document_description: This document outlines the authorized signers for a corporation, including Jeffrey Epstein, Darren Indyke, Harry Beller, and Jeanne Brennan. It specifies the conditions under which they are authorized to act individually or jointly. The document also states that the bank can rely on the instructions of the authorized signers unless notified otherwise. It revokes any previous authorities granted to signers not named in the document.

key_people:
Jeffrey Epstein
Darren Indyke
Harry Beller
Jeanne Brennan

document_subtype: Corporate Resolutions


source: doj

document_description: This document is a signature card for Southern Trust Company, Inc. with Deutsche Bank. It indicates the account is corporate and requires one signature. Signatories include Jeffrey Epstein, Darren Indyke, Harry Beller, and Jeanne Brennan. The document is marked confidential and is related to Deutsche Bank Wealth Management.

title: Southern Trust Company, Inc. Account Signature Card

document_type: financial

document_subtype: Signature Card

key_organizations:
Southern Trust Company, Inc.
Deutsche Bank Wealth Management


document_description: Application for opening a business deposit account for Southern Financial LLC with Deutsche Bank. Includes details of account types, banking services, and internet banking services.

title: Deutsche Bank Wealth Management Business Deposit Account Opening Application

key_organizations:
Deutsche Bank
Southern Financial LLC


document_description: This document outlines the authorized signers for an LLC, including Jeffrey Epstein, Darren Indyke, Harry Beller, and Jeanne Brennan. Each is authorized to act individually. The document confirms the validity of the LLC Resolutions and the authority of the signers as of the date shown. It also revokes any previous authorities not named in the document.

document_type: legal

document_subtype: LLC Resolutions


document_description: This document pertains to a Deutsche Bank Wealth Management account for Southern Financial LLC, a Limited Liability Corporation. It includes signatures from Jeffrey Epstein, Darren Indyke, Harry Beller, and Jeanne Brennan. The document is marked confidential and is subject to Federal Rule of Criminal Procedure 6(e).

title: Deutsche Bank Wealth Management Account Document

document_subtype: Bank Account Document


document_description: This document is an application for opening a business deposit account with Deutsche Bank Wealth Management for The Haze Trust. It includes details such as the account title, date of incorporation, taxpayer ID number, mailing and legal addresses, client relationship type, and selected banking services. The application specifies the selection of a Deutsche Bank AG NY Preferred Banking Account and outlines various banking and internet services options.


document_description: This document outlines Deutsche Bank's Customer Identification Policy, emphasizing compliance with federal laws to combat terrorism and money laundering. It details the bank's obligations to verify customer identities, share information as required by law, and adhere to enhanced anti-money laundering requirements. The document also includes terms for ATM/Debit and Internet Banking services, and responsibilities for non-U.S. organizations regarding tax and compliance.

document_type: correspondence

document_subtype: notice

key_organizations:
Deutsche Bank
DBTCA


document_description: This document is a signature card for The Haze Trust account at Deutsche Bank Trust Company Americas. It specifies the account holder as a trust and requires one signature for transactions. Darren Indyke is listed as a signatory.

title: Deutsche Bank Signature Card for The Haze Trust

document_subtype: signature card

key_organizations:
Deutsche Bank Trust Company Americas
The Haze Trust


document_description: Instructions for completing and submitting a Tax Declaration Form for Southern Financial, with a deadline around 6/16/17. Includes specific guidance on filling out sections of the form and emphasizes the need for the beneficial owner to sign. Vahe Stepanian from Deutsche Bank Securities Inc. provides contact information and notes his upcoming travel.

document_subtype: memo

key_organizations:
Deutsche Bank Securities Inc.
Southern Financial
Pershing, LLC


document_description: This document is marked as confidential under Federal Rule of Criminal Procedure 6(e) and contains identifiers related to a legal case or investigation.

document_type: other


document_description: A confidential document related to Richard Kahn and HB RK Associates Inc. It includes references to legal confidentiality under Federal Rules of Criminal Procedure.


document_description: This document contains confidential information related to a legal case, as indicated by the reference to Federal Rule of Criminal Procedure 6(e). It includes identifiers such as DB-SDNY-0086052, SDNY_GM_00232236, and EFTA01385095, which may be related to case numbers or document tracking within the legal system.


document_description: The document appears to be related to Deutsche Bank Wealth Management, specifically mentioning Trust Company Americas located at 345 Park Avenue. It is marked as confidential under Federal Rule of Criminal Procedure 6(e).


document_description: The document contains confidential information related to Deutsche Bank Securities Inc. It includes reference numbers and is marked as confidential under Federal Rule of Criminal Procedure 6(e).


document_description: The document is marked as confidential and is related to legal proceedings, specifically under Federal Rule of Criminal Procedure 6(e).


document_description: The document contains confidential and/or privileged information related to a legal matter, as indicated by the reference to Federal Rule of Criminal Procedure 6(e).


document_description: This document is marked as confidential and is subject to Federal Rule of Criminal Procedure 6(e). It appears to be related to a legal case or investigation in the Southern District of New York (SDNY).


document_description: The document is marked as confidential under Federal Rule of Criminal Procedure 6(e) and contains identifiers such as DB-SDNY-0086078, SDNY_GM_00232262, and EFTA01385102.


document_description: A communication from Deutsche Bank indicating it does not provide legal or tax advice. The document contains confidentiality notices and is marked as confidential under federal rules.


document_description: This document is a communication from Deutsche Bank containing disclaimers about confidentiality and legal advice. It includes a link to EU corporate and regulatory disclosures.


document_description: A standard confidentiality and disclaimer notice from Deutsche Bank, emphasizing the confidential nature of the communication and disclaiming legal or tax advice.


document_description: A confidential communication from Deutsche Bank with a disclaimer about unauthorized copying, disclosure, or distribution. It also states that Deutsche Bank does not provide legal or tax advice.


document_description: A confidential communication from Deutsche Bank indicating that they do not provide legal or tax advice.


document_description: Confidential financial report for Southern Trust Company, Inc. as of June 30, 2016.

title: Southern Trust Company, Inc. Financial Report

document_subtype: financial report


document_description: The document is a financial statement for Southern Trust Company, Inc. and its subsidiaries, detailing assets, liabilities, and shareholder's equity as of June 30, 2016. It includes current assets, fixed assets, investment partnerships, and investment in subsidiaries, with total assets amounting to $364,620,224. Liabilities are minimal at $1,286, with the majority of the balance in shareholder's equity.

title: Statement of Assets, Liabilities and Shareholder's Equity

document_type: tabular

document_subtype: financial statement

key_organizations:
Southern Trust Company, Inc.
Southern Financial .LC
Haze Trust


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts as of July 29, 2016. It includes account numbers, names, categories, and balances.

title: RM0082289 Daily Deposit Report

key_people:
Jeffrey Epstein
Todd Wanek
Karen Wanek
Darren K. Indyke

key_organizations:
Southern Trust Company, Inc.
Southern Financial LLC
Neptune, LLC
Hyperion Air, LLC
JEGE, Inc
HBRK Associates, Inc
Zorro Development Corp.
LSJE, LLC
Wanek Trust of 2000
KWF 2007 LLC
SSW 2007 LLC
Gratitude America, Ltd


document_description: The table contains information about various entities managed by Paul Morris and Andrew Galivan, including their reference numbers, descriptions, and investment activities. It also includes a note from Vaishali Mehta, Head of Anti-Money Laundering Business Risk at Deutsche Bank Wealth Management.

key_people:
Paul Morris
Andrew Galivan
Leon Black
Vaishali Mehta

key_locations:
Virgin Islands
New York, NY, USA

document_subtype: table

key_organizations:
Apollo Global Management
Deutsche Bank Wealth Management


document_description: A check issued by Jeffrey Epstein to the Insurance Office of Central Ohio for the amount of $13,323.60. The check is drawn from Deutsche Bank Trust Company Americas.

key_locations:
St. Thomas, USVI
New York, NY
New Albany, OH

document_subtype: check

key_organizations:
Deutsche Bank Trust Company Americas
Insurance Office of Central Ohio
Fifth Third Bank


document_description: A document involving DBSI's discretion in accepting orders, with acknowledgments from a client and signatures from a client advisor and branch supervisor.

key_people:
Client Advisor
Branch Supervisor

key_organizations:
DBSI
Southeer Financial LLC


document_description: The table contains information about various financial entities, their representatives, and their financial status as of early 2017. It includes details such as entity names, representatives, dates, and financial summaries.

key_people:
Andrew Gallivan
Frederic B. Luddy
Thomas-B Mayer
Trevor Spinney
Brian Convey
Joanne Jensen

key_organizations: Aquiline Capital Partners III GP (Offshore) Ltd.


document_description: The document contains financial summaries related to individuals Philip Bredesen and Brooke T. DeGeorge. It includes information about Philip Bredesen's business history and his financial dealings through Hirtle, Callaghan & Co. It also details the opening of a UTMA for Brooke and Payton DeGeorge, children of Casey and Peter M DeGeorge, as a distribution from their great grandparents' trust.

key_people:
Philip Bredesen
Andrew Gallivan
Terrence Tangney
Brooke T. DeGeorge
Casey DeGeorge
Peter M DeGeorge
Payton DeGeorge

document_subtype: financial summary

key_organizations:
HealthAmerica Corp.
Deutsche Bank
Hirtle, Callaghan & Co.


document_description: A communication from Richard Kahn of HBRK Associates Inc. regarding Rothschild & Co SCA's stock information. The message includes a disclaimer about confidentiality and legal advice.

key_organizations:
Rothschild & Co SCA
HBRK Associates Inc.
Deutsche Bank


document_description: The document discusses a financial transaction involving European Call on Dispersion, where a client pays a premium for a payout based on average realized dispersion across global markets. The transaction is economically short correlation and long volatility across markets. Historical average realized dispersion data is provided for indices like S&P500, EuroStoxx50, Nikkei, EEM, and HSCEI. The indicative transaction terms include a dispersion basket of SPX, EEM, SXSE, HSCEI, NKY, with an expiry date of 18 Dec 2015 and a strike at ATMF (11.2%).

title: Indicative Transaction Terms for European Call on Dispersion


document_description: Certification of Good Standing for Southern Trust Company, Inc., formerly known as Financial Informatics, Inc., confirming its incorporation and authorization to conduct business in the Virgin Islands.

