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{"sheet":"Financial Model","index":0,"n_rows":103,"n_cols":38,"rows_kept":103,"cut":false,"hidden":false,"merged":[]}
["Assumptions"]
[null,"Subprime Debt Assumptions"]
[null,null,null,"Rate Charged on Sub-prime Loans",7.0000000000000007E-2]
[null,null,null,"Subprime Repayment Years",30,null,null,null,"Equity IRR",{"$f":"H65","v":-6.0375159812351864E-2}]
[null,null,null,"Initial PD",0.23,null,null,null,"Debt IRR",{"$f":"H68","v":3.5000000000048104E-2}]
[null,null,null,"Years of High Default",9]
[null,null,null,"Stable PD",0.01]
[null,null,null,"LGD",{"$f":"F8/100","v":0.13},13]
[null,null,null,"Delay in Recoveries",3]
[null,"Financial Structure Assumptions"]
[null,null,null,"Amount of Subprime Loans",1000]
[null,null,null,"Loans/Equity",10]
[null,null,null,"Equity to Assets",{"$f":"1/E12","v":0.1}]
[null,null,null,"Interest Rate on Top-tier Debt",3.5000000000000003E-2]
[null,null,null,"Fees",7.0000000000000007E-2]
[null,"Time Line"]
[null,null,null,"Period",null,null,null,0,{"$f":"H17+1","v":1},{"$f":"I17+1","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]
[null,null,null,"High Default Period",null,{"$f":"E6","v":9},null,null,{"$f":"I17<=$F$18","v":true},{"$f":"J17<=$F$18","v":true},true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Annual Assumptions"]
[null,null,null,"PD",null,{"$f":"E5","v":0.23},{"$f":"E7","v":0.01},null,{"$f":"I18*$F$20+NOT(I18)*$G$20","v":0.23},{"$f":"J18*$F$20+NOT(J18)*$G$20","v":0.23},0.23,0.23,0.23,0.23,0.23,0.23,0.23,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01,0.01]
[null,null,null,"Cumulative Defaults Index",null,null,null,1,{"$f":"H21*(1+I20)","v":1.23},{"$f":"I21*(1+J20)","v":1.5128999999999999},1.8608669999999998,2.2888664099999998,2.8153056842999997,3.4628259916889994,4.2592759697774696,5.2389094428262872,6.4438586146763335,6.5082972008230966,6.5733801728313273,6.6391139745596401,6.7055051143052369,6.7725601654482892,6.8402857671027721,6.9086886247737995,6.9777755110215374,7.0475532661317528,7.1180287987930706,7.189209086781001,7.2611011776488112,7.3337121894252997,7.407049311319553,7.4811198044327485,7.5559310024770756,7.6314903125018461,7.7078052156268644,7.7848832677831332,7.8627321004609643,7.9413594214655738]
[null,null,null,"Cumulative Defaults  ",null,null,null,null,{"$f":"1-I23","v":0.22999999999999998},{"$f":"1-J23","v":0.40710000000000002},0.54346699999999992,0.64846958999999993,0.72932158430000005,0.79157761991099995,0.83951476733147001,0.87642637084523189,0.90484830555082851,0.90579982249532032,0.90674182427036709,0.90767440602766336,0.90859766196738678,0.90951168534771287,0.9104165684942358,0.91131240280929338,0.91219927878120044,0.91307728599338844,0.91394651313345454,0.91480704800211998,0.91565897752209879,0.91650238774687787,0.91733736386940912,0.91816399023071493,0.9189823503284078,0.9197925268251238,0.92059460155687256,0.92138865554130378,0.92217476898589079,0.92295302129603185]
