013 to 10/29/2014. It includes daily data presented in a line chart with volume bars, showing various financial metrics such as last price, change, high, low, average, and volume.


document_description: Request for approval to increase the withdrawal limit for Jeffrey Epstein's debit card to $12,000 from $1,000.

title: Debit Card Withdrawal Limit Increase Approval

key_people:
Cynthia Rodriguez
Charlie Burrows
Anthony Western
Arthur Tremblay
Stewart Oldfield
Jeffrey Epstein

document_subtype: internal memo


document_description: Marjorie Flash has relocated to the Deutsche Bank office in Jacksonville, FL, effective January 4, 2016. The document includes important information regarding trading instructions and emphasizes the need for confirmation from a bank representative for mutual fund, corporate action, and other trading instructions. It also contains a confidentiality notice and instructions for unsubscribing from email communications in Canada.

key_people:
Marjorie Flash
Bella Klein
Darren Indyke
Richard Kahn

key_organizations:
Deutsche Bank Trust Company
Deutsche Bank Wealth Management


document_description: A memo from Richard Kahn to Marjorie Flash regarding a euro wire transfer. Richard Kahn mentions receiving a voicemail indicating Marjorie Flash is out of the office and requests information on who can process the attached euro wire.

key_people:
Richard Kahn
Marjorie Flash
Stewart Oldfield
Darren Indyke
Bella Klein

key_locations:
Jacksonville, FL
New York, NY

key_organizations:
Deutsche Bank Trust Company
Deutsche Bank Wealth Management
HBRK Associates Inc.


document_description: A disclaimer from Deutsche Bank stating that they do not provide legal or tax advice and that the information in the communication should not be considered as such.


document_description: The document is a daily deposit report detailing large, zero, and negative balances for various accounts associated with Jeffrey Epstein and related entities as of February 1, 2017. It also lists large transactions, including a $300,000 money transfer by Jeffrey Epstein and a $1,000,000 money transfer by PLAN D, LLC.

title: RM0082289 Daily Deposit Report

key_people:
Jeffrey Epstein
Darren K. Indyke

key_organizations:
Southern Trust Company, Inc.
Southern Financial LLC
Neptune, LLC
Hyperion Air, LLC
JEGE, Inc
JEGE, LLC
HBRK Associates, Inc
NES, LLC
Zorro Development Corp.
LSJE, LLC
Gratitude America, Ltd
Zorro Management, LLC
Prytanee, LLC
Plan D, LLC


document_description: A check issued by Plan D, LLC to Jet Ops, LLC for the amount of $6,360.00. The check is drawn on Deutsche Bank Trust Company Americas and is intended for deposit at Washington Mutual Bank. The check has a high dollar pull exception due to a missing signature on file.

key_locations:
St. Thomas, USVI
New York, New York
Stuart, Florida

document_subtype: check

key_organizations:
Plan D, LLC
Jet Ops, LLC
Deutsche Bank Trust Company Americas
Washington Mutual Bank


document_description: The document is marked as confidential and is related to legal proceedings, specifically under the Federal Rules of Criminal Procedure 6(e). It contains reference numbers that likely pertain to case files or evidence documentation.


document_description: Cynthia Rodriguez from Deutsche Bank inquires about the purpose of a wire transfer and whether any other wires are expected from Leon's company. Richard Kahn responds, mentioning that BV70 LLC, owned by Leon Black, is a client of Southern Trust Company and owns Leon Black's yacht.

key_people:
Cynthia Rodriguez
Richard Kahn
Leon Black
Bella Klein
Stewart Oldfield

document_subtype: email correspondence

key_organizations:
Deutsche Bank Trust Company Americas
Deutsche Bank Wealth Management
HBRK Associates Inc.
Southern Trust Company
BV70 LLC


document_description: Cynthia Rodriguez from Deutsche Bank is inquiring about an incoming wire of $22,500,000 from BV70 LLC. She asks about the purpose of the wire, the relationship between the client and BV70 LLC, the type of products/services BV70 LLC provides, and requests resources for BV70 LLC as no information is found online. She also inquires if such activity is expected to continue. Richard Kahn from HBRK Associates Inc. confirms the wire was sent.