document_type: government

document_subtype: Certification of Good Standing

key_organizations: Office of the Lieutenant Governor, Virgin Islands


document_description: The document provides financial forecasts and ratios for General Motors Co for the years 2016 to 2018, including EPS, P/E, and revenue estimates. It also discusses market opportunities and risks associated with GM's Auto 2.0 plan.

title: General Motors Co Financial Forecast

key_organizations:
General Motors Co
Deutsche Bank Securities Inc


document_description: The document provides a valuation analysis and risk assessment for General Motors Co. It includes a DCF-derived target price of $51/share, with $41/share attributed to GM's 1.0 operation and $10/share to GM's Autonomous 2.0 opportunity. The analysis highlights a 10% FCF yield and a 4.0x 2018 EV/EBITDAP. Key risks are associated with GM's 1.0 operations, particularly inventory management and production scaling for 2018/2019 launches of large pickups and SUVs.

title: Valuation and Risks for General Motors Co


document_description: This document contains financial forecasts and ratios for General Motors Co, including EPS, P/E, DPS, dividend yield, and revenue for the years 2016, 2017, and 2018. The data is sourced from Deutsche Bank estimates and company data.

title: General Motors Co Forecasts and Ratios

key_organizations:
General Motors Co
Deutsche Bank


document_description: The document discusses General Motors' strategic focus on Autonomous Vehicles (AVs) and the potential of the Mobility Business Models they will enable. It highlights GM's rapid movement to address strategic challenges and focus on promising opportunities, particularly in the AV sector. The document notes GM's extensive AV development program and their potential advantage in deployment timing due to their fully redundant mass producible autonomous vehicle. It also mentions the challenges of developing such vehicles and the importance of secure data collection and over-the-air updates.

title: General Motors Co - Autonomous Vehicles and Mobility Business Models

key_organizations:
General Motors Co
Cruise Automation
Deutsche Bank Securities Inc.


document_description: The document discusses General Motors' strategic advantages in the development of autonomous driving technology, including their Global B architecture, connectivity and data collection capabilities through OnStar, and potential strategies for vehicle ownership and service infrastructure. It also explores GM's options for developing a mobility platform, either independently or in partnership with existing providers like Lyft.

title: Autos & Auto Parts - General Motors Co

key_organizations:
General Motors Co
Google
Deutsche Bank Securities Inc


document_description: The document analyzes the cost of vehicle ownership across various metropolitan areas, highlighting the differences in variable and fixed costs. It includes a table comparing costs in the top 20 metropolitan statistical areas (MSAs) and nationwide averages.

title: Cost of Vehicle Ownership Analysis

key_locations:
St. Louis
Atlanta
Manhattan

key_organizations:
General Motors Co
Deutsche Bank Securities Inc.
AAA
Wards
Insurance Information Institute


document_description: The document discusses the economics of on-demand mobility services like Uber and Lyft compared to individual vehicle ownership. It highlights the cost per mile for these services and compares it to the cost of owning a vehicle in various U.S. metropolitan areas. The analysis suggests that ridesharing may be more economical for certain urban households. The document also explores the potential cost benefits of autonomous vehicles in the future.

title: The Cost of On Demand Mobility

key_locations:
Los Angeles
New York City
San Bernardino-Riverside

key_organizations:
General Motors Co
Uber
Lyft
Deutsche Bank Securities Inc


document_description: The document provides an analysis of the utilization and cost of operation for on-demand autonomous vehicles, focusing on revenue miles, vehicle price, and cost per mile. It includes a table with nationwide data on driverless vehicle price, miles driven, and utilization rates. The analysis considers depreciation, cost per mile, and fuel cost assumptions, highlighting the potential for reduced costs with electric vehicles.

title: Miles Driven and Utilization of On-Demand Autonomous Vehicles


document_description: The document provides a detailed analysis of the variable and fixed costs associated with on-demand autonomous vehicles, specifically focusing on General Motors Co. It includes cost per mile calculations, fixed annual costs, and a breakdown of revenue and expenses to determine a retail rate per mile for consumers. The analysis suggests a retail rate of $0.91 per mile, which is competitive with the average cost of driving a privately owned vehicle in major U.S. metropolitan areas.

title: Variable Cost Analysis of On-Demand Autonomous Vehicles


document_description: This document outlines the existing financial relationship with The 2017 Caterpillar Trust, which is associated with Jeffrey Epstein. It details the types of accounts held, the purpose of a new deposit account, and the high-risk factors associated with Epstein due to past legal issues. Despite these risks, the relationship is maintained with AML Compliance approval.

title: KYC Document for The 2017 Caterpillar Trust

document_subtype: KYC Document


document_description: A confidential correspondence from Cynthia Rodriguez, Assistant Vice President at Deutsche Bank Trust Company Americas, part of Deutsche Bank Wealth Management.

key_locations: 345 Park Avenue, 24th Fl 10154-0004 New York, NY, USA

key_organizations:
Deutsche Bank Trust Company Americas
Deutsche Bank Wealth Management


document_description: A check issued by Jeffrey Epstein to Antoine Verglas, Inc. for the amount of $13,065.00. The check is drawn from Deutsche Bank Trust Company Americas, with account number 35269691 and routing number 21001033. The check number is 1071 and is associated with invoice #2383.

key_people:
Jeffrey Epstein
Antoine Verglas

key_locations:
St. Thomas, USVI
New York, NY

key_organizations:
Deutsche Bank Trust Company Americas
Antoine Verglas, Inc.


document_description: A letter from Jeffrey Epstein authorizing the transfer of 100,000 shares of MN from Southern Financial LLC to Southern Trust Company at Merrill Lynch.

key_organizations:
Southern Trust Company
Southern Financial LLC
Merrill Lynch


document_description: The document contains an image of a vertical bar chart with text labels, but the chart is entirely black, making it impossible to extract specific data points or trends. The visible text labels are fragmented and lack context.


document_description: The document contains confidential information related to a legal matter, as indicated by the reference to Federal Rule of Criminal Procedure 6(e).


document_description: This document is related to Trust Company Americas Deutsche Bank Wealth Management, located at 345 Park Avenue, New York. It is marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).

document_subtype: bank document


document_description: The document contains contact information and confidentiality notices related to a legal or governmental context, as indicated by references to Federal Rules and specific document codes.


document_description: The document mentions securities offered through Deutsche Bank Securities Inc. and is marked as confidential under Federal Rule of Criminal Procedure 6(e).


document_description: This document is marked as confidential under Federal Rule of Criminal Procedure 6(e), indicating it contains sensitive legal information related to a case in the Southern District of New York.


document_description: A confidential communication from Deutsche Bank with a disclaimer about unauthorized copying, disclosure, or distribution. It includes a reference to a URL for additional EU corporate and regulatory disclosures.


document_description: This is a confidential communication that may contain privileged information. It advises that the information should not be regarded as legal or tax advice. If received in error, the recipient is instructed to notify the sender and destroy the communication. Unauthorized copying, disclosure, or distribution is forbidden.


document_description: A communication from Deutsche Bank containing disclaimers about legal and tax advice, confidentiality notices, and references to EU corporate and regulatory disclosures.


document_description: Authorization for asset movement for non-retirement accounts from Deutsche Bank Alex. Brown for J. Epstein Virgin Islands Foundation Inc. The document includes instructions for wire transfers, checks, journals, and free deliveries. It also outlines the terms of standing authorization and the responsibilities of the undersigned.

document_subtype: Authorization for Asset Movement


document_description: This is a confidential communication from Deutsche Bank, indicating that it does not provide legal or tax advice. The communication is marked as confidential under Federal Rule of Criminal Procedure 6(e).


document_description: The document outlines the terms and conditions of the Preferred Cash Management Service offered by Deutsche Bank. It allows automatic fund transfers between a DBTCA Deposit Account and a Preferred Banking Account at Deutsche Bank AG New York Branch, with features like Maximum Balance and Automatic Transfer Option.

title: Preferred Cash Management Service Addendum

document_subtype: bank service addendum

key_organizations:
Deutsche Bank Trust Company Americas
Deutsche Bank AG New York Branch


document_description: A form for selecting features of the Preferred Cash Management Service offered by Deutsche Bank, including options for Maximum Balance, Target Balance, and Termination of Service. It includes acknowledgments about the non-insurance of funds by FDIC or any governmental agency and the obligations of Deutsche Bank AG New York Branch.

document_subtype: Preferred Cash Management Service Selection Form


document_description: Confidential communication regarding Citi 5.80% PFD, possibly containing attorney-client privileged or inside information. Intended only for the addressee and unauthorized use is prohibited.


document_description: A check issued by Jeffrey Epstein from Deutsche Bank Trust Company Americas for the amount of $7,500.00, payable to cash. The check includes account and routing numbers, and mentions a high dollar pull exception due to a signature irregularity.


document_description: Vahe Stepanian from Deutsche Bank Securities Inc. informs Rich via voicemail and memo that Southern Financial was allocated 500 ATUS at $30.00 each.

key_people:
Vahe Stepanian
Rich

key_organizations:
Deutsche Bank Securities Inc.
Southern Financial


document_description: The document contains promotional content for the New Balance Bronx 10 Mile race, encouraging participants to sign up and run for a cause with NYRR Team for Kids. It also includes a confidentiality notice related to legal proceedings.

document_type: media

key_locations: Bronx NYC

key_organizations:
New Balance
NYRR Team for Kids


document_description: Information about the New York Road Runners, a non-profit community running organization founded in 1958, serving over 430,000 people annually, including 215,000 youth.


document_description: This is a confidential communication from Deutsche Bank, containing disclaimers about the confidentiality and legal nature of the information. It includes a notice for unintended recipients to destroy the communication and a link for additional disclosures.


document_description: A financial trade involving EUR Put and USD Call options with Deutsche Bank, with a total premium payment of USD 41,250 on May 17, 2018.

document_subtype: note

key_organizations:
Deutsche Bank Wealth Management
DB Securities Inc


document_description: A document marked as confidential under Federal Rule of Criminal Procedure 6(e), containing redacted contact information and reference numbers.


document_description: This document provides details on the promotional interest rates and annual percentage yields for Deutsche Bank AG NY Branch's USD client accounts as of February 5, 2018. It includes rates for both personal and business accounts over various terms, as well as conditions for purchasing a Preferred Certificate of Deposit (CD).

title: Deutsche Bank AG NY Branch USD Client Promotional Rate

document_subtype: financial


document_description: A communication from Stewart Oldfield, Director at Deutsche Bank Trust Company Americas, containing confidential and/or privileged information. It includes references to attached documents related to preferred banking and CD rates.

document_subtype: communication

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


document_description: This document is marked as confidential under Federal Rule of Criminal Procedure 6(e) and contains identifiers related to a legal case or investigation, likely within the Southern District of New York (SDNY).


document_description: Cynthia Rodriguez from Deutsche Bank Trust Company Americas is inquiring about the Butterfly Trust. The compliance group has questions regarding the purpose of the trust, the support for the change of beneficiaries in the trust agreement, and the reason for the change of beneficiaries.

key_organizations:
Deutsche Bank Trust Company Americas
Deutsche Asset & Wealth Management


document_description: This document is marked as confidential under Federal Rule of Criminal Procedure 6(e) and contains identifiers related to a legal case or investigation, including DB-SDNY-0086431, SDNY_GM_00232615, and EFTA01385218.


document_description: A communication from Stewart Oldfield, Director at Deutsche Bank Wealth Management, discussing the potential to advance a discussion. The message includes a confidentiality notice and disclaimers about legal and tax advice.

