Results 2013 - Deutsche Bank...Results 2013 - Deutsche Bank ... I 1
Deutsche Bank and weapons - Facing Web viewLoans and bond issuances Deutsche Bank ... Bonds are sold...
-
Upload
trinhhuong -
Category
Documents
-
view
213 -
download
0
Transcript of Deutsche Bank and weapons - Facing Web viewLoans and bond issuances Deutsche Bank ... Bonds are sold...
The involvement of Deutsche Bank in financing weapons producers
A research paper prepared forFacing Finance
The involvement of Deutsche Bank in financing weapons producersA research paper prepared forFacing Finance
Jan Willem van GelderBarbara Kuepper
4 May 2013
Naritaweg 101043 BX AmsterdamThe NetherlandsTel: +31-20-8208320E-mail: [email protected]: www.profundo.nl
Contents
Summary...................................................................................................................... iIntroduction................................................................................................................1Chapter 1 Methodology....................................................................................2
1.1 Objective.....................................................................................................21.2 Deutsche Bank...........................................................................................21.3 Weapons producers...................................................................................21.4 Types of finance.........................................................................................3
Chapter 2 BAE Systems (United Kingdom)....................................................52.1 Shareholdings............................................................................................52.2 Bondholdings.............................................................................................6
Chapter 3 Boeing (United States)....................................................................73.1 Shareholdings............................................................................................73.2 Bond issuances..........................................................................................83.3 Bondholdings.............................................................................................8
Chapter 4 Hanwha (South Korea)....................................................................94.1 Shareholdings............................................................................................9
Chapter 5 L-3 Communications (United States)...........................................105.1 Shareholdings..........................................................................................105.2 Bondholdings...........................................................................................11
Chapter 6 Lockheed Martin (United States)..................................................126.1 Shareholdings..........................................................................................126.2 Bondholdings...........................................................................................13
Chapter 7 Northrop Grumman (United States).............................................147.1 Loans.........................................................................................................147.2 Shareholdings..........................................................................................14
Chapter 8 Raytheon (United States)..............................................................168.1 Shareholdings..........................................................................................168.2 Bond issuances........................................................................................178.3 Bondholdings...........................................................................................17
Chapter 9 Singapore Technologies Engineering (Singapore)....................189.1 Shareholdings..........................................................................................18
Chapter 10 Textron (United States).................................................................1910.1 Shareholdings..........................................................................................19
Appendix 1 References.....................................................................................20
Summary
The objective of this research project is to analyse the recent involvement of Deutsche Bank in the financing of 16 producers of controversial weapons. Deutsche Bank (including all its German and foreign subsidiaries) can be involved in financing these companies by:
Providing corporate loans, project finance or working capital facilities. All facilities since 1 June 2012 were researched;
Underwriting share or bond issuances. All issuances since June 2012 were researched;Owning/managing shares or bonds. Share and bondholdings at the most recent filing date
were researched.
Financial involvement
Table 1 provides an overview of the involvement of Deutsche Bank in the financing of the selected weapons producers. The table shows that Deutsche Bank is involved in the financing of the nine weapons companies. For seven companies no financial involvement was found.
Table 1 Involvement of Deutsche Bank in the financing of weapons producers since June 2012
Company Country Involvement Deutsche Bank
Aeroteh Romania -
Aryt Industries Israel -
BAE Systems United Kingdom S, B
Boeing United States S, Bi, B
China Aerospace Science and Technology China -
China North Industries Group China -
China Poly Group China -
China South Industries Group China -
Hanwha South Korea S
L-3 Communications (Corp & Holdings) United States S, B
Lockheed Martin United States S, B
Northrop Grumman United States L, S
Poongsan South Korea -
Raytheon United States S, Bi, B
Singapore Technologies Engineering Singapore S
Textron (Financial Corp & Inc) United States S
Key: S = ShareholdingBi = Participation in at least one bond issuance of the company since June 2012B = BondholdingL = Participation in at least one loan secured by the company since June 2012
More information about the financial relationships summarised in Table 1 can be found below.
-i-
Share and bondholdings
Table 2 provides an overview of the shares and bonds of the 16 selected weapons producers which were owned or managed by Deutsche Bank (including all its German and foreign subsidiaries) at the most recent filing date. The table shows Deutsche Bank owned or managed shares of nine companies with a total value of € 916.6 million. The respective value of its holdings of the bonds issued by five companies is € 11.7 million.Most share and bondholdings represent less than 1% of the outstanding shares or bonds.
