Hall of Shame – D

The following financial institutions beginning with “D” appear in the 2014 Don’t Bank on the Bomb Hall of Shame. For the full list, or to lookup financial institutions by country, please see here.

D.E. Shaw & Co. (United States)

D.E. Shaw & Co. has made an estimated 280 million USD available to the nuclear weapons producers listed in this report since January 2011.

 

The table below provides an overview of the nuclear weapon companies of which D.E. Shaw & Co. (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by D.E. Shaw & Co.

Company Country Total value (US$ mln) % Outstanding Filing date
Alliant Techsystems United States 24 0.57 30-Jun-2014
Babcock & Wilcox United States 30 0.86 30-Jun-2014
Gencorp United States 6 0.51 30-Jun-2014
Huntington Ingalls United States 108 2.34 30-Jun-2014
Leidos United States 15 0.51 30-Jun-2014
Rockwell Collins United States 97 0.91 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

D.F. Dent & Company (United States)

D.F. Dent & Company has made an estimated 79 million USD available to the nuclear weapons producers listed in this report since January 2011.

 

The table below provides an overview of the nuclear weapon companies of which D.F. Dent & Company (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by D.F. Dent & Company

Company Country Total value (US$ mln) % Outstanding Filing date
Jacobs Engineering United States 79 1.11 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

Danske Bank (Denmark)

Danske Bank has made an estimated 310 million USD available to the nuclear weapons producers listed in this report since January 2011.

 

The table below provides an overview of the loans provided by Danske Bank (Denmark) to the nuclear weapon companies since January 2011.

Loans provided by Danske Bank

Company Subsidiary Use of Proceeds Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Honeywell International Honeywell International Inc General 2,800 62 17-Mar-2011
General 4,000 73 18-Nov-2013
Northrop Grumman Northrop Grumman Corp General 500 13 18-Aug-2012
ThyssenKrupp ThyssenKrupp AG Refinancing 2,751 75 07-Mar-2014

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

 

The table below provides an overview of the underwriting of bond issuances by Danske Bank (Denmark) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by Danske Bank

Company Subsidiary Use of Proceeds Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Northrop Grumman Northrop Grumman Corp General 850 26 28-May-2013
950 29 28-May-2013
1,050 32 28-May-2013

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

Darashaw (India)

Darashaw has made an estimated 15 million USD available to the nuclear weapons producers listed in this report since January 2011.

 

The table below provides an overview of the underwriting of bond issuances by Darashaw (India) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by Darashaw

Company Subsidiary Use of Proceeds Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Larsen & Toubro L&T Finance Holdings Ltd General 5 5 12-Dec-2012
Working Capital, General 51 10 14-Dec-2012

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

Davis Advisors (United States)

Davis Advisors has made an estimated 197 million USD available to the nuclear weapons producers listed in this report since January 2011.

 

The table below provides an overview of the nuclear weapon companies of which Davis Advisors (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Davis Advisors

Company Country Total value (US$ mln) % Outstanding Filing date
Textron United States 197 1.84 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

DBS (Singapore)

 

DBS has made an estimated 392 million USD available to the nuclear weapons producers listed in this report since January 2011.

 

The table below provides an overview of the loans provided by DBS (Singapore) to the nuclear weapon companies since January 2011.

Loans provided by DBS

Company Subsidiary Use of Proceeds Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Airbus Group EADS General 4,345 76 14-Mar-2011
Boeing Boeing Co General 2,300 42 05-Nov-2011
2,300 42 05-Nov-2011
Honeywell International Honeywell International Inc General 2,800 62 17-Mar-2011
General 4,000 73 18-Nov-2013
Serco Serco Group PLC General 1,159 72 21-Feb-2012
Textron Textron Inc Acquisition 500 25 23-Jan-2014

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

DePrince Race & Zollo (United States)

DePrince Race & Zollo has made an estimated 86 million USD available to the nuclear weapons producers listed in this report since January 2011.

 

The table below provides an overview of the nuclear weapon companies of which DePrince Race & Zollo (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by DePrince Race & Zollo

Company Country Total value (US$ mln) % Outstanding Filing date
URS United States 86 2.73 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

Deutsche Bank (Germany)

Deutsche Bank has made an estimated 4,131 million USD available to the nuclear weapons producers listed in this report since January 2011.