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


document_description: A confidential communication from Deutsche Bank, containing disclaimers about legal and tax advice, and confidentiality notices.


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: This document is a confidential communication from Deutsche Bank, indicating that it does not provide legal or tax advice. It references additional EU corporate and regulatory disclosures available on their website.


document_description: Invitation to the Frieze London & Frieze Masters Preview event hosted by Deutsche Bank Wealth Management on October 4, 2017. The event includes VIP access and lounge access with specific timings for Frieze London and Frieze Masters. Contact details for further information are provided.

title: Frieze London & Frieze Masters Preview Event

key_locations:
Frieze London
Frieze Masters


document_description: Invitation from Deutsche Bank Wealth Management to attend the preview of Frieze London & Frieze Masters on October 4, 2017. The event includes exclusive access to the Frieze London VIP hour and the opening of a new Deutsche Bank Wealth Management Lounge in Frieze Masters.

title: Invitation to Frieze London & Frieze Masters Preview

key_people:
Fabrizio Campelli
Kelly Kier

document_subtype: invitation

key_organizations:
Deutsche Bank Wealth Management
Frieze London
Frieze Masters


document_description: An amendment agreement executed by Southern Financial LLC and Deutsche Bank AG, with Jeffrey Epstein as the manager for Southern Financial LLC. The document is marked confidential and is related to a legal proceeding.

document_subtype: Amendment Agreement

key_organizations:
Southern Financial LLC
Deutsche Bank AG


document_description: This document is an execution version of an Amendment Agreement between Southern Trust Company, Inc. and Deutsche Bank AG, signed by Jeffrey Epstein as President of Southern Trust Company, Inc. The document is marked confidential and is subject to Federal Rule of Criminal Procedure 6(e).

title: Amendment Agreement Execution

key_organizations:
Southern Trust Company, Inc.
Deutsche Bank AG


document_description: An amendment agreement executed by Southern Trust Company, Inc. and Deutsche Bank AG, with Jeffrey Epstein as President of Southern Trust Company, Inc.


document_description: An Amendment Agreement executed by Southern Financial LLC and Deutsche Bank AG, with Jeffrey Epstein as the manager for Southern Financial LLC.


document_description: Request for Exco Approval for a new account opening for Jeffrey Epstein, an existing DB client. The account is for The 2017 Caterpillar Trust to pay annual annuity payments. The relationship is high risk due to Epstein's legal issues and affiliations with high-profile individuals.

key_people:
Jeffrey Epstein
Stewart Oldfield
Bill Clinton
Prince Andrew

document_subtype: internal request

key_organizations:
DB
The 2017 Caterpillar Trust


document_description: A memo from Cynthia Rodriguez, Assistant Vice President at Deutsche Bath Trust Company Americas, discussing the review of negative media and alerts related to Jeffrey Epstein. It states that AML Compliance has reviewed the alerts and sees no reason to discontinue the relationship with Epstein despite high-risk factors.

key_people:
Cynthia Rodriguez
Jeffrey Epstein

document_subtype: memo

key_organizations:
Deutsche Bath Trust Company Americas
Deutsche Bath Wealth Management


document_description: A binding agreement letter between an investor and American Medical Properties LLC, signed by Mark Karlan, President and CEO, and Jeffrey Epstein, Manager.

key_people:
Mark Karlan
Jeffrey Epstein

document_subtype: agreement letter


document_description: Andrew Gallivan outlines procedures for planning sessions with 10 clients, focusing on cross-sell opportunities and using DBForce for tracking. ROs will manage templates and enter opportunities into DBForce. Sessions to be completed by early February.


document_description: Document contains company information for Global Products & Solutions, including address and slogan. It is marked as confidential under federal rules.


document_description: This document is marked as confidential under Federal Rule of Criminal Procedure 6(e) and contains identifiers related to a legal case or investigation, likely within the Southern District of New York (SDNY).


document_description: A confidential communication from Deutsche Bank stating that they do not provide legal or tax advice.


document_description: Instructions and reminders regarding the completion of a tax declaration form, specifically for Israeli banks, brokers, or financial institutions. The memo also includes a note about the signature requirements for beneficial owners and a reminder to enter the number of shares. The sender, Vahe Stepanian from Deutsche Bank Securities, advises to CC a group in case of questions during his travel.


document_description: Internal use document related to Deutsche Bank Trust Company Americas and Deutsche Bank Wealth Management, marked as confidential under Federal Rule of Criminal Procedure 6(e).


document_description: The document is a daily deposit report detailing large, zero, and negative balances for various accounts, including those associated with Jeffrey Epstein and related entities. It also lists large transactions involving significant fund transfers and withdrawals.

title: RM0082289 Daily Deposit Report

key_people:
Jeffrey Epstein
Nancy DeVane
Michael DeVane
Darren K. Indyke
Shari Wagner
Kati Wanek-Forsythe
Todd R. Wanek

document_subtype: financial report

key_organizations:
Neptune, LLC
Hyperion Air, LLC
JEGE, Inc
Plan D, LLC
JEGE, LLC
HBRK Associates, Inc
NES, LLC
LSJE, LLC
Gratitude America, Ltd
Zorro Management, LLC
Prytanee, LLC
The Haze Trust
Southern Trust Company, Inc.
Southern Financial LLC
SSW 2007 LLC
KWF 2007 LLC
CRW 2007 LLC
GEW 2007 LLC
CRW 2009 LLC
GEW 2009 LLC


document_description: Contact information for Stewart Oldfield, Director at Deutsche Bank Trust Company Americas, including address and phone details. The document is marked confidential and includes reference numbers.


document_description: A correspondence from Vahe to Darren Indyke regarding a bank issue, with a request to confirm with Darren. CC'd to Bella Klein, Richard Kahn, and Liam Osullivan.

key_people:
Vahe
Darren Indyke
Bella Klein
Richard Kahn
Liam Osullivan


document_description: The document is a wire transfer communication, likely containing financial transaction details. It is marked as confidential and may contain privileged information.


document_description: The document contains additional corporate and regulatory disclosures from Deutsche Bank. It states that Deutsche Bank does not provide legal or tax advice, and the information in the communication should not be regarded as such.


document_description: This document contains a confidentiality notice and a disclaimer regarding legal or tax advice from Deutsche Bank. It also references EU corporate and regulatory disclosures.


document_description: This document is a confidential communication from Deutsche Bank, containing disclaimers about the nature of the information provided, emphasizing that it should not be regarded as legal or tax advice. It includes instructions for unintended recipients to notify the sender and destroy the communication. The document also references a link for additional EU corporate and regulatory disclosures.


document_description: This document contains confidential information related to Deutsche Bank Trust Company Americas and Deutsche Bank Wealth Management, including contact details and reference numbers.


document_description: The document is a research report from Deutsche Bank's Markets Research division, focusing on the 2018 industry outlooks for the HY Corporate Credit, HY Multi Sector, and Media, Cable & Satellite sectors in the United States. It includes visual elements such as radial cone shapes, a world map silhouette, a line chart, and numeric labels. The report is authored by a team of research analysts.


document_description: The document provides industry outlooks for 2018 for various sectors including Building Products, Chemicals, HY Energy, Gaming and Lodging, Healthcare, Media/Business Services, Retail/Consumer/Food, Steel Industry, and Telecom/Pay-TV/Satellite. It also lists the names and titles of multiple research analysts from Deutsche Bank.


document_description: This document is a financial report by Deutsche Bank Securities Inc. covering various industry outlooks including Building Products, Chemicals, Energy, Gaming and Lodging, Healthcare, Media Business Services, Retail, Consumer and Food, Steel Industry, and Telecom, Pay-TV, and Satellite.


document_description: The document provides an outlook for various construction end-markets in 2018, recapping 2017's performance. It predicts positive growth across most construction sectors, with residential R&R expected to grow by 5%, new residential construction by 6%, infrastructure by 3%, and non-residential (commercial) construction by 3.5%. The document also reviews 2017's performance, noting that HY performance outperformed broader market indices, with significant capital market activity in building products and homebuilders.


document_description: The document provides a financial outlook for the residential construction market, specifically focusing on the Repair and Remodeling (R&R) sector. It predicts a strong year for the R&R market in 2018, with growth expected to be above the long-term trend, driven by factors such as recent storms and potential impacts from tax reform legislation. The document includes correlation statistics for various economic indicators related to home improvement spending.


document_description: The document contains financial data and charts related to U.S. existing home sales, construction put in place for home improvement, and leading indicators of remodeling activity. It includes metrics such as the Case-Shiller Home Price Index and the JCHS Leading Indicator of Remodeling Activity.


document_description: The document provides an outlook on the U.S. housing construction market for 2018, predicting a 6% overall market increase with single-family housing leading at 10% growth, while multi-family housing is expected to decline by 2%. It highlights the positive momentum from 2017, supported by factors like GDP growth, consumer sentiment, and job growth. However, it also warns of potential impacts from tax reform legislation on mortgage interest and state/local tax deductions. The document includes historical data on housing starts and completions, with a focus on single-family and multi-family units.


