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[null,null,"Contents"]
[null,null,null,null,null," Colour Codes ",null,null,null,null," File Name: ",null,{"$f":"IFERROR(File_name(),\"\")","v":""}]
[null,null,"RAROC Analysis",null,null,null," Inputs ",null,"1234567890"]
[null,null,null,null,null,null," Section Titles ",null,"TITLE ROW",null," Last Save Date ",null,{"$f":"IFERROR(lastsaved(),\"\")","v":""}]
[null,null,"IRR Analysis",null,null,null," Sum Column ",null,"1000000000"]
[null,null,null,"Date",null,null," True or 1 ",null,{"$f":"1=1","v":true},null," Last Save By",null,{"$f":"IFERROR(last_save_by(),\"\")","v":""}]
[null,null,null,"Grace Period",null,null," False or 0 ",null,{"$f":"1=2","v":false}]
[null,null,null,"Repayment Period",null,null," Other Sheet Links ",null,"|||||||||||||||||||"]
[null,null,null,"General Inputs"]
[null,null,null,"Inputs"]
[null,null,null,"Cash Flow"]
[null,null,null,"Cummulative Probability Trends"]
[null,null,null,"Calculation of Equivalent Cumulative PD with Loan Balance"]
[null,null,null,"Loss on Loan from Risk Rating"]
[null,null,null,"Balance Sheet"]
[null,null,null,"Profit and Loss"]
[null,null,null,"Implied Equity Funding"]
[null,null,null,"Alternative Method of Computing Implied Default"]
[]
[null,null,"Loan Inputs"]
[]
[null,null,"Weights and Defaults"]
[]
[null,null,"Bond Rating Simulation"]
[null,null,null,"Project Finance "]
[null,null,null,"Real Estate"]
[]
[null,null,"Rating and PD"]
[null,null,null,"Inputs for Default Probability"]
[null,null,null,"Updated Default Study"]
[null,null,null,"Hypothetical Cash Flow"]
[null,null,null,"Cumulative PD from Risk Rating"]
[null,null,null,"Implied PD from Risk"]
[null,null,null,"Alternative PD Estimates"]
[]
[null,null,"Capital Allocation"]
[null,null,null,"Risk Rating"]
[null,null,null,"Capital %"]
[null,null,null,"Loan"]
[null,null,null,"Capital Allocation"]
[null,null,null,"AAA/AA"]
[null,null,null,"A "]
[null,null,null,"BBB "]
[null,null,null,"BB- below"]
[null,null,null,"Rating Scale"]
[null,null,null,"Capital Assignment"]
[null,null,null,"Risk Category"]
[null,null,null,"Commercial"]
[null,null,null,"Com Real Estate"]
[null,null,null,"Construction"]
[null,null,null,"Consumer"]
[null,null,null,"Residential"]
[null,null,null,"Total Loans"]
[null,null,null,"Commercial"]
[null,null,null,"Com Real Estate"]
[null,null,null,"Construction"]
[null,null,null,"Consumer"]
[null,null,null,"Residential"]
[null,null,null,"Total Loans"]
[null,null,null,"•Multiply Book Value of Loans by"]
[null,null,null,"•1.6%"]
[null,null,null,"•4.0%"]
[null,null,null,"•8.0%"]
[null,null,null,"•12.0%"]
[null,null,null,"•8.0%"]
[null,null,null,"•Exposure at default accounts for collateral, credit derivatives, quarantees."]
[null,null,null,"•Problems: too much capital allocation for high rated credits and too little for below BB- credits"]
[null,null,null,"•More than 70% of credits unrated."]
[]
[null,null,"Audits"]
[null,null,null,"Industry Weight not 100%"]
[null,null,null,"Management Weight not 100%"]
[null,null,null,"Collateral Weight not 100%"]
[null,null,null,"Enhancement Weight not 100%"]
[null,null,null,"Ratio Weight not 100%"]
[null,null,null,"Total Business not 100%"]
[null,null,null,"Garce Period Doesn’t Match"]
[null,null,null,"Level Maturity Doesn't Match"]
[null,null,null,"Mtg Maturity Doesn't Match"]
[null,null,null,"Maturity Doesn’t Match"]
[]
[null,null,"RAROC Example"]
[]
[null,null,"Notes"]
[null,null,null,"Idea of RAROC"]
[null,null,null,"Computes profit and used as management tool"]
[null,null,null,"Can be highly complex"]
[null,null,null,"Requires risk assessment of loans"]
[null,null,null,"Can be used for portfolio of for individual loans"]

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["          ",null,null,null,null,null,null,null,null,null,null,null,"Loan Date","2018-01-01",null,"Currency",null,"USD","Periods",12]
[]
[null,null,null,"RAROC Outputs for Loan",null,null,null,null,null,null,null,null,"Business Risk Rating",{"$f":"SUMPRODUCT(T8:T22,U8:U22)","v":5.92},null,"Simulated Credit Rating",null,null,{"$f":"U26","v":{"$error":"#N/A"}}]
[null,null,null,null,"Overall IRR on Loan without Risk Adjustment",null,null,{"$f":"'IRR Analysis'!F55","v":7.5447021976492223E-2}]
[null,null,null,null,"NPV of Risk Premium Earned Before Risk Adj",null,null,{"$f":"'IRR Analysis'!G66","v":2003.1824897039969},null,"Risk Input Data",null,null,null,"Input","Default","Rating","Weight",null,null,"Rating","Weight"]
[null,null,null,null,"Implied Max Cumulative Loss Probability",null,null,{"$f":"'IRR Analysis'!F111","v":0.32129315166315792},null,null,"Industry Assesment"]
[null,null,null,null,"Risk Rating from Analysis",null,null,{"$f":"IF(U28=\"\",T26,U28)","v":0.9335000138282783},null,null,null,"Industry Price Variation",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L7,'Weights and Defaults'!E:E,0)),\"\")","v":7},{"$f":"IF(N7,N7,O7)","v":7},{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L7,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.2}]
[null,null,null,null,"Probability of Defalut from Risk Assessment",null,null,{"$f":"'Rating and PD'!E81","v":8.0936000221252438E-3},null,null,null,"Industry Capital Intensity",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L8,'Weights and Defaults'!E:E,0)),\"\")","v":6},{"$f":"IF(N8,N8,O8)","v":6},{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L8,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.2},null,"Industry",{"$f":"SUMPRODUCT(P7:P11,Q7:Q11)","v":5.7000000000000011},0.6]
[null,null,null,null,"Capital Allocation From Risk Rating",null,null,{"$f":"'Capital Allocation'!C3","v":1.6E-2},null,null,null,"Oblosense Risk",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L9,'Weights and Defaults'!E:E,0)),\"\")","v":4},4,{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L9,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.1}]
[null,null,null,null,"New Capital Required for Loan",null,null,{"$f":"'IRR Analysis'!F171","v":206},null,null,null,"Operating Leverage",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L10,'Weights and Defaults'!E:E,0)),\"\")","v":6},6,{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L10,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.2}]
[null,null,null,null,"Final RAROC (From IRR Analysis)",null,null,{"$f":"'IRR Analysis'!F169","v":1.6341472268104553},null,null,null,"Contract Strength",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L11,'Weights and Defaults'!E:E,0)),\"\")","v":5},5,{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L11,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.3}]
[null,null,null,"Loan Terms Input",null,null,null,null,null,null,"Management Assessment",null,null,null,null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L12,'Weights and Defaults'!$E:$E,0)),\"\")","v":""}]
[null,null,null,null,"Credit Spread and Fees",null,null,null,null,null,null,"Company Size",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L13,'Weights and Defaults'!E:E,0)),\"\")","v":5},5,{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L13,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.05}]
[null,null,null,null,null,{"$f":"\"Loan Amount (\"&R1&\" 000's)\"","v":"Loan Amount (USD 000's)"},null,{"$f":"'Loan Inputs'!E5","v":10000},null,null,null,"Prior Projects",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L14,'Weights and Defaults'!E:E,0)),\"\")","v":5},5,{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L14,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.2},null,"Mgmt",{"$f":"SUMPRODUCT(Q13:Q16,P13:P16)","v":5},0.3]
[null,null,null,null,null,{"$f":"\"Base Interest Rate (\"&R1&\" Percent)\"","v":"Base Interest Rate (USD Percent)"},null,{"$f":"'Loan Inputs'!E6","v":0.03},null,null,null,"Reputation Assessment",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L15,'Weights and Defaults'!E:E,0)),\"\")","v":5},5,{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L15,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.05}]
[null,null,null,null,null,"Credit Spread (Annual Percent)",null,{"$f":"'Loan Inputs'!E7","v":3.9E-2},null,null,null,"Excessive Project IRR",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L16,'Weights and Defaults'!E:E,0)),\"\")","v":5},5,{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L16,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.7}]
[null,null,null,null,null,"Up-front Fee (Annual Percent)",null,{"$f":"'Loan Inputs'!E8","v":0.01},null,null,"Collateral",null,null,null,null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L17,'Weights and Defaults'!$E:$E,0)),\"\")","v":""}]
[null,null,null,null,null,"Commitment Fee (Annual Percent)",null,{"$f":"'Loan Inputs'!E9","v":1.4999999999999999E-2},null,null,null,"Collateral Included",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L18,'Weights and Defaults'!E:E,0)),\"\")","v":5},{"$f":"IF(N18,N18,O18)","v":5},{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L18,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.5},null,"Collateral",{"$f":"SUMPRODUCT(P18:P19,Q18:Q19)","v":5},0.1]
[null,null,null,null,null,{"$f":"\"Other Fees \"&R1&\" 000's)\"","v":"Other Fees USD 000's)"},null,{"$f":"'Loan Inputs'!E10","v":0},null,null,null,"Value of Collateral/Loan",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L19,'Weights and Defaults'!E:E,0)),\"\")","v":5},5,{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L19,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.5}]
[null,null,null,null,"Loan Repayment",null,null,null,null,null,"Credit Enhancements",null,null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L20,'Weights and Defaults'!E:E,0)),\"\")","v":""},"",{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L20,'Weights and Defaults'!$E:$E,0)),\"\")","v":""}]
[null,null,null,null,null,"Maturity",null,{"$f":"'Loan Inputs'!E12","v":10},null,null,null,"DSRA",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L21,'Weights and Defaults'!E:E,0)),\"\")","v":5},5,{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L21,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.5},null,"Enhance",{"$f":"SUMPRODUCT(P21:P22,Q21:Q22)","v":5},0.1]
[null,null,null,null,null,"Grace Period",null,{"$f":"'Loan Inputs'!E13","v":0},null,null,null,"Dividend Lock-up Covenant",null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L22,'Weights and Defaults'!E:E,0)),\"\")","v":5},5,{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L22,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.5}]
[null,null,null,null,null,"Repayments (1-Mtg,2-Level,3-Sculpt)",null,{"$f":"'Loan Inputs'!E14","v":1},null,null,"Capital Assessment",null,null,null,{"$f":"IFERROR(INDEX('Weights and Defaults'!G:G,MATCH(L23,'Weights and Defaults'!E:E,0)),\"\")","v":""},"",{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L23,'Weights and Defaults'!$E:$E,0)),\"\")","v":""}]