 

The table below provides an overview of the loans provided by Deutsche Bank (Germany) to the nuclear weapon companies since January 2011.

Loans provided by Deutsche Bank

Company Subsidiary Use of Proceeds Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Airbus Group EADS General 4,345 163 14-Mar-2011
BAE Systems BAE Systems PLC General 3,269 82 12-Dec-2013
Boeing Boeing Co General 2,300 42 05-Nov-2011
2,300 42 05-Nov-2011
Honeywell International Honeywell International Inc General 2,800 62 17-Mar-2011
General 3,000 129 30-Mar-2012
4,000 73 18-Nov-2013
Lockheed Martin Lockheed Martin Corp General 1,500 90 26-Aug-2011
Northrop Grumman Northrop Grumman Corp General 500 13 18-Aug-2012
TASC TASC Inc Refinancing 100 13 19-Apr-2011
575 72 19-Apr-2011
Refinancing 50 5 23-Apr-2014
250 25 23-Apr-2014
393 39 23-Apr-2014
Textron Textron Inc General 1,000 143 02-Mar-2011
ThyssenKrupp ThyssenKrupp AG Refinancing 2,751 75 07-Mar-2014

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

 

The table below provides an overview of the underwriting of share issuances by Deutsche Bank (Germany) for the nuclear weapon companies since January 2011.

Underwriting of share issuances by Deutsche Bank

Company Subsidiary Use of Proceeds Total value (US$ mln) Est. participation of this bank (US$ mln) Date
ThyssenKrupp ThyssenKrupp AG Secondary 2,342 781 07-Jul-2011

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

 

The table below provides an overview of the underwriting of bond issuances by Deutsche Bank (Germany) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by Deutsche Bank

Company Subsidiary Use of Proceeds Total value (US$ mln) Est. participation of this bank (US$ mln) Date
BAE Systems BAE Systems PLC General 350 70 10-May-2011
400 80 10-May-2011
500 100 10-May-2011
Boeing Boeing Capital Corp General 500 67 28-Jul-2011
Boeing Co General 150 50 30-Apr-2013
Finmeccanica Finmeccanica Finance SA General 339 20 17-Jan-2014
950 59 26-Nov-2013
Honeywell International Honeywell International Inc General 300 30 18-Nov-2013
700 70 18-Nov-2013
General 600 33 14-Feb-2011
800 44 14-Feb-2011
Larsen & Toubro L&T Finance Ltd General 13 13 25-Oct-2012
36 5 13-Jun-2014
Northrop Grumman Northrop Grumman Corp General 850 57 28-May-2013
950 63 28-May-2013
1,050 70 28-May-2013
Raytheon Raytheon Co General 425 21 29-Nov-2011
575 29 29-Nov-2011
1,100 60 27-Nov-2012
Thales Thales SA General 389 56 13-Mar-2013
648 93 13-Mar-2013
ThyssenKrupp ThyssenKrupp AG General 1,717 429 19-Feb-2014

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

 

The table below provides an overview of the nuclear weapon companies of which Deutsche Bank (Germany) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Deutsche Bank

Company Country Total value (US$ mln) % Outstanding Filing date
Airbus Group France 360 0.68 30-Jun-2014
BAE Systems United Kingdom 218 0.96 07-Aug-2014
Raytheon United States 179 0.63 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

 

The table below provides an overview of the nuclear weapon companies of which Deutsche Bank (Germany) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Deutsche Bank

Company Country Total value (US$ mln) % Outstanding Filing date
Gencorp United States 10 1.22 31-Jul-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

Discovery Capital Management (United States).

Discovery Capital Management has made an estimated 263 million USD available to the nuclear weapons producers listed in this report since January 2011.

 

The table below provides an overview of the nuclear weapon companies of which Discovery Capital Management (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Discovery Capital Management

Company Country Total value (US$ mln) % Outstanding Filing date
Alliant Techsystems United States 263 6.16 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

DNB (Norway)

DNB has made an estimated 62 million USD available to the nuclear weapons producers listed in this report since January 2011.

 

The table below provides an overview of the loans provided by DNB (Norway) to the nuclear weapon companies since January 2011.

Loans provided by DNB

Company Subsidiary Use of Proceeds Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Honeywell International Honeywell International Inc General 2,800 62 17-Mar-2011

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

DNCA Finance (France)

DNCA Finance has made an estimated 331 million USD available to the nuclear weapons producers listed in this report since January 2011.

