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[null,null,null,null,null,null,null,null,null,null,"Loan Date","2018-01-01",null,"Currency",null,"USD","Periods",12]
[]
[null,"RAROC Outputs for Loan",null,null,null,null,null,null,null,null,"Business Risk Rating",{"$f":"SUMPRODUCT(R8:R22,S8:S22)","v":5.7549999999999999},null,"Simulated Credit Rating",null,null,{"$f":"S26","v":"BB"}]
[null,null,"Overall IRR on Loan without Risk Adjustment",null,null,{"$f":"'IRR Analysis'!E55","v":7.5447021976492223E-2}]
[null,null,"NPV of Risk Premium Earned Before Risk Adj",null,null,{"$f":"'IRR Analysis'!F66","v":2003.1824897039969},null,"Risk Input Data",null,null,null,"Input","Default","Rating","Weight",null,null,"Rating","Weight"]
[null,null,"Implied Max Cumulative Loss Probability",null,null,{"$f":"'IRR Analysis'!E111","v":0.32129315166315792},null,null,"Industry Assesment"]
[null,null,"Risk Rating from Analysis",null,null,{"$f":"IF(S28=\"\",R26,S28)","v":3.3170162059103907},null,null,null,"Industry Price Variation",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J7,'Weights and Defaults'!C:C,0)),\"\")","v":6},{"$f":"IF(L7,L7,M7)","v":6},{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J7,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.25}]
[null,null,"Probability of Defalut from Risk Assessment",null,null,{"$f":"'Rating and PD'!C81","v":7.1287168732125816E-2},null,null,null,"Industry Capital Intensity",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J8,'Weights and Defaults'!C:C,0)),\"\")","v":7},{"$f":"IF(L8,L8,M8)","v":7},{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J8,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.25},null,"Industry",{"$f":"SUMPRODUCT(N7:N11,O7:O11)","v":5.5},0.6]
[null,null,"Capital Allocation From Risk Rating",null,null,{"$f":"'Capital Allocation'!C3","v":9.2680648236415628E-2},null,null,null,"Oblosense Risk",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J9,'Weights and Defaults'!C:C,0)),\"\")","v":5},5,{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J9,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.25}]
[null,null,"New Capital Required for Loan",null,null,{"$f":"'IRR Analysis'!E171","v":953.63632030505323},null,null,null,"Operating Leverage",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J10,'Weights and Defaults'!C:C,0)),\"\")","v":4},4,{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J10,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.25}]
[null,null,"Final RAROC",null,null,{"$f":"'IRR Analysis'!E169","v":0.30016826987266532},null,null,null,"Contract Strength",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J11,'Weights and Defaults'!C:C,0)),\"\")","v":0},0,{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J11,'Weights and Defaults'!$C:$C,0)),\"\")","v":0}]
[null,"Loan Terms Input",null,null,null,null,null,null,"Management Assessment",null,null,null,null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J12,'Weights and Defaults'!$C:$C,0)),\"\")","v":""}]
[null,null,"Credit Spread and Fees",null,null,null,null,null,null,"Company Size",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J13,'Weights and Defaults'!C:C,0)),\"\")","v":5},5,{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J13,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.15}]
[null,null,null,{"$f":"\"Loan Amount (\"&P1&\" 000's)\"","v":"Loan Amount (USD 000's)"},null,{"$f":"'Loan Inputs'!C5","v":10000},null,null,null,"Prior Projects",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J14,'Weights and Defaults'!C:C,0)),\"\")","v":6},6,{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J14,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.1},null,"Mgmt",{"$f":"SUMPRODUCT(O13:O16,N13:N16)","v":4.8499999999999996},0.3]
[null,null,null,{"$f":"\"Base Interest Rate (\"&P1&\" Percent)\"","v":"Base Interest Rate (USD Percent)"},null,{"$f":"'Loan Inputs'!C6","v":0.03},null,null,null,"Reputation Assessment",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J15,'Weights and Defaults'!C:C,0)),\"\")","v":4},4,{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J15,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.25}]
[null,null,null,"Credit Spread (Annual Percent)",null,{"$f":"'Loan Inputs'!C7","v":3.9E-2},null,null,null,"Excessive Project IRR",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J16,'Weights and Defaults'!C:C,0)),\"\")","v":5},5,{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J16,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.5}]
[null,null,null,"Up-front Fee (Annual Percent)",null,{"$f":"'Loan Inputs'!C8","v":0.01},null,null,"Collateral",null,null,null,null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J17,'Weights and Defaults'!$C:$C,0)),\"\")","v":""}]
[null,null,null,"Commitment Fee (Annual Percent)",null,{"$f":"'Loan Inputs'!C9","v":1.4999999999999999E-2},null,null,null,"Collateral Included",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J18,'Weights and Defaults'!C:C,0)),\"\")","v":5},{"$f":"IF(L18,L18,M18)","v":5},{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J18,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.5},null,"Collateral",{"$f":"SUMPRODUCT(N18:N19,O18:O19)","v":5},0.1]
[null,null,null,{"$f":"\"Other Fees \"&P1&\" 000's)\"","v":"Other Fees USD 000's)"},null,{"$f":"'Loan Inputs'!C10","v":0},null,null,null,"Value of Collateral/Loan",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J19,'Weights and Defaults'!C:C,0)),\"\")","v":5},5,{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J19,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.5}]
[null,null,"Loan Repayment",null,null,null,null,null,"Credit Enhancements",null,null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J20,'Weights and Defaults'!C:C,0)),\"\")","v":""},"",{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J20,'Weights and Defaults'!$C:$C,0)),\"\")","v":""}]
[null,null,null,"Maturity",null,{"$f":"'Loan Inputs'!C12","v":10},null,null,null,"DSRA",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J21,'Weights and Defaults'!C:C,0)),\"\")","v":5},5,{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J21,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.5},null,"Enhance",{"$f":"SUMPRODUCT(N21:N22,O21:O22)","v":5},0.1]
[null,null,null,"Grace Period",null,{"$f":"'Loan Inputs'!C13","v":0},null,null,null,"Dividend Lock-up Covenant",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J22,'Weights and Defaults'!C:C,0)),\"\")","v":5},5,{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J22,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.5}]
[null,null,null,"Repayments (1-Mtg,2-Level,3-Sculpt)",null,{"$f":"'Loan Inputs'!C14","v":1},null,null,"Capital Assessment",null,null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!E:E,MATCH(J23,'Weights and Defaults'!C:C,0)),\"\")","v":""},"",{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J23,'Weights and Defaults'!$C:$C,0)),\"\")","v":""}]
[null,"Loan Expense and Deposit Inputs",null,null,null,null,null,null,null,"Debt to Capital Ratio",null,null,{"$f":"'Loan Inputs'!C19","v":0.49},{"$f":"CHOOSE(Notes!S20,'Bond Rating Simulation'!P22,'Bond Rating Simulation'!P49,'Bond Rating Simulation'!P75)","v":2.0486177311725453},{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J24,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.35}]
[null,null,"Cost of Deposits/Funds (USD Percent)",null,null,{"$f":"F15","v":0.03},null,null,null,"Coverage Ratio - Minimum",null,null,{"$f":"'Loan Inputs'!C16","v":1.89},{"$f":"CHOOSE(Notes!S20,'Bond Rating Simulation'!D22,'Bond Rating Simulation'!D49,'Bond Rating Simulation'!D75)","v":4},{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J25,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.1}]
[null,null,"Return on Safe Investments (USD Percent)",null,null,1.4999999999999999E-2,null,null,null,"Coverage Ratio - Average",null,null,{"$f":"'Loan Inputs'!C17","v":2.81},{"$f":"CHOOSE(Notes!S20,'Bond Rating Simulation'!D22,'Bond Rating Simulation'!J49,'Bond Rating Simulation'!J75)","v":4},{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J26,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.1},null,"Capital",{"$f":"SUMPRODUCT(N24:N28,O24:O28)","v":3.3170162059103907},{"$f":"INDEX('Bond Rating Simulation'!D3:H3,MATCH(R26,'Bond Rating Simulation'!D2:G2)+1)","v":"BB"}]
[null,null,"Loan Expenses - Annual",null,null,5.0000000000000001E-3,null,null,null,"Debt to EBITDA",null,null,{"$f":"'Loan Inputs'!C24","v":4.5},{"$f":"CHOOSE(Notes!S20,'Bond Rating Simulation'!J23,0,0)","v":4},{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J27,'Weights and Defaults'!$C:$C,0)),\"\")","v":0.45}]
[null,null,"Loss Given Default Estimate",null,null,0.6,null,null,null,"PLCR/Loan to Value",null,null,{"$f":"'Loan Inputs'!C26","v":0.6},null,{"$f":"IFERROR(INDEX('Weights and Defaults'!$F:$F,MATCH(J28,'Weights and Defaults'!$C:$C,0)),\"\")","v":0},null,"Input Rating"]

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["General Inputs"]
[null,"Months in Period",null,null,{"$f":"'RAROC Analysis'!R1","v":12}]
[null,"Periods in Year",null,null,{"$f":"12/E7","v":1}]
[]
["Inputs"]
[null,"Loan Amount",null,null,{"$f":"'RAROC Analysis'!F14","v":10000}]
[null,"Credit Spread",null,null,{"$f":"'RAROC Analysis'!F16","v":3.9E-2}]
[null,"Base Rate",null,null,{"$f":"'RAROC Analysis'!F15","v":0.03}]
[null,"Total Rate Added",null,null,{"$f":"E12+E13","v":6.9000000000000006E-2}]
[]
[null,"Cost of Funds",null,null,{"$f":"'RAROC Analysis'!F25","v":0.03}]
[null,"Implied Effective Credit Spread ",null,null,{"$f":"E58","v":4.4123322307273893E-2}]
[]
[null,"Up Front Fees",null,null,{"$f":"'RAROC Analysis'!F17","v":0.01}]
[null,"Commitment Fees",null,null,{"$f":"'RAROC Analysis'!F18","v":1.4999999999999999E-2}]
[null,"Other Fees",null,null,{"$f":"'RAROC Analysis'!F19","v":0}]
[]
[null,"Maturity",null,null,{"$f":"'RAROC Analysis'!F21","v":10}]
[null,"Grace Period",null,null,{"$f":"IF('RAROC Analysis'!F22>0,'RAROC Analysis'!F22,1/E8)","v":1}]
[null,"Repayments (1-Mtg,2-Level,3-Sculpt)",null,null,{"$f":"'RAROC Analysis'!F23","v":1}]
[]
[null,"End of Grace Period",null,null,{"$f":"EDATE(G2,E24*12)","v":"2019-01-01"}]
[null,"End of Repayment Period",null,null,{"$f":"EDATE(G2,E23*12)","v":"2028-01-01"}]
[]
["Cash Flow"]
[null,"Draw Percent",null,null,{"$f":"(1/E24/E8)","v":1},null,{"$f":"$E$31*G3","v":1},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$31*AM3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$31*BS3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$31*CY3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Draws",null,null,{"$f":"E11","v":10000},null,{"$f":"$E$32*G31","v":10000},{"$f":"$E$32*H31","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$32*AO31","v":0},{"$f":"$E$32*AP31","v":0},{"$f":"$E$32*AQ31","v":0},{"$f":"$E$32*AR31","v":0},{"$f":"$E$32*AS31","v":0},{"$f":"$E$32*AT31","v":0},{"$f":"$E$32*AU31","v":0},{"$f":"$E$32*AV31","v":0},{"$f":"$E$32*AW31","v":0},{"$f":"$E$32*AX31","v":0},{"$f":"$E$32*AY31","v":0},{"$f":"$E$32*AZ31","v":0},{"$f":"$E$32*BA31","v":0},{"$f":"$E$32*BB31","v":0},{"$f":"$E$32*BC31","v":0},{"$f":"$E$32*BD31","v":0},{"$f":"$E$32*BE31","v":0},{"$f":"$E$32*BF31","v":0},{"$f":"$E$32*BG31","v":0},{"$f":"$E$32*BH31","v":0},{"$f":"$E$32*BI31","v":0},{"$f":"$E$32*BJ31","v":0},{"$f":"$E$32*BK31","v":0},{"$f":"$E$32*BL31","v":0},{"$f":"$E$32*BM31","v":0},{"$f":"$E$32*BN31","v":0},{"$f":"$E$32*BO31","v":0},{"$f":"$E$32*BP31","v":0},{"$f":"$E$32*BQ31","v":0},{"$f":"$E$32*BR31","v":0},{"$f":"$E$32*BS31","v":0},{"$f":"$E$32*BT31","v":0},{"$f":"$E$32*BU31","v":0},{"$f":"$E$32*BV31","v":0},{"$f":"$E$32*BW31","v":0},{"$f":"$E$32*BX31","v":0},{"$f":"$E$32*BY31","v":0},{"$f":"$E$32*BZ31","v":0},{"$f":"$E$32*CA31","v":0},{"$f":"$E$32*CB31","v":0},{"$f":"$E$32*CC31","v":0},{"$f":"$E$32*CD31","v":0},{"$f":"$E$32*CE31","v":0},{"$f":"$E$32*CF31","v":0},{"$f":"$E$32*CG31","v":0},{"$f":"$E$32*CH31","v":0},{"$f":"$E$32*CI31","v":0},{"$f":"$E$32*CJ31","v":0},{"$f":"$E$32*CK31","v":0},{"$f":"$E$32*CL31","v":0},{"$f":"$E$32*CM31","v":0},{"$f":"$E$32*CN31","v":0},{"$f":"$E$32*CO31","v":0},{"$f":"$E$32*CP31","v":0},{"$f":"$E$32*CQ31","v":0},{"$f":"$E$32*CR31","v":0},{"$f":"$E$32*CS31","v":0},{"$f":"$E$32*CT31","v":0},{"$f":"$E$32*CU31","v":0},{"$f":"$E$32*CV31","v":0},{"$f":"$E$32*CW31","v":0},{"$f":"$E$32*CX31","v":0},{"$f":"$E$32*CY31","v":0},{"$f":"$E$32*CZ31","v":0},{"$f":"$E$32*DA31","v":0},{"$f":"$E$32*DB31","v":0},{"$f":"$E$32*DC31","v":0},{"$f":"$E$32*DD31","v":0},{"$f":"$E$32*DE31","v":0},{"$f":"$E$32*DF31","v":0},{"$f":"$E$32*DG31","v":0},{"$f":"$E$32*DH31","v":0},{"$f":"$E$32*DI31","v":0},{"$f":"$E$32*DJ31","v":0},{"$f":"$E$32*DK31","v":0},{"$f":"$E$32*DL31","v":0},{"$f":"$E$32*DM31","v":0},{"$f":"$E$32*DN31","v":0},{"$f":"$E$32*DO31","v":0},{"$f":"$E$32*DP31","v":0},{"$f":"$E$32*DQ31","v":0},{"$f":"$E$32*DR31","v":0},{"$f":"$E$32*DS31","v":0},{"$f":"$E$32*DT31","v":0},{"$f":"$E$32*DU31","v":0},{"$f":"$E$32*DV31","v":0},{"$f":"$E$32*DW31","v":0},{"$f":"$E$32*DX31","v":0}]