[null,null,null,"Loan Expense and Deposit Inputs",null,null,null,null,null,null,null,"Debt to Capital Ratio",null,null,{"$f":"'Loan Inputs'!E19","v":0.49},{"$f":"CHOOSE(Notes!S20,'Bond Rating Simulation'!Q22,'Bond Rating Simulation'!Q49,'Bond Rating Simulation'!Q75)","v":1.7520000000000029},{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L24,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.2}]
[null,null,null,null,"Cost of Deposits/Funds (USD Percent)",null,null,{"$f":"H15","v":0.03},null,null,null,"Coverage Ratio - Minimum",null,null,{"$f":"'Loan Inputs'!E16","v":1.89},{"$f":"CHOOSE(Notes!S20,'Bond Rating Simulation'!E22,'Bond Rating Simulation'!E49,'Bond Rating Simulation'!E75)","v":3.254999983787533},{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L25,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.1}]
[null,null,null,null,"Return on Safe Investments (USD Percent)",null,null,1.4999999999999999E-2,null,null,null,"Coverage Ratio - Average",null,null,{"$f":"'Loan Inputs'!E17","v":2.81},{"$f":"CHOOSE(Notes!S20,'Bond Rating Simulation'!E22,'Bond Rating Simulation'!K49,'Bond Rating Simulation'!K75)","v":2.5760001544952433},{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L26,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.1},null,"Capital",{"$f":"SUMPRODUCT(P24:P28,Q24:Q28)","v":0.9335000138282783},{"$f":"INDEX('Bond Rating Simulation'!E3:I3,MATCH(T26,'Bond Rating Simulation'!E2:H2)+1)","v":{"$error":"#N/A"}}]
[null,null,null,null,"Loan Expenses - Annual",null,null,5.0000000000000001E-3,null,null,null,"Debt to EBITDA",null,null,{"$f":"'Loan Inputs'!E24","v":4.5},{"$f":"CHOOSE(Notes!S20,'Bond Rating Simulation'!K23,0,0)","v":0},{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L27,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.2}]
[null,null,null,null,"Loss Given Default Estimate",null,null,0.6,null,null,null,"PLCR/Loan to Value",null,null,{"$f":"'Loan Inputs'!E26","v":0.6},null,{"$f":"IFERROR(INDEX('Weights and Defaults'!$H:$H,MATCH(L28,'Weights and Defaults'!$E:$E,0)),\"\")","v":0.4},null,"Input Rating"]

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2>=$F$3,DS2<$F$4)","v":false},{"$f":"AND(DT2>=$F$3,DT2<$F$4)","v":false},{"$f":"AND(DU2>=$F$3,DU2<$F$4)","v":false},{"$f":"AND(DV2>=$F$3,DV2<$F$4)","v":false},{"$f":"AND(DW2>=$F$3,DW2<$F$4)","v":false},{"$f":"AND(DX2>=$F$3,DX2<$F$4)","v":false},{"$f":"AND(DY2>=$F$3,DY2<$F$4)","v":false}]
[null,null,null,null,null,null,{"$f":"SUM(G3:G4)/F8","v":10}]
[null,"General Inputs"]
[null,null,"Months in Period",null,null,{"$f":"'RAROC Analysis'!T1","v":12}]
[null,null,"Periods in Year",null,null,{"$f":"12/F7","v":1}]
[]
[null,"Inputs"]
[null,null,"Loan Amount",null,null,{"$f":"'RAROC Analysis'!H14","v":10000}]
[null,null,"Credit Spread",null,null,{"$f":"'RAROC Analysis'!H16","v":3.9E-2}]
[null,null,"Base Rate",null,null,{"$f":"'RAROC Analysis'!H15","v":0.03}]
[null,null,"Total Rate Added",null,null,{"$f":"F12+F13","v":6.9000000000000006E-2}]
[]
[null,null,"Cost of Funds",null,null,{"$f":"'RAROC Analysis'!H25","v":0.03}]
[null,null,"Implied Effective Credit Spread ",null,null,{"$f":"F58","v":4.4123322307273893E-2}]
[]
[null,null,"Up Front Fees",null,null,{"$f":"'RAROC Analysis'!H17","v":0.01}]
[null,null,"Commitment Fees",null,null,{"$f":"'RAROC Analysis'!H18","v":1.4999999999999999E-2}]
[null,null,"Other Fees",null,null,{"$f":"'RAROC Analysis'!H19","v":0}]
[]
[null,null,"Maturity",null,null,{"$f":"'RAROC Analysis'!H21","v":10}]
[null,null,"Grace Period",null,null,{"$f":"IF('RAROC Analysis'!H22>0,'RAROC Analysis'!H22,1/F8)","v":1}]
[null,null,"Repayments (1-Mtg,2-Level,3-Sculpt)",null,null,{"$f":"'RAROC Analysis'!H23","v":1}]
[]
[null,null,"End of Grace Period",null,null,{"$f":"EDATE(H2,F24*12)","v":"2019-01-01"}]
[null,null,"End of Repayment Period",null,null,{"$f":"EDATE(H2,F23*12)","v":"2028-01-01"}]
[]
[null,"Cash Flow"]
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[null,null,"Loan Balance"]
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[null,null,null,"Add: Draws",null,null,null,{"$f":"H32","v":10000},{"$f":"I32","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,{"$f":"AP32","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB32","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]
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[null,null,null,"Closing Balance",null,null,null,{"$f":"H40+H41-H42","v":10000},{"$f":"I40+I41-I42","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,{"$f":"AP40+AP41-AP42","v":0},{"$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},{"$f":"DX40+DX41-DX42","v":0},{"$f":"DY40+DY41-DY42","v":0}]
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[null,null,null,"Commitment Fee",null,{"$f":"F20","v":1.4999999999999999E-2},null,{"$f":"$F$48*H47","v":150},{"$f":"$F$48*I47","v":0},{"$f":"$F$48*J47","v":0},{"$f":"$F$48*K47","v":0},{"$f":"$F$48*L47","v":0},{"$f":"$F$48*M47","v":0},{"$f":"$F$48*N47","v":0},{"$f":"$F$48*O47","v":0},{"$f":"$F$48*P47","v":0},{"$f":"$F$48*Q47","v":0},{"$f":"$F$48*R47","v":0},{"$f":"$F$48*S47","v":0},{"$f":"$F$48*T47","v":0},{"$f":"$F$48*U47","v":0},{"$f":"$F$48*V47","v":0},{"$f":"$F$48*W47","v":0},{"$f":"$F$48*X47","v":0},{"$f":"$F$48*Y47","v":0},{"$f":"$F$48*Z47","v":0},{"$f":"$F$48*AA47","v":0},{"$f":"$F$48*AB47","v":0},{"$f":"$F$48*AC47","v":0},{"$f":"$F$48*AD47","v":0},{"$f":"$F$48*AE47","v":0},{"$f":"$F$48*AF47","v":0},{"$f":"$F$48*AG47","v":0},{"$f":"$F$48*AH47","v":0},{"$f":"$F$48*AI47","v":0},{"$f":"$F$48*AJ47","v":0},{"$f":"$F$48*AK47","v":0},{"$f":"$F$48*AL47","v":0},{"$f":"$F$48*AM47","v":0},{"$f":"$F$48*AN47","v":0},{"$f":"$F$48*AO47","v":0},{"$f":"$F$48*AP47","v":0},{"$f":"$F$48*AQ47","v":0},{"$f":"$F$48*AR47","v":0},{"$f":"$F$48*AS47","v":0},{"$f":"$F$48*AT47","v":0},{"$f":"$F$48*AU47","v":0},{"$f":"$F$48*AV47","v":0},{"$f":"$F$48*AW47","v":0},{"$f":"$F$48*AX47","v":0},{"$f":"$F$48*AY47","v":0},{"$f":"$F$48*AZ47","v":0},{"$f":"$F$48*BA47","v":0},{"$f":"$F$48*BB47","v":0},{"$f":"$F$48*BC47","v":0},{"$f":"$F$48*BD47","v":0},{"$f":"$F$48*BE47","v":0},{"$f":"$F$48*BF47","v":0},{"$f":"$F$48*BG47","v":0},{"$f":"$F$48*BH47","v":0},{"$f":"$F$48*BI47","v":0},{"$f":"$F$48*BJ47","v":0},{"$f":"$F$48*BK47","v":0},{"$f":"$F$48*BL47","v":0},{"$f":"$F$48*BM47","v":0},{"$f":"$F$48*BN47","v":0},{"$f":"$F$48*BO47","v":0},{"$f":"$F$48*BP47","v":0},{"$f":"$F$48*BQ47","v":0},{"$f":"$F$48*BR47","v":0},{"$f":"$F$48*BS47","v":0},{"$f":"$F$48*BT47","v":0},{"$f":"$F$48*BU47","v":0},{"$f":"$F$48*BV47","v":0},{"$f":"$F$48*BW47","v":0},{"$f":"$F$48*BX47","v":0},{"$f":"$F$48*BY47","v":0},{"$f":"$F$48*BZ47","v":0},{"$f":"$F$48*CA47","v":0},{"$f":"$F$48*CB47","v":0},{"$f":"$F$48*CC47","v":0},{"$f":"$F$48*CD47","v":0},{"$f":"$F$48*CE47","v":0},{"$f":"$F$48*CF47","v":0},{"$f":"$F$48*CG47","v":0},{"$f":"$F$48*CH47","v":0},{"$f":"$F$48*CI47","v":0},{"$f":"$F$48*CJ47","v":0},{"$f":"$F$48*CK47","v":0},{"$f":"$F$48*CL47","v":0},{"$f":"$F$48*CM47","v":0},{"$f":"$F$48*CN47","v":0},{"$f":"$F$48*CO47","v":0},{"$f":"$F$48*CP47","v":0},{"$f":"$F$48*CQ47","v":0},{"$f":"$F$48*CR47","v":0},{"$f":"$F$48*CS47","v":0},{"$f":"$F$48*CT47","v":0},{"$f":"$F$48*CU47","v":0},{"$f":"$F$48*CV47","v":0},{"$f":"$F$48*CW47","v":0},{"$f":"$F$48*CX47","v":0},{"$f":"$F$48*CY47","v":0},{"$f":"$F$48*CZ47","v":0},{"$f":"$F$48*DA47","v":0},{"$f":"$F$48*DB47","v":0},{"$f":"$F$48*DC47","v":0},{"$f":"$F$48*DD47","v":0},{"$f":"$F$48*DE47","v":0},{"$f":"$F$48*DF47","v":0},{"$f":"$F$48*DG47","v":0},{"$f":"$F$48*DH47","v":0},{"$f":"$F$48*DI47","v":0},{"$f":"$F$48*DJ47","v":0},{"$f":"$F$48*DK47","v":0},{"$f":"$F$48*DL47","v":0},{"$f":"$F$48*DM47","v":0},{"$f":"$F$48*DN47","v":0},{"$f":"$F$48*DO47","v":0},{"$f":"$F$48*DP47","v":0},{"$f":"$F$48*DQ47","v":0},{"$f":"$F$48*DR47","v":0},{"$f":"$F$48*DS47","v":0},{"$f":"$F$48*DT47","v":0},{"$f":"$F$48*DU47","v":0},{"$f":"$F$48*DV47","v":0},{"$f":"$F$48*DW47","v":0},{"$f":"$F$48*DX47","v":0},{"$f":"$F$48*DY47","v":0}]
[null,null,null,"Up-front Fee",null,{"$f":"F19","v":0.01},{"$f":"F47","v":10000},{"$f":"G49*F49","v":100}]
[null,null,null,"Other Fees",null,{"$f":"F21","v":0},null,{"$f":"F50","v":0}]
[]
[null,null,null,"Total Cash Flow",null,null,null,{"$f":"H44+H42-H41+H48+H49+H50","v":-9750},{"$f":"I44+I42-I41+I48+I49+I50","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,{"$f":"AP44+AP42-AP41+AP48+AP49+AP50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB44+DB42-DB41+DB48+DB49+DB50","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,null,"Periodic IRR from Cash Flow",null,{"$f":"IRR(52:52)","v":7.5447021976492223E-2}]
[null,null,null,"Simple IRR ",null,{"$f":"F53*F8","v":7.5447021976492223E-2}]
[null,null,null,"Annualised IRR from Cash Flow",null,{"$f":"(1+F53)^(F8)-1","v":7.5447021976492223E-2}]
[null,null,null,"Cost of Funding - Periodic",null,{"$f":"(1+F13)^(1/F8)-1","v":3.0000000000000027E-2}]
[]
[null,null,null,"Effective Periodic CS from Periodic 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[]
[null,null,null,"Funding Cost after Time Value Adjustment and Fees",null,null,null,{"$f":"(H41-H48-H49-H50)/H58","v":9750},{"$f":"(I41-I48-I49-I50)/I58","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,{"$f":"(BU41-BU48-BU49-BU50)/BU58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Final Period Before Repayment",null,null,null,{"$f":"AND(H3,(I4))","v":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,{"$f":"AND(AN3,(AO4))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BT3,(BU4))","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,{"$f":"AND(CZ3,(DA4))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Cost of Funding Check",null,{"$f":"IRR(H64:BA64)","v":3.0000000000000027E-2},null,{"$f":"H59-H62","v":-9750},{"$f":"I59-I62","v":1724.9984485846628},1581.7783037313345,1447.5822586230611,1321.9033818612331,1204.2614713609801,1094.2017005357238,991.29333116955593,895.12848975880127,805.32100425706369,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU59-BU62","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"NPV of Risk Premium Earned",null,{"$f":"F16","v":0.03},{"$f":"XNPV(F66,H60:DY60,H2:DY2)","v":2003.1824897039969}]
[null,null,null,"PV of Risk Premium/Loan",null,{"$f":"G66/F47","v":0.20031824897039968}]
[]
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[]