Table 2 Share and bondholdings of Deutsche Bank (most recent filing date)
Company Country Shareholdings(€ mln)
Bondholdings(€ mln)
BAE Systems United Kingdom 136.72 3.83
Boeing United States 197.34 0.09
Hanwha South Korea 1.33 -
L-3 Communications United States 30.43 7.58
Lockheed Martin United States 126.43 0.07
Northrop Grumman United States 238.42 -
Raytheon United States 166.97 0.11
Singapore Technologies Engineering Singapore 2.24 -
Textron United States 16.70
Total 916.58 11.68
Loans and bond issuances
Table 3 provides an overview of the loans and bond issuances of weapons producers, secured or issued since June 2012, in which Deutsche Bank participated. The table shows that Deutsche Bank has provided a loan to one of the companies, participating with € 10 million. In addition, Deutsche Bank has underwritten € 67 million worth of bonds issued by two of the selected companies. Deutsche Bank was not found to be involved in share issuances in this period of time.
Table 3 Loans and bond issuances Deutsche Bank (since June 2012)
Company Country
Loans Bond issuances
# of loans
(Estimated) amount
(€ mln)# of bond
issuances(Estimated)
amount (€ mln)
Boeing United States - - 1 44
Northrop Grumman United States 1 10 - -
Raytheon United States - - 1 23
Total 1 10 2 67
-ii-
Introduction
The objective of this research project is to analyse the recent involvement of Deutsche Bank in the financing of 16 weapons producers.
This report is organised as follows: Chapter 1 presents the methodology. Chapter 2 until Chapter 10 each discuss the financing of one of the selected companies. For all companies, the involvement of Deutsche Bank (including all its German and foreign subsidiaries), by means of owning/managing shares or bonds, providing loans, and underwriting share- or bond issuances, is described.
A summary of the findings of this report can be found on the first pages of this report.
-1-
Chapter 1 Methodology
1.1 Objective
The objective of this research project is to analyse the recent involvement of Deutsche Bank in the financing of 16 weapons producers, since June 2012.
1.2 Deutsche Bank
The following major subsidiaries of the Deutsche Bank group were researched:
DB Advisors DB Capital Markets DB Platinum Advisors DB Valoren Deutsche Asset Management Deutsche Bank DWS Taunus Corporation
Additionally, investment funds which are managed by external asset managers but which are marketed by Deutsche Bank under one of its brand names, were also included in the research.
1.3 Weapons producers
The following 16 companies are researched:
Aeroteh Romania Aryt Industries Israel BAE Systems United Kingdom Boeing United States China Aerospace Science and Technology China China North Industries Group China China Poly Group China China South Industries Group China Hanwha South Korea L-3 Communications (Corp & Holdings) United States Lockheed Martin United States Northrop Grumman United States Poongsan South Korea Raytheon United States Singapore Technologies Engineering Singapore Textron (Financial Corp & Inc) United States
These companies were chosen as they were either currently classified by Ethix to be involved in cluster munitions/components and/or ownership of an assessed company, or are among the top-5 of the largest arms-producing (including nuclear weapons) and military services companies according to SIPRI.1
This list of companies was provided by Facing Finance. Profundo did not conduct further research as regards the involvement of these companies in the production of controversial weapons.
-2-
1.4 Types of finance
Deutsche Bank can be involved in the financing of weapons producers by providing corporate loans, by assisting companies with share- and bond issuances, and by (managing) investments in shares and bonds of these companies. Below, these financing categories are discussed in more detail:
Corporate loans: The easiest way to obtain debt is to borrow money. In most cases, money is borrowed from commercial banks. Loans can be either short-term or long-term in nature. Short-term loans (including trade credits, current accounts, leasing agreements, et cetera) have a maturity of less than a year. They are mostly used as working capital for day-to-day operations. Short-term debts are often provided by a single commercial bank, which does not ask for substantial guarantees from the company.A long-term loan has a maturity of at least one year, but generally of three to ten years. Long-term corporate loans are in particular useful to finance expansion plans, which only generate rewards after some period of time. The proceeds of corporate loans can be used for all activities of the company. Often long-term loans are extended by a loan syndicate, which is a group of banks brought together by one or more arranging banks. The loan syndicate will only undersign the loan agreement if the company can provide certain guarantees that interest and repayments on the loan will be fulfilled.
Share issuances: Issuing shares on the stock exchange gives a company the opportunity to increase its equity by attracting a large number of new shareholders or increase the equity from its existing shareholders. These shareholders can be private investors as well as institutional investors.When it’s the first time a company offers its shares on the stock exchange, this is called an Initial Public Offering (IPO). When a company’s shares are already traded on the stock exchange, this is called a secondary offering of additional shares.To arrange an IPO or a secondary offering, a company needs the assistance of one or more (investment) banks, which will promote the shares and find shareholders. The role of investment banks in this process therefore is very important.