[null,"Loan Repayment Period",null,null,null,null,{"$f":"F33+G4","v":0},1,2,3,4,5,6,7,8,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,{"$f":"AL33+AM4","v":9},9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,{"$f":"BR33+BS4","v":9},9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,{"$f":"CX33+CY4","v":9},9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9,9]
[null,"Repayment Percent - Level",null,null,{"$f":"1/(E23-E24)/E8","v":0.1111111111111111},{"$f":"SUM(G34:AZ34)","v":1.0000000000000002},{"$f":"$E$34*G4","v":0},0.1111111111111111,0.1111111111111111,0.1111111111111111,0.1111111111111111,0.1111111111111111,0.1111111111111111,0.1111111111111111,0.1111111111111111,0.1111111111111111,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$34*AM4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$34*BS4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$34*CY4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Repayment Percent - Mortgage",null,null,{"$f":"E14/E8","v":6.9000000000000006E-2},{"$f":"(E23-E24)*E8","v":9},{"$f":"IF(G4,PPMT($E$35,G33,$F$35,-1))*1","v":0},8.383419006566814E-2,8.961874918019927E-2,9.5802442873633015E-2,0.10241281143191369,0.10947929542071573,0.11703336680474512,0.12510866911427251,0.13374116728315733,0.1429693078256952,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(AM4,PPMT($E$35,AM33,$F$35,-1))*1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(BS4,PPMT($E$35,BS33,$F$35,-1))*1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(CY4,PPMT($E$35,CY33,$F$35,-1))*1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Repayments",null,null,{"$f":"E25","v":1},null,{"$f":"CHOOSE($E$36,G34,G35)","v":0},{"$f":"CHOOSE($E$36,H34,H35)","v":0.1111111111111111},0.1111111111111111,0.1111111111111111,0.1111111111111111,0.1111111111111111,0.1111111111111111,0.1111111111111111,0.1111111111111111,0.1111111111111111,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CHOOSE($E$36,BT34,BT35)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[null,"Loan Balance"]
[null,null,"Opening Balance",null,null,null,{"$f":"F43","v":0},{"$f":"G43","v":10000},8888.8888888888887,7777.7777777777774,6666.6666666666661,5555.5555555555547,4444.4444444444434,3333.3333333333321,2222.2222222222208,1111.1111111111097,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN43","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CZ43","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Draws",null,null,null,{"$f":"G32","v":10000},{"$f":"H32","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AO32","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DA32","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayments",null,null,null,{"$f":"G37","v":0},{"$f":"H37","v":1111.1111111111111},1111.1111111111111,1111.1111111111111,1111.1111111111111,1111.1111111111111,1111.1111111111111,1111.1111111111111,1111.1111111111111,1111.1111111111111,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AO37","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DA37","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"G40+G41-G42","v":10000},{"$f":"H40+H41-H42","v":8888.8888888888887},7777.7777777777774,6666.6666666666661,5555.5555555555547,4444.4444444444434,3333.3333333333321,2222.2222222222208,1111.1111111111097,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AO40+AO41-AO42","v":0},{"$f":"AP40+AP41-AP42","v":0},{"$f":"AQ40+AQ41-AQ42","v":0},{"$f":"AR40+AR41-AR42","v":0},{"$f":"AS40+AS41-AS42","v":0},{"$f":"AT40+AT41-AT42","v":0},{"$f":"AU40+AU41-AU42","v":0},{"$f":"AV40+AV41-AV42","v":0},{"$f":"AW40+AW41-AW42","v":0},{"$f":"AX40+AX41-AX42","v":0},{"$f":"AY40+AY41-AY42","v":0},{"$f":"AZ40+AZ41-AZ42","v":0},{"$f":"BA40+BA41-BA42","v":0},{"$f":"BB40+BB41-BB42","v":0},{"$f":"BC40+BC41-BC42","v":0},{"$f":"BD40+BD41-BD42","v":0},{"$f":"BE40+BE41-BE42","v":0},{"$f":"BF40+BF41-BF42","v":0},{"$f":"BG40+BG41-BG42","v":0},{"$f":"BH40+BH41-BH42","v":0},{"$f":"BI40+BI41-BI42","v":0},{"$f":"BJ40+BJ41-BJ42","v":0},{"$f":"BK40+BK41-BK42","v":0},{"$f":"BL40+BL41-BL42","v":0},{"$f":"BM40+BM41-BM42","v":0},{"$f":"BN40+BN41-BN42","v":0},{"$f":"BO40+BO41-BO42","v":0},{"$f":"BP40+BP41-BP42","v":0},{"$f":"BQ40+BQ41-BQ42","v":0},{"$f":"BR40+BR41-BR42","v":0},{"$f":"BS40+BS41-BS42","v":0},{"$f":"BT40+BT41-BT42","v":0},{"$f":"BU40+BU41-BU42","v":0},{"$f":"BV40+BV41-BV42","v":0},{"$f":"BW40+BW41-BW42","v":0},{"$f":"BX40+BX41-BX42","v":0},{"$f":"BY40+BY41-BY42","v":0},{"$f":"BZ40+BZ41-BZ42","v":0},{"$f":"CA40+CA41-CA42","v":0},{"$f":"CB40+CB41-CB42","v":0},{"$f":"CC40+CC41-CC42","v":0},{"$f":"CD40+CD41-CD42","v":0},{"$f":"CE40+CE41-CE42","v":0},{"$f":"CF40+CF41-CF42","v":0},{"$f":"CG40+CG41-CG42","v":0},{"$f":"CH40+CH41-CH42","v":0},{"$f":"CI40+CI41-CI42","v":0},{"$f":"CJ40+CJ41-CJ42","v":0},{"$f":"CK40+CK41-CK42","v":0},{"$f":"CL40+CL41-CL42","v":0},{"$f":"CM40+CM41-CM42","v":0},{"$f":"CN40+CN41-CN42","v":0},{"$f":"CO40+CO41-CO42","v":0},{"$f":"CP40+CP41-CP42","v":0},{"$f":"CQ40+CQ41-CQ42","v":0},{"$f":"CR40+CR41-CR42","v":0},{"$f":"CS40+CS41-CS42","v":0},{"$f":"CT40+CT41-CT42","v":0},{"$f":"CU40+CU41-CU42","v":0},{"$f":"CV40+CV41-CV42","v":0},{"$f":"CW40+CW41-CW42","v":0},{"$f":"CX40+CX41-CX42","v":0},{"$f":"CY40+CY41-CY42","v":0},{"$f":"CZ40+CZ41-CZ42","v":0},{"$f":"DA40+DA41-DA42","v":0},{"$f":"DB40+DB41-DB42","v":0},{"$f":"DC40+DC41-DC42","v":0},{"$f":"DD40+DD41-DD42","v":0},{"$f":"DE40+DE41-DE42","v":0},{"$f":"DF40+DF41-DF42","v":0},{"$f":"DG40+DG41-DG42","v":0},{"$f":"DH40+DH41-DH42","v":0},{"$f":"DI40+DI41-DI42","v":0},{"$f":"DJ40+DJ41-DJ42","v":0},{"$f":"DK40+DK41-DK42","v":0},{"$f":"DL40+DL41-DL42","v":0},{"$f":"DM40+DM41-DM42","v":0},{"$f":"DN40+DN41-DN42","v":0},{"$f":"DO40+DO41-DO42","v":0},{"$f":"DP40+DP41-DP42","v":0},{"$f":"DQ40+DQ41-DQ42","v":0},{"$f":"DR40+DR41-DR42","v":0},{"$f":"DS40+DS41-DS42","v":0},{"$f":"DT40+DT41-DT42","v":0},{"$f":"DU40+DU41-DU42","v":0},{"$f":"DV40+DV41-DV42","v":0},{"$f":"DW40+DW41-DW42","v":0},{"$f":"DX40+DX41-DX42","v":0}]
[null,null,"Interest",null,{"$f":"E14/E8","v":6.9000000000000006E-2},null,{"$f":"G40*$E$44","v":0},{"$f":"H40*$E$44","v":690.00000000000011},613.33333333333337,536.66666666666663,460,383.33333333333331,306.66666666666663,229.99999999999994,153.33333333333326,76.666666666666572,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AO40*$E$44","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DA40*$E$44","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt Service on Loan",null,null,null,{"$f":"G44+G42","v":0},{"$f":"H44+H42","v":1801.1111111111113},1724.4444444444443,1647.7777777777778,1571.1111111111111,1494.4444444444443,1417.7777777777778,1341.1111111111111,1264.4444444444443,1187.7777777777776,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AO44+AO42","v":0},{"$f":"AP44+AP42","v":0},{"$f":"AQ44+AQ42","v":0},{"$f":"AR44+AR42","v":0},{"$f":"AS44+AS42","v":0},{"$f":"AT44+AT42","v":0},{"$f":"AU44+AU42","v":0},{"$f":"AV44+AV42","v":0},{"$f":"AW44+AW42","v":0},{"$f":"AX44+AX42","v":0},{"$f":"AY44+AY42","v":0},{"$f":"AZ44+AZ42","v":0},{"$f":"BA44+BA42","v":0},{"$f":"BB44+BB42","v":0},{"$f":"BC44+BC42","v":0},{"$f":"BD44+BD42","v":0},{"$f":"BE44+BE42","v":0},{"$f":"BF44+BF42","v":0},{"$f":"BG44+BG42","v":0},{"$f":"BH44+BH42","v":0},{"$f":"BI44+BI42","v":0},{"$f":"BJ44+BJ42","v":0},{"$f":"BK44+BK42","v":0},{"$f":"BL44+BL42","v":0},{"$f":"BM44+BM42","v":0},{"$f":"BN44+BN42","v":0},{"$f":"BO44+BO42","v":0},{"$f":"BP44+BP42","v":0},{"$f":"BQ44+BQ42","v":0},{"$f":"BR44+BR42","v":0},{"$f":"BS44+BS42","v":0},{"$f":"BT44+BT42","v":0},{"$f":"BU44+BU42","v":0},{"$f":"BV44+BV42","v":0},{"$f":"BW44+BW42","v":0},{"$f":"BX44+BX42","v":0},{"$f":"BY44+BY42","v":0},{"$f":"BZ44+BZ42","v":0},{"$f":"CA44+CA42","v":0},{"$f":"CB44+CB42","v":0},{"$f":"CC44+CC42","v":0},{"$f":"CD44+CD42","v":0},{"$f":"CE44+CE42","v":0},{"$f":"CF44+CF42","v":0},{"$f":"CG44+CG42","v":0},{"$f":"CH44+CH42","v":0},{"$f":"CI44+CI42","v":0},{"$f":"CJ44+CJ42","v":0},{"$f":"CK44+CK42","v":0},{"$f":"CL44+CL42","v":0},{"$f":"CM44+CM42","v":0},{"$f":"CN44+CN42","v":0},{"$f":"CO44+CO42","v":0},{"$f":"CP44+CP42","v":0},{"$f":"CQ44+CQ42","v":0},{"$f":"CR44+CR42","v":0},{"$f":"CS44+CS42","v":0},{"$f":"CT44+CT42","v":0},{"$f":"CU44+CU42","v":0},{"$f":"CV44+CV42","v":0},{"$f":"CW44+CW42","v":0},{"$f":"CX44+CX42","v":0},{"$f":"CY44+CY42","v":0},{"$f":"CZ44+CZ42","v":0},{"$f":"DA44+DA42","v":0},{"$f":"DB44+DB42","v":0},{"$f":"DC44+DC42","v":0},{"$f":"DD44+DD42","v":0},{"$f":"DE44+DE42","v":0},{"$f":"DF44+DF42","v":0},{"$f":"DG44+DG42","v":0},{"$f":"DH44+DH42","v":0},{"$f":"DI44+DI42","v":0},{"$f":"DJ44+DJ42","v":0},{"$f":"DK44+DK42","v":0},{"$f":"DL44+DL42","v":0},{"$f":"DM44+DM42","v":0},{"$f":"DN44+DN42","v":0},{"$f":"DO44+DO42","v":0},{"$f":"DP44+DP42","v":0},{"$f":"DQ44+DQ42","v":0},{"$f":"DR44+DR42","v":0},{"$f":"DS44+DS42","v":0},{"$f":"DT44+DT42","v":0},{"$f":"DU44+DU42","v":0},{"$f":"DV44+DV42","v":0},{"$f":"DW44+DW42","v":0},{"$f":"DX44+DX42","v":0}]
[]
[null,null,"Undrawn Balance",null,{"$f":"E32","v":10000},null,{"$f":"($E$47-G40)*G3","v":10000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"($E$47-AM40)*AM3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"($E$47-BS40)*BS3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"($E$47-CY40)*CY3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Commitment Fee",null,{"$f":"E20","v":1.4999999999999999E-2},null,{"$f":"$E$48*G47","v":150},{"$f":"$E$48*H47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$48*AO47","v":0},{"$f":"$E$48*AP47","v":0},{"$f":"$E$48*AQ47","v":0},{"$f":"$E$48*AR47","v":0},{"$f":"$E$48*AS47","v":0},{"$f":"$E$48*AT47","v":0},{"$f":"$E$48*AU47","v":0},{"$f":"$E$48*AV47","v":0},{"$f":"$E$48*AW47","v":0},{"$f":"$E$48*AX47","v":0},{"$f":"$E$48*AY47","v":0},{"$f":"$E$48*AZ47","v":0},{"$f":"$E$48*BA47","v":0},{"$f":"$E$48*BB47","v":0},{"$f":"$E$48*BC47","v":0},{"$f":"$E$48*BD47","v":0},{"$f":"$E$48*BE47","v":0},{"$f":"$E$48*BF47","v":0},{"$f":"$E$48*BG47","v":0},{"$f":"$E$48*BH47","v":0},{"$f":"$E$48*BI47","v":0},{"$f":"$E$48*BJ47","v":0},{"$f":"$E$48*BK47","v":0},{"$f":"$E$48*BL47","v":0},{"$f":"$E$48*BM47","v":0},{"$f":"$E$48*BN47","v":0},{"$f":"$E$48*BO47","v":0},{"$f":"$E$48*BP47","v":0},{"$f":"$E$48*BQ47","v":0},{"$f":"$E$48*BR47","v":0},{"$f":"$E$48*BS47","v":0},{"$f":"$E$48*BT47","v":0},{"$f":"$E$48*BU47","v":0},{"$f":"$E$48*BV47","v":0},{"$f":"$E$48*BW47","v":0},{"$f":"$E$48*BX47","v":0},{"$f":"$E$48*BY47","v":0},{"$f":"$E$48*BZ47","v":0},{"$f":"$E$48*CA47","v":0},{"$f":"$E$48*CB47","v":0},{"$f":"$E$48*CC47","v":0},{"$f":"$E$48*CD47","v":0},{"$f":"$E$48*CE47","v":0},{"$f":"$E$48*CF47","v":0},{"$f":"$E$48*CG47","v":0},{"$f":"$E$48*CH47","v":0},{"$f":"$E$48*CI47","v":0},{"$f":"$E$48*CJ47","v":0},{"$f":"$E$48*CK47","v":0},{"$f":"$E$48*CL47","v":0},{"$f":"$E$48*CM47","v":0},{"$f":"$E$48*CN47","v":0},{"$f":"$E$48*CO47","v":0},{"$f":"$E$48*CP47","v":0},{"$f":"$E$48*CQ47","v":0},{"$f":"$E$48*CR47","v":0},{"$f":"$E$48*CS47","v":0},{"$f":"$E$48*CT47","v":0},{"$f":"$E$48*CU47","v":0},{"$f":"$E$48*CV47","v":0},{"$f":"$E$48*CW47","v":0},{"$f":"$E$48*CX47","v":0},{"$f":"$E$48*CY47","v":0},{"$f":"$E$48*CZ47","v":0},{"$f":"$E$48*DA47","v":0},{"$f":"$E$48*DB47","v":0},{"$f":"$E$48*DC47","v":0},{"$f":"$E$48*DD47","v":0},{"$f":"$E$48*DE47","v":0},{"$f":"$E$48*DF47","v":0},{"$f":"$E$48*DG47","v":0},{"$f":"$E$48*DH47","v":0},{"$f":"$E$48*DI47","v":0},{"$f":"$E$48*DJ47","v":0},{"$f":"$E$48*DK47","v":0},{"$f":"$E$48*DL47","v":0},{"$f":"$E$48*DM47","v":0},{"$f":"$E$48*DN47","v":0},{"$f":"$E$48*DO47","v":0},{"$f":"$E$48*DP47","v":0},{"$f":"$E$48*DQ47","v":0},{"$f":"$E$48*DR47","v":0},{"$f":"$E$48*DS47","v":0},{"$f":"$E$48*DT47","v":0},{"$f":"$E$48*DU47","v":0},{"$f":"$E$48*DV47","v":0},{"$f":"$E$48*DW47","v":0},{"$f":"$E$48*DX47","v":0}]
[null,null,"Up-front Fee",null,{"$f":"E19","v":0.01},{"$f":"E47","v":10000},{"$f":"F49*E49","v":100}]
[null,null,"Other Fees",null,{"$f":"E21","v":0},null,{"$f":"E50","v":0}]
[]
[null,null,"Total Cash Flow",null,null,null,{"$f":"G44+G42-G41+G48+G49+G50","v":-9750},{"$f":"H44+H42-H41+H48+H49+H50","v":1801.1111111111113},1724.4444444444443,1647.7777777777778,1571.1111111111111,1494.4444444444443,1417.7777777777778,1341.1111111111111,1264.4444444444443,1187.7777777777776,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AO44+AO42-AO41+AO48+AO49+AO50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DA44+DA42-DA41+DA48+DA49+DA50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Periodic IRR from Cash Flow",null,{"$f":"IRR(52:52)","v":7.5447021976492223E-2}]
[null,null,"Simple IRR ",null,{"$f":"E53*E8","v":7.5447021976492223E-2}]
[null,null,"Annualised IRR from Cash Flow",null,{"$f":"(1+E53)^(E8)-1","v":7.5447021976492223E-2}]
[null,null,"Cost of Funding - Periodic",null,{"$f":"(1+E13)^(1/E8)-1","v":3.0000000000000027E-2}]
[]
