德国银行买方分析.pptVIP

Session 39 The “Buy side” Perspective – An Analyst’s View of Financial Disclosure Wayde Bendus, Vice President, Deutsche Bank 第一页，共十二页。 Why are pensions still a relevant concern for the street? Underlying growth in pension benefit liabilities has been approximately 4.25%, before consideration for changes in discount rates Funded positions have very likely deteriorated in 2004 Despite the recent rise in short-term rates, long-term rates have stabilized over the past year Labor unions are aggressive protectors of benefits, even in highly distressed industries Heath care and wage inflation hav