Bond issuances: Issuing bonds can best be described as cutting a large loan into small pieces, and selling each piece separately. Bonds are issued on a large scale by governments, but also by corporations. Like shares, bonds are traded on the stock exchange. Bonds are sold on the capital market, to private investors as well as institutional investors. Banks rarely buy any bonds. But to issue bonds, a company needs the assistance of one or more (investment) banks which underwrite a certain amount of the bonds. Underwriting is in effect buying with the intention of selling to investors. Still, in case the investment bank fails to sell all bonds it has underwritten, it will end up owning the bonds.
(Managing) investments in shares: Financial institutions can, through the funds they are managing, buy shares of a certain company. This provides the company with new equity, and gives the financial institution a direct influence on the company’s strategy. The magnitude of this influence depends on the size of the shareholding.
(Managing) investments in bonds: Like shares, financial institutions and private investors can buy bonds of a certain company. The main difference between owning shares and bonds is that owner of a bond is not a co-owner of the issuing company; the owner is a creditor of the company. The buyer of each bond is entitled to repayment after a certain number of years, and to a certain interest during each of these years.
-3-
These sources of financing were analysed using annual reports, stock exchange filings and other publications of the companies involved, archives of international financial journals, international press archives, as well as specialized financial databases (Thomson ONE Banker, Bloomberg).
For loans and underwritings of shares or bonds, all deals since 1 June 2012 were researched. In all cases, it is mentioned whether Deutsche Bank acts as bookrunner or a participant in the syndicate. If the amount committed is unknown, it is estimated by using the following rule of thumb:
In the case of loans (corporate loans or revolving credit facilities), 40% of the total amount is committed by bookrunners and 60% by other participants of the syndicate. If, however, the amount of bookrunners is (almost) equal to, or higher than, the amount of participants, the reverse is used: 60% for the bookrunners and 40% for the arrangers.
In the case of share- and bond issuances, 75% of the total amount is committed by bookrunners and 25% by other participants of the syndicate. The amount provided by bookrunners should always be higher than the amount provided by participants.
In the case of share and bondholdings, the amounts are always known, so no estimate was needed.
For share and bondholdings the most recent figures are listed. Only holdings reported at filing dates as of June 2012 or more recent are listed, as information from before that date is considered outdated.
In the summary of the report, a table will be included summarising all financial relationships between the Deutsche Bank and the selected producers of weapons.
-4-
Chapter 2 BAE Systems (United Kingdom)
2.1 Shareholdings
Table 4 provides an overview of the shares of BAE Systems which are owned or managed by Deutsche Bank.
Table 4 Shares of BAE Systems owned or managed by Deutsche Bank
Investor/manager Fund # of shares % all shares
Value (€ mln)
Filing date
DB Platinum Advisors DB X-Trackers MSCI World TRN Index ETF
321,918 0.01 1.50 31-Mar-2013
DB X-Trackers S&P Europe 350 Shariah ETF
9,108 0.00 0.04 31-Mar-2013
db x-trackers Euro Stoxx 50 Double Short Daily UCITS ETF
4,459 0.00 0.02 31-Mar-2013
db x-trackers FTSE 100 ETF 549,564 0.02 2.57 31-Mar-2013
db x-trackers FTSE 100 Short Daily ETF
107,739 0.00 0.50 31-Mar-2013
db x-trackers FTSE 100 Super Short Daily UCITS ETF
6,764 0.00 0.03 28-Feb-2013
db x-trackers MSCI Europe TRN Index ETF
584,888 0.02 2.73 31-Mar-2013
db x-trackers MSCI Europe Value TRN Index ETF
4,456 0.00 0.02 31-Mar-2013
db x-trackers MSCI World Industrials TRN Index ETF
90,856 0.00 0.42 31-Mar-2013
db x-trackers STOXX Europe 600 ETF 192,741 0.01 0.90 31-Mar-2013
db x-trackers STOXX Europe 600 Industrial Goods ETF
223,368 0.01 1.04 31-Mar-2013
db x-trackers Stoxx Europe 600 Industrial Goods Short Daily
81,484 0.00 0.38 31-Mar-2013
db x-trackers Stoxx Global Select Dividend 100 ETF