[null,null,null,"Loans being paid",null,null,null,1,{"$f":"H23*(1-I20)","v":0.77},{"$f":"I23*(1-J20)","v":0.59289999999999998},0.45653300000000002,0.35153041000000002,0.27067841570000001,0.20842238008900002,0.16048523266853001,0.12357362915476812,9.5151694449171459E-2,9.4200177504679738E-2,9.3258175729632936E-2,9.2325593972336611E-2,9.1402338032613245E-2,9.0488314652287113E-2,8.9583431505764241E-2,8.8687597190706596E-2,8.7800721218799532E-2,8.6922714006611543E-2,8.6053486866545431E-2,8.5192951997879976E-2,8.4341022477901179E-2,8.3497612253122161E-2,8.2662636130590939E-2,8.1836009769285026E-2,8.1017649671592168E-2,8.020747317487624E-2,7.9405398443127481E-2,7.8611344458696206E-2,7.7825231014109236E-2,7.704697870396815E-2]
[null,"Revenues"]
[null,null,"Subprime Loan Balance"]
[null,null,null,"Opening Balance",null,null,null,null,{"$f":"H29","v":1000},{"$f":"I29","v":761.84846929644436},579.90727521160272,440.9952514927013,335.0074162381502,254.19961020926348,192.63904882881383,145.782384612659,110.1517523399712,83.086095909255377,80.421847881463805,77.675522480776294,74.841493393628596,71.913808257315608,68.886169249364826,65.751912526618653,62.503986445805971,59.134928493337505,55.636840847774707,52.001364493882214,48.219651802365547,44.282337484301983,40.179507823876683,35.900668087320611,31.434707999891884,26.769865176328704,21.893686383407793,16.792986506045448,11.453805080754497,5.8613602521947872]
[null,null,null,"Less: Repayments",null,{"$f":"E4","v":30},null,null,{"$f":"PPMT($F$30,I17,$F$27,-$H$29)*I23","v":8.1515307035556184},{"$f":"PPMT($F$30,J17,$F$27,-$H$29)*J23","v":6.7160461466594743},5.5333504202327415,4.5589274112297558,3.756100294112195,3.0946510323190379,2.5496829855276553,2.1006838117762356,1.7307533925224405,1.8333870686990212,1.9421069218728728,2.0572738623399345,2.1792702023766926,2.3085009253776301,2.445395030252524,2.5904069555464986,2.7440180880104061,2.906738360629423,3.0791079454147479,3.2616990465778426,3.455117800039909,3.6600062855822753,3.8770446583173053,4.1069534065555207,4.3504957435642622,4.6084801411576226,4.8817630135282695,5.1712515602304965,5.4779067777521648,5.8027466496728684]
[null,null,null,"Less: Default",null,null,null,null,{"$f":"I26*I20","v":230},{"$f":"J26*J20","v":175.2251479381822},133.37867329866864,101.4289078433213,77.051705734774544,58.465910348130606,44.30698123062718,33.529948460911569,25.334903038193378,0.83086095909255375,0.80421847881463804,0.77675522480776293,0.748414933936286,0.71913808257315615,0.68886169249364826,0.6575191252661865,0.6250398644580597,0.59134928493337502,0.55636840847774705,0.52001364493882218,0.48219651802365548,0.44282337484301987,0.40179507823876687,0.35900668087320614,0.31434707999891887,0.26769865176328705,0.21893686383407793,0.16792986506045449,0.11453805080754498,5.8613602521947875E-2]
[null,null,null,"Closing Balance",null,null,null,{"$f":"E11","v":1000},{"$f":"I26-I27-I28","v":761.84846929644436},{"$f":"J26-J27-J28","v":579.90727521160272},440.9952514927013,335.0074162381502,254.19961020926348,192.63904882881383,145.782384612659,110.1517523399712,83.086095909255377,80.421847881463805,77.675522480776294,74.841493393628596,71.913808257315608,68.886169249364826,65.751912526618653,62.503986445805971,59.134928493337505,55.636840847774707,52.001364493882214,48.219651802365547,44.282337484301983,40.179507823876683,35.900668087320611,31.434707999891884,26.769865176328704,21.893686383407793,16.792986506045448,11.453805080754497,5.8613602521947872,-2.9046209881755658E-14]