[null,null,"Effective Periodic CS from Periodic IRR",null,{"$f":"(1+E53)/(1+E56)-1","v":4.4123322307273893E-2},1,1,{"$f":"G58*(1+$E$58)","v":1.0441233223072739},1.0901935121859794,1.1382964719014603,1.1885218940124012,1.2409634286111619,1.2957188579433119,1.3528902787319574,1.4125842925468253,1.4749122045730614,1.5399902311503704,1.6079397164694713,1.6788873588299205,1.7529654468811808,1.8303121062874337,1.9110715572760595,1.995394383550015,2.0834378130655162,2.1753660111985678,2.2713503868469709,2.3715699120385709,2.4762114556416819,2.5854701317999238,2.6995496637411618,2.8186627636389061,2.9430315292344571,3.0728878579593384,3.2084738793301866,3.3500424064223417,3.4978574072639503,3.652194497029543,3.8133414519508295,3.9815987459029438,4.1572801106666573,4.3407131209112215,4.5322398049885999,4.7322172826779685,4.9410184310696206,5.1590325798298862,5.3866662371434471,5.6243438476866379,5.8725085840450486,6.1316231730511008,6.4021707585823844,6.6846558024295195,6.9796050249133055,7.2875683870050239,7.6091201157811463,7.9448597751245194,8.2954133836684338,8.6614345820681091,9.0436058517760678,9.4426397875939312,9.8592804263734273,10.294304634344099,10.748523555654527,11.222784124827998,11.71797064595274,12.235006441551286,12.774855574203427,13.338524644132878,13.927064666109469,14.541573029166463,15.183195542787136,15.853128573375896,{"$f":"BS58*(1+$E$58)","v":16.552621274997612},17.282977918544571,18.04556032367401,18.841790398050833,19.673152788630127,20.541197649923099,21.447543534408073,22.393880410476047,23.381972813538027,24.413663136169681,25.490875063428106,26.615617159746197,27.789986614092687,29.016173150381125,30.296463110419058,31.633243717010512,33.029007525160715,34.486357069682754,36.008009717872099,37.596802736297221,39.255698581153858,40.987790422047304,42.796307909502289,44.684623196954597,46.656257228452915,48.714886303795019,50.864348933339571,53.108652995274959,55.451983208690642,57.898708936385241,60.453392331960409,63.120796846391578,65.905896109936876,68.813883205945331,71.850180353856359,75.020449019445323,78.330600471166719,81.786806802278306,85.395512439297974,89.163446158251929,93.097633631119734,97.205410525870136,101.49443618451397,105.97270790467833,110.64857585133105,115.53075862646017,120.62835952573934,125.95088351249125,131.50825494059882,137.31083605941001,143.36944633514059,149.6953826248014,156.3004402402662,163.19693494175627,170.39772590175059,177.91623968214003,185.76649526933329]
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[]
[null,"Annual Default Rate Percent Increase",null,null,null,null,{"$f":"LOOKUP(G76,70:70,71:71)","v":0},{"$f":"LOOKUP(H76,70:70,71:71)","v":2.0921052631578947},0.80000000000000027,0.43262411347517693,0.27227722772277252,0.20363164721141369,0.1411637931034484,0.10953729933899914,8.9361702127659592E-2,7.3437500000000044E-2,5.6768558951965087E-2,4.5454545454545414E-2,3.7549407114624511E-2,3.1111111111111089E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,{"$f":"LOOKUP(BT76,70:70,71:71)","v":3.2635467980295596E-2},3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2]
[null,"Periodic Default Rate Percent Increase",null,null,null,null,{"$f":"IF(AND(G76>0,MONTH($G$2)=MONTH(G2)),G78/$E$8,0)","v":0},{"$f":"IF(AND(H76>0,MONTH($G$2)=MONTH(H2)),H78/$E$8,0)","v":2.0921052631578947},0.80000000000000027,0.43262411347517693,0.27227722772277252,0.20363164721141369,0.1411637931034484,0.10953729933899914,8.9361702127659592E-2,7.3437500000000044E-2,5.6768558951965087E-2,4.5454545454545414E-2,3.7549407114624511E-2,3.1111111111111089E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,{"$f":"IF(AND(BT76>0,MONTH($G$2)=MONTH(BT2)),BT78/$E$8,0)","v":3.2635467980295596E-2},3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2,3.2635467980295596E-2]
[]
["Calculation of Equivalent Cumulative PD with Loan Balance"]
[null,"Maturity",null,null,{"$f":"E23-E24","v":9},{"$f":"E82*E8","v":9}]
[null,"Interest Rate",null,null,{"$f":"E44","v":6.9000000000000006E-2}]
[null,"Loan Balance",null,null,{"$f":"E11","v":10000}]
[]
[null,"Period of Repayment",null,null,null,null,{"$f":"G73","v":0},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,{"$f":"AM73","v":32},33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,{"$f":"BS73","v":64},65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,{"$f":"CY73","v":96},97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121]
[null,"Switch",null,null,null,null,{"$f":"AND(G86>0,G86<=$F$82)","v":false},{"$f":"AND(H86>0,H86<=$F$82)","v":true},true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BT86>0,BT86<=$F$82)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Terminal Switch",null,null,null,null,{"$f":"G86=$F$82","v":false},{"$f":"H86=$F$82","v":false},false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BT86=$F$82","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"For Computing Function",null,null,null,null,{"$f":"G75","v":1},{"$f":"H75","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,{"$f":"BT75","v":66},67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122]
[null,null,"Cash Flow without Default",null,{"$f":"XIRR(G91:DX91,G2:DX2)","v":7.5401356816291842E-2},null,{"$f":"G179","v":-9750},1801.1111111111113,1724.4444444444443,1647.7777777777778,1571.1111111111111,1494.4444444444443,1417.7777777777778,1341.1111111111111,1264.4444444444443,1187.7777777777776,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM179","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS179","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CY179","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"Cash Flow with Default",null,{"$f":"SUM(G104:DX104)","v":1137.8526726561686},null,{"$f":"G91-G103","v":-9750},{"$f":"H91-H103","v":1793.7536382407113},1701.6943638583391,1606.8276327227884,1512.4449458550268,1419.8048183513074,1327.9391616760515,1238.5905351933006,1150.6940415139179,-863.89646475527502,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT91-BT103","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
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[null,"IRR Realised",null,null,{"$f":"IRR(G104:DX104)","v":2.9999904743880812E-2}]
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[null,"Target"]
[null,"Function",null,null,{"$f":"p_def(E97,E106,G91:DX91,G92:DX92,E95,E100,F3+F4)","v":1.7771673599999996E-2}]
[null,"Cumulative Default",null,null,{"$f":"LOOKUP(E101,90:90,93:93)","v":0.32129315166315792}]
[]
[null,"Total Defaults",null,null,{"$f":"SUM(98:98)","v":1927.7589099789475}]
[null,"Percent of Original Loan",null,null,{"$f":"E113/E97","v":0.19277589099789474}]
[]
[]
["Loss on Loan from Risk Rating"]
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[null,"Net Loss Percent",null,null,null,null,{"$f":"G122*G123","v":2.2651744518589127E-3},{"$f":"H122*H123","v":4.5405586272640594E-3},5.1741248808388927E-3,5.5297893231649169E-3,5.1464327931363225E-3,4.953285986653953E-3,4.1718875119161102E-3,3.9275519542421337E-3,3.6363632030505244E-3,3.4271325071496632E-3,3.245734032411829E-3,2.6896501429933216E-3,2.4365033365109589E-3,2.2843355576739719E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,{"$f":"BT122*BT123","v":2.4013984747378479E-3},2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3,2.4013984747378479E-3]
[null,"Loan Balance for Loss Measurement",null,null,{"$f":"E32","v":10000},null,{"$f":"$E$125","v":10000},{"$f":"$E$125","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,{"$f":"$E$125","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000]
[null,"Losses ",null,null,null,null,{"$f":"G124*G125*(G3+G4)","v":22.651744518589126},45.405586272640591,51.741248808388924,55.297893231649169,51.464327931363222,49.532859866539532,41.718875119161105,39.275519542421335,36.363632030505244,34.271325071496634,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM124*AM125*(AM3+AM4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS124*BS125*(BS3+BS4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CY124*CY125*(CY3+CY4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Loan Balance"]
[null,null,"Opening Balance",null,null,null,{"$f":"F133","v":0},{"$f":"G133","v":9750},8666.6666666666661,7583.333333333333,6500,5416.666666666667,4333.3333333333339,3250.0000000000009,2166.6666666666679,1083.3333333333346,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS133","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Draws",null,null,null,{"$f":"G41","v":10000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM41","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS41","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CY41","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Fees",null,null,null,{"$f":"G48+G49+G50","v":250},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM48+AM49+AM50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS48+BS49+BS50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CY48+CY49+CY50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment",null,null,null,{"$f":"$E$135*G36","v":0},1083.3333333333333,1083.3333333333333,1083.3333333333333,1083.3333333333333,1083.3333333333333,1083.3333333333333,1083.3333333333333,1083.3333333333333,1083.3333333333333,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$135*AM36","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$135*BS36","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$135*CY36","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"G129+G130-G131-G132","v":9750},{"$f":"H129+H130-H131-H132","v":8666.6666666666661},7583.333333333333,6500,5416.666666666667,4333.3333333333339,3250.0000000000009,2166.6666666666679,1083.3333333333346,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT129+BT130-BT131-BT132","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Accumulated Debt",null,{"$f":"SUM(130:130)-SUM(131:131)","v":9750}]
[]
["Balance Sheet"]
[null,"Assets"]
[null,null,"Investments in Liquid Assets",null,null,{"$f":"'RAROC Analysis'!F9","v":9.2680648236415628E-2},{"$f":"$F$139*G140","v":903.63632030505232},{"$f":"$F$139*H140","v":803.23228471560208},702.82824912615183,602.42421353670159,502.02017794725134,401.6161423578011,301.21210676835085,200.80807117890063,100.40403558945039,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$139*BT140","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Loan Balance",null,null,null,{"$f":"G133","v":9750},{"$f":"H133","v":8666.6666666666661},7583.333333333333,6500,5416.666666666667,4333.3333333333339,3250.0000000000009,2166.6666666666679,1083.3333333333346,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT133","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total Assets",null,null,{"$f":"SUM(G139:G140)","v":10653.636320305053},{"$f":"SUM(H139:H140)","v":9469.8989513822689},8286.1615824594846,7102.4242135367012,5918.6868446139179,4734.9494756911354,3551.212106768352,2367.4747378455686,1183.737368922785,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BT139:BT140)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Liabilities and Capital"]
[null,null,"Deposits",null,null,null,{"$f":"G140","v":9750},{"$f":"H140","v":8666.6666666666661},7583.333333333333,6500,5416.666666666667,4333.3333333333339,3250.0000000000009,2166.6666666666679,1083.3333333333346,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT140","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Capital Required",null,null,null,{"$f":"G141-G144","v":903.63632030505323},{"$f":"H141-H144","v":803.23228471560287},702.8282491261516,602.42421353670125,502.02017794725089,401.61614235780144,301.21210676835108,200.80807117890072,100.40403558945036,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT141-BT144","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total",null,null,{"$f":"SUM(G144:G145)","v":10653.636320305053},{"$f":"SUM(H144:H145)","v":9469.8989513822689},8286.1615824594846,7102.4242135367012,5918.6868446139179,4734.9494756911354,3551.212106768352,2367.4747378455686,1183.737368922785,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BT144:BT145)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Cost of Deposits",null,null,null,{"$f":"'RAROC Analysis'!F25/'IRR Analysis'!E8","v":0.03},{"$f":"$F$148*F144","v":0},{"$f":"$F$148*G144","v":292.5},260,227.49999999999997,195,162.5,130,97.500000000000028,65.000000000000028,32.500000000000036,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$148*BS144","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Return on Liquid Assets",null,null,null,{"$f":"'RAROC Analysis'!F26/'IRR Analysis'!E8","v":1.4999999999999999E-2},{"$f":"$F$149*F145","v":0},{"$f":"$F$149*G145","v":13.554544804575798},12.048484270734043,10.542423736892273,9.0363632030505183,7.5303026692087629,6.0242421353670217,4.5181816015252663,3.0121210676835108,1.5060605338417554,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$149*BS145","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Profit and Loss"]