[null,null,"Annual Default Rate Percent 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[null,null,"Periodic Default Rate Percent 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295596E-2},{"$f":"IF(AND(BO76>0,MONTH($H$2)=MONTH(BO2)),BO78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(BP76>0,MONTH($H$2)=MONTH(BP2)),BP78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(BQ76>0,MONTH($H$2)=MONTH(BQ2)),BQ78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(BR76>0,MONTH($H$2)=MONTH(BR2)),BR78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(BS76>0,MONTH($H$2)=MONTH(BS2)),BS78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(BT76>0,MONTH($H$2)=MONTH(BT2)),BT78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(BU76>0,MONTH($H$2)=MONTH(BU2)),BU78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(BV76>0,MONTH($H$2)=MONTH(BV2)),BV78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(BW76>0,MONTH($H$2)=MONTH(BW2)),BW78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(BX76>0,MONTH($H$2)=MONTH(BX2)),BX78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(BY76>0,MONTH($H$2)=MONTH(BY2)),BY78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(BZ76>0,MONTH($H$2)=MONTH(BZ2)),BZ78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CA76>0,MONTH($H$2)=MONTH(CA2)),CA78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CB76>0,MONTH($H$2)=MONTH(CB2)),CB78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CC76>0,MONTH($H$2)=MONTH(CC2)),CC78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CD76>0,MONTH($H$2)=MONTH(CD2)),CD78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CE76>0,MONTH($H$2)=MONTH(CE2)),CE78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CF76>0,MONTH($H$2)=MONTH(CF2)),CF78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CG76>0,MONTH($H$2)=MONTH(CG2)),CG78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CH76>0,MONTH($H$2)=MONTH(CH2)),CH78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CI76>0,MONTH($H$2)=MONTH(CI2)),CI78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CJ76>0,MONTH($H$2)=MONTH(CJ2)),CJ78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CK76>0,MONTH($H$2)=MONTH(CK2)),CK78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CL76>0,MONTH($H$2)=MONTH(CL2)),CL78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CM76>0,MONTH($H$2)=MONTH(CM2)),CM78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CN76>0,MONTH($H$2)=MONTH(CN2)),CN78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CO76>0,MONTH($H$2)=MONTH(CO2)),CO78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CP76>0,MONTH($H$2)=MONTH(CP2)),CP78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CQ76>0,MONTH($H$2)=MONTH(CQ2)),CQ78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CR76>0,MONTH($H$2)=MONTH(CR2)),CR78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CS76>0,MONTH($H$2)=MONTH(CS2)),CS78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CT76>0,MONTH($H$2)=MONTH(CT2)),CT78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CU76>0,MONTH($H$2)=MONTH(CU2)),CU78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CV76>0,MONTH($H$2)=MONTH(CV2)),CV78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CW76>0,MONTH($H$2)=MONTH(CW2)),CW78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CX76>0,MONTH($H$2)=MONTH(CX2)),CX78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CY76>0,MONTH($H$2)=MONTH(CY2)),CY78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(CZ76>0,MONTH($H$2)=MONTH(CZ2)),CZ78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DA76>0,MONTH($H$2)=MONTH(DA2)),DA78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DB76>0,MONTH($H$2)=MONTH(DB2)),DB78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DC76>0,MONTH($H$2)=MONTH(DC2)),DC78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DD76>0,MONTH($H$2)=MONTH(DD2)),DD78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DE76>0,MONTH($H$2)=MONTH(DE2)),DE78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DF76>0,MONTH($H$2)=MONTH(DF2)),DF78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DG76>0,MONTH($H$2)=MONTH(DG2)),DG78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DH76>0,MONTH($H$2)=MONTH(DH2)),DH78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DI76>0,MONTH($H$2)=MONTH(DI2)),DI78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DJ76>0,MONTH($H$2)=MONTH(DJ2)),DJ78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DK76>0,MONTH($H$2)=MONTH(DK2)),DK78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DL76>0,MONTH($H$2)=MONTH(DL2)),DL78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DM76>0,MONTH($H$2)=MONTH(DM2)),DM78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DN76>0,MONTH($H$2)=MONTH(DN2)),DN78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DO76>0,MONTH($H$2)=MONTH(DO2)),DO78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DP76>0,MONTH($H$2)=MONTH(DP2)),DP78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DQ76>0,MONTH($H$2)=MONTH(DQ2)),DQ78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DR76>0,MONTH($H$2)=MONTH(DR2)),DR78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DS76>0,MONTH($H$2)=MONTH(DS2)),DS78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DT76>0,MONTH($H$2)=MONTH(DT2)),DT78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DU76>0,MONTH($H$2)=MONTH(DU2)),DU78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DV76>0,MONTH($H$2)=MONTH(DV2)),DV78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DW76>0,MONTH($H$2)=MONTH(DW2)),DW78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DX76>0,MONTH($H$2)=MONTH(DX2)),DX78/$F$8,0)","v":3.2635467980295596E-2},{"$f":"IF(AND(DY76>0,MONTH($H$2)=MONTH(DY2)),DY78/$F$8,0)","v":3.2635467980295596E-2}]
[]
[null,"Calculation of Equivalent Cumulative PD with Loan Balance"]
[null,null,"Maturity",null,null,{"$f":"F23-F24","v":9},{"$f":"F82*F8","v":9}]
[null,null,"Interest Rate",null,null,{"$f":"F44","v":6.9000000000000006E-2}]
[null,null,"Loan Balance",null,null,{"$f":"F11","v":10000}]
[]
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[null,null,null,"Repayment Date",null,{"$f":"G3+G4","v":10},null,{"$f":"H88","v":false},false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AN88","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,{"$f":"BT88","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"CZ88","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]
[null,null,null,"Repayment Loss",null,null,null,{"$f":"H101*H99","v":0},{"$f":"I101*I99","v":0},0,0,0,0,0,0,0,1927.7589099789475,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU101*BU99","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total Loss from Default",null,null,null,{"$f":"H100+H102","v":0},{"$f":"I100+I102","v":7.3574728703999996},22.750080586105256,40.95014505498947,58.666165256084192,74.63962609313684,89.838616101726316,102.52057591781053,113.75040293052633,2051.6742425330526,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU100+BU102","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,"Cash Flow with Default",null,{"$f":"SUM(H104:DY104)","v":1137.8526726561686},null,{"$f":"H91-H103","v":-9750},{"$f":"I91-I103","v":1793.7536382407113},1701.6943638583391,1606.8276327227884,1512.4449458550268,1419.8048183513074,1327.9391616760515,1238.5905351933006,1150.6940415139179,-863.89646475527502,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU91-BU103","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,"Cost of Funding",null,null,{"$f":"F64","v":3.0000000000000027E-2},{"$f":"NPV(F106,H104:DY104)","v":-3.2225371643390351E-3}]
[null,null,"IRR Realised",null,null,{"$f":"IRR(H104:DY104)","v":2.9999904743880812E-2}]
[null,null,"Difference",null,null,{"$f":"F106-F107","v":9.5256119214681689E-8}]
[null,null,"Target"]
[null,null,"Function",null,null,{"$f":"p_def(F97,F106,H91:DY91,H92:DY92,F95,F100,G3+G4)","v":1.7771673599999996E-2}]
[null,null,"Cumulative Default",null,null,{"$f":"LOOKUP(F101,90:90,93:93)","v":0.32129315166315792}]
[]
[null,null,"Total Defaults",null,null,{"$f":"SUM(98:98)","v":1927.7589099789475}]
[null,null,"Percent of Original Loan",null,null,{"$f":"F113/F97","v":0.19277589099789474}]
[]
[]
[null,"Loss on Loan from Risk Rating"]
[null,null,"Year",null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
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[null,null,"Loss Given Default",null,null,{"$f":"'RAROC Analysis'!H28","v":0.6},null,{"$f":"$F$123","v":0.6},{"$f":"$F$123","v":0.6},0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,{"$f":"$F$123","v":0.6},0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6]
[null,null,"Net Loss Percent",null,null,null,null,{"$f":"H122*H123","v":1.0404000331878679E-4},{"$f":"I122*I123","v":2.8404000331878687E-4},3.9989999170303295E-4,6.5202000165939323E-4,6.6797999834060644E-4,6.600000000000001E-4,5.6808000663757395E-4,5.3202000165939334E-4,4.6404000331878663E-4,5.2404000331878582E-4,4.4010000829696817E-4,3.8808000663757348E-4,4.4808000663757418E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,{"$f":"BU122*BU123","v":4.1999999999999953E-4},4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4,4.1999999999999953E-4]
[null,null,"Loan Balance for Loss Measurement",null,null,{"$f":"F32","v":10000},null,{"$f":"$F$125","v":10000},{"$f":"$F$125","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,{"$f":"$F$125","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000]
[null,null,"Losses ",null,null,null,null,{"$f":"H124*H125*(H3+H4)","v":1.0404000331878678},2.8404000331878687,3.9989999170303294,6.5202000165939324,6.6797999834060642,6.6000000000000014,5.6808000663757392,5.3202000165939332,4.6404000331878663,5.240400033187858,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN124*AN125*(AN3+AN4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT124*BT125*(BT3+BT4)","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,{"$f":"CZ124*CZ125*(CZ3+CZ4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Loan Balance"]
[null,null,null,"Opening Balance",null,null,null,{"$f":"G133","v":0},{"$f":"H133","v":9750},8666.6666666666661,7583.333333333333,6500,5416.666666666667,4333.3333333333339,3250.0000000000009,2166.6666666666679,1083.3333333333346,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"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,"Add: Draws",null,null,null,{"$f":"H41","v":10000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN41","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,{"$f":"BT41","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CZ41","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,null,"Less: Fees",null,null,null,{"$f":"H48+H49+H50","v":250},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN48+AN49+AN50","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,{"$f":"BT48+BT49+BT50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CZ48+CZ49+CZ50","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,null,"Less: Repayment",null,null,null,{"$f":"$F$135*H36","v":0},1083.3333333333333,1083.3333333333333,1083.3333333333333,1083.3333333333333,1083.3333333333333,1083.3333333333333,1083.3333333333333,1083.3333333333333,1083.3333333333333,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$135*AN36","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$135*BT36","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$135*CZ36","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,{"$f":"H129+H130-H131-H132","v":9750},{"$f":"I129+I130-I131-I132","v":8666.6666666666661},7583.333333333333,6500,5416.666666666667,4333.3333333333339,3250.0000000000009,2166.6666666666679,1083.3333333333346,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU129+BU130-BU131-BU132","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,"Accumulated Debt",null,{"$f":"SUM(130:130)-SUM(131:131)","v":9750}]
[]
[null,"Balance Sheet"]
[null,null,"Assets"]