976,684 0.03 4.57 31-Mar-2013
DWS Investment DWS Garant Top Dividende 2018 18,283 0.00 0.08 31-Aug-2012
DWS Global Value 2,750,000 0.08 11.54 28-Feb-2013
DWS Invest Global Value 140,000 0.00 0.59 28-Feb-2013
DWS Invest Top Dividend 3,693,127 0.11 15.50 28-Feb-2013
DWS Top Dividende 19,609,223 0.61 82.33 28-Feb-2013
Deutsche Asset Management Americas
DWS Global Income Builder Fund 1,249,236 0.04 5.12 31-Oct-2012
DWS Var. Series II-Global Income Builder VIP
314,200 0.01 1.34 30-Sep-2012
Deutsche Asset Management Investmentgesellschaft
DWS Dividende Direkt 2014 730,000 0.02 3.00 28-Feb-2013
DWS Dividende Direkt 2017 32,550 0.00 0.14 31-Jan-2013
DWS Invest Top Dividend Premium 103,400 0.00 0,43 28-Feb-2013
Deutsche Bank (Germany)
DWS Etoile 12,553 0.00 0.05 28-Feb-2013
-5-
Investor/manager Fund # of shares % all shares
Value (€ mln)
Filing date
Dreman Value Management
DWS International Value Fund 139,456* 0.02 2.18 31-Oct-2012
Northern Trust Global Investments
DWS EAFE Equity Index Fund 65,976 0.00 0.03 31-Mar-2013
QS Investors DWS Diversified International Equity Fund
1,124 0.00 0.01 31-Mar-2013
DWS Var. Series II - Diversified International Equity VIP
8,559 0.00 0.04 31-Mar-2013
TD Asset Management db X-trackers MSCI EAFE Hedged Equity Fund
11,313 0.00 0.05 31-Mar-2013
Total 136.72
*ADRs
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
2.2 Bondholdings
Table 7 provides an overview of the bonds of BAE Systems which are owned- or managed by Deutsche Bank.
Table 5 Bonds of BAE Systems owned or managed by Deutsche Bank
Investor/manager % of all outstanding bonds Value (€ mln) Filing date
Deutsche Asset Management 0.10 3.83 28-Feb until 31-Mar-2013
Total 3.83
Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed May 2013.
-6-
Chapter 3 Boeing (United States)
3.1 Shareholdings
Table 4 provides an overview of the shares of Boeing which are owned or managed by Deutsche Bank.
Table 6 Shares of Boeing owned or managed by Deutsche Bank
Investor/manager Fund # of shares
% all shares
Value (€ mln)
Filing date
DB Platinum Advisors DB X-Trackers MSCI World TRN Index ETF 70,949 0.01 4.75 31-Mar-2013
DB X-Trackers S&P 500 2X Inverse Daily ETF
1,861 0.00 0.12 31-Mar-2013
DB X-Trackers S&P 500 2x Leveraged Daily ETF
1,044 0.00 0.07 31-Mar-2013
DB X-Trackers S&P 500 Shariah ETF 700 0.00 0.05 31-Mar-2013
db x-trackers FTSE All-World Ex UK ETF 858 0.00 0.06 31-Mar-2013
db x-trackers MSCI World Industrials TRN Index ETF
20,024 0.00 1.34 31-Mar-2013
db x-trackers S&P 500 Equal Weight ETF 101 0.00 0.01 31-Mar-2013
db x-trackers S&P 500 Inverse Daily ETF 10,599 0.00 0.71 31-Mar-2013
DWS Invest Real Assets (CN)
- 400 0.00 0.02 30-Sep-2012
DWS Investment GmbH DWS Invest II US Top Dividend 620 0.00 0.04 28-Feb-2013
Deutsche Asset Management Americas
- 1,960,109 0.26 111.75 31-Dec-2012
Deutsche Bank AG (Germany)
DWS Etoile 800 0.00 0.05 28-Feb-2013
Deutsche Bank Private Wealth Management Limited
- 119,269 0.02 6.80 31-Dec-2012
Deutsche Bank Securities
- 75,602 0.01 4.31 31-Dec-2012
Deutsche Investment Management Americas
- 227,633 0.03 12.98 31-Dec-2012
Northern Trust Global Investments
DWS Equity 500 Index Portfolio 85,964 0.01 5.76 31-Mar-2013
DWS Equity 500 Index VIP 38,254 0.01 2.56 31-Mar-2013
QS Investors, LLC DWS Core Equity Fund 677,700 0.09 45.37 31-Mar-2013
DWS Disciplined Market Neutral Fund 6,200 0.00 0.36 31-Aug-2012
TD Bank Wealth db X-trackers 2010 Target Date Fund 100 0.00 0.01 31-Mar-2013
db X-trackers 2020 Target Date Fund 771 0.00 0.05 31-Mar-2013
db X-trackers 2030 Target Date Fund 1,200 0.00 0.08 31-Mar-2013
db X-trackers 2040 Target Date Fund 1,200 0.00 0.08 31-Mar-2013
db X-trackers In-Target Date Fund 200 0.00 0.01 31-Mar-2013
Total 197.34
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-7-
3.2 Bond issuances
The following bond issuance of Boeing in which Deutsche Bank participated was found since June 2012:
In April 2013, Boeing issued 18-month bonds with a total value of US$ 150 million (€ 114 million) with a floating interest rate. The proceeds were destined for general corporate purposes. Deutsche Bank participated as one of three bookrunners in the syndicate of banks, underwriting an estimated amount of US$ 57 million (€ 44 million).2
3.3 Bondholdings
Table 7 provides an overview of the bonds of Boeing which are owned- or managed by Deutsche Bank.