[null,"Interest Income from Loan",null,null,null,null,{"$f":"G44","v":0},690.00000000000011,613.33333333333337,536.66666666666663,460,383.33333333333331,306.66666666666663,229.99999999999994,153.33333333333326,76.666666666666572,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM44","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS44","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CY44","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: Fees Earned"]
[null,"Add: Interest on Safe Investments",null,null,null,null,{"$f":"G149","v":0},{"$f":"H149","v":13.554544804575798},12.048484270734043,10.542423736892273,9.0363632030505183,7.5303026692087629,6.0242421353670217,4.5181816015252663,3.0121210676835108,1.5060605338417554,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT149","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Cost of Deposits",null,null,null,null,{"$f":"-G148","v":0},{"$f":"-H148","v":-292.5},-260,-227.49999999999997,-195,-162.5,-130,-97.500000000000028,-65.000000000000028,-32.500000000000036,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-BT148","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Loss Provision",null,null,null,null,{"$f":"-G124*G40","v":0},-45.405586272640591,-45.992221163012381,-43.00947251350491,-34.309551954242146,-27.518255481410847,-18.541722275182707,-13.091839847473775,-8.0808071178900498,-3.8079250079440654,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM124*AM40","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-BS124*BS40","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-CY124*CY40","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Expenses on Loan",null,null,null,{"$f":"'RAROC Analysis'!F27/E8","v":5.0000000000000001E-3},{"$f":"-$F$157*$E$11*(G3+G4)","v":-50},-50,-50,-50,-50,-50,-50,-50,-50,-50,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-$F$157*$E$11*(AM3+AM4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-$F$157*$E$11*(BS3+BS4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-$F$157*$E$11*(CY3+CY4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net Income from Loan",null,null,null,{"$f":"SUM(G152:G157)","v":-50},{"$f":"SUM(H152:H157)","v":315.64895853193536},269.38959644105506,226.69961789005396,189.72681124880839,150.84538052113123,114.14918652685097,73.926341754051407,33.264647283126706,-8.135197807435766,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BT152:BT157)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Implied Equity Funding"]
[null,"Opening Balance",null,null,null,null,{"$f":"F166","v":0},{"$f":"G166","v":903.63632030505323},803.23228471560287,702.8282491261516,602.42421353670125,502.02017794725089,401.61614235780144,301.21210676835108,200.80807117890072,100.40403558945036,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS166","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: Income",null,null,null,null,{"$f":"G158","v":-50},{"$f":"H158","v":315.64895853193536},269.38959644105506,226.69961789005396,189.72681124880839,150.84538052113123,114.14918652685097,73.926341754051407,33.264647283126706,-8.135197807435766,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT158","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Subtotal",null,null,null,null,{"$f":"G161+G162","v":-50},{"$f":"H161+H162","v":1219.2852788369887},1072.621881156658,929.52786701620562,792.15102478550966,652.86555846838212,515.76532888465238,375.13844852240248,234.07271846202741,92.2688377820146,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT161+BT162","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Required",null,null,null,null,{"$f":"G145","v":903.63632030505323},{"$f":"H145","v":803.23228471560287},702.8282491261516,602.42421353670125,502.02017794725089,401.61614235780144,301.21210676835108,200.80807117890072,100.40403558945036,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT145","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Added Funding",null,null,null,null,{"$f":"G164-G163","v":953.63632030505323},{"$f":"H164-H163","v":-416.05299412138584},-369.79363203050639,-327.10365347950437,-290.13084683825878,-251.24941611058068,-214.5532221163013,-174.33037734350177,-133.66868287257705,-92.2688377820146,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT164-BT163","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Closing Balance",null,null,null,null,{"$f":"G161+G162+G165","v":903.63632030505323},{"$f":"H161+H162+H165","v":803.23228471560287},702.8282491261516,602.42421353670125,502.02017794725089,401.61614235780144,301.21210676835108,200.80807117890072,100.40403558945036,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT161+BT162+BT165","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Equity Cash Flow",null,null,{"$f":"SUM(G168:DX168)","v":1315.5153423895777},null,{"$f":"-G165","v":-953.63632030505323},{"$f":"-H165","v":416.05299412138584},369.79363203050639,327.10365347950437,290.13084683825878,251.24941611058068,214.5532221163013,174.33037734350177,133.66868287257705,92.2688377820146,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-BT165","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Equity IRR",null,null,{"$f":"IFERROR(XIRR(G168:DX168,G2:DX2,0.1),FALSE)","v":0.30016826987266532}]
[]
[null,"New Capital for Loan",null,null,{"$f":"SUM(G171:DX171)","v":953.63632030505323},null,{"$f":"MAX(-G168,0)","v":953.63632030505323},{"$f":"MAX(-H168,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(-BT168,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Alternative Method of Computing Implied Default"]
[]
[null,"Default Probability",null,null,{"$f":"prob_default(E56,G179:DA179,G180:DA180,E177,G79:DA79,F3+F4)","v":2.7134668800000001E-2},0.02,{"$f":"IF(NOT(G4),$F$175,F175*(1+G79))","v":0.02},{"$f":"G175*(1+H79)","v":6.1842105263157893E-2},0.11131578947368423,0.1594736842105263,0.20289473684210527,0.24421052631578946,0.27868421052631581,0.30921052631578955,0.336842105263158,0.36157894736842117,0.38210526315789489,0.39947368421052648,0.41447368421052649,0.42736842105263173,0.44131578947368438,0.4557183367902517,0.47059091797860353,0.48594887281411214,0.50180804169289783,0.51818478196982121,0.5350959848296738,0.5525590927089673,0.570592117286292,0.58921365805979786,0.60844292153096124,0.62829974101442243,0.64880459709432658,0.66997863874826702,0.69184370516061811,0.71442234824775652,0.7377378559184038,0.76181427609308083,0.78667644150744864,{"$f":"AM175*(1+AN79)","v":0.81234999532511787},0.83886141758634403,0.8662380525198885,0.89450813674621499,0.92370082840111001,0.95384623720976691,0.98497545554235166,1.0171205904830811,1.050314796945891,1.0845923118708494,1.1199884895365853,1.1565398380251561,1.1942840568769624,1.233260075974548,1.2735080956953924,1.3150696283751067,1.3579875411238016,1.4023061000397878,1.4480710158662096,1.4953294911377053,1.5441302688657217,1.5945236828126941,1.6465617094069507,1.7002980213518819,1.7557880429846713,1.8130890074416834,1.8722600156894724,1.933362097482294,1.9964582743089945,2.061613624394202,2.1288953498208603,2.1983728458433389,{"$f":"BS175*(1+BT79)","v":2.2701177724626107},2.3442041283373141,2.4207083271069432,2.4997092762058766,2.5812884582495412,2.6655300150766505,2.7525208345342014,2.8423506400947387,2.9351120833983231,3.0309008398146475,3.1298157071238695,3.2319587074179368,3.3374351923275123,3.4463539516830286,3.5588273257219454,3.6749713209579449,3.7949057298315725,3.918754254265731,4.0466446332534671,4.1787087746096461,4.3150828910223993,4.455907640544682,4.6013282716708321,4.7514947731477744,4.9065620286753804,5.0666899766555495,5.2320437751547768,5.4027939722503451,5.5791166819358553,5.7611937657675059,5.9492130204384903,6.1433683714749687,{"$f":"CY175*(1+CZ79)","v":6.343860073253401},6.5508949155455376,6.7646864368041051,6.9854551444091655,7.2134287421023222,7.4488423648433466,7.691938821331461,7.9429688444414168,8.2021913498326704,8.4698737029983917,8.7462919950297433,9.0317313273798518,9.3264861059211892,9.6308603445996521,9.9451679789985334,10.269733190135801,10.604890738828656,10.950986310970231,11.308376874074556,11.677431045457531,12.058529472433671,12.45206522492073,12.858444200857184,13.278085544850676,13.711422080489276]
[null,"Incremental Percent",null,null,null,null,{"$f":"IF(G75=1,G175,G4*(G175-F175))*1","v":0.02},{"$f":"IF(H75=1,H175,H175-G175)","v":4.1842105263157889E-2},4.9473684210526336E-2,4.8157894736842066E-2,4.3421052631578971E-2,4.1315789473684195E-2,3.4473684210526351E-2,3.0526315789473735E-2,2.7631578947368451E-2,2.4736842105263168E-2,2.0526315789473726E-2,1.7368421052631589E-2,1.5000000000000013E-2,1.2894736842105237E-2,1.3947368421052653E-2,1.4402547316567316E-2,1.487258118835183E-2,1.5357954835508614E-2,1.585916887878569E-2,1.6376740276923374E-2,1.6911202859852592E-2,1.7463107879293505E-2,1.8033024577324697E-2,1.8621540773505862E-2,1.9229263471163383E-2,1.9856819483461186E-2,2.0504856079904155E-2,2.1174041653940434E-2,2.1865066412351086E-2,2.2578643087138417E-2,2.3315507670647273E-2,2.4076420174677038E-2,2.4862165414367809E-2,{"$f":"IF(AN75=1,AN175,AN175-AM175)","v":2.5673553817669226E-2},2.6511422261226159E-2,2.7376634933544475E-2,2.8270084226326486E-2,2.919269165489502E-2,3.0145408808656904E-2,3.1129218332584752E-2,3.2145134940729458E-2,3.3194206462809905E-2,3.4277514924958341E-2,3.5396177665735884E-2,3.6551348488570889E-2,3.7744218851806233E-2,3.8976019097585635E-2,4.0248019720844352E-2,4.1561532679714297E-2,4.2917912748694942E-2,4.4318558915986239E-2,4.5764915826421726E-2,4.7258475271495737E-2,4.8800777728016387E-2,5.0393413946972387E-2,5.2038026594256603E-2,5.3736311944931225E-2,5.5490021632789377E-2,5.730096445701216E-2,5.9171008247788981E-2,6.1102081792821616E-2,6.3096176826700434E-2,6.5155350085207564E-2,6.7281725426658223E-2,6.9477496022478658E-2,{"$f":"IF(BT75=1,BT175,BT175-BS175)","v":7.1744926619271787E-2},7.4086355874703358E-2,7.6504198769629106E-2,7.9000949098933404E-2,8.1579182043664655E-2,8.4241556827109321E-2,8.6990819457550828E-2,8.9829805560537324E-2,9.2761443303584379E-2,9.578875641632445E-2,9.8914867309221943E-2,0.10214300029406731,0.10547648490957551,0.10891875935551631,0.11247337403891677,0.1161439952359995,0.11993440887362761,0.1238485244341585,0.12789037898773614,0.13206414135617894,0.13637411641275321,0.14082474952228274,0.14542063112615011,0.15016650147694222,0.15506725552760603,0.16012794798016916,0.16535379849922727,0.17075019709556827,0.17632270968551023,0.18207708383165055,0.18801925467098446,0.19415535103647841,{"$f":"IF(CZ75=1,CZ175,CZ175-CY175)","v":0.20049170177843223},0.20703484229213664,0.21379152125856749,0.2207687076050604,0.22797359769315673,0.2354136227410244,0.2430964564881144,0.25103002310995581,0.25922250539125358,0.26768235316572131,0.2764182920313516,0.28543933235010854,0.29475477854133736,0.30437423867846292,0.31430763439888132,0.32456521113726744,0.3351575486928553,0.34609557214157505,0.3573905631043246,0.36905417138297558,0.38109842697613949,0.3935357524870593,0.40637897593645356,0.41964134399349184,0.43333653563860075]
[null,"Percent Loss",null,null,{"$f":"'RAROC Analysis'!F28","v":0.6},null,{"$f":"$E$177*G176","v":1.2E-2},2.5105263157894731E-2,2.9684210526315799E-2,2.8894736842105237E-2,2.6052631578947383E-2,2.4789473684210517E-2,2.0684210526315808E-2,1.831578947368424E-2,1.6578947368421072E-2,1.48421052631579E-2,1.2315789473684235E-2,1.0421052631578952E-2,9.000000000000008E-3,7.7368421052631418E-3,8.3684210526315909E-3,8.6415283899403898E-3,8.923548713011098E-3,9.2147729013051672E-3,9.515501327271414E-3,9.8260441661540236E-3,1.0146721715911555E-2,1.0477864727576102E-2,1.0819814746394818E-2,1.1172924464103517E-2,1.1537558082698029E-2,1.1914091690076711E-2,1.2302913647942492E-2,1.2704424992364261E-2,1.3119039847410651E-2,1.3547185852283049E-2,1.3989304602388364E-2,1.4445852104806221E-2,{"$f":"$E$177*AM176","v":1.4917299248620685E-2},1.5404132290601535E-2,1.5906853356735695E-2,1.6425980960126683E-2,1.696205053579589E-2,1.7515614992937013E-2,1.8087245285194141E-2,1.867753099955085E-2,1.9287080964437674E-2,1.9916523877685943E-2,2.0566508954975003E-2,2.123770659944153E-2,2.1930809093142534E-2,2.264653131108374E-2,2.3385611458551381E-2,2.4148811832506611E-2,2.4936919607828577E-2,2.5750747649216966E-2,2.6591135349591743E-2,2.7458949495853036E-2,2.8355085162897441E-2,2.9280466636809832E-2,3.023604836818343E-2,3.1222815956553962E-2,3.2241787166958732E-2,3.3294012979673625E-2,3.4380578674207296E-2,3.550260494867339E-2,3.6661249075692966E-2,3.7857706096020259E-2,3.9093210051124538E-2,4.0369035255994931E-2,{"$f":"$E$177*BS176","v":4.1686497613487195E-2},4.3046955971563071E-2,4.4451813524822012E-2,4.5902519261777464E-2,4.740056945936004E-2,4.8947509226198789E-2,5.0544934096265592E-2,5.2194491674530497E-2,5.3897883336322394E-2,5.5656865982150625E-2,5.7473253849794667E-2,5.934892038553316E-2,6.1285800176440385E-2,6.3285890945745299E-2,6.5351255613309789E-2,6.7484024423350067E-2,6.9686397141599701E-2,7.1960645324176564E-2,7.4309114660495099E-2,7.6734227392641685E-2,7.9238484813707363E-2,8.1824469847651918E-2,8.4494849713369638E-2,8.7252378675690065E-2,9.0099900886165332E-2,9.3040353316563615E-2,9.6076768788101494E-2,9.9212279099536352E-2,0.10245011825734096,0.10579362581130614,0.10924625029899034,0.11281155280259067,{"$f":"$E$177*CY176","v":0.11649321062188704},0.12029502106705933,0.12422090537528198,0.1282749127551405,0.13246122456303625,0.13678415861589402,0.14124817364461464,0.14585787389286864,0.15061801386597348,0.15553350323475215,0.16060941189943279,0.16585097521881095,0.17126359941006511,0.17685286712480242,0.18262454320707774,0.18858458063932879,0.19473912668236046,0.20109452921571316,0.20765734328494503,0.21443433786259475,0.22143250282978535,0.22865905618568369,0.23612145149223557,0.24382738556187211,0.25178480639609507,0.26000192138316042]
