This page demonstrates how to model a case where there are multiple currencies and multiple debt issues. The case demonstrates how you can compute the effective yield in alternative currencies using the formula:
alternative currency interest rate = (1+other currency interest rate) * percent change in exchange rate – 1
along with the sculpting formula for the capture debt issue:
Debt service capture = Aggregate Dedibt Service/DSCR – Other Debt Service
Finally you can use the equation for the aggregate debt IRR from the aggregate debt service which includes a circular reference. I will continue this discussion, but for now I have included an example spreadsheet and also a video.