document_description: The document provides a detailed analysis of U.S. housing permits, household formations, and homeownership rates over various periods. It includes year-over-year percentage changes in U.S. 1-family housing permits from 2008 to 2017, a chart of U.S. household formations from 2000 to 2017, and homeownership rates from 2000 to 2017. The data sources include Deutsche Bank, Bloomberg Finance LP, and the U.S. Census Bureau.


document_description: The document discusses potential risks to the U.S. residential construction market due to anticipated tax reforms by the Republican-led Congress. Key issues include potential reductions in Mortgage Interest Deduction (MID), elimination of State and Local Tax (SALT) deductions, changes to capital gains treatment, and overall affordability concerns. The National Association of Realtors (NAR) predicts a possible 12% decline in property prices due to these changes. The report also highlights the impact of rising home prices and mortgage rates on housing affordability.


document_description: The document provides an analysis of the housing market, focusing on sales distribution by ASP for existing home sales, affordability index versus 30-year mortgage rates, and the impact of labor constraints and commodity inflation on margins in the building product and homebuilding sectors. It includes data from Deutsche Bank, National Association of Realtors, Freddie Mac, and Bloomberg Finance LP.


document_description: The document discusses the cost structure of single-family houses, highlighting that framing and roofing are significant cost components. It notes the rising land prices and the ability of homebuilders to pass inflationary costs to consumers. The document also reviews the infrastructure market, noting a disappointing 2017 but a promising outlook for 2018, with potential growth in infrastructure spending and the impact of the FAST Act.


document_description: The document provides an analysis of non-residential commercial construction trends, highlighting a steady increase in construction value from 2013 to 2017, with projections for further acceleration in 2018. It includes a table showing approximate values and year-over-year percentage changes from 2008 to 2017.


document_description: The document provides a review of the High Yield (HY) market performance and capital markets activity for 2017. It includes data on HY indices, highlighting the performance of the Real Estate sub-sector, which outperformed the overall HY index on a spread basis. The document also discusses the capital markets activity in Leveraged Finance, noting an increase in notional value despite fewer deals compared to 2016.


document_description: The document provides an analysis of the high-yield (HY) corporate credit market, focusing on media, cable, and satellite sectors. It highlights the preference for term loans in 2017, with a significant increase in homebuilding deals. The document includes various figures comparing different indices and their option-adjusted spreads (OAS).


document_description: The document provides data on high-yield (HY) credit issuance and deals in the building products and homebuilders sectors from 2015 to 2017. It includes tables showing the use of proceeds, total issuance, number of deals, and issuance figures for these sectors over the specified years.


document_description: The document contains tables of financial data related to high-yield bond deals and leveraged loans in the building products sector for the year 2017. It includes information on various companies, deal amounts, interest rates, and purposes of the financial activities.


document_description: The document contains a table listing new high-yield bond deals by various companies in the homebuilding sector for the year 2017. It includes details such as issue dates, company names, bond amounts, types, maturities, and interest rates.


document_description: The document contains financial data related to corporate credit in the building products sector, specifically focusing on distribution and manufacturing. It includes tables with comparative sets of financial metrics for various companies, such as interest rates, loan amounts, and maturity dates.


document_description: The document contains financial data related to corporate credit in the media, cable, and satellite sectors, as well as building products and homebuilders. It includes tables with information on various companies, their financial instruments, interest rates, and maturity dates.


document_description: The document is a financial report from Deutsche Bank Securities Inc. focusing on the Homebuilders sector, specifically B-Rated companies. It includes a table with detailed financial data such as interest rates, bond amounts, maturity dates, and ratings for various homebuilding companies.


document_description: The document provides an outlook for the Chemicals sector in 2018, highlighting the continued benefit of low-cost feedstocks for commodity producers, leading to solid margins similar to 2017. The DB HY Chemicals Index is performing well, with a Market Perform rating. Recommendations include Trinseo and NOVA Chemicals bonds. U.S. ethylene margins are expected to remain strong through 2020. Global GDP is forecasted to grow modestly in 2018, with positive economic catalysts from tax reforms and the EU-UK exit deal.


document_description: The document provides an analysis of the relative index performance of the Deutsche Bank High Yield (HY) Chemicals Index compared to the broader Deutsche Bank HY Index. It highlights the performance of these indices over several years, noting the outperformance of the Chemicals Index in 2016 and 2017. The document includes a table of index returns from 2013 to 2017 and discusses the yield to worst (YTW) differential between the Chemicals Index and the broader HY Index over the past ten years. The document is marked confidential and is sourced from Deutsche Bank and Bloomberg Finance LP.


document_description: The document provides a financial analysis and recommendation for Trinseo's 5.375% Senior Notes due in 2025. Trinseo's Q3 2017 results exceeded expectations, driven by higher styrene margins and improved margins in other segments. The company has provided a positive EBITDA guidance for FY 2018, supported by strong styrene margins and growth projects. The notes offer an attractive yield compared to peers, and Trinseo is seen as a candidate for a credit rating upgrade. Key risks include earnings volatility, potential competitor capacity increases, and raw material price rises.


document_description: The document discusses NOVA Chemicals' financial activities, including its acquisition of Williams Partners' interest in the Geismar olefins plant and its strategic growth plans in the U.S. Gulf Coast. It highlights NOVA's issuance of senior notes to finance the acquisition and its joint venture with Borealis and Total Petrochemicals. The document also evaluates the relative value of NOVA's bonds compared to peers and outlines key risks such as crude oil price volatility.


document_description: The document provides an analysis of the U.S. ethylene market, highlighting the expectation of continued elevated margins through 2020 despite fluctuations in oil prices. It discusses the advantages of U.S. ethylene producers over European and Asian counterparts due to lower natural gas liquid (NGL) costs. The document includes a historical and forecasted table of ethylene cash margins and HDPE margins from 2002 to 2018, sourced from IHS Chemical and Deutsche Bank.


document_description: The document provides an analysis of U.S. ethylene production costs from 2003 to 2017, highlighting the cost advantage of U.S. ethane-based producers over naphtha-based producers in Europe and Asia. It includes a detailed table of ethylene production costs and a global ethylene cost curve for 2017. The analysis forecasts continued cost advantages for U.S. producers based on oil and natural gas price projections.


document_description: The document provides an analysis of the U.S. ethane market, highlighting the cost advantages of U.S. ethane-based producers over Europe and Asia from 2007 to 2016. It discusses the oversupply in the U.S. ethane market, the increase in ethane production, and the expected rise in ethane prices by the end of 2018 due to increased demand from new ethylene projects. The document includes tables showing the U.S. cost advantage over Europe and Asia, and the U.S. ethane fractionation capacity and demand from ethylene crackers from 2008 to 2020.


document_description: The document provides an analysis of the U.S. ethylene industry, highlighting the construction of new capacity to leverage cheap feedstocks. It discusses the current and projected capacity expansions, the impact of global supply limitations, and the expected profitability of U.S. ethylene producers. The analysis anticipates a strong U.S. ethylene cycle due to favorable oil-to-gas ratios and limited global supply additions.


document_description: The document provides an economic outlook for 2018, forecasting modest global GDP growth, with specific regional growth rates. It includes a table of historical and projected GDP growth rates for various regions. The document also discusses the expected growth in global auto sales for 2018, with specific insights into the North American and European markets.


document_description: The document provides an analysis of vehicle sales growth rates in China, Japan, and Korea for 2017 and forecasts for 2018. It highlights the decline in China's vehicle sales growth rate due to reduced tax incentives and provides estimates from Deutsche Bank's Global Autos team. The document also discusses the importance of the auto sector for the chemical industry and provides a forecast for U.S. light vehicle sales. Additionally, it covers the U.S. housing market's expected growth in 2018, with data on building permits, housing starts, and existing home sales.


document_description: The document contains data and analysis on U.S. architectural billings and construction data. It includes a line chart of the U.S. Architectural Billings Index from December 1995 to December 2016, showing fluctuations with a significant dip around 2007-2008. Additionally, it provides U.S. construction data as of October 2017, with total non-residential and residential construction values and year-over-year percentage changes.


document_description: The document provides an analysis of debt issuance and maturities in the Chemicals High Yield (HY) and loan markets for 2017. It highlights that 66% of transactions were opportunistic repricings and refinancings, while M&A, LBOs, and Spin-offs accounted for 28%, and Dividends/GCP for 6%. The report includes a detailed distribution of current HY bond and loan maturities, estimating $2.0bn due in 2018-2019, with significant maturities in 2020-2021 and 2022-2024. The document also lists the largest Chemicals issuers for each period.


document_description: The document provides a table of chemicals high-yield bond and loan maturities, detailing the debt maturities in millions of dollars and their corresponding percentages for different timeframes from 2018 to beyond 2025.


document_description: This document is a financial report from Deutsche Bank Securities Inc. dated January 3, 2018. It provides a detailed relative value sheet for high yield chemicals, listing various companies and their financial metrics such as outstanding ISMVI, ratings, call data, current price, yield to worst (YTW), spread, revenue, EBITDA, and other financial ratios.


document_description: This document is a financial report detailing the relative value of high yield chemicals from various companies. It includes information on senior notes, ratings, current prices, yields, spreads, and financial metrics such as revenue, EBITDA, and debt ratios for companies like LyondelBassell Industries, NOVA Chemicals Corp., Nufarm Ltd., Olin Corp., and others.


document_description: This document is a financial report from Deutsche Securities Bank, focusing on high yield chemicals and their relative value. It includes detailed information on various senior notes, including their maturity dates, ratings, yields, spreads, and price changes over different periods.


document_description: The document is a financial report detailing the returns on high yield chemicals, media, cable, and satellite sectors. It includes data on various companies' senior notes, their maturity dates, ratings, call data, current prices, yields to worst (YTW), spreads, and returns over different periods.


document_description: The document contains a table showing the relative value of high yield chemicals based on leverage versus spread to worst (STW) in basis points. It includes various bonds with their respective interest rates and maturity years, plotted against total debt to last twelve months (LTM) EBITDA ratios.


document_description: The document presents a financial analysis of high yield chemicals, focusing on the relative value of leverage versus spread to worst (STW) for various bonds. It includes data on multiple sectors such as HY Multi Sector, Media, Cable & Satellite, and HY Corporate Credit. The analysis is based on data from Deutsche Bank, company filings, and Bloomberg Finance LP.