[]
[null,"Net Cash Flow without Default",null,null,null,null,{"$f":"G48+G49+G50-G41+G45","v":-9750},1801.1111111111113,1724.4444444444443,1647.7777777777778,1571.1111111111111,1494.4444444444443,1417.7777777777778,1341.1111111111111,1264.4444444444443,1187.7777777777776,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM48+AM49+AM50-AM41+AM45","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS48+BS49+BS50-BS41+BS45","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CY48+CY49+CY50-CY41+CY45","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Debt Service",null,null,null,null,{"$f":"G45","v":0},1801.1111111111113,1724.4444444444443,1647.7777777777778,1571.1111111111111,1494.4444444444443,1417.7777777777778,1341.1111111111111,1264.4444444444443,1187.7777777777776,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM45","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS45","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CY45","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Loss",null,null,null,null,{"$f":"G180*G177","v":0},{"$f":"H180*H177","v":45.217368421052626},51.188771929824576,47.612105263157851,40.931578947368443,37.04649122807016,29.325614035087746,24.563508771929865,20.963157894736863,17.629122807017549,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT180*BT177","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Net Realised Debt Service",null,null,null,null,{"$f":"G179-G181","v":-9750},{"$f":"H179-H181","v":1755.8937426900586},1673.2556725146198,1600.1656725146199,1530.1795321637426,1457.3979532163742,1388.4521637426901,1316.5476023391811,1243.4812865497074,1170.1486549707602,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT179-BT181","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Net Cash Flow",null,null,null,null,{"$f":"G179-G181","v":-9750},{"$f":"H179-H181","v":1755.8937426900586},1673.2556725146198,1600.1656725146199,1530.1795321637426,1457.3979532163742,1388.4521637426901,1316.5476023391811,1243.4812865497074,1170.1486549707602,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT179-BT181","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"IRR Realised",null,null,{"$f":"IRR(183:183)","v":6.9233750531434435E-2}]
[null,"Cost of Funding",null,null,{"$f":"E64","v":3.0000000000000027E-2}]
[null,"Difference",null,null,{"$f":"E185-E186","v":3.9233750531434408E-2}]
[]
[null,"Maturity in Periods",null,null,{"$f":"F4","v":9}]
[null,"Probability of Default",null,null,{"$f":"INDEX(175:175,MATCH(E189,73:73,0))","v":0.36157894736842117}]
[]
[]
[null,"Loan Balance",null,null,{"$f":"E84","v":10000},null,{"$f":"$E$193","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,{"$f":"$E$193","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,{"$f":"$E$193","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,{"$f":"$E$193","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000]
[null,"Opening Balance",null,null,null,null,{"$f":"F197","v":0},{"$f":"G197","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS197","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: New Debt",null,null,{"$f":"E193","v":10000},null,{"$f":"G32","v":10000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM32","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS32","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CY32","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Repayment",null,null,1,null,{"$f":"CHOOSE($E$196,(G86=$F$82)*G194,G37)","v":0},0,0,0,0,0,0,0,0,10000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CHOOSE($E$196,(AM86=$F$82)*AM194,AM37)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CHOOSE($E$196,(BS86=$F$82)*BS194,BS37)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CHOOSE($E$196,(CY86=$F$82)*CY194,CY37)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Closing Balance",null,null,null,null,{"$f":"G194+G195-G196","v":10000},{"$f":"H194+H195-H196","v":10000},10000,10000,10000,10000,10000,10000,10000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT194+BT195-BT196","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Interest",null,null,{"$f":"E83","v":6.9000000000000006E-2},null,{"$f":"G44","v":0},690.00000000000011,613.33333333333337,536.66666666666663,460,383.33333333333331,306.66666666666663,229.99999999999994,153.33333333333326,76.666666666666572,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM44","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS44","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CY44","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Incremental Default Percent",null,null,null,null,{"$f":"G176","v":0.02},4.1842105263157889E-2,4.9473684210526336E-2,4.8157894736842066E-2,4.3421052631578971E-2,4.1315789473684195E-2,3.4473684210526351E-2,3.0526315789473735E-2,2.7631578947368451E-2,2.4736842105263168E-2,2.0526315789473726E-2,1.7368421052631589E-2,1.5000000000000013E-2,1.2894736842105237E-2,1.3947368421052653E-2,1.4402547316567316E-2,1.487258118835183E-2,1.5357954835508614E-2,1.585916887878569E-2,1.6376740276923374E-2,1.6911202859852592E-2,1.7463107879293505E-2,1.8033024577324697E-2,1.8621540773505862E-2,1.9229263471163383E-2,1.9856819483461186E-2,2.0504856079904155E-2,2.1174041653940434E-2,2.1865066412351086E-2,2.2578643087138417E-2,2.3315507670647273E-2,2.4076420174677038E-2,{"$f":"AM176","v":2.4862165414367809E-2},2.5673553817669226E-2,2.6511422261226159E-2,2.7376634933544475E-2,2.8270084226326486E-2,2.919269165489502E-2,3.0145408808656904E-2,3.1129218332584752E-2,3.2145134940729458E-2,3.3194206462809905E-2,3.4277514924958341E-2,3.5396177665735884E-2,3.6551348488570889E-2,3.7744218851806233E-2,3.8976019097585635E-2,4.0248019720844352E-2,4.1561532679714297E-2,4.2917912748694942E-2,4.4318558915986239E-2,4.5764915826421726E-2,4.7258475271495737E-2,4.8800777728016387E-2,5.0393413946972387E-2,5.2038026594256603E-2,5.3736311944931225E-2,5.5490021632789377E-2,5.730096445701216E-2,5.9171008247788981E-2,6.1102081792821616E-2,6.3096176826700434E-2,6.5155350085207564E-2,6.7281725426658223E-2,{"$f":"BS176","v":6.9477496022478658E-2},7.1744926619271787E-2,7.4086355874703358E-2,7.6504198769629106E-2,7.9000949098933404E-2,8.1579182043664655E-2,8.4241556827109321E-2,8.6990819457550828E-2,8.9829805560537324E-2,9.2761443303584379E-2,9.578875641632445E-2,9.8914867309221943E-2,0.10214300029406731,0.10547648490957551,0.10891875935551631,0.11247337403891677,0.1161439952359995,0.11993440887362761,0.1238485244341585,0.12789037898773614,0.13206414135617894,0.13637411641275321,0.14082474952228274,0.14542063112615011,0.15016650147694222,0.15506725552760603,0.16012794798016916,0.16535379849922727,0.17075019709556827,0.17632270968551023,0.18207708383165055,0.18801925467098446,{"$f":"CY176","v":0.19415535103647841},0.20049170177843223,0.20703484229213664,0.21379152125856749,0.2207687076050604,0.22797359769315673,0.2354136227410244,0.2430964564881144,0.25103002310995581,0.25922250539125358,0.26768235316572131,0.2764182920313516,0.28543933235010854,0.29475477854133736,0.30437423867846292,0.31430763439888132,0.32456521113726744,0.3351575486928553,0.34609557214157505,0.3573905631043246,0.36905417138297558,0.38109842697613949,0.3935357524870593,0.40637897593645356,0.41964134399349184,0.43333653563860075]
[null,"Loss Given Default",null,null,{"$f":"E177","v":0.6},null,{"$f":"$E$201","v":0.6},0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,{"$f":"$E$201","v":0.6},0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,{"$f":"$E$201","v":0.6},0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,{"$f":"$E$201","v":0.6},0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6]
[null,"Incremental Loss Percent",null,null,null,null,{"$f":"G200*G201*(G3+G4)","v":1.2E-2},2.5105263157894731E-2,2.9684210526315799E-2,2.8894736842105237E-2,2.6052631578947383E-2,2.4789473684210517E-2,2.0684210526315808E-2,1.831578947368424E-2,1.6578947368421072E-2,1.48421052631579E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM200*AM201*(AM3+AM4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS200*BS201*(BS3+BS4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CY200*CY201*(CY3+CY4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Opening Balance",null,null,null,null,{"$f":"F207","v":0},{"$f":"G207","v":120},371.05263157894728,667.8947368421052,956.84210526315758,1217.3684210526314,1465.2631578947367,1672.1052631578948,1855.2631578947371,2021.0526315789477,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS207","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: Default",null,null,null,null,{"$f":"G202*G193","v":120},251.05263157894731,296.84210526315798,288.94736842105237,260.52631578947381,247.89473684210517,206.84210526315809,183.15789473684239,165.78947368421072,148.42105263157899,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM202*AM193","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT202*BT193","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Default Reduction in Repayment",null,null,null,null,{"$f":"(G204+G205)*G88","v":0},0,0,0,0,0,0,0,0,2169.4736842105267,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AM204+AM205)*AM88","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS204+BS205)*BS88","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(CY204+CY205)*CY88","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Closing Balance",null,null,null,null,{"$f":"G204+G205-G206","v":120},{"$f":"H204+H205-H206","v":371.05263157894728},{"$f":"I204+I205-I206","v":667.8947368421052},956.84210526315758,1217.3684210526314,1465.2631578947367,1672.1052631578948,1855.2631578947371,2021.0526315789477,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT204+BT205-BT206","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Loss in Interest",null,null,{"$f":"E198","v":6.9000000000000006E-2},null,{"$f":"$E$208*G204","v":0},8.2800000000000011,25.602631578947364,46.084736842105265,66.022105263157883,83.998421052631571,101.10315789473684,115.37526315789475,128.01315789473688,139.4526315789474,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$208*AM204","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$208*BS204","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$208*CY204","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Net Debt Service",null,null,null,null,{"$f":"G208+G196-G206+G198","v":0},{"$f":"H196-H206+H198-H208","v":681.72000000000014},{"$f":"I196-I206+I198-I208","v":587.73070175438602},490.58192982456137,393.97789473684213,299.33491228070176,205.56350877192978,114.62473684210519,25.32017543859638,7767.7403508771931,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU196-BU206+BU198-BU208","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Draws Net of Fees",null,null,null,null,{"$f":"G41-G48-G49-G50","v":9750},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM41-AM48-AM49-AM50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS41-BS48-BS49-BS50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CY41-CY48-CY49-CY50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Net Cash Flow",null,null,null,null,{"$f":"G210-G211","v":-9750},{"$f":"H210-H211","v":681.72000000000014},587.73070175438602,490.58192982456137,393.97789473684213,299.33491228070176,205.56350877192978,114.62473684210519,25.32017543859638,7767.7403508771931,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT210-BT211","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]

{"sheet":"Loan Inputs","index":2,"n_rows":28,"n_cols":24,"rows_kept":28,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,{"$f":"C2+1","v":1},2,3,4,5,6,{"$f":"I2+1","v":7},8]
[null,null,{"$f":"INDEX(D3:N3,$S$17)","v":"Customised Loan"},"Senegal Rice Loan","Senegal Rice Loan Adj","Lurio Plantation Loan","Lurio Plantation Loan","Manufacturing Loan","Real Estate Loan","Hotel Loan","Customised Loan"," ",null,null,"Customised Cell Links",null,{"$f":"TRANSPOSE(D3:L3)","v":"Senegal Rice Loan"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Senegal Rice Loan Adj",null,null,null,null,"Loan 1"]
[null,"Loan Amount",{"$f":"INDEX(D5:N5,$S$17)","v":10000},{"$f":"V5","v":10000},{"$f":"D5","v":10000},30000,30000,10000,10000,null,{"$f":"O5*1000","v":10000},null,null,null,10,null,"Lurio Plantation Loan",null,null,null,"Senior lender 1 commitment",10000,"Loan amount",30000000]