key_people:
Cynthia Rodriguez
Richard Kahn
Bella Klein

document_subtype: email

key_organizations:
Deutsche Bank Trust Company Americas
Deutsche Bank Wealth Management
HBRK Associates Inc.
BV70 LLC


document_description: This document contains a confidentiality notice and disclaimer from Deutsche Bank, indicating that the communication may contain confidential or privileged information. It advises unintended recipients to notify the sender and destroy the communication. It also states that Deutsche Bank does not provide legal or tax advice.


document_description: This document is a KPI report generated by GMIS - Finance WM for Deutsche Bank, detailing financial metrics such as revenues, CBV, NNA, and RoA for various clients including Stewart Oldfield, Boies Family, Crestline, and others for September 2016 and year-to-date comparisons.

title: KPI Report (Client-Level) - 1.CRM: Stewart Oldfield

document_date: September 2016

document_subtype: KPI Report

key_organizations:
Deutsche Bank
GMIS - Finance WM


document_description: The chart displays the price and volume of a financial instrument, EP044023 Pfd, from late 2013 to mid-2014. It includes key metrics such as Last Price, High, Average, Low, Volume, and a 15-day Simple Moving Average (SMAVG) of the volume.

document_subtype: financial data


document_description: A communication from Stewart Oldfield of Deutsche Bank regarding the categorization of revenues as brokerage and the reporting of swaps and trades with the investment bank.


document_description: The document contains a summary of financial transactions related to Southern Financial, including unwound JPYKRW Forward and Brazil CDS Protection, with respective P&L details. It is classified for internal use only and mentions key individuals involved.

document_type: email


document_description: Trade transaction for 250,000 AAPL shares at $98.94 with a total size of $24,750,006 and a P&L of $15,000.

key_people:
Paul Morris
Vahe Stepanian
Ariane Dwyer
lj Litchford

document_subtype: tabular


document_description: The document provides details on tactical asset allocation changes decided during the Regional Investment Committee meeting on July 12, 2016. It includes changes in exposure to European Equities, Emerging Market Equities, and Emerging Market Bonds. Additionally, it contains updates on the economic and asset class outlook, Brexit impacts, and Italian banks' stress post-Brexit.

title: DB WM — Regional Investment Committee Tactical Asset Allocation Changes

key_locations: U.K. Italy Europe

document_subtype: investment report

key_organizations:
DB WM
EU
ECB
BOE
Fed
Deutsche Bank


document_description: A check issued by Hyperion Air, LLC to Island Capital Group for the amount of $13,719.64, dated August 3, 2016. The check includes security features and is marked for deposit only.

key_locations:
New York, New York
St. Thomas, USVI
Greenville, SC

key_organizations:
Deutsche Bank Trust
Hyperion Air, LLC
Island Capital Group


document_description: This document appears to be a financial table or report with various metrics related to trading, such as price, volume, and trades. It includes specific data points like symbol, date, price, change, volume, and other trading metrics.


document_description: This document provides the interest rates and annual percentage yields for Deutsche Bank AG NY Branch USD Client Rates as of February 5, 2018. It includes details on the minimum and maximum deposit requirements for Preferred CDs, penalties for early withdrawals, and the variable rate determination for the 9-month CD.

key_organizations:
Deutsche Bank AG
Deutsche Bank Trust Company Americas
Deutsche Bank Wealth Management
Deutsche Bank Securities Inc.


document_description: This document contains a confidentiality notice and references to Deutsche Bank disclosures. It includes links to EU corporate and regulatory disclosures and mentions that Deutsche Bank does not provide legal or tax advice. The document also lists several attached PDF files related to pricing and rate sheets.


document_description: This document is a memo from Cynthia Rodriguez, Assistant Vice President at Deutsche Bank Trust Company Americas, justifying the opening of a high-risk deposit account for The 2017 Caterpillar Trust associated with Jeffrey Epstein. The account is intended for paying annual annuity payments. The memo outlines the high-risk factors due to Epstein's legal history, including a settled civil fraud action and criminal convictions. Despite these factors, AML Compliance has reviewed and approved the continuation of the relationship.