document_description: The document provides a table of financial data related to various issuers, including their coupon rates, maturity dates, total debt to LTM EBITDA ratios, and spread to worst (STW) in basis points. It also includes a chart titled 'High Yield Chemicals B/CCC Relative Value -- Leverage vs. STW' with a positive slope trend line, sourced from Deutsche Bank, company filings, and Bloomberg Finance LP.


document_description: The document provides a detailed table of high yield bond issuances in the chemicals sector for the fiscal year 2017. It includes information on issuers, issue types, sizes, maturities, ratings, coupons, call provisions, prices, yields, and use of proceeds.


document_description: The document is a financial report detailing the issuance of chemical loans in FY 2017. It includes information on various companies, loan amounts, maturity dates, credit ratings, and other financial metrics.


document_description: The document provides a detailed table of chemicals loan issuance for the fiscal year 2017, including information on various companies, loan amounts, maturity dates, credit ratings, and purposes of the loans.


document_description: The document is a financial report from Deutsche Securities Bank dated January 3, 2018, detailing loan issuances in the chemicals sector for the fiscal year 2017. It includes information on various companies, loan amounts, maturity dates, credit ratings, and purposes of the loans.


document_description: The document provides an analysis of the global oil and gas market outlook for 2018 and beyond. It discusses the expected rebalancing of the oil market, potential oversupply due to increased US onshore production, and the impact of OPEC's production quotas. The document also covers the US natural gas market, highlighting the importance of a normal winter to absorb production surges. Additionally, it examines the transition of the HY E&P sector towards a 'normal' sector with a focus on cash flow models and asset quality as key differentiators for E&P credits.


document_description: The document discusses the performance and outlook of the High Yield (HY) Energy Index in comparison to the overall HY Index, particularly in light of the 2016 OPEC deal. It notes that the spread between the HY Energy Index and the overall HY Index has widened to approximately 50 basis points, indicating a more cautious market stance. The document includes tables and figures showing historical spread levels and WTI oil prices, highlighting the market's reaction to changes in oil prices and the operational improvements in the energy sector.


document_description: The document discusses the performance and outlook of high-yield (HY) corporate credit, focusing on different quality tiers within the energy sector. It highlights the tightening of spreads for higher quality names compared to mid and lower quality names, and the underperformance of lower quality names. The document suggests a positive risk-return payoff for lower quality names due to improved market conditions and capex efficiency. It also provides a historical analysis of spread levels in relation to WTI price movements.


document_description: The document is a financial report focusing on the performance of bonds in the energy sector, specifically in oil and gas. It includes a detailed table comparing bond performance across different quality groups and basins, with metrics such as leverage, price, yield to worst (YTW), and option-adjusted spread (OAS).


document_description: The document discusses the dynamics between OPEC and US tight oil, highlighting OPEC's strategy to maintain market share and manage oil prices despite the efficiency of the US tight oil industry. It explores Saudi Arabia's fiscal breakeven challenges, US supply growth forecasts, and the impact of completion bottlenecks on tight oil breakevens. The document also analyzes the economics of non-OPEC projects and the potential for oil price fluctuations based on supply and demand factors.


document_description: The document discusses the shift in US oil supply data, noting a potential end to pessimistic growth forecasts. It highlights the recovery in drilling activity and rig productivity, driven by new hydraulic fracturing capacity. The document also estimates the US onshore tight oil industry's response to varying WTI prices in 2018, assuming cash neutrality at 750 rigs with a WTI price of USD 50/bbl. It provides sensitivity analyses for supply growth in major tight oil regions, acknowledging potential inaccuracies in rig count growth profiles.


document_description: The document provides an analysis of oil market trends, focusing on tight oil growth scenarios, changes in breakeven prices for upstream projects, and global supply-demand balance. It includes data on WTI price scenarios, breakeven changes by project type, and historical surplus/deficit figures. The analysis suggests a balanced oil market through 2019, with potential price weaknesses due to oversupply and US tight oil sector resurgence.


document_description: The document contains a table summarizing global oil supply and demand from 2014 to 2020, with data on OECD and non-OECD demand, US onshore tight oil, non-OPEC supply, OPEC supply, and surplus/deficit figures. The data is sourced from the IEA and modified by Deutsche Bank.


document_description: The document provides an analysis of the US natural gas market as of early 2018, highlighting the factors affecting gas prices and storage levels. It discusses the impact of production and export dynamics on gas prices, noting a slight increase in prices above $3 due to a reduction in inventory surplus and increased exports. The document also covers the mixed start to the 2017-18 winter season and its implications for gas market volatility.


document_description: The document discusses the 2018 natural gas market, highlighting the impact of winter demand and production growth on gas prices. It notes a price drop in early December 2017, followed by a recovery due to strong winter demand in the Northeast and Midwest. The document also addresses the expansion of takeaway capacity in the Appalachian basin, which is expected to boost production in 2018 despite infrastructure risks.


document_description: The document provides data on natural gas pipeline project capacity originating in the Northeast and the year-over-year production growth estimates for US dry gas. It includes tables showing cumulative additional capacity from July 2017 to March 2018 and production growth estimates from September to December 2017. The document also discusses the 2018 price outlook for natural gas, with forecasts from EIA and Woodmac, and mentions the impact of weather on demand.


document_description: The document discusses the expected net supply growth in the US gas market for 2018, with a focus on LNG export growth and its impact on market balance. It includes projections from EIA and Woodmac, highlighting differences in production and demand forecasts. A tabular representation of the 2018 US gas market supply and demand year-over-year changes is provided.


document_description: The document contains a table detailing the United States natural gas supply and demand for the years 2017 and 2018, broken down by quarter. It includes data on consumption by sector, domestic supply, LNG exports and imports, pipeline imports and exports, and storage levels.


document_description: The document discusses the transition of the High Yield (HY) Exploration and Production (E&P) sector towards a 'normal' sector in the context of a stabilized oil market. It highlights the structural changes and financial strategies adopted by E&P companies post the oil price collapse in 2014, including balance sheet repairs and asset portfolio overhauls. The document also reviews the operational performance of E&P companies in 2017, noting efficiency improvements and production targets.


document_description: The document provides an analysis of the performance of various oil and gas companies, categorized by quality, in terms of production and capital expenditure (capex) guidance changes for the fiscal year 2017. It highlights the underperformance of certain companies due to weak well results and increased capex budgets, while others have shown solid operating momentum and improved cost structures. The document includes a detailed table showing production and capex guidance changes for different companies.


document_description: The document provides an analysis of the financial performance and projections for various energy production companies, focusing on their production and capital expenditure guidance changes, as well as their free cash flow (FCF) growth and breakeven oil prices. It categorizes companies into higher, mid, and lower quality based on their asset quality and financial resilience in a $50 oil environment. The document includes a table comparing production and capex changes for different companies.


document_description: The document discusses the relative value emerging in the Lower Quality Oily group after a year of underperformance, driven by factors such as potential market rebalancing and improved capex efficiency. It highlights the preference for names like WPX and OAS due to their growth-FCF equations. The document also expresses a neutral stance on Higher Quality gassy names, noting that current trading levels compensate for higher risk. It discusses the hedging status of oily names, with an average hedge ratio of 44% for FY 18E production, and anticipates an increase in liquids hedge ratio by the next earnings updates.


document_description: The document provides an analysis of hedging strategies among higher and lower quality credits in the oil and gas sector. It highlights the disparity in hedge ratios, with higher quality credits having more robust hedging strategies compared to lower quality ones. The document includes tabular data showing the percentage of gas and oil hedged and unhedged for various companies, indicating their exposure to market risks.


document_description: The document provides an analysis of the HY Energy debt market activity in FY 2017, highlighting a resurgence in bond issuance after a slowdown in previous years. The total issuance in bond and term loan markets exceeded $100 billion by mid-December 2017, with significant contributions from E&P and midstream sectors. The document includes detailed tables on issuance by year, sub-sector, and quarter, sourced from Deutsche Bank.


document_description: The document is a financial analysis report focusing on high-yield corporate credit in the media, cable, and satellite sectors. It includes detailed bond information, operational and credit metrics, reserve metrics, and financial projections for companies such as CLR, FANG, NFX, and PE. The report provides insights into bond rankings, maturities, coupon rates, production growth, EBITDA, debt levels, and market capitalization among other financial metrics.


document_description: The document is a financial analysis report focusing on the relative value of mid-quality bonds in the media, cable, and satellite sectors. It includes detailed bond information such as maturity dates, coupon rates, outstanding amounts, and credit ratings. The report also provides financial metrics like EBITDA, total debt, market cap, and enterprise value for various companies. Additionally, it covers production metrics, reserve metrics, and hedge ratios for fiscal years 2018 and 2019.


document_description: The document provides a detailed financial analysis of higher quality gassy bonds, including bond details, bond pricing, operational and credit metrics, reserve metrics, and hedge ratios. It includes data on production, debt, cash flow, and market cap for various companies such as AR, RRC, SWN, and GPOR. The document also discusses EBITDA, interest coverage, and net leverage ratios.


document_description: The document provides a detailed tabular analysis of lower quality bonds in the media, cable, and satellite sectors. It includes bond details, rankings, maturities, coupons, outstanding amounts, ratings, bond pricing, and various financial metrics such as EBITDA, total debt, market cap, and enterprise value. The document also covers production growth, reserve metrics, and hedge ratios for FY18 and FY19.


document_description: The document provides a 2018 fundamental outlook for gaming markets, highlighting a positive outlook for regional markets in 2013. It includes a detailed table of regional gross gaming revenue from 2010 to the last twelve months (LTM), showing growth in various markets such as Maryland and New York. The report is authored by Andrew Zarnett from Deutsche Bank.


document_description: The document discusses the financial performance and outlook of the gaming industry, focusing on Gross Gaming Revenue (GGR) and EBITDA growth. It highlights the impact of new gaming supply in certain jurisdictions, weather events, and tax reforms on the industry. The document provides a detailed analysis of the normalized same-store revenue growth and the expected growth in 2018 due to various economic factors.


document_description: The document discusses the proposed changes in corporate and individual tax rates under the Senate and House bills. Key changes include a reduction in the corporate tax rate to 20%, modifications to the Alternative Minimum Tax, and changes in the deductibility of interest expenses and Net Operating Losses (NOLs). The document also outlines the differences in individual tax rates and standard deductions between the two bills. Additionally, it touches on the impact of gaming supply in regional markets.


