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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Average default and recovery rates<br />
Historically, defaults on loans have been significantly lower<br />
than defaults of traditional high-yield investments<br />
A recovery rate is the percentage of debt repaid to an<br />
investor in the case of default. The higher the recovery rate,<br />
the better<br />
80.6%<br />
5.86%<br />
48.6%<br />
3.00%<br />
28.5%<br />
Average default rate from 2001-2012 Average recovery rate from 1987-2012<br />
<strong>Floating</strong>-rate loans High-yield Senior unsecured Subordinated debt<br />
Source: Moody’s Investor Services as of 12/31/12. Past performance is historical and does not guarantee future results. Default rate is for the trailing 12-month period. Default<br />
rates for 2001, 2002, 2003 and 2004 are by number of issuers. Subsequent to 2004, the default rate is dollar-weighted. Default is defined as missed interest or principal<br />
disbursement, bankruptcy, distressed exchange or an ongoing covenant violation. Average recovery rates over other time periods might not be as favorable.<br />
Deutsche Asset<br />
& Wealth Management Investment products: No bank guarantee I Not FDIC insured I May lose value 34
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