{
  "docId": "019dd923-5e88-73ef-bd5c-15faf0d2a551",
  "docSlug": "6364451a5cd2b81f",
  "documentTitle": "Q4 FY 2024 Fixed Income Call",
  "authorId": "DeutscheBank",
  "authorName": "Deutsche Bank",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 28,
  "pageCount": 46,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "data_table",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 25,
  "notes": "Footnotes refer to slides 44 and 45.",
  "elementsJson": [
    "pie_chart",
    "bar_chart_vertical",
    "bullet_list",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5c-15faf0d2a551/28",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5c-15faf0d2a551",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5c-15faf0d2a551.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5c-15faf0d2a551#slide-28",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Refinancing remains main risk when loans with lower debt service coverage ratio and reduced collateral values reach maturity / extension dates, requiring modifications including additional equity.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-163c-76ae-8c45-fb7a1fbe44df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.1,
        "x": 0.45,
        "y": 0.265
      },
      "kind": "chart",
      "text": "Cumulative modified loans",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "355c2be3-95ac-43e1-a78a-5dec5d391be9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.25,
        "x": 0.7,
        "y": 0.265
      },
      "kind": "chart",
      "text": "CLPs per quarter",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5e03c20-99ac-4383-b2aa-918816e70bdd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.18,
        "x": 0.22,
        "y": 0.265
      },
      "kind": "chart",
      "text": "US CRE in scope of severe stress test: Office breakdown",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3bbad5a2-a970-426e-a0ca-8822fb719666",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.18,
        "x": 0.036,
        "y": 0.265
      },
      "kind": "chart",
      "text": "US CRE in scope of severe stress test: By type",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4e9aaedc-5b81-4ce1-ab0c-b247a4d29cc0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.38,
        "x": 0.036,
        "y": 0.635
      },
      "kind": "list",
      "text": "US office portfolio 1.4% of total loans and 23% of stress-tested portfolio; 86% of office exposure in Class A properties; Average LTVs in US office at 81%",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f63be8e-869a-45c9-b9e8-3c320b2b1dac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.53,
        "x": 0.42,
        "y": 0.635
      },
      "kind": "list",
      "text": "Refinancing risk; €763m CLPs driven by offices; Q4 portfolio sale of €0.9bn; Pro-active management of maturities",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6ee9ec7-3596-4b2e-83ea-3fe430cc5e74",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "CLPs: € 15bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-163c-76ae-8c45-fc79fc0aa64d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.042,
        "w": 0.407,
        "x": 0.036,
        "y": 0.056
      },
      "kind": "title",
      "text": "Commercial Real Estate (CRE) 2 / 2",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e6fced96-8d19-4ddc-87ab-39452b3a94ff",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Causal Chain",
      "slug": "causal-chain",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "0442775b-5f3b-41f5-a1be-9eed9de5e267",
      "evidence": "The slide mentions a 'refinancing risk' and its potential impact, which could imply a causal chain, but it's not a clear match.",
      "confidence": 0.5
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 46,
      "from": 18,
      "beatId": "a632acc7-cca0-4a30-adaf-55501210c5fa",
      "arcName": "The Sparkline",
      "arcSlug": "sparkline",
      "beatName": "Outlook",
      "beatSlug": "sparkline-new-bliss",
      "evidence": "The document concludes with a positive outlook, highlighting the company's confidence in its revenue trajectory and ability to achieve its targets.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}