Table 7 Bonds of Boeing owned or managed by Deutsche Bank
Investor/manager % of all outstanding bonds Value (€ mln) Filing date
Deutsche Asset Management 0.00 0.09 31-Mar-2013
Total 0.09
Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed May 2013.
-8-
Chapter 4 Hanwha (South Korea)
4.1 Shareholdings
Table 4 provides an overview of the shares of Hanwha which are owned or managed by Deutsche Bank.
Table 8 Shares of Hanwha owned or managed by Deutsche Bank
Investor/manager Fund # of shares
% all shares
Value (€ mln)
Filing date
DB Platinum Advisors db x-trackers FTSE All-World Ex UK ETF 66 0.00 0.00 31-Mar-2013
db x-trackers MSCI AC Asia ex Japan TRN Index ETF
72 0.00 0.00 31-Mar-2013
db x-trackers MSCI EM Materials TRN Index ETF
3,091 0.00 0.07 31-Mar-2013
db x-trackers MSCI EM Short Daily Index UCITS ETF
134 0.00 0.00 31-Mar-2013
db x-trackers MSCI Emerging Markets TRN Index ETF
42,702 0.06 1.01 31-Mar-2013
db x-trackers MSCI Korea TRN Index ETF 10,413 0.01 0.25 31-Mar-2013
TD Asset Management
db X-trackers MSCI Emerging Markets Hedged Equity Fund
100 0.00 0.00 31-Mar-2013
Total 1.33
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-9-
Chapter 5 L-3 Communications (United States)
5.1 Shareholdings
Table 4 provides an overview of the shares of L-3 Communications Holdings which are owned or managed by Deutsche Bank.
Table 9 Shares of L-3 Communications owned or managed by Deutsche Bank
Investor/manager Fund # of shares
% all shares
Value (€ mln)
Filing date
DB Platinum Advisors DB X-Trackers MSCI World TRN Index ETF
9,315 0.01 0.59 31-Mar-2013
DB X-Trackers S&P 500 2X Inverse Daily ETF
246 0.00 0.02 31-Mar-2013
DB X-Trackers S&P 500 2x Leveraged Daily ETF
138 0.00 0.01 31-Mar-2013
db x-trackers FTSE All-World Ex UK ETF 118 0.00 0.01 31-Mar-2013
db x-trackers MSCI World Industrials TRN Index ETF
2,629 0.00 0.17 31-Mar-2013
db x-trackers Russel MidCap Index ETF 391 0.00 0.02 31-Mar-2013
db x-trackers S&P 500 Equal Weight ETF
106 0.00 0.01 31-Mar-2013
db x-trackers S&P 500 Inverse Daily ETF 1,400 0.00 0.09 31-Mar-2013
DWS Investment - 3,900 0.00 0.23 31-Dec-2012
Deutsche Asset Management Americas
- 366,876 0.41 21.26 31-Dec-2012
Deutsche Bank Securities
- 7,854 0.01 0.46 31-Dec-2012
Deutsche Investment Management Americas
- 71,241 0.08 4.13 31-Dec-2012
Dreman Value Management
DWS Mid Cap Value Fund 38,270 0.04 2.42 31-Dec-2012
Northern Trust Global Investments
DWS Equity 500 Index Portfolio 11,122 0.01 0.70 31-Mar-2013
DWS Equity 500 Index VIP 4,985 0.01 0.31 31-Mar-2013
Total 30.43
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-10-
5.2 Bondholdings
Table 7 provides an overview of the bonds of L-3 Communications Holdings which are owned- or managed by Deutsche Bank.
Table 10 Bonds of L-3 Communications Holdings owned or managed by Deutsche Bank
Investor/manager % of all outstanding bonds Value (€ mln) Filing date
Deutsche Bank 0.27 7.58 31-Dec-2012
Total 7.58
Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed May 2013.
-11-
Chapter 6 Lockheed Martin (United States)
6.1 Shareholdings
Table 4 provides an overview of the shares of Lockheed Martin which are owned or managed by Deutsche Bank.