[null,null,null,"Interest Income",null,{"$f":"E3","v":7.0000000000000007E-2},null,null,{"$f":"I26*$F$30","v":70},{"$f":"J26*$F$30","v":53.329392850751113},40.593509264812198,30.869667604489095,23.450519136670515,17.793972714648447,13.484733418016969,10.204766922886131,7.7106226637979844,5.8160267136478767,5.6295293517024669,5.4372865736543412,5.238904537554002,5.0339665780120928,4.8220318474555386,4.6026338768633064,4.3752790512064186,4.1394449945336254,3.8945788593442296,3.6400955145717555,3.3753756261655887,3.099763623901139,2.812565547671368,2.5130467661124429,2.2004295599924322,1.8738905623430095,1.5325580468385456,1.1755090554231815,0.80176635565281484,0.41029521765363514]
[null,null,"Recoveries of Defaults"]
[null,null,null,"Default",null,null,null,null,{"$f":"I28","v":230},{"$f":"J28","v":175.2251479381822},133.37867329866864,101.4289078433213,77.051705734774544,58.465910348130606,44.30698123062718,33.529948460911569,25.334903038193378,0.83086095909255375,0.80421847881463804,0.77675522480776293,0.748414933936286,0.71913808257315615,0.68886169249364826,0.6575191252661865,0.6250398644580597,0.59134928493337502,0.55636840847774705,0.52001364493882218,0.48219651802365548,0.44282337484301987,0.40179507823876687,0.35900668087320614,0.31434707999891887,0.26769865176328705,0.21893686383407793,0.16792986506045449,0.11453805080754498,5.8613602521947875E-2]
[null,null,null,"Loss on Default",null,{"$f":"1-E8","v":0.87},null,null,{"$f":"I32*$F$33","v":200.1},{"$f":"J32*$F$33","v":152.44587870621851},116.03944576984172,88.243149823689535,67.034983989253845,50.865342002873625,38.547073670645645,29.171055160993067,22.041365643228239,0.72284903441052173,0.69967007656873514,0.67577704558275375,0.65112099252456879,0.62565013183864582,0.59930967246947398,0.57204163898158222,0.54378468207851194,0.51447387789203625,0.48404051537563991,0.45241187109677528,0.4195109706805803,0.3852563361134273,0.34956171806772718,0.31233581235968932,0.27348195959905941,0.23289782703405973,0.1904750715356478,0.14609898260259541,9.9648104202564133E-2,5.0993834194094652E-2]
[null,null,null,"Delayed Recoveries",null,{"$f":"E9","v":3},null,null,{"$f":"IF(I17>=$F$34,OFFSET(I33,0,-$F$34))","v":false},{"$f":"IF(J17>=$F$34,OFFSET(J33,0,-$F$34))","v":false},0,200.1,152.44587870621851,116.03944576984172,88.243149823689535,67.034983989253845,50.865342002873625,38.547073670645645,29.171055160993067,22.041365643228239,0.72284903441052173,0.69967007656873514,0.67577704558275375,0.65112099252456879,0.62565013183864582,0.59930967246947398,0.57204163898158222,0.54378468207851194,0.51447387789203625,0.48404051537563991,0.45241187109677528,0.4195109706805803,0.3852563361134273,0.34956171806772718,0.31233581235968932,0.27348195959905941,0.23289782703405973,0.1904750715356478]
[null,"Sources and Uses"]
[null,null,"Uses of Funds"]
[null,null,null,"Purchase of Subprime Loans",null,null,null,{"$f":"H29","v":1000}]
[null,null,null,"Fees",null,{"$f":"E15","v":7.0000000000000007E-2},null,{"$f":"H37*F38","v":70}]
[null,null,null,"Total Uses",null,null,null,{"$f":"SUM(H37:H38)","v":1070}]
[]
[null,null,"Sources of Funds"]
[null,null,null,"Debt",null,null,null,{"$f":"H39-H43","v":963},{"$f":"H42/H44","v":0.9}]
[null,null,null,"Equity",null,null,null,{"$f":"H39/E12","v":107},{"$f":"H43/H39","v":0.1}]
[null,null,null,"Total Souces",null,null,null,{"$f":"SUM(H42:H43)","v":1070},{"$f":"H44/H44","v":1}]
[]