document_description: The document discusses the impact of new casino openings on existing operators in the Atlantic Coast market, highlighting the potential negative effects of eliminating SALT deductions. It provides a historical overview of slot machine growth in the region and lists recent and upcoming casino openings. The report also mentions a study estimating the impact of new casinos on Mohegan Sun and Foxwoods' gross gaming revenue (GGR).


document_description: The document discusses the increase in M&A activity in the gaming industry due to a lack of new greenfield opportunities. It highlights the role of gaming REITs, low borrowing rates, and high valuations in driving this trend. The document also notes that multi-asset portfolio deals are receiving premiums, especially outside Nevada, and that the Las Vegas Locals market is experiencing expanded valuations. It predicts continued high M&A activity in 2018, with the potential merger of Penn National and Pinnacle Entertainment as a significant upcoming transaction.


document_description: The document discusses potential targets for consolidation in the gaming industry, including CityCenter, Sands Bethlehem, The Cosmopolitan of Las Vegas, Revel, Tropicana, and Wild Rose Casinos. It highlights interest in Tropicana's assets, which include eight casinos in the United States. The document also includes a table of domestic gaming M&A transactions, listing acquirers, targets, and transaction details. Additionally, it outlines potential acquirers and candidates in the gaming industry acquisition landscape.


document_description: The document provides a financial outlook for Las Vegas gaming revenue, predicting growth in 2018. It includes detailed forecasts for slot, baccarat, and non-baccarat revenues, with an overall positive outlook for the Las Vegas market. The document also contains a tabular exhibit showing historical and projected gaming revenue data from 2016 to 2019.


document_description: The document discusses the impact of the October 1 mass shooting on Las Vegas's tourism and MGM's marketing strategies, as well as forecasts for Macau's Gross Gaming Revenue (GGR) growth in 2018. It highlights the short-term impact on Las Vegas bookings and the expected recovery. For Macau, it predicts a continued increase in GGR driven by the VIP segment, Chinese economic improvements, and new supply.


document_description: The document discusses the expected opening of two gaming assets in Macau in 2018, MGM Cotai and The 13, and their potential impact on the market. It includes a table detailing future supply in Macau's gaming sector. The document also addresses investor concerns regarding regulatory developments, particularly the concession renewal process for gaming licenses in Macau.


document_description: The document provides a summary of gaming and land concession expiry dates for various companies in Macau, discusses tighter regulations for junket operators, and highlights progress on regional infrastructure projects. It includes tables with detailed expiry dates and infrastructure developments.


document_description: The document provides an economic outlook focusing on the Macau gaming market and the Chinese economy. It anticipates a slowdown in China's economic growth in 2018 due to government actions to slow credit expansion. The document cites commentary from China's deputy head of the Research Office of the State Council and recent economic data indicating a cooling economic cycle. It suggests that GDP growth at 6.3% from 2018 to 2020 would support the Macau gaming market's expansion.


document_description: The document provides an analysis of the US lodging industry's performance, indicating that the industry is in the later stages of recovery. It discusses RevPAR trends, occupancy levels, and ADR growth, predicting a deceleration in RevPAR growth for 2018 and 2019. The document also compares current and past lodging cycles, highlighting the relationship between demand and supply growth. A RevPAR forecast model is included, showing expected increases in ADR and RevPAR for 2018, with flat occupancy rates. The document notes increased room supply growth and construction activity in certain US markets.


document_description: The document discusses the relationship between hotel occupancy and supply, highlighting the construction pipeline in the hotel industry as of October 2017. It notes that the number of rooms under construction was 183,000, which is flat compared to the previous year, and represents 3.5% of existing supply. The document also discusses the potential impact of increased construction activity on hotel franchisors and REITs.


document_description: The document provides investment recommendations for navigating the market environment, focusing on 'Modest Yield with Safety' and 'Higher Yield for Higher Leverage'. It includes a detailed bond dashboard with ratings, prices, yields, and recommendations for various bonds from 2020 to 2027.


document_description: The document provides investment recommendations for corporate credit securities categorized under 'Modest Yield With Safety' and 'Higher Yield For Higher Leverage'. It includes detailed tables with security ratings, principal amounts, prices, yields, and spreads for each recommended security.


document_description: The document is a financial report by Deutsche Bank Securities Inc. on HY Corporate Credit, focusing on CCM Merger and Gaming and Leisure Properties. It maintains a Buy rating on MOTOR 6.0% Senior Unsecured Notes due 2022 and projects CCM Merger's financial performance for 2017 and 2018, including EBITDA, interest expenses, capital expenditures, dividends, and tax distributions. The report also discusses Gaming and Leisure Properties' potential for accretive acquisitions and rates its 5.375% Senior Unsecured Notes 2026 with a Buy rating.


document_description: The document provides a financial analysis of Gaming and Leisure Properties (GLPI) and International Gaming Technology (IGT) for the years 2017 and 2018. It includes projections for adjusted EBITDA, revenues, free cash flow, and leverage ratios for GLPI. The document also highlights key positive developments for IGT in Q3 2017, including strong lottery revenue in North America and contract renewals.


document_description: The document provides a financial analysis of IGT's 6.5% Senior Secured Notes due 2025, rating them as a Buy due to attractive yield, modest leverage, strong collateral, and cash flow generation. It includes financial projections for 2017 and 2018, highlighting adjusted EBITDA, capital expenditures, cash interest, taxes, dividends, and asset sales. The document also discusses potential downside risks and briefly mentions MGM Resorts International's Q3'17 performance and the impact of the October 1, 2017, events on bookings.


document_description: The document is a financial report reaffirming a BUY rating on the 4.625% Senior Unsecured Notes 2026. It includes a detailed table of MGM Resorts Free Cash Flow Calculations from 2015 to 2018, along with projections for 2017 and 2018. The report discusses the financial impact of marketing programs and tragic events on MGM's performance, and provides projections for EBITDA, capital expenditures, cash interest, taxes, dividends, and leverage ratios.

title: HY Corporate Credit Report

key_organizations:
MGM Resorts International
Deutsche Bank
MGM China
MGM Growth Properties


document_description: The document provides a financial analysis of MGM Growth Properties, projecting financial metrics for 2017 and 2018, including Adjusted EBITDA, dividends, interest expenses, free cash flow, debt, cash, leverage, and net leverage. It discusses potential risks and opportunities for MGM Growth Properties.

document_date: January 2018

key_organizations:
MGM Growth Properties
MGM
Deutsche Bank Securities Inc.


document_description: The document provides financial projections for Boyd Gaming, including expected free cash flow, leverage, and coverage ratios for 2017 and 2018. It includes a detailed table of financial metrics from 2015 to 2018, highlighting EBITDA, capital expenditures, cash interest, taxes, acquisitions, dividends, share repurchases, tax settlements, dispositions, free cash flow, total debt, cash, leverage, net leverage, and coverage. The document also mentions potential risks related to industry fundamentals and competitive pressures.

title: Boyd Gaming Financial Projections

key_organizations:
Boyd Gaming
Deutsche Bank Securities Inc.


document_description: The document provides a financial analysis of Eldorado Resorts, projecting its financial performance for 2017 and 2018. It includes estimates of Adjusted EBITDA, capital expenditures, cash interest, cash taxes, free cash flow, total debt, cash, leverage, net leverage, and coverage. The analysis also compares the risk-reward profile of ERI 6.0% Senior Notes due 2025 with PNK 5.625% Senior Unsecured Notes due 2024. Additionally, it discusses potential risks and improvements in the company's credit profile.

title: HY Corporate Credit - Eldorado Resorts Financial Analysis

key_organizations:
Eldorado Resorts
Deutsche Bank
Pinnacle


document_description: The report initiates coverage on 7.5% Senior Unsecured Notes due 2025 with a Buy rating, comparing them to the DB HY Gaming Index. It provides financial forecasts for Everi Holdings and Golden Nugget, including expected EBITDA, revenue, capital expenditures, interest expenses, and free cash flow for 2017 and 2018. The report also discusses leverage and risks associated with industry fundamentals and contract losses.

title: HY Corporate Credit Report

key_organizations:
Everi Holdings
Golden Nugget
Deutsche Bank Securities Inc.


document_description: The document provides financial projections and analysis for Golden Nugget and Mohegan Gaming for the year 2018. It includes projected revenues, EBITDA, capital expenditures, cash flow, and leverage ratios. The document also discusses potential risks and reaffirms a Buy rating on Mohegan's senior unsecured notes.

key_locations:
Texas
Louisiana
South Korea

key_organizations:
Golden Nugget
Mohegan Gaming
Deutsche Bank


document_description: The document provides financial projections for Mohegan Tribal Gaming for the years 2018 to 2020, including Adjusted EBITDA, capital expenditures, cash interest, distributions to the tribe, investments in affiliates, and free cash flow. It also includes leverage and coverage ratios, and discusses risks related to gaming fundamentals and competition.

title: Mohegan Tribal Gaming Financial Projections

key_organizations:
Mohegan Tribal Gaming
Deutsche Bank Securities Inc.
Penn National Gaming


document_description: The report reaffirms a Buy rating on PENN 5.625% Senior Notes 2027, projecting financial metrics for Penn National for 2017 and 2018, including Adjusted EBITDA, revenues, and free cash flow. It includes a detailed financial table with historical and projected data for Penn National.

title: HY Corporate Credit Report

key_organizations:
Penn National
Deutsche Bank Securities Inc.


document_description: The report reaffirms a buy rating on Red Rock Resorts 5.0% Senior Unsecured Notes 2025, citing attractive total return opportunities compared to the DB HY Gaming Index. It provides financial estimates for Red Rock Resorts for 2017 and 2018, including EBITDA, revenue, capital expenditures, and cash flow projections. The report also discusses potential risks and mentions Wynn Resorts' expected benefits from the VIP recovery in Macau.

title: HY Corporate Credit Report

key_locations:
Las Vegas
Macau

key_organizations:
Red Rock Resorts
Deutsche Bank
Wynn Resorts


document_description: The report reaffirms a Buy rating on WYNNMAC Senior Unsecured Notes due 2024 and 2027, projecting financial metrics for Wynn Resorts for 2017 and 2018, including EBITDA, revenues, and cash flow. It includes a detailed financial table with historical and projected data.

title: HY Corporate Credit Report

key_organizations:
Wynn Resorts
Deutsche Bank Securities Inc.