[null,null,null,"Investments in Liquid Assets",null,null,{"$f":"'RAROC Analysis'!H9","v":1.6E-2},{"$f":"$G$139*H140","v":156},{"$f":"$G$139*I140","v":138.66666666666666},121.33333333333333,104,86.666666666666671,69.333333333333343,52.000000000000014,34.666666666666686,17.333333333333353,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$G$139*BU140","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Loan Balance",null,null,null,{"$f":"H133","v":9750},{"$f":"I133","v":8666.6666666666661},7583.333333333333,6500,5416.666666666667,4333.3333333333339,3250.0000000000009,2166.6666666666679,1083.3333333333346,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU133","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,null,"Total Assets",null,null,{"$f":"SUM(H139:H140)","v":9906},{"$f":"SUM(I139:I140)","v":8805.3333333333321},7704.6666666666661,6604,5503.3333333333339,4402.666666666667,3302.0000000000009,2201.3333333333344,1100.6666666666679,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BU139:BU140)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Liabilities and Capital"]
[null,null,null,"Deposits",null,null,null,{"$f":"H140","v":9750},{"$f":"I140","v":8666.6666666666661},7583.333333333333,6500,5416.666666666667,4333.3333333333339,3250.0000000000009,2166.6666666666679,1083.3333333333346,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU140","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 Capital Required",null,null,null,{"$f":"H141-H144","v":156},{"$f":"I141-I144","v":138.66666666666606},121.33333333333303,104,86.66666666666697,69.33333333333303,52,34.666666666666515,17.333333333333258,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU141-BU144","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Total",null,null,{"$f":"SUM(H144:H145)","v":9906},{"$f":"SUM(I144:I145)","v":8805.3333333333321},7704.6666666666661,6604,5503.3333333333339,4402.666666666667,3302.0000000000009,2201.3333333333344,1100.6666666666679,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BU144:BU145)","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,"Cost of Deposits",null,null,null,{"$f":"'RAROC Analysis'!H25/'IRR Analysis'!F8","v":0.03},{"$f":"$G$148*G144","v":0},{"$f":"$G$148*H144","v":292.5},260,227.49999999999997,195,162.5,130,97.500000000000028,65.000000000000028,32.500000000000036,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$G$148*BT144","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Return on Liquid Assets",null,null,null,{"$f":"'RAROC Analysis'!H26/'IRR Analysis'!F8","v":1.4999999999999999E-2},{"$f":"$G$149*G145","v":0},{"$f":"$G$149*H145","v":2.34},2.0799999999999907,1.8199999999999954,1.56,1.3000000000000045,1.0399999999999954,0.78,0.51999999999999769,0.25999999999999884,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$G$149*BT145","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Profit and Loss"]
[null,null,"Interest Income from Loan",null,null,null,null,{"$f":"H44","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,{"$f":"AN44","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT44","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,{"$f":"CZ44","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Fees Earned"]
[null,null,"Add: Interest on Safe Investments",null,null,null,null,{"$f":"H149","v":0},{"$f":"I149","v":2.34},2.0799999999999907,1.8199999999999954,1.56,1.3000000000000045,1.0399999999999954,0.78,0.51999999999999769,0.25999999999999884,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU149","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,"Less: Cost of Deposits",null,null,null,null,{"$f":"-H148","v":0},{"$f":"-I148","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,{"$f":"-BU148","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Loss Provision",null,null,null,null,{"$f":"-H124*H40","v":0},-2.8404000331878687,-3.5546665929158485,-5.0712666795730579,-4.4531999889373761,-3.6666666666666665,-2.5248000295003279,-1.7734000055313106,-1.0312000073750807,-0.58226667035420576,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AN124*AN40","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-BT124*BT40","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,{"$f":"-CZ124*CZ40","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Expenses on Loan",null,null,null,{"$f":"'RAROC Analysis'!H27/F8","v":5.0000000000000001E-3},{"$f":"-$G$157*$F$11*(H3+H4)","v":-50},-50,-50,-50,-50,-50,-50,-50,-50,-50,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-$G$157*$F$11*(AN3+AN4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-$G$157*$F$11*(BT3+BT4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-$G$157*$F$11*(CZ3+CZ4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Income from Loan",null,null,null,{"$f":"SUM(H152:H157)","v":-50},{"$f":"SUM(I152:I157)","v":346.9995999668123},301.85866674041756,255.91539998709362,212.1068000110626,168.46666666666667,125.18186663716631,81.506599994468615,37.822133325958163,-6.1556000036876668,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BU152:BU157)","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,"Implied Equity Funding"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G166","v":0},{"$f":"H166","v":156},138.66666666666606,121.33333333333303,104,86.66666666666697,69.33333333333303,52,34.666666666666515,17.333333333333258,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT166","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Income",null,null,null,null,{"$f":"H158","v":-50},{"$f":"I158","v":346.9995999668123},301.85866674041756,255.91539998709362,212.1068000110626,168.46666666666667,125.18186663716631,81.506599994468615,37.822133325958163,-6.1556000036876668,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU158","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,"Subtotal",null,null,null,null,{"$f":"H161+H162","v":-50},{"$f":"I161+I162","v":502.9995999668123},440.52533340708362,377.24873332042665,316.1068000110626,255.13333333333364,194.51519997049934,133.50659999446862,72.488799992624678,11.177733329645591,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU161+BU162","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Required",null,null,null,null,{"$f":"H145","v":156},{"$f":"I145","v":138.66666666666606},121.33333333333303,104,86.66666666666697,69.33333333333303,52,34.666666666666515,17.333333333333258,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU145","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,"Added Funding",null,null,null,null,{"$f":"H164-H163","v":206},{"$f":"I164-I163","v":-364.33293330014624},-319.19200007375059,-273.24873332042665,-229.44013334439563,-185.80000000000061,-142.51519997049934,-98.8399333278021,-55.15546665929142,-11.177733329645591,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU164-BU163","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H161+H162+H165","v":156},{"$f":"I161+I162+I165","v":138.66666666666606},121.33333333333303,104,86.66666666666697,69.33333333333303,52,34.666666666666515,17.333333333333258,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU161+BU162+BU165","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,"Equity Cash Flow",null,null,{"$f":"SUM(H168:DY168)","v":1473.7021333259584},null,{"$f":"-H165","v":-206},{"$f":"-I165","v":364.33293330014624},319.19200007375059,273.24873332042665,229.44013334439563,185.80000000000061,142.51519997049934,98.8399333278021,55.15546665929142,11.177733329645591,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-BU165","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,"Equity IRR",null,null,{"$f":"IFERROR(XIRR(H168:DY168,H2:DY2,0.1),FALSE)","v":1.6341472268104553}]
[]
[null,null,"New Capital for Loan",null,null,{"$f":"SUM(H171:DY171)","v":206},null,{"$f":"MAX(-H168,0)","v":206},{"$f":"MAX(-I168,0)","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,{"$f":"MAX(-BU168,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Alternative Method of Computing Implied Default"]
[]
[null,null,"Default Probability",null,null,{"$f":"prob_default(F56,H179:DB179,H180:DB180,F177,H79:DB79,G3+G4)","v":2.7134668800000001E-2},0.02,{"$f":"IF(NOT(H4),$G$175,G175*(1+H79))","v":0.02},{"$f":"H175*(1+I79)","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,{"$f":"AN175*(1+AO79)","v":0.81234999532511787},0.83886141758634403,0.8662380525198885,0.89450813674621499,0.92370082840111001,0.95384623720976691,0.98497545554235166,1.0171205904830811,1.050314796945891,1.0845923118708494,1.1199884895365853,1.1565398380251561,1.1942840568769624,1.233260075974548,1.2735080956953924,1.3150696283751067,1.3579875411238016,1.4023061000397878,1.4480710158662096,1.4953294911377053,1.5441302688657217,1.5945236828126941,1.6465617094069507,1.7002980213518819,1.7557880429846713,1.8130890074416834,1.8722600156894724,1.933362097482294,1.9964582743089945,2.061613624394202,2.1288953498208603,2.1983728458433389,{"$f":"BT175*(1+BU79)","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,{"$f":"CZ175*(1+DA79)","v":6.343860073253401},6.5508949155455376,6.7646864368041051,6.9854551444091655,7.2134287421023222,7.4488423648433466,7.691938821331461,7.9429688444414168,8.2021913498326704,8.4698737029983917,8.7462919950297433,9.0317313273798518,9.3264861059211892,9.6308603445996521,9.9451679789985334,10.269733190135801,10.604890738828656,10.950986310970231,11.308376874074556,11.677431045457531,12.058529472433671,12.45206522492073,12.858444200857184,13.278085544850676,13.711422080489276]
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[null,null,"Percent Loss",null,null,{"$f":"'RAROC Analysis'!H28","v":0.6},null,{"$f":"$F$177*H176","v":1.2E-2},2.5105263157894731E-2,2.9684210526315799E-2,2.8894736842105237E-2,2.6052631578947383E-2,2.4789473684210517E-2,2.0684210526315808E-2,1.831578947368424E-2,1.6578947368421072E-2,1.48421052631579E-2,1.2315789473684235E-2,1.0421052631578952E-2,9.000000000000008E-3,7.7368421052631418E-3,8.3684210526315909E-3,8.6415283899403898E-3,8.923548713011098E-3,9.2147729013051672E-3,9.515501327271414E-3,9.8260441661540236E-3,1.0146721715911555E-2,1.0477864727576102E-2,1.0819814746394818E-2,1.1172924464103517E-2,1.1537558082698029E-2,1.1914091690076711E-2,1.2302913647942492E-2,1.2704424992364261E-2,1.3119039847410651E-2,1.3547185852283049E-2,1.3989304602388364E-2,1.4445852104806221E-2,{"$f":"$F$177*AN176","v":1.4917299248620685E-2},1.5404132290601535E-2,1.5906853356735695E-2,1.6425980960126683E-2,1.696205053579589E-2,1.7515614992937013E-2,1.8087245285194141E-2,1.867753099955085E-2,1.9287080964437674E-2,1.9916523877685943E-2,2.0566508954975003E-2,2.123770659944153E-2,2.1930809093142534E-2,2.264653131108374E-2,2.3385611458551381E-2,2.4148811832506611E-2,2.4936919607828577E-2,2.5750747649216966E-2,2.6591135349591743E-2,2.7458949495853036E-2,2.8355085162897441E-2,2.9280466636809832E-2,3.023604836818343E-2,3.1222815956553962E-2,3.2241787166958732E-2,3.3294012979673625E-2,3.4380578674207296E-2,3.550260494867339E-2,3.6661249075692966E-2,3.7857706096020259E-2,3.9093210051124538E-2,4.0369035255994931E-2,{"$f":"$F$177*BT176","v":4.1686497613487195E-2},4.3046955971563071E-2,4.4451813524822012E-2,4.5902519261777464E-2,4.740056945936004E-2,4.8947509226198789E-2,5.0544934096265592E-2,5.2194491674530497E-2,5.3897883336322394E-2,5.5656865982150625E-2,5.7473253849794667E-2,5.934892038553316E-2,6.1285800176440385E-2,6.3285890945745299E-2,6.5351255613309789E-2,6.7484024423350067E-2,6.9686397141599701E-2,7.1960645324176564E-2,7.4309114660495099E-2,7.6734227392641685E-2,7.9238484813707363E-2,8.1824469847651918E-2,8.4494849713369638E-2,8.7252378675690065E-2,9.0099900886165332E-2,9.3040353316563615E-2,9.6076768788101494E-2,9.9212279099536352E-2,0.10245011825734096,0.10579362581130614,0.10924625029899034,0.11281155280259067,{"$f":"$F$177*CZ176","v":0.11649321062188704},0.12029502106705933,0.12422090537528198,0.1282749127551405,0.13246122456303625,0.13678415861589402,0.14124817364461464,0.14585787389286864,0.15061801386597348,0.15553350323475215,0.16060941189943279,0.16585097521881095,0.17126359941006511,0.17685286712480242,0.18262454320707774,0.18858458063932879,0.19473912668236046,0.20109452921571316,0.20765734328494503,0.21443433786259475,0.22143250282978535,0.22865905618568369,0.23612145149223557,0.24382738556187211,0.25178480639609507,0.26000192138316042]