[null,"Debt Schedule - Top-tier AAA Debt"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H50","v":963},{"$f":"I50","v":918.5534692964444},890.6574017244094,875.70355109971877,670.82458037249012,514.65094254852602,395.7356560209152,305.30883775441305,236.65421235190129,184.6303917250238,144.89596798240709,113.22463542722292,87.651571587953214,82.578352819190357,77.426457587903556,72.19317968018936,66.87577914406161,61.471484143048301,55.977493060422468,50.390976873796696,44.709081821151472,38.928932380794237,33.047634589262984,27.06227972280174,20.969948369751258,14.767714923022432,8.4526525237598573,2.0218384893649475,0,0]
[null,null,"Add: Defaults on Interest",null,null,null,null,null,{"$f":"I51-I58","v":0},{"$f":"J51-J58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment",null,null,null,null,null,{"$f":"I60","v":44.446530703555617},{"$f":"J60","v":27.89606757203503},14.95385062469061,204.8789707272287,156.17363782396404,118.9152865276108,90.426818266502124,68.654625402511755,52.023820626877509,39.734423742616713,31.671332555184158,25.573063839269711,5.0732187687628549,5.1518952312867956,5.233277907714192,5.3174005361277459,5.4042950010133133,5.4939910826258309,5.5865161866257731,5.6818950526452259,5.7801494403572331,5.8812977915312565,5.9853548664612433,6.0923313530504828,6.2022334467288269,6.3150623992625743,6.4308140343949098,2.0218384893649475,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H42","v":963},{"$f":"I47+I48-I49","v":918.5534692964444},{"$f":"J47+J48-J49","v":890.6574017244094},875.70355109971877,670.82458037249012,514.65094254852602,395.7356560209152,305.30883775441305,236.65421235190129,184.6303917250238,144.89596798240709,113.22463542722292,87.651571587953214,82.578352819190357,77.426457587903556,72.19317968018936,66.87577914406161,61.471484143048301,55.977493060422468,50.390976873796696,44.709081821151472,38.928932380794237,33.047634589262984,27.06227972280174,20.969948369751258,14.767714923022432,8.4526525237598573,2.0218384893649475,0,0,0]
[null,null,"Interest Expense",null,null,{"$f":"E14","v":3.5000000000000003E-2},null,null,{"$f":"I47*$F$51","v":33.705000000000005},{"$f":"J47*$F$51","v":32.149371425375556},31.173009060354332,30.649624288490159,23.478860313037156,18.012782989198413,13.850747960732033,10.685809321404458,8.2828974323165454,6.4620637103758334,5.0713588793842481,3.9628622399528024,3.0678050055783626,2.8902423486716629,2.7099260155766247,2.526761288806628,2.3406522700421566,2.1515019450066908,1.9592122571147865,1.7636841905828846,1.5648178637403016,1.3625126333277984,1.1566672106242046,0.94717979029806099,0.7339481929412941,0.51687002230578516,0.29584283833159503,7.0764347127773172E-2,0,0]
[]
[null,"Cash Flow Waterfall"]
[null,null,"Revenues from Interest Income on Subprime",null,null,null,null,null,{"$f":"I30","v":70},{"$f":"J30","v":53.329392850751113},40.593509264812198,30.869667604489095,23.450519136670515,17.793972714648447,13.484733418016969,10.204766922886131,7.7106226637979844,5.8160267136478767,5.6295293517024669,5.4372865736543412,5.238904537554002,5.0339665780120928,4.8220318474555386,4.6026338768633064,4.3752790512064186,4.1394449945336254,3.8945788593442296,3.6400955145717555,3.3753756261655887,3.099763623901139,2.812565547671368,2.5130467661124429,2.2004295599924322,1.8738905623430095,1.5325580468385456,1.1755090554231815,0.80176635565281484,0.41029521765363514]