Table 11 Shares of Lockheed Martin owned or managed by Deutsche Bank
Investor/manager Fund # of shares
% all shares
Value (€ mln)
Filing date
DB Platinum Advisors DB Platinum IV Croci US 219,200 0.07 15.94 31-Jul-2012
DB X-Trackers MSCI World TRN Index ETF
27,241 0.01 2.05 31-Mar-2013
DB X-Trackers S&P 500 2X Inverse Daily ETF
732 0.00 0.06 31-Mar-2013
DB X-Trackers S&P 500 2x Leveraged Daily ETF
411 0.00 0.03 31-Mar-2013
DB X-Trackers S&P 500 Shariah ETF 275 0.00 0.02 31-Mar-2013
db x-trackers FTSE All-World Ex UK ETF 407 0.00 0.03 31-Mar-2013
db x-trackers MSCI World Industrials TRN Index ETF
7,688 0.00 0.58 31-Mar-2013
db x-trackers S&P 500 Equal Weight ETF
91 0.00 0.01 31-Mar-2013
db x-trackers S&P 500 Inverse Daily ETF 4,170 0.00 0.31 31-Mar-2013
db x-trackers Stoxx Global Select Dividend 100 ETF
39,704 0.01 2.99 31-Mar-2013
DWS Investment - 500 0.00 0.04 31-Dec-2012
Deutsche Asset Management Americas
- 1,208,962 0.38 84.41 31-Dec-2012
Deutsche Bank (Germany)
DWS Etoile 500 0.00 0.03 28-Feb-2013
Deutsche Bank Securities
- 69,621 0.02 4.86 31-Dec-2012
Deutsche Investment Management Americas
- 141,298 0.04 9.86 31-Dec-2012
Northern Trust Global Investments
DWS Equity 500 Index Portfolio 33,875 0.01 2.55 31-Mar-2013
DWS Equity 500 Index VIP 14,999 0.00 1.13 31-Mar-2013
QS Investors DWS Core Equity Fund 20,300 0.01 1.53 31-Mar-2013
Total 126.43
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-12-
6.2 Bondholdings
Table 7 provides an overview of the bonds of Lockheed Martin which are owned- or managed by Deutsche Bank.
Table 12 Bonds of Lockheed Martin owned or managed by Deutsche Bank
Investor/manager % of all outstanding bonds Value (€ mln) Filing date
Deutsche Asset Management 0.00 0.07 31-Mar-2013
Total 0.07
Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed May 2013.
-13-
Chapter 7 Northrop Grumman (United States)
7.1 Loans
The following loan secured by Northrop Grumman since June 2012, in which Deutsche Bank participated, was found:
In September 2012, Northrop Grumman obtained a one-year revolving credit facility with a value of US$ 500 million from a syndicate of banks, replacing a previous credit facility. The proceeds were destined to refinance debt. Deutsche Bank participated in the syndicate of 27 banks, with an estimated amount of US$ 13 million (€ 10 million).3
7.2 Shareholdings
Table 4 provides an overview of the shares of Northrop Grumman which are owned or managed by Deutsche Bank.
Table 13 Shares of Northrop Grumman owned or managed by Deutsche Bank
Investor/manager Fund # of shares
% all shares
Value (€ mln)
Filing date
DB Platinum Advisors DB X-Trackers MSCI World TRN Index ETF
23,093 0.01 1.26 31-Mar-2013
DB X-Trackers S&P 500 2X Inverse Daily ETF
648 0.00 0.04 31-Mar-2013
DB X-Trackers S&P 500 2x Leveraged Daily ETF
364 0.00 0.02 31-Mar-2013
DB X-Trackers S&P 500 Shariah ETF 244 0.00 0.01 31-Mar-2013
db x-trackers FTSE All-World Ex UK ETF 298 0.00 0.01 31-Mar-2013
db x-trackers MSCI World Industrials TRN Index ETF
6,518 0.00 0.36 31-Mar-2013
db x-trackers S&P 500 Equal Weight ETF 124 0.00 0.01 31-Mar-2013
db x-trackers S&P 500 Inverse Daily ETF 3,693 0.00 0.20 31-Mar-2013
DWS Investment DWS Garant Top Dividende 2018 1,517 0.00 0.78 31-Aug-2012
DWS Invest II US Top Dividend 480 0.00 0.02 28-Feb-2013
DWS Invest Top Dividend 328,374 0.14 16.48 28-Feb-2013
DWS Top Dividende 1,754,032 0.75 88.05 28-Feb-2013
DWS US Equities Typ O 10,244 0.00 0.51 28-Feb-2013
Deutsche Asset Management Americas
- 1,885,420 0.80 96.39 31-Dec-2012
Deutsche Asset Management Investmentgesellschaft
DWS Dividende Direkt 2014 66,200 0.03 3.32 28-Feb-2013
DWS Dividende Direkt 2017 3,410 0.00 0.17 31-Jan-2013
DWS Dividende USA Direkt 2014 49,800 0.02 2.50 28-Feb-2013
DWS Invest Top Dividend Premium 9,300 0.00 0.47 28-Feb-2013
Deutsche Bank Securities
- 8,302 0.00 0.42 31-Dec-2012
Deutsche Investment Management Americas
- 136,856 0.06 7.00 31-Dec-2012
-14-
Investor/manager Fund # of shares
% all shares
Value (€ mln)
Filing date
Northern Trust Global Investments
DWS Equity 500 Index Portfolio 29,999 0.01 1.64 31-Mar-2013
DWS Equity 500 Index VIP 13,359 0.01 0.73 31-Mar-2013
QS Investors DWS Core Equity Fund 236,800 0.10 12.95 31-Mar-2013
DWS Disciplined Market Neutral Fund 62,600 0.03 3.27 31-Aug-2012
DWS Variable Series I - Core Equity VIP 35,800 0.02 1.81 30-Jun-2012
Total 238.42
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-15-
Chapter 8 Raytheon (United States)
8.1 Shareholdings
Table 4 provides an overview of the shares of Raytheon which are owned or managed by Deutsche Bank.