title: High Risk Account Justification for Jeffrey Epstein

key_people:
Jeffrey Epstein
Cynthia Rodriguez
Bill Clinton
Prince Andrew


document_description: Uber ride receipt for a trip in Manhattan with details on fare breakdown, driver information, and tax summary.

document_subtype: ride receipt


document_description: The document appears to be a promotional message related to Uber, offering a free ride up to $15 with a share code. It also includes a confidentiality notice and some reference numbers.


document_description: Invitation to a conference call discussing Deutsche Bank's financial fundamentals and current headlines, featuring speaker James Riven, Managing Director and Head of Investor Relations at Deutsche Bank — Americas.

title: Deutsche Bank Conference Call Invitation

document_subtype: invitation

key_organizations:
Deutsche Bank
Deutsche Bank Trust Company Americas
Deutsche Bank Securities Inc.


document_description: A communication from Stewart Oldfield, Director at Deutsche Bank Trust Company Americas, containing a confidentiality notice and disclaimer about legal and tax advice.


document_description: Authorization for asset movement for non-retirement accounts from Deutsche Bank Alex. Brown to Bank of New York, with further credit to Pershing LLC. The document includes instructions for wire transfer of $23,000,000 and outlines the responsibilities and risks associated with the transmission of instructions.

document_subtype: Authorization for Asset Movement

key_organizations:
Deutsche Bank Alex. Brown
Southern Trust Company Inc.
Bank of New York
Pershing LLC


document_description: A memo from PWM AML Compliance at Deutsche Bank requesting information about an outgoing transfer of $5,000,000.00 from LDB 2011 LLC/BMO TRUSTEE at CDEC CLEARING ACCOUNT through Bank of America, N.A. NY. The memo asks about the purpose of the transfer, the relationship between the beneficiary and the client, and the source of wealth for these entities.

document_subtype: memo

key_organizations:
Deutsche Bank
LDB 2011 LLC
BMO TRUSTEE
Bank of America, N.A.


document_description: The document is a daily deposit report detailing large, zero, and negative balances for various accounts associated with Jeffrey Epstein and related entities as of December 27, 2016. It includes account names, categories, balances, and a large transaction for PLAN D, LLC.

title: RM0082289 Daily Deposit Report

key_organizations:
Southern Trust Company, Inc.
Southern Financial LLC
Neptune, LLC
Hyperion Air, LLC
JEGE, Inc
PLAN D, LLC
JEGE, LLC
NES, LLC
Zorro Development Corp.
LSJE, LLC
Zorro Management, LLC
Gratitude America, Ltd
GEW 2009 LLC
CRW 2009 LLC
Kati Forsythe 2014 GRAT


document_description: This document is a confidential communication from Deutsche Bank, containing disclaimers about the confidentiality and privileged nature of the information. It advises unintended recipients to notify the sender and destroy the communication. It also includes a reference to EU corporate and regulatory disclosures and states that Deutsche Bank does not provide legal or tax advice.


document_description: This document is a confidential communication from Deutsche Bank, containing disclaimers about the confidentiality and privileged nature of the information. It advises unintended recipients to notify the sender and destroy the communication. It also includes a disclaimer that Deutsche Bank does not provide legal or tax advice.


document_description: The document is marked as confidential and is related to a legal matter, likely involving the Southern District of New York (SDNY). It references federal rules of criminal procedure, indicating it may be part of a legal investigation or proceeding.


document_description: A forwarded message from Bella, originally sent on September 6, 2016, at 9:09:32 AM EDT. The message contains a confidentiality notice and a disclaimer that Deutsche Bank does not provide legal or tax advice.


document_description: A note from Anna-Sofiya Lupolover, Assistant Vice President at Deutsche Bank Trust Company Americas, regarding account details for a customer in Italy.

key_people:
Anna-Sofiya Lupolover
Stewart Oldfield

key_locations:
345 Park Avenue, New York, NY 10154
Italy

document_subtype: note


document_description: The Haze Trust Agreement is established by Jeffrey E. Epstein as both Grantor and Trustee. The agreement outlines the transfer of property to the Trustee to be managed and disposed of according to the terms specified. The Trustee has discretion over the income and principal of the trust, with provisions for the distribution of remaining assets upon the Grantor's death.

title: The Haze Trust Agreement

document_subtype: Trust Agreement