[]
[null,null,"Net Cash Flow without Default",null,null,null,null,{"$f":"H48+H49+H50-H41+H45","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,{"$f":"AN48+AN49+AN50-AN41+AN45","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT48+BT49+BT50-BT41+BT45","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,{"$f":"CZ48+CZ49+CZ50-CZ41+CZ45","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt Service",null,null,null,null,{"$f":"H45","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,{"$f":"AN45","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT45","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,{"$f":"CZ45","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Loss",null,null,null,null,{"$f":"H180*H177","v":0},{"$f":"I180*I177","v":45.217368421052626},51.188771929824576,47.612105263157851,40.931578947368443,37.04649122807016,29.325614035087746,24.563508771929865,20.963157894736863,17.629122807017549,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU180*BU177","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,"Net Realised Debt Service",null,null,null,null,{"$f":"H179-H181","v":-9750},{"$f":"I179-I181","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,{"$f":"BU179-BU181","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net Cash Flow",null,null,null,null,{"$f":"H179-H181","v":-9750},{"$f":"I179-I181","v":1755.8937426900586},1673.2556725146198,1600.1656725146199,1530.1795321637426,1457.3979532163742,1388.4521637426901,1316.5476023391811,1243.4812865497074,1170.1486549707602,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU179-BU181","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,"IRR Realised",null,null,{"$f":"IRR(183:183)","v":6.9233750531434435E-2}]
[null,null,"Cost of Funding",null,null,{"$f":"F64","v":3.0000000000000027E-2}]
[null,null,"Difference",null,null,{"$f":"F185-F186","v":3.9233750531434408E-2}]
[]
[null,null,"Maturity in Periods",null,null,{"$f":"G4","v":9}]
[null,null,"Probability of Default",null,null,{"$f":"INDEX(175:175,MATCH(F189,73:73,0))","v":0.36157894736842117}]
[]
[]
[null,null,"Loan Balance",null,null,{"$f":"F84","v":10000},null,{"$f":"$F$193","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,{"$f":"$F$193","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,{"$f":"$F$193","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,{"$f":"$F$193","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G197","v":0},{"$f":"H197","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT197","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: New Debt",null,null,{"$f":"F193","v":10000},null,{"$f":"H32","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,{"$f":"AN32","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT32","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,{"$f":"CZ32","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment",null,null,1,null,{"$f":"CHOOSE($F$196,(H86=$G$82)*H194,H37)","v":0},0,0,0,0,0,0,0,0,10000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CHOOSE($F$196,(AN86=$G$82)*AN194,AN37)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CHOOSE($F$196,(BT86=$G$82)*BT194,BT37)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CHOOSE($F$196,(CZ86=$G$82)*CZ194,CZ37)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H194+H195-H196","v":10000},{"$f":"I194+I195-I196","v":10000},10000,10000,10000,10000,10000,10000,10000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU194+BU195-BU196","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,"Interest",null,null,{"$f":"F83","v":6.9000000000000006E-2},null,{"$f":"H44","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,{"$f":"AN44","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT44","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,{"$f":"CZ44","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Incremental Default Percent",null,null,null,null,{"$f":"H176","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,{"$f":"AN176","v":2.4862165414367809E-2},2.5673553817669226E-2,2.6511422261226159E-2,2.7376634933544475E-2,2.8270084226326486E-2,2.919269165489502E-2,3.0145408808656904E-2,3.1129218332584752E-2,3.2145134940729458E-2,3.3194206462809905E-2,3.4277514924958341E-2,3.5396177665735884E-2,3.6551348488570889E-2,3.7744218851806233E-2,3.8976019097585635E-2,4.0248019720844352E-2,4.1561532679714297E-2,4.2917912748694942E-2,4.4318558915986239E-2,4.5764915826421726E-2,4.7258475271495737E-2,4.8800777728016387E-2,5.0393413946972387E-2,5.2038026594256603E-2,5.3736311944931225E-2,5.5490021632789377E-2,5.730096445701216E-2,5.9171008247788981E-2,6.1102081792821616E-2,6.3096176826700434E-2,6.5155350085207564E-2,6.7281725426658223E-2,{"$f":"BT176","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,{"$f":"CZ176","v":0.19415535103647841},0.20049170177843223,0.20703484229213664,0.21379152125856749,0.2207687076050604,0.22797359769315673,0.2354136227410244,0.2430964564881144,0.25103002310995581,0.25922250539125358,0.26768235316572131,0.2764182920313516,0.28543933235010854,0.29475477854133736,0.30437423867846292,0.31430763439888132,0.32456521113726744,0.3351575486928553,0.34609557214157505,0.3573905631043246,0.36905417138297558,0.38109842697613949,0.3935357524870593,0.40637897593645356,0.41964134399349184,0.43333653563860075]
[null,null,"Loss Given Default",null,null,{"$f":"F177","v":0.6},null,{"$f":"$F$201","v":0.6},0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,{"$f":"$F$201","v":0.6},0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,{"$f":"$F$201","v":0.6},0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,{"$f":"$F$201","v":0.6},0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6]
[null,null,"Incremental Loss Percent",null,null,null,null,{"$f":"H200*H201*(H3+H4)","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,{"$f":"AN200*AN201*(AN3+AN4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT200*BT201*(BT3+BT4)","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,{"$f":"CZ200*CZ201*(CZ3+CZ4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G207","v":0},{"$f":"H207","v":120},371.05263157894728,667.8947368421052,956.84210526315758,1217.3684210526314,1465.2631578947367,1672.1052631578948,1855.2631578947371,2021.0526315789477,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT207","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: Default",null,null,null,null,{"$f":"H202*H193","v":120},251.05263157894731,296.84210526315798,288.94736842105237,260.52631578947381,247.89473684210517,206.84210526315809,183.15789473684239,165.78947368421072,148.42105263157899,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AN202*AN193","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,{"$f":"BU202*BU193","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Default Reduction in Repayment",null,null,null,null,{"$f":"(H204+H205)*H88","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,{"$f":"(AN204+AN205)*AN88","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BT204+BT205)*BT88","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,{"$f":"(CZ204+CZ205)*CZ88","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H204+H205-H206","v":120},{"$f":"I204+I205-I206","v":371.05263157894728},{"$f":"J204+J205-J206","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,{"$f":"BU204+BU205-BU206","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Loss in Interest",null,null,{"$f":"F198","v":6.9000000000000006E-2},null,{"$f":"$F$208*H204","v":0},8.2800000000000011,25.602631578947364,46.084736842105265,66.022105263157883,83.998421052631571,101.10315789473684,115.37526315789475,128.01315789473688,139.4526315789474,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$208*AN204","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$208*BT204","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$208*CZ204","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Net Debt Service",null,null,null,null,{"$f":"H208+H196-H206+H198","v":0},{"$f":"I196-I206+I198-I208","v":681.72000000000014},{"$f":"J196-J206+J198-J208","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,{"$f":"BV196-BV206+BV198-BV208","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Draws Net of Fees",null,null,null,null,{"$f":"H41-H48-H49-H50","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,{"$f":"AN41-AN48-AN49-AN50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT41-BT48-BT49-BT50","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,{"$f":"CZ41-CZ48-CZ49-CZ50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net Cash Flow",null,null,null,null,{"$f":"H210-H211","v":-9750},{"$f":"I210-I211","v":681.72000000000014},587.73070175438602,490.58192982456137,393.97789473684213,299.33491228070176,205.56350877192978,114.62473684210519,25.32017543859638,7767.7403508771931,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU210-BU211","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":3,"n_rows":28,"n_cols":26,"rows_kept":28,"cut":false,"hidden":false,"merged":[]}
["          ","Alternative Loan Inputs",null,null,{"$f":"Loan_Code","v":8}]
[null,null,null,null,null,{"$f":"E2+1","v":1},2,3,4,5,6,{"$f":"K2+1","v":7},8]
[null,null,null,null,{"$f":"INDEX(F3:P3,$U$17)","v":"Customised Loan"},"Senegal Rice Loan","Senegal Rice Loan Adj","Lurio Plantation Loan","Lurio Plantation Loan","Manufacturing Loan","Real Estate Loan","Hotel Loan","Customised Loan"," ",null,null,"Customised Cell Links",null,{"$f":"TRANSPOSE(F3:N3)","v":"Senegal Rice Loan"}]
[null,null,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,null,null,"Loan Amount",{"$f":"INDEX(F5:P5,$U$17)","v":10000},{"$f":"X5","v":10000},{"$f":"F5","v":10000},30000,30000,10000,10000,null,{"$f":"Q5*1000","v":10000},null,null,null,10,null,"Lurio Plantation Loan",null,null,null,"Senior lender 1 commitment",10000,"Loan amount",30000000]