[null,null,"Add: Repayment of Subprime Debt",null,null,null,null,null,{"$f":"I27","v":8.1515307035556184},{"$f":"J27","v":6.7160461466594743},5.5333504202327415,4.5589274112297558,3.756100294112195,3.0946510323190379,2.5496829855276553,2.1006838117762356,1.7307533925224405,1.8333870686990212,1.9421069218728728,2.0572738623399345,2.1792702023766926,2.3085009253776301,2.445395030252524,2.5904069555464986,2.7440180880104061,2.906738360629423,3.0791079454147479,3.2616990465778426,3.455117800039909,3.6600062855822753,3.8770446583173053,4.1069534065555207,4.3504957435642622,4.6084801411576226,4.8817630135282695,5.1712515602304965,5.4779067777521648,5.8027466496728684]
[null,null,"Add: Recoveries",null,null,null,null,null,{"$f":"I34","v":false},{"$f":"J34","v":false},0,200.1,152.44587870621851,116.03944576984172,88.243149823689535,67.034983989253845,50.865342002873625,38.547073670645645,29.171055160993067,22.041365643228239,0.72284903441052173,0.69967007656873514,0.67577704558275375,0.65112099252456879,0.62565013183864582,0.59930967246947398,0.57204163898158222,0.54378468207851194,0.51447387789203625,0.48404051537563991,0.45241187109677528,0.4195109706805803,0.3852563361134273,0.34956171806772718,0.31233581235968932,0.27348195959905941,0.23289782703405973,0.1904750715356478]
[null,null,null,"Total Reveneues",null,null,null,null,{"$f":"SUM(I54:I56)","v":78.151530703555622},{"$f":"SUM(J54:J56)","v":60.045438997410585},46.126859685044941,235.52859501571885,179.6524981370012,136.92806951680922,104.27756622723416,79.340434723916218,60.306718059194054,46.196487452992542,36.742691434568407,29.535926079222513,8.1410237743412175,8.0421375799584585,7.9432039232908167,7.8441618249343739,7.7449472710554703,7.6454930276325221,7.5457284437405594,7.44557924322811,7.3449673040975343,7.2438104248590545,7.1420220770854481,7.0395111433485438,6.9361816396701208,6.8319324215683599,6.7266568727265046,6.6202425752527372,6.5125709604390387,6.4035169388621513]
[null,null,"Less: Interest Paid",null,null,null,null,null,{"$f":"MAX(MIN(I57,I51),0)","v":33.705000000000005},{"$f":"MAX(MIN(J57,J51),0)","v":32.149371425375556},31.173009060354332,30.649624288490159,23.478860313037156,18.012782989198413,13.850747960732033,10.685809321404458,8.2828974323165454,6.4620637103758334,5.0713588793842481,3.9628622399528024,3.0678050055783626,2.8902423486716629,2.7099260155766247,2.526761288806628,2.3406522700421566,2.1515019450066908,1.9592122571147865,1.7636841905828846,1.5648178637403016,1.3625126333277984,1.1566672106242046,0.94717979029806099,0.7339481929412941,0.51687002230578516,0.29584283833159503,7.0764347127773172E-2,0,0]
[null,null,null,"Cash Flow After Interest",null,null,null,null,{"$f":"I57-I58","v":44.446530703555617},{"$f":"J57-J58","v":27.89606757203503},14.95385062469061,204.8789707272287,156.17363782396404,118.9152865276108,90.426818266502124,68.654625402511755,52.023820626877509,39.734423742616713,31.671332555184158,25.573063839269711,5.0732187687628549,5.1518952312867956,5.233277907714192,5.3174005361277459,5.4042950010133133,5.4939910826258309,5.5865161866257731,5.6818950526452259,5.7801494403572331,5.8812977915312565,5.9853548664612433,6.0923313530504828,6.2022334467288269,6.3150623992625743,6.4308140343949098,6.5494782281249639,6.5125709604390387,6.4035169388621513]