document_description: The document is a performance review of high-yield corporate credit, focusing on media, cable & satellite sectors. It includes data on 'Spread to Worst' and 'Yield to Worst' for HY Gaming, B and CCC categories, with historical data from 2012 to 2017. Sources include Bloomberg Finance LP and Deutsche Bank Research.

title: HY Corporate Credit Performance Review

key_organizations:
Bloomberg Finance LP
Deutsche Bank Research
Deutsche Bank Securities Inc.


document_description: The document is a financial report titled 'Gaming Relative Value' dated January 3, 2018. It includes a table with various financial metrics for companies in the gaming, media, cable, and satellite sectors. The table lists companies, their coupons, maturity dates, ratings, recent quotes, historical data, and estimates. The source of the data is Bloomberg Finance LP and Deutsche Bank.

title: Gaming Relative Value

document_subtype: Financial Report

key_organizations:
Bloomberg Finance LP
Deutsche Bank
Deutsche Securities Bank


document_description: A detailed financial report on various companies in the gaming sector, including bond and loan information, ratings, and financial estimates.

title: HY Corporate Credit - Gaming Relative Value

key_organizations:
Deutsche Securities Bank
Bloomberg Finance LP


document_description: The document contains a table analyzing the relative value of various gaming companies, including financial metrics and ratings. It includes data on companies such as Mohegan Tribal Gaming, IN CHEGN, CHEGN, NCHEGH, Penn National Gaming, Gaming and Leisure Properties, and Pinnacle Entertainment. The table provides information on recent and historical prices, leverage, EBITDA, and other financial estimates.

title: Gaming Relative Value

document_subtype: financial analysis

key_organizations:
Mohegan Tribal Gaming
IN CHEGN
CHEGN
NCHEGH
Penn National Gaming
Gaming and Leisure Properties
Pinnacle Entertainment
Bloomberg Finance LP
Deutsche Bank
Deutsche Securities Bank


document_description: This document is a financial report from Deutsche Bank Securities Inc. focusing on gaming relative value as of December 15, 2017. It includes detailed financial data on various companies in the gaming sector, such as Rivers Pittsburgh, Scientific Games International, Seminole Hard Rock, and others. The report provides information on coupon rates, principal amounts, maturity dates, ratings, call dates, and recent and historical quotes.


document_description: A financial table listing various companies and their financial metrics such as coupon rates, maturity dates, SAP ratings, and historical financial data. The table includes companies like Cedar Fair, Expedia Inc, Norwegian Cruise Line, and others, with data on their bonds and notes.

title: Leisure Relative Value

document_subtype: Financial Table

key_organizations:
Cedar Fair
Expedia Inc
Norwegian Cruise Line
PF Changs China Bistro
Planet Fitness
Royal Caribbean Cruises
Six Flags
Yum Brands


document_description: A financial document detailing corporate credit information for various companies in the lodging sector, including bond coupons, maturity dates, ratings, and financial estimates.

title: HY Corporate Credit - Lodging Relative Value

key_organizations:
Deutsche Securities Bank
Bloomberg Finance


document_description: The document is a financial report detailing real estate relative values as of December 15, 2017. It includes a table with information on various financial instruments, including coupon rates, principal amounts, maturity dates, and ratings from DB and Moody's. The report also provides recent quotes and historical data for these instruments.

title: Real Estate Relative Value

key_organizations:
Cantor Commercial Real Estate
ISTAR Financial
Jefferies LoanCere
Bloomberg Finance LP
Deutsche Bank
Deutsche Securities Bank


document_description: A table listing various securities with their respective Spread-To-Worst (STW) and Yield-To-Worst (YTW) as of December 15, 2017. The data is sourced from Bloomberg Finance LP and Deutsche Bank.

title: Descending Spread-To-Worst (As of December 15, 2017)

key_organizations:
Deutsche Bank Securities Inc.
Bloomberg Finance LP


document_description: A table listing various securities with their respective Yield-To-Worst (YTW) and Spread-To-Worst (STW) as of December 15, 2017. The data is sourced from Bloomberg Finance LP and Deutsche Bank.

title: Descending Yield-To-Worst (As of December 15, 2017)

key_organizations:
Bloomberg Finance LP
Deutsche Bank


document_description: The document provides total returns for select high-yield gaming issues for the year 2016 and security values as of 2017. It includes detailed tables listing issuers, maturity years, total returns, and security names with their respective values.

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

key_organizations:
Bloomberg Finance LP
First Advantage Data
Deutsche Bank
Deutsche Securities Bank


document_description: The document provides total returns for select high-yield lodging and leisure issues for the year-to-date 2017 and full year 2016. It includes companies like 24Hour Fitness, Lifetime Fitness, Norwegian, Choice Hotels, Six Flags, Ryman, Royal Caribbean, Playa, Expedia, and Cedar Fair.

title: 2017 YTD and 2016 Full Year Total Returns for Select HY Lodging/Leisure Issues

key_organizations:
24Hour Fitness
Lifetime Fitness
Norwegian
Choice Hotels
Six Flags
Ryman
Royal Caribbean
Playa
Expedia
Cedar Fair


document_description: The document discusses the performance of the High Yield (HY) Healthcare Index compared to the broader HY market. As of the writing, the HY Healthcare Index Yield to Worst (YTW) was 6.55%, compared to the broader HY market YTW of 5.75%, indicating a discount of 80 basis points. The Year-to-Date (YID) return for HY Healthcare bonds was 8%, compared to a total return of 7% for the HY Healthcare Index. The document notes that Healthcare tends to outperform in uncertain markets but lags in robust markets. Recent riskier structures and weaknesses in healthcare sub-sectors have contributed to the current discount. Figures illustrate the YTW and total return over 10 and 5-year periods.

title: HY Corporate Credit - Healthcare Outlook


document_description: The document contains a comparison of High Yield (HY) Healthcare versus HY Index over a 5-year period, including yield to worst (YTW) and total returns. It includes graphical data representations and is sourced from Deutsche Bank.

title: HY Corporate Credit Report


document_description: The document provides an analysis of THC's unsecured bonds, rating them as a Buy. It discusses the potential yield and risks associated with these bonds, including the impact of asset sales and leverage on THC's financial profile. The document also highlights the company's hospital footprint and diversification strategy through USPI. Risks to the bond rating are identified, including operational performance and asset sales.

title: HY Corporate Credit - Top Picks

key_organizations:
THC
Deutsche Bank Securities Inc.


document_description: This document provides a financial overview of Tenet Healthcare (THC) for various fiscal years and quarters, including revenue, EBITDA, interest, taxes, capex, and debt structure. It includes detailed financial metrics and ratios, such as EBITDA percentage, net debt to EBITDA, and total debt. The data is sourced from Deutsche Bank and company disclosures.

title: Tenet Healthcare Financial Overview

key_organizations:
Tenet Healthcare
Deutsche Bank


document_description: The document provides an analysis of DJO Global's 8.125% 2nd Lien bonds and 10.75% 3rd lien bonds. The 8.125% bonds are rated as 'Buy' with a Yield to Most Likely (YTML) of 18.03%, while the 10.75% bonds are rated as 'Hold'. The analysis discusses DJO's strategic shift, capital structure, and market position, highlighting risks related to operational performance and strategic execution.

title: HY Corporate Credit - DJO Global Bonds Analysis

key_organizations:
DJO Global
Deutsche Bank Securities Inc.


document_description: This document contains financial data for DJO Finance LLC, including revenue, EBITDA, interest, taxes, capex, free cash flow, debt structure, and other financial metrics for fiscal years 2015, 2016, and projections for 2017 and 2018. The data is presented in a tabular format with percentage changes and other financial ratios.

title: HY Corporate Credit - DJO Finance LLC Financial Data

key_organizations:
DJO Finance LLC
Deutsche Bank


document_description: The document provides an analysis of Valeant (VRX) bonds, focusing on those with more restrictive liens covenants. It discusses the potential attractiveness of these bonds if taken out prior to maturity, the yield-to-most likely (YTML) compared to yield-to-worst (YTW), and the impact of leverage and competition on VRX's financial outlook. The document also highlights risks related to operational stability, market trends, and asset sales.

title: HY Corporate Credit - Valeant Bonds Analysis

key_organizations:
Valeant
Deutsche Bank Securities Inc.


document_description: This document contains a detailed financial analysis of Valeant Pharmaceuticals (VRX) for the fiscal year 2016, Q3 2016, and projections for 2017 and 2018. It includes revenue, EBITDA, interest, taxes, capex, free cash flow, debt structure, and market data.

title: Valeant Pharmaceuticals Financial Data

key_organizations:
Valeant Pharmaceuticals
Deutsche Bank Securities Inc.


document_description: Deutsche Bank Securities rates UHOS's bonds as Buy, offering an above-market return with a yield to worst of 6.40% to the 8/15/18 call. The bonds are seen as a solid credit story with potential to outperform in a market downturn. UHOS's strategic focus on EVM is expected to drive revenue and EBITDA growth, creating more FCF and equity cushion. Potential refinancing or public equity market options are noted. M&A strategy likely involves smaller acquisitions. Risks include operational challenges and competition.

title: Universal Hospital (UHOS) Bond Rating

key_organizations:
Universal Hospital
Deutsche Bank Securities Inc.


document_description: This document contains financial data for Universal Hospital Services (UHOS) for fiscal years 2015, 2016, and projections for 2017 and 2018. It includes revenue, EBITDA, interest, taxes, capex, free cash flow, debt structure, and other financial metrics.

title: Universal Hospital Services Financial Data

key_organizations:
Universal Hospital Services
Deutsche Bank


document_description: The document discusses trends in mergers and acquisitions (M&A) in the healthcare sector, highlighting a shift towards vertical and cross-sector opportunities. It mentions several significant acquisitions from 2017 and anticipates more in 2018. The rationale for these deals includes cost efficiency and strategic goals. The document also notes the importance of market presence for providers in negotiations with payors.

key_organizations:
CVS
Aetna
United Health
Davita Medical Group
Surgical Care Affiliates
Humana
Kindred Home Health
Envision AmSurg
Deutsche Bank Securities Inc.


document_description: The document discusses the potential impact of the Tax Cuts and Jobs Act of 2017 on companies in the HY Healthcare universe, particularly focusing on Tenet (THC). It highlights the limitations on interest deductibility and the use of NOLs, estimating an incremental $18 million in cash taxes for Tenet after NOL usage.

