Presentation DWS Floating Rate Fund - DWS Investments
Presentation DWS Floating Rate Fund - DWS Investments
Presentation DWS Floating Rate Fund - DWS Investments
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Repayment hierarchy gives preference to loans<br />
Loans are the most senior debt<br />
in the capital structure of<br />
non-investment-grade firms<br />
<strong>Floating</strong>-rate loans<br />
Implication: Interest t and principal<br />
i is paid before bond and<br />
equity holders<br />
<strong>Floating</strong>-rate loans<br />
(Senior secured)<br />
Junior secured capital<br />
Second-lien loans<br />
Mezzanine loans<br />
Unsecured capital<br />
High-yield bonds<br />
First loss capital<br />
Equity<br />
Source: Deutsche Asset & Wealth Management as of 12/31/12.<br />
Deutsche Asset<br />
& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 31
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