[null,null,"Less: Repayment",null,null,null,null,null,{"$f":"MAX(MIN(I59,I47),0)","v":44.446530703555617},{"$f":"MAX(MIN(J59,J47),0)","v":27.89606757203503},14.95385062469061,204.8789707272287,156.17363782396404,118.9152865276108,90.426818266502124,68.654625402511755,52.023820626877509,39.734423742616713,31.671332555184158,25.573063839269711,5.0732187687628549,5.1518952312867956,5.233277907714192,5.3174005361277459,5.4042950010133133,5.4939910826258309,5.5865161866257731,5.6818950526452259,5.7801494403572331,5.8812977915312565,5.9853548664612433,6.0923313530504828,6.2022334467288269,6.3150623992625743,6.4308140343949098,2.0218384893649475,0,0]
[null,null,null,"Cash Flow After Repayment",null,null,null,null,{"$f":"I59-I60","v":0},{"$f":"J59-J60","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4.5276397387600165,6.5125709604390387,6.4035169388621513]
[null,null,"Dividends",null,null,null,null,null,{"$f":"I61","v":0},{"$f":"J61","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4.5276397387600165,6.5125709604390387,6.4035169388621513]
[]
[null,null,"Equity cash Flow",null,null,null,null,{"$f":"-H43","v":-107},{"$f":"I62","v":0},{"$f":"J62","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,4.5276397387600165,6.5125709604390387,6.4035169388621513]
[null,null,"Equitty IRR",null,null,null,null,{"$f":"IFERROR(IRR(64:64),FALSE)","v":-6.0375159812351864E-2}]
[]
[null,null,"Debt Cash Flow",null,null,null,null,{"$f":"-H42","v":-963},{"$f":"I60+I58","v":78.151530703555622},{"$f":"J60+J58","v":60.045438997410585},46.126859685044941,235.52859501571885,179.6524981370012,136.92806951680922,104.27756622723416,79.340434723916218,60.306718059194054,46.196487452992542,36.742691434568407,29.535926079222513,8.1410237743412175,8.0421375799584585,7.9432039232908167,7.8441618249343739,7.7449472710554694,7.6454930276325221,7.5457284437405594,7.44557924322811,7.3449673040975352,7.2438104248590545,7.1420220770854481,7.0395111433485438,6.9361816396701208,6.831932421568359,6.7266568727265046,2.0926028364927207,0,0]
[null,null,"Debt IRR",null,null,null,null,{"$f":"IRR(67:67)","v":3.5000000000048104E-2}]
[]
[null,null,null,null,null,null,null,null,"Year of PD",{"$f":"E6","v":9}]
[]
[null,null,null,null,null,null,null,null,null,"Loss Given Default"]
[]
[null,null,null,null,null,null,null,{"$f":"J5","v":3.5000000000048104E-2},0.3,{"$f":"I74+10%","v":0.4},{"$f":"J74+10%","v":0.5},{"$f":"K74+10%","v":0.6},{"$f":"L74+10%","v":0.7}]
[null,null,null,null,null,null,null,0.02,3.5000000001687015E-2,3.5000000002738174E-2,3.5000000004349774E-2,3.5000000007273657E-2,3.5000000011985888E-2]
[null,null,null,null,null,null,null,{"$f":"H75+3%","v":0.05},3.5000000001725651E-2,3.500000000620096E-2,3.499999999999992E-2,3.4999999999999698E-2,3.4999999999998366E-2]
[null,null,null,null,null,null,null,{"$f":"H76+3%","v":0.08},3.500000000267578E-2,3.5000000000000142E-2,3.4999999999998588E-2,3.4999999999906217E-2,3.3891404764333055E-2]
[null,null,null,null,null,null,null,0.11,3.5000000008238885E-2,3.4999999999998144E-2,3.2037588451135246E-2,2.6108983255711316E-2,2.024534755677565E-2]
[null,null,null,null,null,null,"PD",0.14000000000000001,3.499999999999992E-2,2.8971661612144262E-2,2.1459975081514093E-2,1.4036072559123536E-2,6.7362000138233569E-3]
[null,null,null,null,null,null,null,0.17,2.9219339488762763E-2,2.0080872691788265E-2,1.1013396502303596E-2,2.08285688282972E-3,-6.6444749576130002E-3]