[null,null,null,"Base Interest Rate",{"$f":"INDEX(F6:P6,$U$17)","v":0.03},0.03,{"$f":"F6","v":0.03},{"$f":"Z7","v":0.03},{"$f":"H6","v":0.03},{"$f":"F6","v":0.03},{"$f":"H6","v":0.03},null,{"$f":"Q6/1000","v":0.03},null,null,null,30,null,"Lurio Plantation Loan",null,null,null,"Tenor (Years)",10,"Disbursement start date","2012-07-01"]
[null,null,null,"Credit Spread",3.9E-2,{"$f":"X9","v":5.8299999999999998E-2},5.8299999999999998E-2,{"$f":"Z8","v":4.4999999999999998E-2},{"$f":"H7","v":4.4999999999999998E-2},0.05,0.04,null,{"$f":"Q7/1000","v":3.9E-2},null,null,null,39,null,"Manufacturing Loan",null,null,null,"Grace period",3,"Libor",0.03]
[null,null,null,"Up-front Fee",0.01,{"$f":"X12","v":1.4999999999999999E-2},1.4999999999999999E-2,{"$f":"Z15","v":1.4999999999999999E-2},{"$f":"H8","v":1.4999999999999999E-2},0.02,0.02,null,{"$f":"Q8/1000","v":0.01},null,null,null,10,null,"Real Estate Loan",null,null,null,"Base rate- 6 months Libor (euro)",6.7000000000000002E-3,"Margin",4.4999999999999998E-2]
[null,null,null,"Commitment Fee",1.4999999999999999E-2,{"$f":"X11","v":0.01},0.01,{"$f":"Z16","v":0.01},{"$f":"H9","v":0.01},0.01,0.01,null,{"$f":"Q9/1000","v":1.4999999999999999E-2},null,null,null,15,null,"Hotel Loan",null,null,null,"Applicable Margin",5.8299999999999998E-2,"Interest rate",7.4999999999999997E-2]
[null,null,null,"Other Fees",0,{"$f":"X13/1000","v":70},70,{"$f":"Z17*H5","v":225},{"$f":"H10","v":225},80,80,null,{"$f":"Q10","v":0},null,null,null,0,null,"Customised Loan",null,null,null,"Interest Rate",6.5000000000000002E-2,"Grace period (years)",5]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null," ",null,null,null,"Commitment Fee",0.01,"Loan period (maturity) (years)",15]
[null,null,null,"Maturity",10,{"$f":"X6","v":10},10,{"$f":"Z11","v":15},{"$f":"H12","v":15},4,10,null,{"$f":"Q12","v":10},null,null,null,10,null,{"$error":"#N/A"},null,null,null,"Front-end-fee (%tage of loan)",1.4999999999999999E-2,"Loan repayment duration (years)",10]
[null,null,null,"Grace Period",0,0,3,0,5,1,3,null,{"$f":"Q13/10","v":0},null,null,null,0,null,{"$error":"#N/A"},null,null,null,"Due Diligence Appraisal Fee",70000,"Principle repayment style",3]
[null,null,null,"Repayments",1,1,1,1,1,2,2,null,{"$f":"Q14","v":1},null,null,null,1]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Upfront",1.4999999999999999E-2]
[null,null,null,"Min DSCR",1.89,{"$f":"X21","v":1.4070813645706703},1.4070813645706703,{"$f":"Z21","v":1.7048285503855602},{"$f":"AA21","v":0},3.5,1.8,null,{"$f":"Q16/100","v":1.89},null,null,null,189,null,null,null,"Loan Code",null,null,null,"Commitement",0.01]
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[null,null,null,"Row Number",{"$f":"MATCH(E43,$D$31:$D$39)","v":5},{"$f":"MATCH(F43,$D$31:$D$39)","v":5},5,5,null,"Row Number",{"$f":"MATCH(K43,$D$31:$D$39)","v":5},{"$f":"MATCH(L43,$D$31:$D$39)","v":5},{"$f":"MATCH(M43,$D$31:$D$39)","v":5},{"$f":"MATCH(N43,$D$31:$D$39)","v":5},null,"Row Number",{"$f":"MATCH(Q43,$D$31:$D$39)","v":5},{"$f":"MATCH(R43,$D$31:$D$39)","v":5},{"$f":"MATCH(S43,$D$31:$D$39)","v":5},{"$f":"MATCH(T43,$D$31:$D$39)","v":5}]
[null,null,null,"Low Range",{"$f":"INDEX(E31:E39,E44)","v":2.3000000000000007},{"$f":"INDEX(F31:F39,F44)","v":1.7999999999999998},1.65,1.3499999999999999,null,"Low Range",{"$f":"INDEX(K31:K39,K44)","v":3.1000000000000005},{"$f":"INDEX(L31:L39,L44)","v":2.6500000000000004},{"$f":"INDEX(M31:M39,M44)","v":2.4000000000000004},{"$f":"INDEX(N31:N39,N44)","v":1.8000000000000003},null,"Low Range",{"$f":"INDEX(Q31:Q39,Q44)","v":0.47999999999999987},{"$f":"INDEX(R31:R39,R44)","v":0.52999999999999992},{"$f":"INDEX(S31:S39,S44)","v":0.57999999999999985},{"$f":"INDEX(T31:T39,T44)","v":0.67999999999999994}]
[null,null,null,"High Range",{"$f":"INDEX(E31:E39,E44+1)","v":2.3750000000000009},{"$f":"INDEX(F31:F39,F44+1)","v":1.8749999999999998},1.7249999999999999,1.4249999999999998,null,"High Range",{"$f":"INDEX(K31:K39,K44+1)","v":3.2000000000000006},2.7500000000000004,2.5000000000000004,1.9000000000000004,null,"High Range",{"$f":"INDEX(Q31:Q39,Q44+1)","v":0.44999999999999984},0.49999999999999989,0.54999999999999982,0.64999999999999991]
[null,null,null,"Interpolated",{"$f":"interpolate_look_up_linear(E43,$D$31:$D$39,E31:E39)","v":2.3690000000000007},{"$f":"interpolate_look_up_linear(F43,$D$31:$D$39,F31:F39)","v":1.8689999999999998},1.7189999999999999,1.4189999999999998,null,"Interpolated",{"$f":"interpolate_look_up_linear(K43,$D$31:$D$39,K31:K39)","v":3.1920000000000006},2.7420000000000004,2.4920000000000004,1.8920000000000003,null,"Interpolated",{"$f":"interpolate_look_up_linear(Q43,$D$31:$D$39,Q31:Q39)","v":0.45239999999999986},0.50239999999999985,0.55239999999999978,0.65239999999999987]
[null,null,null,"Bond Rating",{"$f":"INDEX(E30:H30,MATCH(E42,E47:H47,-1)+1)","v":"A"},null,null,null,null,"Bond Rating",{"$f":"INDEX(K30:N30,MATCH(K42,K47:N47,-1)+1)","v":"A"},null,null,null,null,"Bond Rating",{"$f":"INDEX(Q30:T30,MATCH(Q42,Q47:T47,1)+1)","v":"A"}]
[null,null,null,"Interpolated",{"$f":"interpolate_look_up_reverse(E42,E47:H47,E29:H29)","v":1.9579999160766604},null,null,null,null,"Interpolated",{"$f":"interpolate_look_up_reverse(K42,K47:N47,K29:N29)","v":1.8488890986971454},null,null,null,null,"Interpolated",{"$f":"interpolate_look_up_linear(Q42,Q47:T47,Q29:T29)","v":1.7520000000000029}]
[]
[]
[]
[null,"Real Estate"]
[null,null,null,null,"Lowest Minimum DSCR Acceptable",null,null,null,null,null,"Lowest Average DSCR Acceptable",null,null,null,null,"Highest Debt to Capital Acceptable"]
[null,null,null,null,1,2,3,4,null,null,1,2,3,4,null,null,1,2,3,4]
[null,null,null,null,"AA","A","BBB","BB",null,null,"AA","A","BBB","BB",null,null,"AA","A","BBB","BB"]
[null,null,null,1,2.5,1.6,1.5,1.1000000000000001,null,1,3.5,2.75,2,1.7,null,1,0.6,0.65,0.7,0.8]
[null,null,null,2,{"$f":"E57+0.1","v":2.6},{"$f":"F57+0.1","v":1.7000000000000002},{"$f":"G57+0.1","v":1.6},{"$f":"H57+0.1","v":1.2000000000000002},null,2,{"$f":"K57+0.1","v":3.6},{"$f":"L57+0.1","v":2.85},{"$f":"M57+0.1","v":2.1},{"$f":"N57+0.1","v":1.8},null,2,{"$f":"Q57-3%","v":0.56999999999999995},{"$f":"R57-3%","v":0.62},{"$f":"S57-3%","v":0.66999999999999993},{"$f":"T57-3%","v":0.77}]
[null,null,null,3,{"$f":"E58+0.1","v":2.7},{"$f":"F58+0.1","v":1.8000000000000003},{"$f":"G58+0.1","v":1.7000000000000002},{"$f":"H58+0.1","v":1.3000000000000003},null,3,{"$f":"K58+0.1","v":3.7},{"$f":"L58+0.1","v":2.95},{"$f":"M58+0.1","v":2.2000000000000002},{"$f":"N58+0.1","v":1.9000000000000001},null,3,{"$f":"Q58-3%","v":0.53999999999999992},0.59,0.6399999999999999,0.74]
[null,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,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,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,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,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,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,null,10,{"$f":"E65+0.1","v":3.4000000000000008},{"$f":"F65+0.1","v":2.5000000000000009},2.4000000000000008,{"$f":"H65+0.1","v":2.0000000000000009},null,10,{"$f":"K65+0.1","v":4.3999999999999986},{"$f":"L65+0.1","v":3.6500000000000008},{"$f":"M65+0.1","v":2.9000000000000008},{"$f":"N65+0.1","v":2.6000000000000005},null,10,0.32999999999999974,0.37999999999999978,0.42999999999999972,0.5299999999999998]
[]
[null,null,null,"Ratio",{"$f":"'RAROC Analysis'!O25","v":1.89},null,null,null,null,"Ratio",{"$f":"'RAROC Analysis'!O26","v":2.81},null,null,null,null,"Debt/Cap",{"$f":"'RAROC Analysis'!O24","v":0.49}]
[null,null,null,"Business Risk",{"$f":"E43","v":5.92},{"$f":"F43","v":5.92},5.92,5.92,null,"Business Risk",{"$f":"K43","v":5.92},{"$f":"L43","v":5.92},5.92,5.92,null,"Business",{"$f":"K69","v":5.92},{"$f":"L69","v":5.92},{"$f":"M69","v":5.92},{"$f":"N69","v":5.92}]
[null,null,null,"Row Number",{"$f":"MATCH(E69,$D$57:$D$66)","v":5},{"$f":"MATCH(F69,$D$57:$D$66)","v":5},5,5,null,"Row Number",{"$f":"MATCH(K69,$D$57:$D$66)","v":5},{"$f":"MATCH(L69,$D$57:$D$66)","v":5},{"$f":"MATCH(M69,$D$57:$D$66)","v":5},{"$f":"MATCH(N69,$D$57:$D$66)","v":5},null,"Row Number",{"$f":"MATCH(Q69,$D$57:$D$66)","v":5},{"$f":"MATCH(R69,$D$57:$D$66)","v":5},{"$f":"MATCH(S69,$D$57:$D$66)","v":5},{"$f":"MATCH(T69,$D$57:$D$66)","v":5}]
[null,null,null,"Low Range",{"$f":"INDEX(E57:E66,E70)","v":2.9000000000000004},{"$f":"INDEX(F57:F66,F70)","v":2.0000000000000004},1.9000000000000004,1.5000000000000004,null,"Low Range",{"$f":"INDEX(K57:K66,K70)","v":3.9000000000000004},{"$f":"INDEX(L57:L66,L70)","v":3.1500000000000004},{"$f":"INDEX(M57:M66,M70)","v":2.4000000000000004},{"$f":"INDEX(N57:N66,N70)","v":2.1},null,"Low Range",{"$f":"INDEX(Q57:Q66,Q70)","v":0.47999999999999987},{"$f":"INDEX(R57:R66,R70)","v":0.52999999999999992},{"$f":"INDEX(S57:S66,S70)","v":0.57999999999999985},{"$f":"INDEX(T57:T66,T70)","v":0.67999999999999994}]
[null,null,null,"High Range",{"$f":"INDEX(E57:E66,E70+1)","v":3.0000000000000004},{"$f":"INDEX(F57:F66,F70+1)","v":2.1000000000000005},2.0000000000000004,1.6000000000000005,null,"High Range",{"$f":"INDEX(K57:K66,K70+1)","v":4},{"$f":"INDEX(L57:L66,L70+1)","v":3.2500000000000004},2.5000000000000004,2.2000000000000002,null,"High Range",{"$f":"INDEX(Q57:Q66,Q70+1)","v":0.44999999999999984},{"$f":"INDEX(R57:R66,R70+1)","v":0.49999999999999989},0.54999999999999982,0.64999999999999991]
[null,null,null,"Interpolated",{"$f":"interpolate_look_up_linear(E69,$D$57:$D$66,E57:E66)","v":2.9920000000000004},{"$f":"interpolate_look_up_linear(F69,$D$57:$D$66,F57:F66)","v":2.0920000000000005},1.9920000000000004,1.5920000000000005,null,"Interpolated",{"$f":"interpolate_look_up_linear(K69,$D$57:$D$66,K57:K66)","v":3.992},3.2420000000000004,2.4920000000000004,2.1920000000000002,null,"Interpolated",{"$f":"interpolate_look_up_linear(Q69,$D$57:$D$66,Q57:Q66)","v":0.45239999999999986},0.50239999999999985,0.55239999999999978,0.65239999999999987]
[null,null,null,"Bond Rating",{"$f":"INDEX(E56:H56,MATCH(E68,E73:H73,-1)+1)","v":"BB"},null,null,null,null,"Bond Rating",{"$f":"INDEX(K56:N56,MATCH(K68,K73:N73,-1)+1)","v":"BBB"},null,null,null,null,"Bond Rating",{"$f":"INDEX(Q56:T56,MATCH(Q68,Q73:T73,1)+1)","v":"A"}]
[null,null,null,"Interpolated",{"$f":"interpolate_look_up_reverse(E68,E73:H73,E55:H55)","v":3.254999983787533},null,null,null,null,"Interpolated",{"$f":"interpolate_look_up_reverse(K68,K73:N73,K55:N55)","v":2.5760001544952433},null,null,null,null,"Interpolated",{"$f":"interpolate_look_up_linear(Q68,Q73:T73,Q55:T55)","v":1.7520000000000029}]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,"•Electric Power: ",null,null,null,"1.3-1.4"]
[null,null,null,null,null,null,null,null,null,"•Resources:",null,null,null,"1.5-2.0"]
[null,null,null,null,null,null,null,null,null,"•Telecoms:",null,null,null,"1.5-2.0"]
[null,null,null,null,null,null,null,null,null,"•Infrastructure:",null,null,null,"1.2-1.6"]
[null,null,null,null,null,null,null,null,null,"•Minimum ratio could dip to 1.5"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,"FFO/Total Debt",1.288,0.55400000000000005,0.432,0.308,0.188,7.8E-2,1.6E-2]