Table 14 Shares of Raytheon owned or managed by Deutsche Bank
Investor/manager Fund # of shares % all shares
Value (€ mln)
Filing date
DB Platinum Advisors DB Platinum IV Croci US 340,000 0.10 15.36 31-Jul-2012
DB X-Trackers MSCI World TRN Index ETF
32,670 0.01 1.50 31-Mar-2013
DB X-Trackers S&P 500 2X Inverse Daily ETF
890 0.00 0.04 31-Mar-2013
DB X-Trackers S&P 500 2x Leveraged Daily ETF
499 0.00 0.02 31-Mar-2013
DB X-Trackers S&P 500 Shariah ETF
335 0.00 0.02 31-Mar-2013
db x-trackers FTSE All-World Ex UK ETF
411 0.00 0.02 31-Mar-2013
db x-trackers MSCI World Industrials TRN Index ETF
9,220 0.00 0.42 31-Mar-2013
db x-trackers S&P 500 Equal Weight ETF
146 0.00 0.01 31-Mar-2013
db x-trackers S&P 500 Inverse Daily ETF
5,067 0.00 0.23 31-Mar-2013
DWS Investment DWS Invest II US Top Dividend
530 0.00 0.02 28-Feb-2013
DWS Large Cap Value Fund 325,000 0.10 14.90 31-Mar-2013
DWS Var. Series II – DWS Large Cap Value VIP
85,000 0.03 3.62 28-Feb-2013
Deutsche Asset Management Investmentgesellschaft
- 19,140 0.01 0.83 31-Dec-2012
Deutsche Asset Management Americas
- 1,884,839 0.58 82.07 31-Dec-2012
Deutsche Bank (Germany) DWS Etoile 600 0.00 0.02 28-Feb-2013
Deutsche Bank Securities - 295,377 0.09 12.86 31-Dec-2012
Deutsche Investment Management Americas
- 162,052 0.05 7.06 31-Dec-2012
Northern Trust Global Investments
DWS Equity 500 Index Portfolio
41,100 0.01 1.88 31-Mar-2013
DWS Equity 500 Index VIP 18,340 0.01 0.84 31-Mar-2013
QS Investors DWS Core Equity Fund 550,700 0.17 25.25 31-Mar-2013
Total 166.97
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-16-
8.2 Bond issuances
The following bond issuance of Raytheon since June 2012, in which Deutsche Bank participated, was found:
In December 2012, Raytheon issued ten-year bonds with a total value of US$ 1,100 million (€ 850 million) with an interest rate of 2.500%. The proceeds were used to refinance debt and for general corporate purposes. Deutsche Bank participated in the syndicate of 14 banks, underwriting an amount of US$ 29.7 million (€ 23 million).4
8.3 Bondholdings
Table 7 provides an overview of the bonds of Raytheon which are owned- or managed by Deutsche Bank.
Table 15 Bonds of Raytheon owned or managed by Deutsche Bank
Investor/manager % of all outstanding bonds Value (€ mln) Filing date
Deutsche Asset Management 0.00 0.11 31-Mar-2013
Total 0.11
Source: Bloomberg Database, “Bond holdings”, Bloomberg Database, viewed May 2013.
-17-
Chapter 9 Singapore Technologies Engineering (Singapore)
9.1 Shareholdings
Table 4 provides an overview of the shares of Singapore Technologies Engineering which are owned or managed by Deutsche Bank.