[null,"Base Interest Rate",{"$f":"INDEX(D6:N6,$S$17)","v":0.03},0.03,{"$f":"D6","v":0.03},{"$f":"X7","v":0.03},{"$f":"F6","v":0.03},{"$f":"D6","v":0.03},{"$f":"F6","v":0.03},null,{"$f":"O6/1000","v":0.03},null,null,null,30,null,"Lurio Plantation Loan",null,null,null,"Tenor (Years)",10,"Disbursement start date","2012-07-01"]
[null,"Credit Spread",3.9E-2,{"$f":"V9","v":5.8299999999999998E-2},5.8299999999999998E-2,{"$f":"X8","v":4.4999999999999998E-2},{"$f":"F7","v":4.4999999999999998E-2},0.05,0.04,null,{"$f":"O7/1000","v":3.9E-2},null,null,null,39,null,"Manufacturing Loan",null,null,null,"Grace period",3,"Libor",0.03]
[null,"Up-front Fee",0.01,{"$f":"V12","v":1.4999999999999999E-2},1.4999999999999999E-2,{"$f":"X15","v":1.4999999999999999E-2},{"$f":"F8","v":1.4999999999999999E-2},0.02,0.02,null,{"$f":"O8/1000","v":0.01},null,null,null,10,null,"Real Estate Loan",null,null,null,"Base rate- 6 months Libor (euro)",6.7000000000000002E-3,"Margin",4.4999999999999998E-2]
[null,"Commitment Fee",1.4999999999999999E-2,{"$f":"V11","v":0.01},0.01,{"$f":"X16","v":0.01},{"$f":"F9","v":0.01},0.01,0.01,null,{"$f":"O9/1000","v":1.4999999999999999E-2},null,null,null,15,null,"Hotel Loan",null,null,null,"Applicable Margin",5.8299999999999998E-2,"Interest rate",7.4999999999999997E-2]
[null,"Other Fees",0,{"$f":"V13/1000","v":70},70,{"$f":"X17*F5","v":225},{"$f":"F10","v":225},80,80,null,{"$f":"O10","v":0},null,null,null,0,null,"Customised Loan",null,null,null,"Interest Rate",6.5000000000000002E-2,"Grace period (years)",5]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," ",null,null,null,"Commitment Fee",0.01,"Loan period (maturity) (years)",15]
[null,"Maturity",10,{"$f":"V6","v":10},10,{"$f":"X11","v":15},{"$f":"F12","v":15},4,10,null,{"$f":"O12","v":10},null,null,null,10,null,{"$error":"#N/A"},null,null,null,"Front-end-fee (%tage of loan)",1.4999999999999999E-2,"Loan repayment duration (years)",10]
[null,"Grace Period",0,0,3,0,5,1,3,null,{"$f":"O13/10","v":0},null,null,null,0,null,{"$error":"#N/A"},null,null,null,"Due Diligence Appraisal Fee",70000,"Principle repayment style",3]
[null,"Repayments",1,1,1,1,1,2,2,null,{"$f":"O14","v":1},null,null,null,1]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Upfront",1.4999999999999999E-2]
[null,"Min DSCR",1.89,{"$f":"V21","v":1.4070813645706703},1.4070813645706703,{"$f":"X21","v":1.7048285503855602},{"$f":"Y21","v":0},3.5,1.8,null,{"$f":"O16/100","v":1.89},null,null,null,189,null,null,null,"Loan Code",null,null,null,"Commitement",0.01]
[null,"Average DSCR",2.81,{"$f":"V22","v":2.5673122776909341},2.5673122776909341,{"$f":"X22","v":3.764975795653255},{"$f":"Y22","v":0},3.5,3.7,null,{"$f":"O17/100","v":2.81},null,null,null,281,null,null,1,8,null,null,null,"Appraisal",7.4999999999999997E-3]
[]
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[null,null,"High Range",{"$f":"INDEX(D31:D39,D44+1)","v":2.3750000000000009},{"$f":"INDEX(E31:E39,E44+1)","v":1.8749999999999998},1.7249999999999999,1.4249999999999998,null,"High Range",{"$f":"INDEX(J31:J39,J44+1)","v":3.2000000000000006},2.7500000000000004,2.5000000000000004,1.9000000000000004,null,"High Range",{"$f":"INDEX(P31:P39,P44+1)","v":0.44999999999999984},0.49999999999999989,0.54999999999999982,0.64999999999999991]
[null,null,"Interpolated",{"$f":"interpolate_look_up_linear(D43,$C$31:$C$39,D31:D39)","v":2.3566250000000006},{"$f":"interpolate_look_up_linear(E43,$C$31:$C$39,E31:E39)","v":1.8566249999999997},1.7066249999999998,1.4066249999999998,null,"Interpolated",{"$f":"interpolate_look_up_linear(J43,$C$31:$C$39,J31:J39)","v":3.1755000000000004},2.7255000000000003,2.4755000000000003,1.8755000000000004,null,"Interpolated",{"$f":"interpolate_look_up_linear(P43,$C$31:$C$39,P31:P39)","v":0.45734999999999987},0.50734999999999986,0.55734999999999979,0.65734999999999988]
[null,null,"Bond Rating",{"$f":"INDEX(D30:G30,MATCH(D42,D47:G47,-1)+1)","v":"A"},null,null,null,null,"Bond Rating",{"$f":"INDEX(J30:M30,MATCH(J42,J47:M47,-1)+1)","v":"A"},null,null,null,null,"Bond Rating",{"$f":"INDEX(P30:S30,MATCH(P42,P47:S47,1)+1)","v":"A"}]
[null,null,"Interpolated",{"$f":"interpolate_look_up_reverse(D42,D47:G47,D29:G29)","v":1.933249937713108},null,null,null,null,"Interpolated",{"$f":"interpolate_look_up_reverse(J42,J47:M47,J29:M29)","v":1.8122224230235586},null,null,null,null,"Interpolated",{"$f":"interpolate_look_up_linear(P42,P47:S47,P29:S29)","v":1.6530000000000027}]
[]
[]
[]
["Real Estate"]
[null,null,null,"Lowest Minimum DSCR Acceptable",null,null,null,null,null,"Lowest Average DSCR Acceptable",null,null,null,null,"Highest Debt to Capital Acceptable"]
[null,null,null,1,2,3,4,null,null,1,2,3,4,null,null,1,2,3,4]
[null,null,null,"AA","A","BBB","BB",null,null,"AA","A","BBB","BB",null,null,"AA","A","BBB","BB"]
[null,null,1,2.5,1.6,1.5,1.1000000000000001,null,1,3.5,2.75,2,1.7,null,1,0.6,0.65,0.7,0.8]
[null,null,2,{"$f":"D57+0.1","v":2.6},{"$f":"E57+0.1","v":1.7000000000000002},{"$f":"F57+0.1","v":1.6},{"$f":"G57+0.1","v":1.2000000000000002},null,2,{"$f":"J57+0.1","v":3.6},{"$f":"K57+0.1","v":2.85},{"$f":"L57+0.1","v":2.1},{"$f":"M57+0.1","v":1.8},null,2,{"$f":"P57-3%","v":0.56999999999999995},{"$f":"Q57-3%","v":0.62},{"$f":"R57-3%","v":0.66999999999999993},{"$f":"S57-3%","v":0.77}]
[null,null,3,{"$f":"D58+0.1","v":2.7},{"$f":"E58+0.1","v":1.8000000000000003},{"$f":"F58+0.1","v":1.7000000000000002},{"$f":"G58+0.1","v":1.3000000000000003},null,3,{"$f":"J58+0.1","v":3.7},{"$f":"K58+0.1","v":2.95},{"$f":"L58+0.1","v":2.2000000000000002},{"$f":"M58+0.1","v":1.9000000000000001},null,3,{"$f":"P58-3%","v":0.53999999999999992},0.59,0.6399999999999999,0.74]
[null,null,4,2.8000000000000003,1.9000000000000004,1.8000000000000003,1.4000000000000004,null,4,3.8000000000000003,3.0500000000000003,2.3000000000000003,2,null,4,0.5099999999999999,0.55999999999999994,0.60999999999999988,0.71]
[null,null,5,2.9000000000000004,2.0000000000000004,1.9000000000000004,1.5000000000000004,null,5,3.9000000000000004,3.1500000000000004,2.4000000000000004,2.1,null,5,0.47999999999999987,0.52999999999999992,0.57999999999999985,0.67999999999999994]
[null,null,6,3.0000000000000004,2.1000000000000005,2.0000000000000004,1.6000000000000005,null,6,4,3.2500000000000004,2.5000000000000004,2.2000000000000002,null,6,0.44999999999999984,0.49999999999999989,0.54999999999999982,0.64999999999999991]
[null,null,7,3.1000000000000005,2.2000000000000006,2.1000000000000005,1.7000000000000006,null,7,4.0999999999999996,3.3500000000000005,2.6000000000000005,2.3000000000000003,null,7,0.41999999999999982,0.46999999999999986,0.5199999999999998,0.61999999999999988]
[null,null,8,3.2000000000000006,2.3000000000000007,2.2000000000000006,1.8000000000000007,null,8,4.1999999999999993,3.4500000000000006,2.7000000000000006,2.4000000000000004,null,8,0.38999999999999979,0.43999999999999984,0.48999999999999977,0.58999999999999986]
[null,null,9,3.3000000000000007,2.4000000000000008,2.3000000000000007,1.9000000000000008,null,9,4.2999999999999989,3.5500000000000007,2.8000000000000007,2.5000000000000004,null,9,0.35999999999999976,0.40999999999999981,0.45999999999999974,0.55999999999999983]
[null,null,10,{"$f":"D65+0.1","v":3.4000000000000008},{"$f":"E65+0.1","v":2.5000000000000009},2.4000000000000008,{"$f":"G65+0.1","v":2.0000000000000009},null,10,{"$f":"J65+0.1","v":4.3999999999999986},{"$f":"K65+0.1","v":3.6500000000000008},{"$f":"L65+0.1","v":2.9000000000000008},{"$f":"M65+0.1","v":2.6000000000000005},null,10,0.32999999999999974,0.37999999999999978,0.42999999999999972,0.5299999999999998]
[]
[null,null,"Ratio",{"$f":"'RAROC Analysis'!M25","v":1.89},null,null,null,null,"Ratio",{"$f":"'RAROC Analysis'!M26","v":2.81},null,null,null,null,"Debt/Cap",{"$f":"'RAROC Analysis'!M24","v":0.49}]
[null,null,"Business Risk",{"$f":"D43","v":5.7549999999999999},{"$f":"E43","v":5.7549999999999999},5.7549999999999999,5.7549999999999999,null,"Business Risk",{"$f":"J43","v":5.7549999999999999},{"$f":"K43","v":5.7549999999999999},5.7549999999999999,5.7549999999999999,null,"Business",{"$f":"J69","v":5.7549999999999999},{"$f":"K69","v":5.7549999999999999},{"$f":"L69","v":5.7549999999999999},{"$f":"M69","v":5.7549999999999999}]
[null,null,"Row Number",{"$f":"MATCH(D69,$C$57:$C$66)","v":5},{"$f":"MATCH(E69,$C$57:$C$66)","v":5},5,5,null,"Row Number",{"$f":"MATCH(J69,$C$57:$C$66)","v":5},{"$f":"MATCH(K69,$C$57:$C$66)","v":5},{"$f":"MATCH(L69,$C$57:$C$66)","v":5},{"$f":"MATCH(M69,$C$57:$C$66)","v":5},null,"Row Number",{"$f":"MATCH(P69,$C$57:$C$66)","v":5},{"$f":"MATCH(Q69,$C$57:$C$66)","v":5},{"$f":"MATCH(R69,$C$57:$C$66)","v":5},{"$f":"MATCH(S69,$C$57:$C$66)","v":5}]
[null,null,"Low Range",{"$f":"INDEX(D57:D66,D70)","v":2.9000000000000004},{"$f":"INDEX(E57:E66,E70)","v":2.0000000000000004},1.9000000000000004,1.5000000000000004,null,"Low Range",{"$f":"INDEX(J57:J66,J70)","v":3.9000000000000004},{"$f":"INDEX(K57:K66,K70)","v":3.1500000000000004},{"$f":"INDEX(L57:L66,L70)","v":2.4000000000000004},{"$f":"INDEX(M57:M66,M70)","v":2.1},null,"Low Range",{"$f":"INDEX(P57:P66,P70)","v":0.47999999999999987},{"$f":"INDEX(Q57:Q66,Q70)","v":0.52999999999999992},{"$f":"INDEX(R57:R66,R70)","v":0.57999999999999985},{"$f":"INDEX(S57:S66,S70)","v":0.67999999999999994}]
[null,null,"High Range",{"$f":"INDEX(D57:D66,D70+1)","v":3.0000000000000004},{"$f":"INDEX(E57:E66,E70+1)","v":2.1000000000000005},2.0000000000000004,1.6000000000000005,null,"High Range",{"$f":"INDEX(J57:J66,J70+1)","v":4},{"$f":"INDEX(K57:K66,K70+1)","v":3.2500000000000004},2.5000000000000004,2.2000000000000002,null,"High Range",{"$f":"INDEX(P57:P66,P70+1)","v":0.44999999999999984},{"$f":"INDEX(Q57:Q66,Q70+1)","v":0.49999999999999989},0.54999999999999982,0.64999999999999991]
[null,null,"Interpolated",{"$f":"interpolate_look_up_linear(D69,$C$57:$C$66,D57:D66)","v":2.9755000000000003},{"$f":"interpolate_look_up_linear(E69,$C$57:$C$66,E57:E66)","v":2.0755000000000003},1.9755000000000005,1.5755000000000006,null,"Interpolated",{"$f":"interpolate_look_up_linear(J69,$C$57:$C$66,J57:J66)","v":3.9755000000000003},3.2255000000000003,2.4755000000000003,2.1755,null,"Interpolated",{"$f":"interpolate_look_up_linear(P69,$C$57:$C$66,P57:P66)","v":0.45734999999999987},0.50734999999999986,0.55734999999999979,0.65734999999999988]
[null,null,"Bond Rating",{"$f":"INDEX(D56:G56,MATCH(D68,D73:G73,-1)+1)","v":"BB"},null,null,null,null,"Bond Rating",{"$f":"INDEX(J56:M56,MATCH(J68,J73:M73,-1)+1)","v":"BBB"},null,null,null,null,"Bond Rating",{"$f":"INDEX(P56:S56,MATCH(P68,P73:S73,1)+1)","v":"A"}]
[null,null,"Interpolated",{"$f":"interpolate_look_up_reverse(D68,D73:G73,D55:G55)","v":3.2137499893903705},null,null,null,null,"Interpolated",{"$f":"interpolate_look_up_reverse(J68,J73:M73,J55:M55)","v":2.5540001589258554},null,null,null,null,"Interpolated",{"$f":"interpolate_look_up_linear(P68,P73:S73,P55:S55)","v":1.6530000000000027}]
[]
[]
[]
[null,null,null,null,null,null,null,null,"•Electric Power: ",null,null,null,"1.3-1.4"]
[null,null,null,null,null,null,null,null,"•Resources:",null,null,null,"1.5-2.0"]
[null,null,null,null,null,null,null,null,"•Telecoms:",null,null,null,"1.5-2.0"]
[null,null,null,null,null,null,null,null,"•Infrastructure:",null,null,null,"1.2-1.6"]
[null,null,null,null,null,null,null,null,"•Minimum ratio could dip to 1.5"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,"FFO/Total Debt",1.288,0.55400000000000005,0.432,0.308,0.188,7.8E-2,1.6E-2]
[]
[null,null,null,null,null,null,null,null,null,"EBIT/Interest",21.4,10.1,6.1,3.7,2.1,0.8,0.1]
[null,null,null,null,null,null,null,null,null,"EBITDA/Interest",26.5,12.9,9.1,5.8,3.4,1.8,1.3]
[]
[]
[null,null,null,null,null,null,null,null,null,"Total Debt/FFO",{"$f":"1/K109","v":0.77639751552795033},{"$f":"1/L109","v":1.8050541516245486},2.3148148148148149,3.2467532467532467,5.3191489361702127,12.820512820512821,62.5]
[null,null,null,null,null,null,null,null,null,"Total Debt/EBITDA",0.6,1.2,1.6,2.2999999999999998,3.4,4.9000000000000004,6.3]
[null,null,null,null,null,null,null,null,null,"Pct Difference",{"$f":"K116/K115","v":0.77279999999999993},{"$f":"L116/L115","v":0.66480000000000006},0.69120000000000004,0.70839999999999992,0.63919999999999999,0.38219999999999998,0.1008]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Business Risk/Financial Risk"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Business risk profile","Minimal","Modest","Intermediate","Aggressive","Highly leveraged"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Excellent","AAA","AA","A","BBB","BB"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Strong","AA","A","A-","BBB-","BB-"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Satisfactory","A","BBB+","BBB","BB+","B+"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Weak","BBB","BBB-","BB+","BB-","B"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Vulnerable","BB","B+","B+","B","B-"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Financial risk indicative ratios*","Minimal","Modest","Intermediate","Aggressive","Highly leveraged"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cash flow (Funds from operations/Debt) (%)","Over 60","45–60","30–45","15–30","Below 15"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Debt leverage (Total debt/Capital) (%)","Below 25","25–35","35–45","45–55","Over 55"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Debt/EBITDA (x)","<1.4","1.4–2.0","2.0–3.0","3.0–4.5",">4.5"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"FFO to Debt",0.6,{"$f":"AVERAGE(45%,60%)","v":0.52500000000000002},{"$f":"AVERAGE(45%,30%)","v":0.375},{"$f":"AVERAGE(15%,30%)","v":0.22499999999999998},0.15]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Debt to EBITDA",1.4,{"$f":"AVERAGE(1.4,2)","v":1.7},{"$f":"AVERAGE(3,2)","v":2.5},{"$f":"AVERAGE(3,4.5)","v":3.75},4.5]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Debt to FFO",{"$f":"1/AG165","v":1.6666666666666667},{"$f":"1/AH165","v":1.9047619047619047},{"$f":"1/AI165","v":2.6666666666666665},{"$f":"1/AJ165","v":4.4444444444444446},{"$f":"1/AK165","v":6.666666666666667}]