title: Simplistic Potential Impact of Tax Reform on Tenet (THC)

key_organizations:
Deutsche Bank
Tenet (THC)


document_description: The document discusses the issue of healthcare costs growing faster than income in the U.S., leading to increased bad debt and financial pressure. It attributes this trend to various factors, including inefficiency, fraud, and high consumption of healthcare services. The document also notes improved health outcomes and increased life expectancy as contributing factors.

key_organizations:
Deutsche Bank
CMS
US Census Bureau


document_description: The document discusses the challenges faced by healthcare providers due to the increasing cost of healthcare exceeding income growth. It highlights the impact on individuals and corporations, leading to higher premiums and deductibles. The document also presents data on SS adjusted admissions for select hospital companies from Q1 2015 to Q3 2017, illustrating trends in hospital admissions and payer mix.

title: HY Corporate Credit - Provider Challenges


document_description: The document contains a table showing the revenue mix of select hospital companies from Q1 2015 to Q3 2017. It includes data for HCA, THC, CYH, and LPNT, detailing the percentage of revenue from Medicare, Medicaid, Managed Care, and Self Pay/Other for each quarter.

title: Revenue Mix - Select Hospital Companies Q115-Q317

key_organizations:
Deutsche Bank
HCA
THC
CYH
LPNT


document_description: Discussion on how Community Health (CYH) can address its near-term unsecured debt maturities. Suggestions include exchanging bonds for new secured and unsecured debt maturing in 2022, and potential strategic actions like selling hospitals or the company.

key_organizations:
Community Health (CYH)
Deutsche Bank Securities Inc.


document_description: This document provides a relative valuation analysis of hospital bonds, including details on bond descriptions, coupons, priorities, maturities, sizes, ratings, prices, yields, and financial ratios for various healthcare companies.

title: Relative Valuation - Hospitals

key_organizations:
Deutsche Bank Securities Inc.
Community Health
HCA Healthcare
LifePoint Health
Quorum Health
Regional Care
Tenet Healthcare
Universal Health Services


document_description: This document provides a relative valuation analysis of various pharmaceutical companies' bonds, including details such as bond description, coupon rates, maturity dates, and credit ratings.

title: Relative Valuation - Pharmaceuticals

key_organizations:
Deutsche Bank
Bloomberg Finance LP


document_description: The document provides a detailed table of relative valuation for post-acute and medical devices/products bonds. It includes information on bond descriptions, coupons, priorities, maturities, sizes, ratings, prices, yields, and other financial metrics.


document_description: This document contains a table of relative valuation metrics for various service providers and healthcare REITs, including bond descriptions, coupon rates, priorities, maturities, sizes, ratings, prices, yields, and other financial metrics.

title: Relative Valuation – Other Service Providers & Healthcare REITs

key_organizations:
Deutsche Bank Securities Inc.
Bloomberg Finance LP


document_description: This document contains a table of relative valuation data for various bonds in the insurance and CROS/CMOs sectors. It includes details such as bond description, coupon rates, maturity dates, sizes, credit ratings, prices, yields, and other financial metrics.

title: Relative Valuation - Insurance & CROS and CMOs

key_organizations:
Deutsche Bank Securities Inc.
Centene Corp
York Risk
PRA Health Sciences
Pharmaceutical Product Development
Quintiles IMS Inc.
Surgery Partners


document_description: A detailed comparison of financial metrics for various hospital companies, including Community Health, HCA, LifePoint, Tenet, and Quorum. The table includes data on bond coupons, maturities, ratings, prices, yields, and financial ratios such as EBITDA, interest, taxes, capex, and liquidity.

title: Hospital Comps

key_organizations:
Community Health
HCA
LifePoint
Tenet
Quorum
Deutsche Bank


document_description: A table comparing various pharmaceutical companies based on financial metrics such as bond ratings, prices, yields, revenue, EBITDA, debt ratios, and market capitalization. Companies included are Amag, Concordia, Endo, Horizon, Mallinckrodt, and Valeant.

title: Pharmaceutical Comps

key_organizations:
Deutsche Bank
Deutsche Bank Securities Inc.


document_description: This document provides a financial overview of Community Health Systems (CYH) for the fiscal years 2015, 2016, and projections for 2017 and 2018. It includes detailed financial metrics such as revenue, EBITDA, interest, taxes, capex, free cash flow, debt structure, and market valuation. The data is normalized based on expected EBITDA for the second half of 2017, excluding hurricane impacts.

title: Community Health Systems (CYH) Financial Overview

key_organizations:
Community Health Systems
Deutsche Bank Securities Inc.


document_description: This document contains financial data for Endo Pharmaceuticals (ENDP) for fiscal years 2015 to 2018, including revenue, EBITDA, interest, taxes, capex, free cash flow, debt structure, and market capitalization. It provides a detailed breakdown of secured and unsecured debt, liquidity, and other financial metrics.

title: Endo Pharmaceuticals Financial Data

key_organizations:
Endo Pharmaceuticals
Deutsche Bank


document_description: This document provides a financial overview of DJO Finance LLC, including revenue, EBITDA, interest, taxes, capex, free cash flow, debt structure, and other financial metrics for fiscal years 2015, 2016, and projections for 2017 and 2018. It includes detailed tables with financial data and percentage changes.

title: DJO Finance LLC Financial Overview

key_organizations:
DJO Finance LLC
Deutsche Bank


document_description: This document contains financial data for HCA Healthcare, including revenue, EBITDA, interest, taxes, capex, free cash flow, debt structure, and market capitalization for fiscal years 2015 to 2018. It includes detailed tables of secured and unsecured debt, share price, market cap, and enterprise value.

title: HCA Healthcare Financial Data

key_organizations:
HCA Healthcare
Deutsche Bank


document_description: This document contains financial data for Select Medical Holdings (SEM) from fiscal years 2014 to 2018, including revenue, EBITDA, interest, taxes, capex, free cash flow, debt structure, and market capitalization. The data is presented in a tabular format with comparisons across different fiscal years and specific financial metrics.

title: Select Medical Holdings (SEM) Financial Data

key_organizations:
Select Medical Holdings
Deutsche Bank


document_description: This document contains a detailed financial analysis of Tenet Healthcare (THC) for the fiscal years 2015 to 2018, including revenue, EBITDA, interest, taxes, capex, free cash flow, debt structure, and market capitalization. The data is sourced from Deutsche Bank and company disclosures.

title: Tenet Healthcare Financial Data

key_organizations:
Tenet Healthcare
Deutsche Bank


document_description: The document contains financial data for Universal Hospital Services (UHOS) for fiscal years 2015, 2016, and projections for 2017 and 2018. It includes revenue, EBITDA, interest, taxes, capex, free cash flow, debt ratios, and other financial metrics.

title: Universal Hospital Services (UHOS) Financial Data

key_organizations:
Universal Hospital Services
Deutsche Bank


document_description: This document contains a detailed financial analysis of Valeant Pharmaceuticals (VRX) for the fiscal year 2016 and projections for 2017 and 2018. It includes revenue, EBITDA, interest, taxes, cash flow, debt structure, and market valuation metrics.

title: Valeant Pharmaceuticals (VRX) Financial Data

key_organizations:
Valeant Pharmaceuticals
Deutsche Bank Securities Inc.


document_description: The document provides a recap of the High Yield Media sector's performance in 2017 and an initial outlook for 2018. It highlights the stability of the sector despite challenges, with radio being an outlier due to debt issues with Cumulus and iHeartMedia. The document includes a yield comparison chart of various media sub-sectors against US HY Indices.

title: HY Corporate Credit - Media / Business Services Outlook

key_people:
Aaron Watts
Angeline Mathew

key_organizations:
Deutsche Bank Securities
Cumulus
iHeartMedia


document_description: The document compares the spread of various media sectors against the US High Yield (HY) Index for the year 2017. It includes a spread comparison chart and total return data for different media sectors and US HY indices.

title: Media vs. The US HY Index: SPREAD Comparison


document_description: The document discusses the media M&A transactions in 2017 and expectations for 2018. It includes a table of select 2017 media M&A transactions with details on industry, dates, buyers, targets, assets, purchase prices, and estimated multiples. The report anticipates increased M&A activity in 2018 due to favorable market conditions and regulatory changes.

title: HY Corporate Credit - Media M&A Transactions

key_organizations:
Entercom
CBS Radio
Sinclair
Tribune
Meredith
Time
Cineworld
Regal
Deutsche Bank Securities Inc.


document_description: The document provides a maturity road-map for the HY Corporate Credit sector, highlighting the largest upcoming debt maturities by year and by select credits. Approximately 9.6% of debt is due in the next 2 years, with the largest hurdle (30.6%) in 2022-2023.

title: HY Corporate Credit Maturity Road-map

key_organizations:
Heart Communications
Clear Channel
Getty Images
Discovery Communications
Netflix
Nielsen
AMC Entertainment
Sinclair
Macom
Houghton Mifflin
Nestar Broadcasting
AMK Networks Inc


document_description: The document provides an analysis of the U.S. advertising revenue growth trends and projections for 2018, highlighting the performance of various media platforms such as digital, television, out-of-home, radio, and print. It includes a table of U.S. advertising growth from 2007 to 2019, based on forecasts from GroupM, Magna, and Zenith Optimedia. The document also discusses the state of the HY Media/Business Services landscape, noting stable fundamentals and reasonable leverage, with some outliers facing challenges due to excessive leverage and structural shifts.

title: HY Corporate Credit - Media & Cable Sector Analysis

key_organizations:
Deutsche Bank
GroupM
Magna
Zenith Optimedia
MediaPost


document_description: Summary of media sector weightings for 2016 and projections for 2018 in various sub-sectors such as radio broadcasting, TV broadcasting, theaters, and more. Includes market-weight and overweight assessments and anticipated trends for 2018.

title: HY Corporate Credit - Media Sector Weightings


document_description: The document provides an analysis of the radio broadcasting industry's core revenue performance and guidance. It highlights the industry's challenges, including overall declines in revenue, competition from satellite and streaming services, and excessive debt loads of major players like iHeart and Cumulus. The document also discusses potential restructuring to reduce debt and the impact of the Entercom and CBS Radio merger.

title: HY Corporate Credit - Radio Broadcasting

key_organizations:
iHeart
Cumulus
Entercom
CBS Radio
Deutsche Bank