[]
[null,null,null,null,null,null,null,null,null,null,"EBIT/Interest",21.4,10.1,6.1,3.7,2.1,0.8,0.1]
[null,null,null,null,null,null,null,null,null,null,"EBITDA/Interest",26.5,12.9,9.1,5.8,3.4,1.8,1.3]
[]
[]
[null,null,null,null,null,null,null,null,null,null,"Total Debt/FFO",{"$f":"1/L109","v":0.77639751552795033},{"$f":"1/M109","v":1.8050541516245486},2.3148148148148149,3.2467532467532467,5.3191489361702127,12.820512820512821,62.5]
[null,null,null,null,null,null,null,null,null,null,"Total Debt/EBITDA",0.6,1.2,1.6,2.2999999999999998,3.4,4.9000000000000004,6.3]
[null,null,null,null,null,null,null,null,null,null,"Pct Difference",{"$f":"L116/L115","v":0.77279999999999993},{"$f":"M116/M115","v":0.66480000000000006},0.69120000000000004,0.70839999999999992,0.63919999999999999,0.38219999999999998,0.1008]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
[]
[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,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,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,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,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,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,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,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,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,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,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,null,"Debt/EBITDA (x)","<1.4","1.4–2.0","2.0–3.0","3.0–4.5",">4.5"]
[]
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[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,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,null,"Debt to FFO",{"$f":"1/AH165","v":1.6666666666666667},{"$f":"1/AI165","v":1.9047619047619047},{"$f":"1/AJ165","v":2.6666666666666665},{"$f":"1/AK165","v":4.4444444444444446},{"$f":"1/AL165","v":6.666666666666667}]

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[null,null,"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,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,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,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,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",{"$f":"U2/U3","v":51.567343357537851},{"$f":"V2/V3","v":-4.3735957888177017}]
[null,null,null,null,"B",0.05,0.109,0.159,0.19800000000000001,0.22600000000000001,0.30399999999999999,0.35]
[null,null,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",{"$f":"SLOPE(F11:L11,F2:L2)","v":5.585849056603775E-3}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Intercept",{"$f":"INTERCEPT(F11:L11,F2:L2)","v":-3.4905660377358531E-3}]
[null,null,null,null,{"$f":"INDEX(E3:E9,$F$12)","v":"BBB"},{"$f":"INDEX(F3:F9,$F$12)","v":2E-3},{"$f":"INDEX(G3:G9,$F$12)","v":6.9999999999999993E-3},{"$f":"INDEX(H3:H9,$F$12)","v":1.2E-2},{"$f":"INDEX(I3:I9,$F$12)","v":1.9E-2},{"$f":"INDEX(J3:J9,$F$12)","v":2.6000000000000002E-2},{"$f":"INDEX(K3:K9,$F$12)","v":5.4000000000000006E-2},{"$f":"INDEX(L3:L9,$F$12)","v":7.9000000000000001E-2}]
[null,null,null,null,"Code",4]
[]
[null,"Updated Default Study",null,null,null,1,{"$f":"F14+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,null,null,null,"AAA",{"$f":"F202/100","v":0},{"$f":"G202/100","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,null,null,"AA",{"$f":"F203/100","v":2.0000000000000001E-4},7.000000000000001E-4,1.2999999999999999E-3,2.3999999999999998E-3,3.4999999999999996E-3,4.5999999999999999E-3,5.6000000000000008E-3,6.5000000000000006E-3,7.3000000000000001E-3,8.199999999999999E-3,9.0000000000000011E-3,9.7000000000000003E-3,1.0500000000000001E-2,1.1200000000000002E-2,1.1899999999999999E-2]
[null,null,null,null,"A",{"$f":"F204/100","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,null,null,"BBB",{"$f":"F205/100","v":2E-3},5.6999999999999993E-3,9.5999999999999992E-3,1.46E-2,1.95E-2,2.4300000000000002E-2,2.8399999999999998E-2,3.2599999999999997E-2,3.6600000000000001E-2,4.0599999999999997E-2,4.4900000000000002E-2,4.8399999999999999E-2,5.1699999999999996E-2,5.5E-2,5.8400000000000001E-2]
[null,null,null,null,"BB",{"$f":"F206/100","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,null,null,"B",{"$f":"F207/100","v":3.8800000000000001E-2},8.8000000000000009E-2,0.12970000000000001,0.16219999999999998,0.187,0.2072,0.22370000000000001,0.2369,0.2482,0.2591,0.26819999999999999,0.2757,0.28260000000000002,0.2888,0.2949]
[null,null,null,null,"CCC/C",{"$f":"F208/100","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,null,null,"Cumulative Default",{"$f":"INDEX(E15:E21,$F$27)","v":"BB"},{"$f":"INDEX(F15:F21,$F$27)","v":7.6E-3},{"$f":"INDEX(G15:G21,$F$27)","v":2.35E-2},{"$f":"INDEX(H15:H21,$F$27)","v":4.2300000000000004E-2},{"$f":"INDEX(I15:I21,$F$27)","v":6.0599999999999994E-2},{"$f":"INDEX(J15:J21,$F$27)","v":7.7100000000000002E-2},{"$f":"INDEX(K15:K21,$F$27)","v":9.2799999999999994E-2},{"$f":"INDEX(L15:L21,$F$27)","v":0.10589999999999999},{"$f":"INDEX(M15:M21,$F$27)","v":0.11749999999999999},{"$f":"INDEX(N15:N21,$F$27)","v":0.128},{"$f":"INDEX(O15:O21,$F$27)","v":0.13739999999999999},{"$f":"INDEX(P15:P21,$F$27)","v":0.1452},{"$f":"INDEX(Q15:Q21,$F$27)","v":0.15179999999999999},{"$f":"INDEX(R15:R21,$F$27)","v":0.1575},{"$f":"INDEX(S15:S21,$F$27)","v":0.16239999999999999},{"$f":"INDEX(T15:T21,$F$27)","v":0.16769999999999999}]
[null,null,null,"Incremental Default",{"$f":"E23","v":"BB"},{"$f":"F23","v":7.6E-3},{"$f":"G23-F23","v":1.5900000000000001E-2},{"$f":"H23-G23","v":1.8800000000000004E-2},1.829999999999999E-2,1.6500000000000008E-2,1.5699999999999992E-2,1.3100000000000001E-2,1.1599999999999999E-2,1.0500000000000009E-2,9.3999999999999917E-3,7.8000000000000014E-3,6.5999999999999948E-3,5.7000000000000106E-3,4.8999999999999877E-3,5.2999999999999992E-3]
[null,null,null,null,"Pecent Increase",null,{"$f":"G23/F23-1","v":2.0921052631578947},{"$f":"H23/G23-1","v":0.80000000000000027},0.43262411347517693,0.27227722772277252,0.20363164721141369,0.1411637931034484,0.10953729933899914,8.9361702127659592E-2,7.3437500000000044E-2,5.6768558951965087E-2,4.5454545454545414E-2,3.7549407114624511E-2,3.1111111111111089E-2,3.2635467980295596E-2]
[]
[null,null,null,null,"Code",5]
[]
[null,"Hypothetical Cash Flow"]
[null,null,null,"Loan Tenure",10,"Spread",{"$f":"E60","v":1.4745930208054717E-2}]
[null,null,null,"Interest Rate",3.9746069570973611E-2]
[null,null,null,"Loss, Given Default",1]
[null,null,null,"Default Switch",true]
[null,null,null,"Default Method",1]
[null,null,null,"Bullet",2]
[]
[null,null,null,"Period",0,{"$f":"E37+1","v":1},{"$f":"F37+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,null,null,"Switch",null,{"$f":"F37<=$E$30","v":true},{"$f":"G37<=$E$30","v":true},{"$f":"H37<=$E$30","v":true},{"$f":"I37<=$E$30","v":true},{"$f":"J37<=$E$30","v":true},{"$f":"K37<=$E$30","v":true},{"$f":"L37<=$E$30","v":true},{"$f":"M37<=$E$30","v":true},{"$f":"N37<=$E$30","v":true},{"$f":"O37<=$E$30","v":true},{"$f":"P37<=$E$30","v":false},{"$f":"Q37<=$E$30","v":false},{"$f":"R37<=$E$30","v":false},{"$f":"S37<=$E$30","v":false},{"$f":"T37<=$E$30","v":false}]
[null,null,null,"Terminal Switch",null,{"$f":"F37=$E$30","v":false},{"$f":"G37=$E$30","v":false},{"$f":"H37=$E$30","v":false},{"$f":"I37=$E$30","v":false},{"$f":"J37=$E$30","v":false},{"$f":"K37=$E$30","v":false},{"$f":"L37=$E$30","v":false},{"$f":"M37=$E$30","v":false},{"$f":"N37=$E$30","v":false},{"$f":"O37=$E$30","v":true},{"$f":"P37=$E$30","v":false},{"$f":"Q37=$E$30","v":false},{"$f":"R37=$E$30","v":false},{"$f":"S37=$E$30","v":false},{"$f":"T37=$E$30","v":false}]
[null,null,null,"Remaining Life",{"$f":"E30","v":10},{"$f":"E40","v":10},{"$f":"(F40-1)*G38","v":9},8,7,6,5,4,3,2,1,0,0,0,0,0]
[]
[null,null,null,"Loan Balance"]
[null,null,null,"Opening Balance",null,{"$f":"E46","v":1000},{"$f":"F46","v":1000},{"$f":"G46","v":1000},1000,1000,1000,1000,1000,1000,1000,0,0,0,0,0]
[null,null,null,"Less: Repayment",{"$f":"1/$E$30","v":0.1},{"$f":"CHOOSE($E$35,$E$46*$E$44,(F37=$E$30)*F43)*F38","v":0},{"$f":"CHOOSE($E$35,$E$46*$E$44,(G37=$E$30)*G43)*G38","v":0},{"$f":"CHOOSE($E$35,$E$46*$E$44,(H37=$E$30)*H43)*H38","v":0},{"$f":"CHOOSE($E$35,$E$46*$E$44,(I37=$E$30)*I43)*I38","v":0},{"$f":"CHOOSE($E$35,$E$46*$E$44,(J37=$E$30)*J43)*J38","v":0},{"$f":"CHOOSE($E$35,$E$46*$E$44,(K37=$E$30)*K43)*K38","v":0},{"$f":"CHOOSE($E$35,$E$46*$E$44,(L37=$E$30)*L43)*L38","v":0},{"$f":"CHOOSE($E$35,$E$46*$E$44,(M37=$E$30)*M43)*M38","v":0},{"$f":"CHOOSE($E$35,$E$46*$E$44,(N37=$E$30)*N43)*N38","v":0},{"$f":"CHOOSE($E$35,$E$46*$E$44,(O37=$E$30)*O43)*O38","v":1000},{"$f":"CHOOSE($E$35,$E$46*$E$44,(P37=$E$30)*P43)*P38","v":0},{"$f":"CHOOSE($E$35,$E$46*$E$44,(Q37=$E$30)*Q43)*Q38","v":0},{"$f":"CHOOSE($E$35,$E$46*$E$44,(R37=$E$30)*R43)*R38","v":0},{"$f":"CHOOSE($E$35,$E$46*$E$44,(S37=$E$30)*S43)*S38","v":0},{"$f":"CHOOSE($E$35,$E$46*$E$44,(T37=$E$30)*T43)*T38","v":0}]
[null,null,null,"Less: Default"]
[null,null,null,"Closing Balance",1000,{"$f":"F43-F44-F45","v":1000},{"$f":"G43-G44-G45","v":1000},{"$f":"H43-H44-H45","v":1000},1000,1000,1000,1000,1000,1000,0,0,0,0,0,0]
[null,null,null,"Interest",{"$f":"E31","v":3.9746069570973611E-2},{"$f":"F43*$E$47","v":39.74606957097361},{"$f":"G43*$E$47","v":39.74606957097361},{"$f":"H43*$E$47","v":39.74606957097361},{"$f":"I43*$E$47","v":39.74606957097361},{"$f":"J43*$E$47","v":39.74606957097361},{"$f":"K43*$E$47","v":39.74606957097361},{"$f":"L43*$E$47","v":39.74606957097361},{"$f":"M43*$E$47","v":39.74606957097361},{"$f":"N43*$E$47","v":39.74606957097361},{"$f":"O43*$E$47","v":39.74606957097361},{"$f":"P43*$E$47","v":0},{"$f":"Q43*$E$47","v":0},{"$f":"R43*$E$47","v":0},{"$f":"S43*$E$47","v":0},{"$f":"T43*$E$47","v":0}]
[]
[null,null,null,"Defaulted Debt"]
[null,null,null,"Opening Balance",null,{"$f":"E53","v":0},{"$f":"F53","v":7.6},23.5,42.300000000000004,60.599999999999994,77.099999999999994,92.799999999999983,105.89999999999998,117.49999999999997,127.99999999999999,0,0,0,0,0]
[null,null,null,"Add: Default",null,{"$f":"CHOOSE($E$34,F24*$E$46,(F43-F50)*F24)*F38","v":7.6},{"$f":"CHOOSE($E$34,G24*$E$46,(G43-G50)*G24)*G38","v":15.9},{"$f":"CHOOSE($E$34,H24*$E$46,(H43-H50)*H24)*H38","v":18.800000000000004},{"$f":"CHOOSE($E$34,I24*$E$46,(I43-I50)*I24)*I38","v":18.29999999999999},{"$f":"CHOOSE($E$34,J24*$E$46,(J43-J50)*J24)*J38","v":16.500000000000007},{"$f":"CHOOSE($E$34,K24*$E$46,(K43-K50)*K24)*K38","v":15.699999999999992},{"$f":"CHOOSE($E$34,L24*$E$46,(L43-L50)*L24)*L38","v":13.100000000000001},{"$f":"CHOOSE($E$34,M24*$E$46,(M43-M50)*M24)*M38","v":11.6},{"$f":"CHOOSE($E$34,N24*$E$46,(N43-N50)*N24)*N38","v":10.500000000000009},{"$f":"CHOOSE($E$34,O24*$E$46,(O43-O50)*O24)*O38","v":9.3999999999999915},{"$f":"CHOOSE($E$34,P24*$E$46,(P43-P50)*P24)*P38","v":0},{"$f":"CHOOSE($E$34,Q24*$E$46,(Q43-Q50)*Q24)*Q38","v":0},{"$f":"CHOOSE($E$34,R24*$E$46,(R43-R50)*R24)*R38","v":0},{"$f":"CHOOSE($E$34,S24*$E$46,(S43-S50)*S24)*S38","v":0},{"$f":"CHOOSE($E$34,T24*$E$46,(T43-T50)*T24)*T38","v":0}]