{"sheet":"Rating and PD","index":5,"n_rows":211,"n_cols":20,"rows_kept":211,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Slope","Intercept"]
["Inputs for Default Probability",null,"Year",1,2,3,4,5,10,15,null,null,null,null,null,null,null,"Coeff",{"$f":"LINEST(D11:J11,D2:J2,,TRUE)","v":5.5858490566037733E-3},-3.4905660377358462E-3]
["Cumulative Probabilities",null,"AAA",0,0,1E-3,2E-3,3.0000000000000001E-3,6.9999999999999993E-3,8.0000000000000002E-3,null,null,null,null,null,null,null,"Std error",1.0832144324121483E-4,7.980998259282297E-4]
[null,null,"AA",0,1E-3,1E-3,2E-3,3.0000000000000001E-3,9.0000000000000011E-3,1.3000000000000001E-2,null,null,null,null,null,null,null,"R2",0.9981232576095771,1.3329637852658215E-3]
[null,null,"A",1E-3,2E-3,3.0000000000000001E-3,5.0000000000000001E-3,6.9999999999999993E-3,1.9E-2,2.7999999999999997E-2,null,null,null,null,null,null,null,null,2659.1909009542042,5]
[null,null,"BBB",2E-3,6.9999999999999993E-3,1.2E-2,1.9E-2,2.6000000000000002E-2,5.4000000000000006E-2,7.9000000000000001E-2]
[null,null,"BB",1.1000000000000001E-2,3.1E-2,5.5999999999999994E-2,0.08,0.10099999999999999,0.17499999999999999,0.20800000000000002,null,null,null,null,null,null,null,"T-stat",{"$f":"S2/S3","v":51.567343357537851},{"$f":"T2/T3","v":-4.3735957888177017}]
[null,null,"B",0.05,0.109,0.159,0.19800000000000001,0.22600000000000001,0.30399999999999999,0.35]
[null,null,"CCC/C",0.26300000000000001,0.34700000000000003,0.4,0.43200000000000005,0.46200000000000002,0.51800000000000002,0.54600000000000004,null,null,null,null,null,null,null,"Slope",{"$f":"SLOPE(D11:J11,D2:J2)","v":5.585849056603775E-3}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Intercept",{"$f":"INTERCEPT(D11:J11,D2:J2)","v":-3.4905660377358531E-3}]
[null,null,{"$f":"INDEX(C3:C9,$D$12)","v":"BBB"},{"$f":"INDEX(D3:D9,$D$12)","v":2E-3},6.9999999999999993E-3,1.2E-2,1.9E-2,2.6000000000000002E-2,5.4000000000000006E-2,7.9000000000000001E-2]
[null,null,"Code",4]
[]
["Updated Default Study",null,null,1,{"$f":"D14+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,null,"AAA",{"$f":"D202/100","v":0},{"$f":"E202/100","v":2.9999999999999997E-4},1.4000000000000002E-3,2.3999999999999998E-3,3.5999999999999999E-3,4.6999999999999993E-3,5.3E-3,6.0999999999999995E-3,6.7000000000000002E-3,7.4000000000000003E-3,7.7000000000000002E-3,8.0000000000000002E-3,8.3999999999999995E-3,9.1000000000000004E-3,9.7999999999999997E-3]
[null,null,"AA",{"$f":"D203/100","v":2.0000000000000001E-4},7.000000000000001E-4,1.2999999999999999E-3,2.3999999999999998E-3,3.4999999999999996E-3,4.5999999999999999E-3,5.6000000000000008E-3,6.5000000000000006E-3,7.3000000000000001E-3,8.199999999999999E-3,9.0000000000000011E-3,9.7000000000000003E-3,1.0500000000000001E-2,1.1200000000000002E-2,1.1899999999999999E-2]
[null,null,"A",{"$f":"D204/100","v":7.000000000000001E-4},1.6000000000000001E-3,2.7000000000000001E-3,4.0999999999999995E-3,5.6999999999999993E-3,7.4999999999999997E-3,9.4999999999999998E-3,1.1299999999999999E-2,1.32E-2,1.5100000000000001E-2,1.6899999999999998E-2,1.84E-2,0.02,2.1499999999999998E-2,2.3199999999999998E-2]
[null,null,"BBB",{"$f":"D205/100","v":2E-3},5.6999999999999993E-3,9.5999999999999992E-3,1.46E-2,1.95E-2,2.4300000000000002E-2,2.8399999999999998E-2,3.2599999999999997E-2,3.6600000000000001E-2,4.0599999999999997E-2,4.4900000000000002E-2,4.8399999999999999E-2,5.1699999999999996E-2,5.5E-2,5.8400000000000001E-2]
[null,null,"BB",{"$f":"D206/100","v":7.6E-3},2.35E-2,4.2300000000000004E-2,6.0599999999999994E-2,7.7100000000000002E-2,9.2799999999999994E-2,0.10589999999999999,0.11749999999999999,0.128,0.13739999999999999,0.1452,0.15179999999999999,0.1575,0.16239999999999999,0.16769999999999999]
[null,null,"B",{"$f":"D207/100","v":3.8800000000000001E-2},8.8000000000000009E-2,0.12970000000000001,0.16219999999999998,0.187,0.2072,0.22370000000000001,0.2369,0.2482,0.2591,0.26819999999999999,0.2757,0.28260000000000002,0.2888,0.2949]
[null,null,"CCC/C",{"$f":"D208/100","v":0.26379999999999998},0.35580000000000001,0.40670000000000001,0.43770000000000003,0.46279999999999999,0.47240000000000004,0.48270000000000002,0.49060000000000004,0.50029999999999997,0.50729999999999997,0.51280000000000003,0.51939999999999997,0.5272,0.53380000000000005,0.53380000000000005]
[]
[null,"Cumulative Default",{"$f":"INDEX(C15:C21,$D$27)","v":"BB"},{"$f":"INDEX(D15:D21,$D$27)","v":7.6E-3},2.35E-2,4.2300000000000004E-2,6.0599999999999994E-2,7.7100000000000002E-2,9.2799999999999994E-2,0.10589999999999999,0.11749999999999999,0.128,0.13739999999999999,0.1452,0.15179999999999999,0.1575,0.16239999999999999,0.16769999999999999]
[null,"Incremental Default",{"$f":"C23","v":"BB"},{"$f":"D23","v":7.6E-3},{"$f":"E23-D23","v":1.5900000000000001E-2},{"$f":"F23-E23","v":1.8800000000000004E-2},1.829999999999999E-2,1.6500000000000008E-2,1.5699999999999992E-2,1.3100000000000001E-2,1.1599999999999999E-2,1.0500000000000009E-2,9.3999999999999917E-3,7.8000000000000014E-3,6.5999999999999948E-3,5.7000000000000106E-3,4.8999999999999877E-3,5.2999999999999992E-3]
[null,null,"Pecent Increase",null,{"$f":"E23/D23-1","v":2.0921052631578947},{"$f":"F23/E23-1","v":0.80000000000000027},0.43262411347517693,0.27227722772277252,0.20363164721141369,0.1411637931034484,0.10953729933899914,8.9361702127659592E-2,7.3437500000000044E-2,5.6768558951965087E-2,4.5454545454545414E-2,3.7549407114624511E-2,3.1111111111111089E-2,3.2635467980295596E-2]
[]
[null,null,"Code",5]
[]
["Hypothetical Cash Flow"]
[null,"Loan Tenure",10,"Spread",{"$f":"C60","v":1.4745930208054717E-2}]
[null,"Interest Rate",3.9746069570973611E-2]
[null,"Loss, Given Default",1]
[null,"Default Switch",true]
[null,"Default Method",1]
[null,"Bullet",2]
[]
[null,"Period",0,{"$f":"C37+1","v":1},{"$f":"D37+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,"Switch",null,{"$f":"D37<=$C$30","v":true},{"$f":"E37<=$C$30","v":true},true,true,true,true,true,true,true,true,false,false,false,false,false]
[null,"Terminal Switch",null,{"$f":"D37=$C$30","v":false},{"$f":"E37=$C$30","v":false},false,false,false,false,false,false,false,true,false,false,false,false,false]
[null,"Remaining Life",{"$f":"C30","v":10},{"$f":"C40","v":10},{"$f":"(D40-1)*E38","v":9},8,7,6,5,4,3,2,1,0,0,0,0,0]
[]
[null,"Loan Balance"]
[null,"Opening Balance",null,{"$f":"C46","v":1000},{"$f":"D46","v":1000},{"$f":"E46","v":1000},1000,1000,1000,1000,1000,1000,1000,0,0,0,0,0]
[null,"Less: Repayment",{"$f":"1/$C$30","v":0.1},{"$f":"CHOOSE($C$35,$C$46*$C$44,(D37=$C$30)*D43)*D38","v":0},{"$f":"CHOOSE($C$35,$C$46*$C$44,(E37=$C$30)*E43)*E38","v":0},0,0,0,0,0,0,0,1000,0,0,0,0,0]
[null,"Less: Default"]
[null,"Closing Balance",1000,{"$f":"D43-D44-D45","v":1000},{"$f":"E43-E44-E45","v":1000},{"$f":"F43-F44-F45","v":1000},1000,1000,1000,1000,1000,1000,0,0,0,0,0,0]
[null,"Interest",{"$f":"C31","v":3.9746069570973611E-2},{"$f":"D43*$C$47","v":39.74606957097361},{"$f":"E43*$C$47","v":39.74606957097361},39.74606957097361,39.74606957097361,39.74606957097361,39.74606957097361,39.74606957097361,39.74606957097361,39.74606957097361,39.74606957097361,0,0,0,0,0]
[]
[null,"Defaulted Debt"]
[null,"Opening Balance",null,{"$f":"C53","v":0},{"$f":"D53","v":7.6},23.5,42.300000000000004,60.599999999999994,77.099999999999994,92.799999999999983,105.89999999999998,117.49999999999997,127.99999999999999,0,0,0,0,0]
[null,"Add: Default",null,{"$f":"CHOOSE($C$34,D24*$C$46,(D43-D50)*D24)*D38","v":7.6},15.9,18.800000000000004,18.29999999999999,16.500000000000007,15.699999999999992,13.100000000000001,11.6,10.500000000000009,9.3999999999999915,0,0,0,0,0]
[null,"Less: Default Reduction in Repayment",null,{"$f":"D39*(D50+D51)","v":0},{"$f":"E39*(E50+E51)","v":0},0,0,0,0,0,0,0,137.39999999999998,0,0,0,0,0]
[null,"Closing Balance",null,{"$f":"D50+D51-D52","v":7.6},{"$f":"E50+E51-E52","v":23.5},42.300000000000004,60.599999999999994,77.099999999999994,92.799999999999983,105.89999999999998,117.49999999999997,127.99999999999999,0,0,0,0,0,0]
[null,"Interest",{"$f":"C31","v":3.9746069570973611E-2},{"$f":"D50*$C$54*D38","v":0},0.30207012873939942,0.9340326349178798,1.6812587428521839,2.4086118160010006,3.0644219639220651,3.6884352561863505,4.2091087675661045,4.6701631745893986,5.0874969050846213,0,0,0,0,0]
[]
[null,"Net Debt Service",{"$f":"-C46","v":-1000},{"$f":"D47-D54+D44-D52","v":39.74606957097361},{"$f":"E47-E54+E44-E52","v":39.443999442234208},38.812036936055733,38.064810828121423,37.337457754972611,36.681647607051545,36.057634314787258,35.536960803407503,35.075906396384212,897.25857266588912,0,0,0,0,0]
[]
[null,"Nominal Rate",{"$f":"C31","v":3.9746069570973611E-2}]
[null,"IRR Realised",{"$f":"IRR(56:56)","v":2.5000139362918894E-2}]
[null,"Difference",{"$f":"C31-C59","v":1.4745930208054717E-2}]
[null,"Target",2.5000000000000001E-2]
[null,"Difference",{"$f":"C61-C59","v":-1.3936291889254937E-7}]
[]
[null,"Total Defaults",{"$f":"SUM(51:51)","v":137.39999999999998}]
[null,"Percent of Original Loan",{"$f":"C64/C46","v":0.13739999999999997}]
[]
[]
[null,"Debt Cash w/o Default",-190,100,{"$f":"D68*E38","v":100},100,100,100,100,100,100,100,100,0,0,0,0,0]
[null,"Loss for Default with 100% LGD",null,{"$f":"-D23*D68","v":-0.76},-2.35,-4.2300000000000004,-6.06,-7.71,-9.2799999999999994,-10.59,-11.75,-12.8,-13.74,0,0,0,0,0]
[null,"Recovery",{"$f":"(1-C32)","v":0},{"$f":"-$C$70*D69","v":0},{"$f":"-$C$70*E69","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Net Cash Flow",{"$f":"C68","v":-190},{"$f":"SUM(D68:D70)","v":99.24},{"$f":"SUM(E68:E70)","v":97.65},95.77,93.94,92.29,90.72,89.41,88.25,87.2,86.26,0,0,0,0,0]
[]
[null,"IRR w/o Default",{"$f":"IRR(68:68)","v":0.51822708339958012}]
[null,"IRR with Default",{"$f":"IRR(71:71)","v":0.49727676129976039}]
[null,"Min Required Credit Spread",{"$f":"C73-C74","v":2.0950322099819729E-2}]
[]
[]
["Cumulative PD from Risk Rating"]
[null,"Maturity",{"$f":"'RAROC Analysis'!F21","v":10}]
[null,"Risk Rating",{"$f":"'RAROC Analysis'!F7","v":3.3170162059103907}]
[null,"Probability of Default",{"$f":"interpolate_look_up_linear(C80,E83:E89,D83:D89)","v":7.1287168732125816E-2}]
[]
[null,null,{"$f":"C15","v":"AAA"},{"$f":"LOOKUP($C$79,$14:$14,15:15)","v":7.4000000000000003E-3},0.5]
[null,null,"AA",{"$f":"LOOKUP($C$79,$14:$14,16:16)","v":8.199999999999999E-3},1]
[null,null,"A",1.5100000000000001E-2,2]
[null,null,"BBB",{"$f":"LOOKUP($C$79,$14:$14,18:18)","v":4.0599999999999997E-2},3]
[null,null,"BB",0.13739999999999999,4]
[null,null,"B",0.2591,5]
[null,null,"CCC/C",0.50729999999999997,6]
[]
[]
[]
["Implied PD from Risk"]
[null,null,"Risk Rating",{"$f":"'RAROC Analysis'!F7","v":3.3170162059103907}]
[null,null,null,{"$f":"D14","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,null,"Cumulative",{"$f":"IF($D$94=0,0,interpolate_look_up_linear($D$94,$E$83:$E$89,D$15:D$21))","v":3.7752907530981877E-3},{"$f":"IF($D$94=0,0,interpolate_look_up_linear($D$94,$E$83:$E$89,E$15:E$21))","v":1.1342888465204953E-2},1.9966429933269775E-2,2.918274547187797E-2,3.7760133460438508E-2,4.6015610104861764E-2,5.296875595805528E-2,5.951467588179217E-2,6.5575281220209711E-2,7.1287168732125816E-2,7.6696725452812198E-2,8.1179475691134401E-2,8.5240314585319332E-2,8.9047540514775952E-2,9.3049871306005699E-2]
[null,null,"Incremental",{"$f":"D96","v":3.7752907530981877E-3},{"$f":"E96-D96","v":7.5675977121067656E-3},{"$f":"F96-E96","v":8.6235414680648215E-3},9.2163155386081955E-3,8.5773879885605378E-3,8.2554766444232555E-3,6.9531458531935167E-3,6.5459199237368898E-3,6.0606053384175407E-3,5.7118875119161056E-3,5.4095567206863815E-3,4.4827502383222029E-3,4.0608388941849316E-3,3.8072259294566202E-3,4.0023307912297468E-3]
[]
["Alternative PD Estimates"]
[]
[null,null,null,1,2,3,4,5,6,7,8,9,10]
[null,null,"AAA",0,2.9999999999999997E-4,1.4E-3,2.5000000000000001E-3,3.7000000000000002E-3,4.8999999999999998E-3,5.4999999999999997E-3,6.4000000000000003E-3,7.1000000000000004E-3,7.7999999999999996E-3]