Table 16 Shares of Singapore Technologies Engineering owned or managed by Deutsche Bank
Investor/manager Fund # of shares
% all shares
Value (€ mln)
Filing date
DB Platinum Advisors DB X-Trackers MSCI World TRN Index ETF
152,370 0.00 0.41 31-Mar-2013
db x-trackers FTSE All-World Ex UK ETF 1,931 0.00 0.01 31-Mar-2013
db x-trackers MSCI AC Asia ex Japan TRN Index ETF
2,448 0.00 0.01 31-Mar-2013
db x-trackers MSCI Pacific Ex Japan TRN Index ETF
483,218 0.02 1.31 31-Mar-2013
db x-trackers MSCI Singapore Investable Markets TRN Index ET
56,906 0.00 0.15 31-Mar-2013
db x-trackers MSCI World Industrials TRN Index ETF
43,004 0.00 0.12 31-Mar-2013
Deutsche Bank DWS Etoile 23,000 0.00 0.06 28-Feb-2013
Northern Trust Global Investments
DWS EAFE Equity Index Fund 30,000 0.00 0.08 31-Mar-2013
QS Investors DWS Diversified International Equity Fund
12,000 0.00 0.03 31-Mar-2013
DWS Var. Series II - Diversified International Equity VIP
15,000 0.00 0.04 31-Mar-2013
TD Asset Management db X-trackers MSCI EAFE Hedged Equity Fund
5,800 0.00 0.02 31-Mar-2013
Total 2.24
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-18-
Chapter 10 Textron (United States)
10.1 Shareholdings
Table 4 provides an overview of the shares of Textron which are owned or managed by Deutsche Bank.
Table 17 Shares of Textron owned or managed by Deutsche Bank
Investor/manager Fund # of shares
% all shares
Value (€ mln)
Filing date
DB Platinum Advisors DB X-Trackers MSCI World TRN Index ETF
27,912 0.01 0.65 31-Mar-2013
DB X-Trackers S&P 500 2X Inverse Daily ETF
742 0.00 0.02 31-Mar-2013
DB X-Trackers S&P 500 2x Leveraged Daily ETF
417 0.00 0.01 31-Mar-2013
db x-trackers FTSE All-World Ex UK ETF
342 0.00 0.01 31-Mar-2013
db x-trackers MSCI World Industrials TRN Index ETF
7,878 0.00 0.18 31-Mar-2013
db x-trackers Russel MidCap Index ETF
1,216 0.00 0.03 31-Mar-2013
db x-trackers S&P 500 Equal Weight ETF
269 0.00 0.01 31-Mar-2013
db x-trackers S&P 500 Inverse Daily ETF
4,229 0.00 0.10 31-Mar-2013
DWS Investment - 40,041 0.01 0.77 31-Dec-2012
Deutsche Asset Management Americas
- 619,744 0.22 11.62 31-Dec-2012
Deutsche Bank Securities - 17,212 0.01 0.32 31-Dec-2012
Deutsche Investment Management Americas
- 65,368 0.02 1.22 31-Dec-2012
Northern Trust Global Investments
DWS Equity 500 Index Portfolio 34,105 0.01 0.79 31-Mar-2013
DWS Equity 500 Index VIP 15,306 0.01 0.36 31-Mar-2013
QS Investors DWS Disciplined Market Neutral Fund
28,400 0.01 0.61 31-Aug-2012
Total 16.70
Source: Thomson ONE Banker, “Share ownership” Thomson ONE Banker (www.thomsonone.com), viewed May 2013.
-19-
Appendix 1 References
-20-
1 Stockholm International Peace Research Institute, “The SIPRI Top 100 arms-producing and military services companies in the world excluding China, 2011”, Website SIPRI (www.sipri.org/research/armaments/production/Top100/2011#_edn1), viewed May 2013.
2 Thomson ONE Banker, “Tearsheet 2517519001”, Thomson ONE Banker (www.thomsonone.com), 30 April 2013;Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed May 2013.
3 Thomson ONE Banker, “Tearsheet 2886057115”, Thomson ONE Banker (www.thomsonone.com), 4 September 2012;Bloomberg Database, “Loan finder”, Bloomberg Database, viewed May 2013;Northrop Grumman, “Form 8-K to the Securities and Exchange Commission”, Northrop Grumman, 4 September 2012.
4 Thomson ONE Banker, “Tearsheet 2471562001”, Thomson ONE Banker (www.thomsonone.com), 27 November 2012; Bloomberg Database, “Corporates by ticker”, Bloomberg Database, viewed May 2013.Raytheon, “Form 8K: Underwriting Agreement $1,100,000,000 2.50% Senior Notes due 2022”, Raytheon, 27 November 2012 (www.faqs.org/sec-filings/121204/RAYTHEON-CO-_8-K/d445777dex11.htm).