[null,null,null,"Less: Default Reduction in Repayment",null,{"$f":"F39*(F50+F51)","v":0},{"$f":"G39*(G50+G51)","v":0},0,0,0,0,0,0,0,137.39999999999998,0,0,0,0,0]
[null,null,null,"Closing Balance",null,{"$f":"F50+F51-F52","v":7.6},{"$f":"G50+G51-G52","v":23.5},42.300000000000004,60.599999999999994,77.099999999999994,92.799999999999983,105.89999999999998,117.49999999999997,127.99999999999999,0,0,0,0,0,0]
[null,null,null,"Interest",{"$f":"E31","v":3.9746069570973611E-2},{"$f":"F50*$E$54*F38","v":0},{"$f":"G50*$E$54*G38","v":0.30207012873939942},{"$f":"H50*$E$54*H38","v":0.9340326349178798},{"$f":"I50*$E$54*I38","v":1.6812587428521839},{"$f":"J50*$E$54*J38","v":2.4086118160010006},{"$f":"K50*$E$54*K38","v":3.0644219639220651},{"$f":"L50*$E$54*L38","v":3.6884352561863505},{"$f":"M50*$E$54*M38","v":4.2091087675661045},{"$f":"N50*$E$54*N38","v":4.6701631745893986},{"$f":"O50*$E$54*O38","v":5.0874969050846213},{"$f":"P50*$E$54*P38","v":0},{"$f":"Q50*$E$54*Q38","v":0},{"$f":"R50*$E$54*R38","v":0},{"$f":"S50*$E$54*S38","v":0},{"$f":"T50*$E$54*T38","v":0}]
[]
[null,null,null,"Net Debt Service",{"$f":"-E46","v":-1000},{"$f":"F47-F54+F44-F52","v":39.74606957097361},{"$f":"G47-G54+G44-G52","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,null,null,"Nominal Rate",{"$f":"E31","v":3.9746069570973611E-2}]
[null,null,null,"IRR Realised",{"$f":"IRR(56:56)","v":2.5000139362918894E-2}]
[null,null,null,"Difference",{"$f":"E31-E59","v":1.4745930208054717E-2}]
[null,null,null,"Target",2.5000000000000001E-2]
[null,null,null,"Difference",{"$f":"E61-E59","v":-1.3936291889254937E-7}]
[]
[null,null,null,"Total Defaults",{"$f":"SUM(51:51)","v":137.39999999999998}]
[null,null,null,"Percent of Original Loan",{"$f":"E64/E46","v":0.13739999999999997}]
[]
[]
[null,null,null,"Debt Cash w/o Default",-190,100,{"$f":"F68*G38","v":100},100,100,100,100,100,100,100,100,0,0,0,0,0]
[null,null,null,"Loss for Default with 100% LGD",null,{"$f":"-F23*F68","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,null,null,"Recovery",{"$f":"(1-E32)","v":0},{"$f":"-$E$70*F69","v":0},{"$f":"-$E$70*G69","v":0},{"$f":"-$E$70*H69","v":0},{"$f":"-$E$70*I69","v":0},{"$f":"-$E$70*J69","v":0},{"$f":"-$E$70*K69","v":0},{"$f":"-$E$70*L69","v":0},{"$f":"-$E$70*M69","v":0},{"$f":"-$E$70*N69","v":0},{"$f":"-$E$70*O69","v":0},{"$f":"-$E$70*P69","v":0},{"$f":"-$E$70*Q69","v":0},{"$f":"-$E$70*R69","v":0},{"$f":"-$E$70*S69","v":0},{"$f":"-$E$70*T69","v":0}]
[null,null,null,"Net Cash Flow",{"$f":"E68","v":-190},{"$f":"SUM(F68:F70)","v":99.24},{"$f":"SUM(G68:G70)","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,null,null,"IRR w/o Default",{"$f":"IRR(68:68)","v":0.51822708339958012}]
[null,null,null,"IRR with Default",{"$f":"IRR(71:71)","v":0.49727676129976039}]
[null,null,null,"Min Required Credit Spread",{"$f":"E73-E74","v":2.0950322099819729E-2}]
[]
[]
[null,"Cumulative PD from Risk Rating"]
[null,null,null,"Maturity",{"$f":"'RAROC Analysis'!H21","v":10}]
[null,null,null,"Risk Rating",{"$f":"'RAROC Analysis'!H7","v":0.9335000138282783}]
[null,null,null,"Probability of Default",{"$f":"interpolate_look_up_linear(E80,G83:G89,F83:F89)","v":8.0936000221252438E-3}]
[]
[null,null,null,null,{"$f":"E15","v":"AAA"},{"$f":"LOOKUP($E$79,$14:$14,15:15)","v":7.4000000000000003E-3},0.5]
[null,null,null,null,"AA",{"$f":"LOOKUP($E$79,$14:$14,16:16)","v":8.199999999999999E-3},1]
[null,null,null,null,"A",{"$f":"LOOKUP($E$79,$14:$14,17:17)","v":1.5100000000000001E-2},2]
[null,null,null,null,"BBB",{"$f":"LOOKUP($E$79,$14:$14,18:18)","v":4.0599999999999997E-2},3]
[null,null,null,null,"BB",{"$f":"LOOKUP($E$79,$14:$14,19:19)","v":0.13739999999999999},4]
[null,null,null,null,"B",{"$f":"LOOKUP($E$79,$14:$14,20:20)","v":0.2591},5]
[null,null,null,null,"CCC/C",{"$f":"LOOKUP($E$79,$14:$14,21:21)","v":0.50729999999999997},6]
[]
[]
[]
[null,"Implied PD from Risk"]
[null,null,null,null,"Risk Rating",{"$f":"'RAROC Analysis'!H7","v":0.9335000138282783}]
[null,null,null,null,null,{"$f":"F14","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,null,null,null,"Cumulative",{"$f":"IF($F$94=0,0,interpolate_look_up_linear($F$94,$G$83:$G$89,F$15:F$21))","v":1.7340000553131132E-4},{"$f":"IF($F$94=0,0,interpolate_look_up_linear($F$94,$G$83:$G$89,G$15:G$21))","v":6.4680001106262272E-4},1.3132999972343443E-3,2.3999999999999998E-3,3.5132999972343438E-3,4.6132999972343441E-3,5.5601000082969674E-3,6.446800011062623E-3,7.2202000165939341E-3,8.0936000221252438E-3,8.8271000359535241E-3,9.4739000470161466E-3,1.022070005807877E-2,1.0920700058078769E-2,1.1620700058078769E-2]
[null,null,null,null,"Incremental",{"$f":"F96","v":1.7340000553131132E-4},{"$f":"G96-F96","v":4.7340000553131143E-4},{"$f":"H96-G96","v":6.6649998617172163E-4},1.0867000027656554E-3,1.113299997234344E-3,1.1000000000000003E-3,9.4680001106262329E-4,8.8670000276565557E-4,7.7340000553131113E-4,8.7340000553130966E-4,7.3350001382828031E-4,6.468000110626225E-4,7.4680001106262363E-4,6.9999999999999923E-4,6.9999999999999923E-4]
[]
[null,"Alternative PD Estimates"]
[]
[null,null,null,null,null,1,2,3,4,5,6,7,8,9,10]
[null,null,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,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,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,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,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,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,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,null,null,{"$f":"INDEX(E102:E108,$F$113)","v":"BB "},8.9999999999999993E-3,2.7E-2,4.8000000000000001E-2,6.8000000000000005E-2,8.6099999999999996E-2,0.10340000000000001,0.11849999999999999,0.1321,0.1449,0.15590000000000001]
[null,null,null,null,null,null,{"$f":"G110/F110-1","v":2},{"$f":"H110/G110-1","v":0.7777777777777779},0.41666666666666674,0.26617647058823524,0.20092915214866447,0.14603481624758219,0.1147679324894515,9.6896290688872178E-2,7.5914423740510717E-2]
[]
[null,null,null,null,"Code",5,null,null,{"$f":"LINEST(F110:O110,F101:O101,,TRUE)","v":1.6586060606060608E-2},-1.9333333333333286E-3,null,{"$f":"E110","v":"BB "},"Percent Increase"]
[null,null,null,null,null,null,null,null,5.6898763060657712E-4,3.5304754022166106E-3]
[null,null,null,null,null,null,null,null,0.99067305336919442,5.168086803849288E-3]
[null,null,null,null,null,null,null,null,849.72979268233382,8]
[null,null,null,null,null,null,null,null,2.269553603030303E-2,2.1367296969696919E-4]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,"Cash Flow"]
[]
[]
[]
[null,null,null,"Full Debt Service",-800,100,100,100,100,100,100,100,100,100,100]
[null,null,null,"IRR",{"$f":"IRR(130:130)","v":4.2774978035111433E-2}]
[null,null,null,"Default Prob",null,{"$f":"F110","v":8.9999999999999993E-3},{"$f":"G110","v":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,"Default  ",null,{"$f":"F130*F132","v":0.89999999999999991},{"$f":"G130*G132","v":2.7},4.8,6.8000000000000007,8.61,10.34,11.85,13.209999999999999,14.49,15.590000000000002]
[null,null,null,"Loss",0.6,{"$f":"F133*$E$134","v":0.53999999999999992},{"$f":"G133*$E$134","v":1.62},2.88,4.08,5.1659999999999995,6.2039999999999997,7.1099999999999994,7.9259999999999993,8.6939999999999991,9.354000000000001]
[]
[null,null,null,"Net Cash Flow",{"$f":"E130","v":-800},{"$f":"F130-F134","v":99.46},{"$f":"G130-G134","v":98.38},97.12,95.92,94.834000000000003,93.796000000000006,92.89,92.073999999999998,91.305999999999997,90.646000000000001]
[null,null,null,"Realised IRR",{"$f":"IRR(E136:O136)","v":3.233295696568339E-2}]
[]
[null,null,null,"Min Required Spread",{"$f":"E131-E137","v":1.0442021069428042E-2}]
[]
[null,null,null,"Cost of Funds",0.02]
[null,null,null,"NPV of Loss",{"$f":"NPV(E141,F134:O134)","v":46.660398501186407}]
[null,null,null,"Relative to Loan",{"$f":"E142/-E130","v":5.8325498126483008E-2}]
[]
[]
[null,null,null,"Source: S&P Annual 2006 Global Default Study."]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,1,2,3,4,5,7,10,15]
[null,null,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,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,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,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,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,null,null,"B",4.9500000000000002E-2,0.10970000000000001,0.1575,0.1933,0.2198,0.25459999999999999,0.28189999999999998,0.30349999999999999]
[null,null,null,null,"CCC ",0.1915,0.27429999999999999,0.32629999999999998,0.36320000000000002,0.3901,0.4249,0.45140000000000002,0.47049999999999997]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,"2014 Default Study"]
[]
[null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,null,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,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,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,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,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,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,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,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,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,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":7,"n_rows":45,"n_cols":9,"rows_kept":45,"cut":false,"hidden":false,"merged":[]}
["          "]
[null,"Risk Rating",{"$f":"'RAROC Analysis'!T26","v":0.9335000138282783}]
[null,"Capital %",{"$f":"interpolate_look_up_linear(C2,C8:C11,D8:D11)","v":1.6E-2}]
[null,"Loan",{"$f":"'RAROC Analysis'!H14","v":10000}]
[null,"Capital Allocation",{"$f":"C3*'RAROC Analysis'!H14","v":160}]
[]
[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":8,"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%",{"$f":"SUM('RAROC Analysis'!Q7:Q11)","v":1},1,{"$f":"C4=D4","v":true},{"$f":"IF(E4,\"\",B4)","v":""}]
[null,"Management Weight not 100%",{"$f":"SUM('RAROC Analysis'!Q13:Q16)","v":1},1,{"$f":"C5=D5","v":true},{"$f":"IF(E5,\"\",B5)","v":""}]
[null,"Collateral Weight not 100%",{"$f":"SUM('RAROC Analysis'!Q18:Q19)","v":1},1,true,""]
[null,"Enhancement Weight not 100%",{"$f":"SUM('RAROC Analysis'!Q21:Q22)","v":1},1,true,""]
[null,"Ratio Weight not 100%",{"$f":"SUM('RAROC Analysis'!Q24:Q28)","v":1},1,true,""]
[null,"Total Business not 100%",{"$f":"SUM('RAROC Analysis'!U8:U22)","v":1.0999999999999999},1,false,"Total Business not 100%"]
[]
[null,"Garce Period Doesn’t Match",{"$f":"IF('IRR Analysis'!G3>1,'IRR Analysis'!G3,0)","v":0},{"$f":"'RAROC Analysis'!$H$22","v":0},{"$f":"C11=D11","v":true},""]
[null,"Level Maturity Doesn't Match",{"$f":"'IRR Analysis'!G34","v":1.0000000000000002},1,{"$f":"C12=D12","v":true},""]
[null,"Mtg Maturity Doesn't Match",{"$f":"SUM('IRR Analysis'!H35:BA35)","v":1},1,true,""]
[null,"Maturity Doesn’t Match",{"$f":"'IRR Analysis'!G5","v":10},{"$f":"'RAROC Analysis'!$H$21","v":10},true,""]

{"sheet":"RAROC Example","index":9,"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":10,"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,6,{"$f":"INDEX(Q4:Q13,R20)","v":3}]