[null,null,null,null,null,null,null,0.2,2.2120815384761849E-2,1.1382245538669622E-2,7.251533445338243E-4,-9.7405146080655758E-3,-1.9903470169862381E-2]
[null,null,null,null,null,null,null,0.23,1.528871634258766E-2,2.9216761929804491E-3,-9.3713239603240295E-3,-2.1419109953018767E-2,-3.3045378098474631E-2]
[null,null,null,null,null,null,null,0.26,8.7718646799961331E-3,-5.2504512797962866E-3,-1.9235755193363957E-2,-3.2932109385995667E-2,-4.6071846296109942E-2]
[null,null,null,null,null,null,null,0.29000000000000004,2.6157942749627239E-3,-1.3080688405836871E-2,-2.8820539128158185E-2,-4.4251468859986653E-2,-5.8980576894499759E-2]
[null,null,null,null,null,null,null,0.32000000000000006,-3.1407792011054481E-3,-2.0515048178765705E-2,-3.8070842617711431E-2,-5.5340386891989723E-2,-7.1763981958103074E-2]
[]
[]
[null,null,null,null,null,null,null,null,"LGD",{"$f":"E8","v":0.13}]
[null,null,null,null,null,null,null,null,"Year of PD",{"$f":"J70","v":9}]
[]
[null,null,null,null,null,null,null,null,"Debt IRR","Equity IRR","Cum Def"]
[null,null,null,null,null,null,null,null,{"$f":"J5","v":3.5000000000048104E-2},{"$f":"J4","v":-6.0375159812351864E-2},{"$f":"INDEX(22:22,MATCH(J70,17:17))","v":0.90484830555082851}]
[null,null,null,null,null,null,null,0.02,3.5000000000781295E-2,0.10043151674832163,0.16625223786985033]
[null,null,null,null,null,null,null,{"$f":"H93+3%","v":0.05},3.5000000000227516E-2,8.6103497577638022E-2,0.36975059027539092]
[null,null,null,null,null,null,null,{"$f":"H94+3%","v":0.08},3.500000000007808E-2,7.0829021606592102E-2,0.52783863671344311]
[null,null,null,null,null,null,null,0.11,3.5000000000032561E-2,5.4366762159043347E-2,0.64964359629251467]
[null,null,null,null,null,null,"PD",0.14000000000000001,3.5000000000017017E-2,3.6304289179857507E-2,0.74267258268833647]
[null,null,null,null,null,null,null,0.17,3.5000000000012577E-2,1.5778716766395418E-2,0.81305974473245968]
[null,null,null,null,null,null,null,0.2,3.5000000000014797E-2,-9.8426357370449136E-3,0.86578227199999991]
[null,null,null,null,null,null,null,0.23,3.5000000000048104E-2,-6.0375159812351864E-2,0.90484830555082851]
[null,null,null,null,null,null,null,0.26,3.2153351707061573E-2,false,0.93345958922492056]
[null,null,null,null,null,null,null,0.29000000000000004,2.8517298381483203E-2,false,0.95415149928155096]
[null,null,null,null,null,null,null,0.32000000000000006,2.518411686454658E-2,false,0.96891289970357042]

{"sheet":"Assmptions","index":1,"n_rows":15,"n_cols":5,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
["Assumptions"]
[null,"Subprime Debt Assumptions"]
[null,null,null,"Rate Charged on Sub-prime Loans",7.0000000000000007E-2]
[null,null,null,"Subprime Repayment Years",30]
[null,null,null,"Initial PD",0.05]
[null,null,null,"Years of High Default",5]
[null,null,null,"Stable PD",0.01]
[null,null,null,"Delay in Recoveries",3]
[null,null,null,"LGD",0.3]
[null,"Financial Structure Assumptions"]
[null,null,null,"Amount of Subprime Loans",1000]
[null,null,null,"Loans/Equity",5]
[null,null,null,"Equity to Assets",{"$f":"1/E12","v":0.2}]
[null,null,null,"Interest Rate on Top-tier Debt",3.5000000000000003E-2]
[null,null,null,"Fees",7.0000000000000007E-2]

{"sheet":"Sheet2","index":2,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}