[null,null,"AA ",2.0000000000000001E-4,6.9999999999999999E-4,1.4E-3,2.5999999999999999E-3,3.7000000000000002E-3,4.8999999999999998E-3,6.0000000000000001E-3,6.8999999999999999E-3,7.7000000000000002E-3,8.6E-3]
[null,null,"A",8.0000000000000004E-4,1.8E-3,3.2000000000000002E-3,4.7999999999999996E-3,6.6E-3,8.6E-3,1.0999999999999999E-2,1.3100000000000001E-2,1.5299999999999999E-2,1.77E-2]
[null,null,"BBB",2.3999999999999998E-3,6.7000000000000002E-3,1.1299999999999999E-2,1.7100000000000001E-2,2.3E-2,2.8799999999999999E-2,3.3799999999999997E-2,3.8800000000000001E-2,4.3799999999999999E-2,4.8800000000000003E-2]
[null,null,"BB ",8.9999999999999993E-3,2.7E-2,4.8000000000000001E-2,6.8000000000000005E-2,8.6099999999999996E-2,0.10340000000000001,0.11849999999999999,0.1321,0.1449,0.15590000000000001]
[null,null,"B",4.48E-2,9.9500000000000005E-2,0.1457,0.18149999999999999,0.20830000000000001,0.23,0.24759999999999999,0.26190000000000002,0.27460000000000001,0.28699999999999998]
[null,null,"CCC/C",0.26819999999999999,0.3584,0.41139999999999999,0.44269999999999998,0.4672,0.47820000000000001,0.4879,0.49659999999999999,0.50770000000000004,0.51649999999999996]
[]
[null,null,{"$f":"INDEX(C102:C108,$D$113)","v":"BB "},8.9999999999999993E-3,2.7E-2,4.8000000000000001E-2,6.8000000000000005E-2,8.6099999999999996E-2,0.10340000000000001,0.11849999999999999,0.1321,0.1449,0.15590000000000001]
[null,null,null,null,{"$f":"E110/D110-1","v":2},{"$f":"F110/E110-1","v":0.7777777777777779},0.41666666666666674,0.26617647058823524,0.20092915214866447,0.14603481624758219,0.1147679324894515,9.6896290688872178E-2,7.5914423740510717E-2]
[]
[null,null,"Code",5,null,null,{"$f":"LINEST(D110:M110,D101:M101,,TRUE)","v":1.6586060606060608E-2},-1.9333333333333286E-3,null,{"$f":"C110","v":"BB "},"Percent Increase"]
[null,null,null,null,null,null,5.6898763060657712E-4,3.5304754022166106E-3]
[null,null,null,null,null,null,0.99067305336919442,5.168086803849288E-3]
[null,null,null,null,null,null,849.72979268233382,8]
[null,null,null,null,null,null,2.269553603030303E-2,2.1367296969696919E-4]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,"Cash Flow"]
[]
[]
[]
[null,"Full Debt Service",-800,100,100,100,100,100,100,100,100,100,100]
[null,"IRR",{"$f":"IRR(130:130)","v":4.2774978035111433E-2}]
[null,"Default Prob",null,{"$f":"D110","v":8.9999999999999993E-3},{"$f":"E110","v":2.7E-2},4.8000000000000001E-2,6.8000000000000005E-2,8.6099999999999996E-2,0.10340000000000001,0.11849999999999999,0.1321,0.1449,0.15590000000000001]
[null,"Default  ",null,{"$f":"D130*D132","v":0.89999999999999991},{"$f":"E130*E132","v":2.7},4.8,6.8000000000000007,8.61,10.34,11.85,13.209999999999999,14.49,15.590000000000002]
[null,"Loss",0.6,{"$f":"D133*$C$134","v":0.53999999999999992},{"$f":"E133*$C$134","v":1.62},2.88,4.08,5.1659999999999995,6.2039999999999997,7.1099999999999994,7.9259999999999993,8.6939999999999991,9.354000000000001]
[]
[null,"Net Cash Flow",{"$f":"C130","v":-800},{"$f":"D130-D134","v":99.46},{"$f":"E130-E134","v":98.38},97.12,95.92,94.834000000000003,93.796000000000006,92.89,92.073999999999998,91.305999999999997,90.646000000000001]
[null,"Realised IRR",{"$f":"IRR(C136:M136)","v":3.233295696568339E-2}]
[]
[null,"Min Required Spread",{"$f":"C131-C137","v":1.0442021069428042E-2}]
[]
[null,"Cost of Funds",0.02]
[null,"NPV of Loss",{"$f":"NPV(C141,D134:M134)","v":46.660398501186407}]
[null,"Relative to Loan",{"$f":"C142/-C130","v":5.8325498126483008E-2}]
[]
[]
[null,"Source: S&P Annual 2006 Global Default Study."]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,1,2,3,4,5,7,10,15]
[null,null,"AAA",1E-4,4.0000000000000002E-4,8.9999999999999998E-4,1.8E-3,3.0999999999999999E-3,6.6E-3,1.37E-2,2.81E-2]
[null,null,"AA",1E-4,5.9999999999999995E-4,1.5E-3,2.7000000000000001E-3,4.4000000000000003E-3,8.5000000000000006E-3,1.6299999999999999E-2,3.1199999999999999E-2]
[null,null,"A",6.9999999999999999E-4,1.6999999999999999E-3,3.0000000000000001E-3,4.5999999999999999E-3,6.4999999999999997E-3,1.11E-2,1.9400000000000001E-2,3.5000000000000003E-2]
[null,null,"BBB",1.6999999999999999E-3,4.1000000000000003E-3,7.7999999999999996E-3,1.2500000000000001E-2,1.7899999999999999E-2,2.9499999999999998E-2,4.5999999999999999E-2,6.83E-2]
[null,null,"BB ",1.0800000000000001E-2,3.4099999999999998E-2,6.1400000000000003E-2,8.7599999999999997E-2,0.1105,0.14530000000000001,0.17710000000000001,0.2039]
[null,null,"B",4.9500000000000002E-2,0.10970000000000001,0.1575,0.1933,0.2198,0.25459999999999999,0.28189999999999998,0.30349999999999999]
[null,null,"CCC ",0.1915,0.27429999999999999,0.32629999999999998,0.36320000000000002,0.3901,0.4249,0.45140000000000002,0.47049999999999997]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,"2014 Default Study"]
[]
[null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,null,"AAA",0,0.03,0.14000000000000001,0.24,0.36,0.47,0.53,0.61,0.67,0.74,0.77,0.8,0.84,0.91,0.98]
[null,null,"AA",0.02,7.0000000000000007E-2,0.13,0.24,0.35,0.46,0.56000000000000005,0.65,0.73,0.82,0.9,0.97,1.05,1.1200000000000001,1.19]
[null,null,"A",7.0000000000000007E-2,0.16,0.27,0.41,0.56999999999999995,0.75,0.95,1.1299999999999999,1.32,1.51,1.69,1.84,2,2.15,2.3199999999999998]
[null,null,"BBB",0.2,0.56999999999999995,0.96,1.46,1.95,2.4300000000000002,2.84,3.26,3.66,4.0599999999999996,4.49,4.84,5.17,5.5,5.84]
[null,null,"BB",0.76,2.35,4.2300000000000004,6.06,7.71,9.2799999999999994,10.59,11.75,12.8,13.74,14.52,15.18,15.75,16.239999999999998,16.77]
[null,null,"B",3.88,8.8000000000000007,12.97,16.22,18.7,20.72,22.37,23.69,24.82,25.91,26.82,27.57,28.26,28.88,29.49]
[null,null,"CCC/C",26.38,35.58,40.67,43.77,46.28,47.24,48.27,49.06,50.03,50.73,51.28,51.94,52.72,53.38,53.38]
[null,null,"Investment grade",0.11,0.28999999999999998,0.5,0.76,1.03,1.29,1.54,1.78,2.0099999999999998,2.2400000000000002,2.46,2.65,2.83,3.01,3.2]
[null,null,"Speculative grade",3.87,7.58,10.79,13.39,15.49,17.23,18.690000000000001,19.899999999999999,20.98,21.97,22.79,23.49,24.13,24.68,25.22]
[null,null,"All rated",1.5,2.95,4.2300000000000004,5.31,6.2,6.97,7.62,8.18,8.68,9.15,9.56,9.9,10.210000000000001,10.49,10.78]

{"sheet":"Capital Allocation","index":6,"n_rows":45,"n_cols":9,"rows_kept":45,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Risk Rating",{"$f":"'RAROC Analysis'!R26","v":3.3170162059103907}]
[null,"Capital %",{"$f":"interpolate_look_up_linear(C2,C8:C11,D8:D11)","v":9.2680648236415628E-2}]
[null,"Loan",{"$f":"'RAROC Analysis'!F14","v":10000}]
[null,"Capital Allocation",{"$f":"C3*'RAROC Analysis'!F14","v":926.8064823641563}]
[]
[null,null,"Rating","Capital"]
[null,"AAA/AA",1,{"$f":"F38","v":1.6E-2}]
[null,"A ",2,{"$f":"F39","v":0.04}]
[null,"BBB ",3,{"$f":"F40","v":0.08}]
[null,"BB- below",4,{"$f":"F41","v":0.12}]
[]
[]
[null,"Rating Scale",null,1,2,3,4,5]
[null,"Capital Assignment",null,0,0.03,0.06,0.09,0.12]
[]
[null,"Risk Category",null,"Credit","Int Rate","Liquidity","Composite","Cap Ad","Capital"]
[null,null,null,0.55000000000000004,0.35,0.1,{"$f":"SUM(D18:F18)","v":1}]
[]
[null,"Commercial",200000,4,2,2]
[null,"Com Real Estate",400000,2,4,4]
[null,"Construction",60000,5,2,2]
[null,"Consumer",50000,3,3,3]
[null,"Residential",150000,2,4,4]
[null,"Total Loans",{"$f":"SUM(C20:C24)","v":860000}]
[]
[null,null,null,null,null,null,"Assigned","Total"]
[null,null,null,null,null,null,"Capital","Capital"]
[null,"Commercial",200000,{"$f":"LOOKUP(D20,$14:$14,$15:$15)*D$18","v":4.9500000000000002E-2},1.0499999999999999E-2,3.0000000000000001E-3,{"$f":"SUM(D29:F29)","v":6.3E-2},{"$f":"G29*C29","v":12600}]
[null,"Com Real Estate",400000,1.6500000000000001E-2,3.15E-2,8.9999999999999993E-3,{"$f":"SUM(D30:F30)","v":5.7000000000000002E-2},{"$f":"G30*C30","v":22800}]
[null,"Construction",60000,6.6000000000000003E-2,1.0499999999999999E-2,3.0000000000000001E-3,{"$f":"SUM(D31:F31)","v":7.9500000000000001E-2},{"$f":"G31*C31","v":4770}]
[null,"Consumer",50000,3.3000000000000002E-2,2.0999999999999998E-2,6.0000000000000001E-3,{"$f":"SUM(D32:F32)","v":0.06},{"$f":"G32*C32","v":3000}]
[null,"Residential",150000,1.6500000000000001E-2,3.15E-2,8.9999999999999993E-3,{"$f":"SUM(D33:F33)","v":5.7000000000000002E-2},{"$f":"G33*C33","v":8550}]
[null,"Total Loans",{"$f":"SUM(C29:C33)","v":860000},null,null,null,null,{"$f":"SUM(H29:H33)","v":51720}]
[]
[]
[null,"•Multiply Book Value of Loans by"]
[null,"•1.6%",null,"AAA to AA-",null,1.6E-2]
[null,"•4.0%",null,"A+ to A-",null,0.04]
[null,"•8.0%",null,"BBB+ to BB-",null,0.08]
[null,"•12.0%",null,"Below BB-",null,0.12]
[null,"•8.0%",null,"Unrated Debt"]
[null,"•Exposure at default accounts for collateral, credit derivatives, quarantees."]
[null,"•Problems: too much capital allocation for high rated credits and too little for below BB- credits"]
[null,"•More than 70% of credits unrated."]

{"sheet":"Audits","index":7,"n_rows":14,"n_cols":6,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Computed","Target","Test","Notes"]
[]
[null,"Industry Weight not 100%",{"$f":"SUM('RAROC Analysis'!O7:O11)","v":1},1,{"$f":"C4=D4","v":true},{"$f":"IF(E4,\"\",B4)","v":""}]
[null,"Management Weight not 100%",{"$f":"SUM('RAROC Analysis'!O13:O16)","v":1},1,{"$f":"C5=D5","v":true},{"$f":"IF(E5,\"\",B5)","v":""}]
[null,"Collateral Weight not 100%",{"$f":"SUM('RAROC Analysis'!O18:O19)","v":1},1,true,""]
[null,"Enhancement Weight not 100%",{"$f":"SUM('RAROC Analysis'!O21:O22)","v":1},1,true,""]
[null,"Ratio Weight not 100%",{"$f":"SUM('RAROC Analysis'!O24:O28)","v":1},1,true,""]
[null,"Total Business not 100%",{"$f":"SUM('RAROC Analysis'!S8:S22)","v":1.0999999999999999},1,false,"Total Business not 100%"]
[]
[null,"Garce Period Doesn’t Match",{"$f":"IF('IRR Analysis'!F3>1,'IRR Analysis'!F3,0)","v":0},{"$f":"'RAROC Analysis'!$F$22","v":0},{"$f":"C11=D11","v":true},""]
[null,"Level Maturity Doesn't Match",{"$f":"'IRR Analysis'!F34","v":1.0000000000000002},1,{"$f":"C12=D12","v":true},""]
[null,"Mtg Maturity Doesn't Match",{"$f":"SUM('IRR Analysis'!G35:AZ35)","v":1},1,true,""]
[null,"Maturity Doesn’t Match",{"$f":"'IRR Analysis'!F5","v":10},{"$f":"'RAROC Analysis'!$F$21","v":10},true,""]

{"sheet":"RAROC Example","index":8,"n_rows":25,"n_cols":7,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Loan Amount",1000,null,"Revenue",{"$f":"D4","v":90}]
[null,null,"All-in Rate Earned",0.09,null,"Expenses",{"$f":"-D18-D23","v":-75}]
[null,null,"Loan Revenue",{"$f":"D2*D3","v":90},null,"Return on Capital",{"$f":"D14","v":4.875}]
[null,null,null,null,null,"Expected Loss",{"$f":"-D21","v":-10}]
[null,null,"Economic Capital for Loan",null,null,"Numerator",{"$f":"SUM(G2:G5)","v":9.875}]
[null,null,"Risk Class of Loan",3]
[null,null,"Economic Capital Percent",7.4999999999999997E-2,null,"Economic Capital",{"$f":"D9","v":75}]
[null,null,"Economic Capital Allocated",{"$f":"D8*D2","v":75}]
[null,null,null,null,null,"RAROC",{"$f":"G6/G8","v":0.13166666666666665}]
[null,null,"Equity Capital Invested",{"$f":"D9","v":75}]
[null,null,"Class of Asset for Investment",1]
[null,null,"Earnings Rate",6.5000000000000002E-2]
[null,null,"Earnings ",{"$f":"D11*D13","v":4.875}]
[]
[null,null,"Deposits Associated with Loan",1000]
[null,null,"Interest Expense Rates on Deposits",0.06]
[null,null,"Interest Expenses on Deposits",{"$f":"D16*D17","v":60}]
[]
[null,null,"Expected Loss Percent",0.01]
[null,null,"Expected Loss Amount",{"$f":"D20*D2","v":10}]
[]
[null,null,"Operating Cost",15]
[]
[null,null,"Cost Percent",{"$f":"D23/D2","v":1.4999999999999999E-2}]

{"sheet":"Notes","index":9,"n_rows":20,"n_cols":19,"rows_kept":20,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,null,null,null,"Notes:"]
[null,"Idea of RAROC"]
[null,null,null,null,null,null,null,null,"Color when below 10",null,null,null,"Agricultural Project Finance",null,null,null,2]
[null,"Computes profit and used as management tool",null,null,null,null,null,null,"Make dropdown box",null,null,null,"Social Project Finance",null,null,null,2]
[null,null,null,null,null,null,null,null,"Audit page",null,null,null,"General Industry",null,null,null,1]
[null,"Can be highly complex",null,null,null,null,null,null,null,null,null,null,"Infrastructure Projects - Electricity",null,null,null,2]
[null,null,null,null,null,null,null,null,null,null,null,null,"Infrastructure Projects - Infrastructure",null,null,null,2]
[null,"Requires risk assessment of loans",null,null,null,null,null,null,null,null,null,null,"Real Estate - Housing",null,null,null,3]
[null,null,null,null,null,null,null,null,null,null,null,null,"Real Estate - Commercial",null,null,null,3]
[null,null,null,null,null,null,null,null,null,null,null,null,"Real Estate - Hotels",null,null,null,3]
[null,null,null,null,null,null,null,null,null,null,null,null,"Telecom Projects",null,null,null,1]
[null,null,null,null,null,null,null,null,null,null,null,null,"Resources Project Finance",null,null,null,2]
[]
[]
[null,"Can be used for portfolio of for individual loans",null,null,null,null,null,null,null,null,null,null,"End"]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Code","Rating"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,3,{"$f":"INDEX(Q4:Q13,R20)","v":1}]