 

The table below provides an overview of the nuclear weapon companies of which DNCA Finance (France) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by DNCA Finance

Company Country Total value (US$ mln) % Outstanding Filing date
Finmeccanica Italy 43 0.91 31-May-2014
Thales France 284 2.30 31-May-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

 

The table below provides an overview of the nuclear weapon companies of which DNCA Finance (France) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by DNCA Finance

Company Country Total value (US$ mln) % Outstanding Filing date
Safran France 4 0.68 31-Mar-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

Drexel Hamilton (United States)

Drexel Hamilton has made an estimated 87 million USD available to the nuclear weapons producers listed in this report since January 2011.

 

The table below provides an overview of the underwriting of bond issuances by Drexel Hamilton (United States) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by Drexel Hamilton

Company Subsidiary Use of Proceeds Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Northrop Grumman Northrop Grumman Corp General 850 26 28-May-2013
950 29 28-May-2013
1,050 32 28-May-2013

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

DZ Bank (Germany)

DZ Bank has made an estimated 285 million USD available to the nuclear weapons producers listed in this report since January 2011.

 

The table below provides an overview of the loans provided by DZ Bank (Germany) to the nuclear weapon companies since January 2011.

Loans provided by DZ Bank

Company Subsidiary Use of Proceeds Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Airbus Group EADS General 4,345 76 14-Mar-2011
ThyssenKrupp ThyssenKrupp AG Refinancing 2,751 75 07-Mar-2014

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

 

The table below provides an overview of the nuclear weapon companies of which DZ Bank (Germany) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by DZ Bank

Company Country Total value (US$ mln) % Outstanding Filing date
Northrop Grumman United States 134 0.52 31-Mar-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

 

 

Hall of Shame Methodology

Which financial institutions are involved in the financing of the selected nuclear weapon companies was researched using annual reports, stock exchange filings and other publications of the companies concerned, archives of trade magazines, local newspapers and the financial press as well as specialized financial databases (Thomson ONE, Bloomberg). Used resources are clearly mentioned.

Financial institutions can be involved in financing companies by providing corporate loans, by assisting companies with share- and bond issues, and by (managing) investments in shares and bonds of these companies. For asset managers and pension funds, the only relevant type of financial involvement is (managing) share- and bondholdings of the selected companies.

In this report, we have focussed on the financial institutions which are found to have most significant financing relationships with one or more of the selected nuclear weapon companies. To select these financial institutions, the following criteria are used:

  • All financial institutions involved in loans and underwriting deals for one or more of the companies since 1 January 2011;
  • All financial institutions which own at least 0.5% of the outstanding shares or bonds of at least one of the companies.

What is included

Each section provides the following information for each financial institution:

The types of financial relations which the financial institution has with one or more nuclear weapon companies. The relations are grouped by loans, investment banking and asset management. Financial activities are listed alphabetically by nuclear weapons company for each category.

The name of the receiving company, the amount, the date and (if known) the purpose for each financial relation.

All data is presented in tables. For loans, the first column represents the names of the selected companies that received the loans, the second column shows which subsidiary or part of the selected company has issued the loan. The third column is the purpose of the loan. The fourth column (# FI’s), shows the number of financial institutes participating in loans as loans are often offered by a syndicate of financial institutions. The fifth column represents the value of the total loan offered by the syndicate to the company. The sixth column is the amount for which this specific financial institute participated in the loan. This amount is calculated depending on the role the financial institute plays in the syndicate, as explained below. The last column shows the date the loan was issued.

The tables for underwriting of share and bond issuances have the same columns. The method for calculating these the value per financial institute can be below.

The tables for share and bondholdings managed by the financial institutions show the nuclear weapon producing companies, the country in which this company is situated, the percentage of all bonds or shares outstanding hold or managed by the specific institution, and the total value of the shares or bonds held by the financial institution in the indicated company.

When comparing this report with last years report please keep in mind that we have excluded some Indian sources due to recently identified errors in the Bloomberg databases regarding Indian Mutual Funds.

The financial institutions identified include banks, pension funds, sovereign wealth funds, insurance companies and asset managers from many different countries. They have provided various types of financial services to nuclear weapon companies.