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  "documentTitle": "Deutsche Bank Q3 2023 Fixed Income Call",
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  "authorName": "Deutsche Bank",
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  "notes": "Includes pie charts for portfolio composition, a bar chart for modified loans, and a bar chart for quarterly CLPs.",
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      "text": "Refinancing risk remains main risk when loans with lower debt service coverage ratio and reduced collateral values reach maturity / extension dates, requiring sponsor equity contributions to qualify for refinancing.",
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      "text": "US CRE by types (Q3 2023)",
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      "text": "US office portfolio 1.5% of total loans and 23% of stress-tested portfolio; ~87% of office exposure in Class A properties; Average LTVs ~71%; € 0.3bn exposure with final maturities in remainder of 2023",
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      "text": "Refinancing risk remains main risk; € 242m of CLP on € 5.7bn of loans; Limited amount of loans expected to be modified; Near-term maturities pro-actively managed",
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      "text": "CLPs per quarter: € 18bn",
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      "text": "Commercial Real Estate (CRE) 2 / 2",
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