DEUTSCHE BANK: These 11 indebted companies are most at risk from rising interest rates

Ticker: JDW

Industry: Hospitality and leisure

Net debt to EBITDA: 3.7x

British high street pub icon Wetherspoons — whose founder Tim Martin is a big Brexit backer — has produced solid results in the two years since the vote, but needs to replace all its debt before the end of February 2020.

Ticker: CX

Industry: Building & Construction

Net debt to EBITDA: 4.1x

Cemex, the world's second largest seller of building materials needs to refinance at least 1/3 of its debt in next three years, with an average rate of 6%.

Ticker: MIK

Industry: Consumer goods

Net debt to EBITDA: 4.5x

Michaels Companies, America's arts and crafts retail chain, has "$2.7bn of gross debt of which $2.25 is a variable term loan maturing 2020 at LIBOR+," according to Deutsche Bank.

Ticker: NAV

Industry: Industrials

Net debt to EBITDA: 4.6x

Navistar, which manufactures coaches and schoolbuses, has around 30% of its debt at variable rates, leaving it particularly exposed.

Ticker: ABI

Industry: Brewing

Net debt to EBITDA: 5.0x

The world's biggest brewer by some distance has a huge debt pile, thanks in part to the debt it took on in order to acquire SAB Miller, then its biggest competitor, in 2016. $23 billion of its $100 billion debt will mature in 2018-2020.

Ticker: TWO

Industry: Mortgage REITS

Net debt to EBITDA: 5.9x

A major investor in residential mortgage-backed securities, residential mortgage loans, mortgage servicing rights, commercial real estate debt and related assets, 99% of Two Harbors' debts are based on the LIBOR rate, leaving them highly exposed to rising rates.

Ticker: PRTY

Industry: Consumer goods

Net debt to EBITDA: 6.2x

Party City, which sells party supplies has "$1.79B in gross debt which includes $1.2B variable term loan at LIBOR+ maturing 2022," according to Deutsche Bank.

Ticker: SGMS

Industry: Gaming

Net debt to EBITDA: 6.6x

Scientific Games supplies casinos and lotteries with gambling products and services. It has $8.1 billion of gross debt, of which $3.2 billion is LIBOR based.

Ticker: NLY

Industry: Mortgage REITs

Net debt to EBITDA: 6.6x

Annaly, which is another large real estate investment trust, has 99% of its debt based on LIBOR. Deutsche Bank says its "book value hit by 5.8% for every 50bps change in rates."

Ticker: AGNC

Industry: Mortgage REITs

Net debt to EBITDA: 8.1x

Like both Annaly and Two Harbors, 99% of its debt is based on LIBOR. It will take a 2% hit to its book value for every 0.5% rate hike.