By Darren Smith
This e-book is an creation to the modelling of money collateralised debt responsibilities (“CDOs”). it truly is meant that the reader have a simple figuring out of CDOs and a simple operating wisdom of Microsoft workplace Excel. there'll be written factors of ideas besides comprehensible mathematical reasons and examples supplied in Excel. A CD-ROM containing those Excel examples will accompany the ebook.
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Extra info for Cash CDO Modelling in Excel: A Step by Step Approach
An important consideration in designing each functional part of the model is to assess the likelihood of change. By intentionally limiting the links between the different functional parts of the model, it becomes easier to replace the functional modules, as required, in the future. For example, the authors have rewritten and replaced the Collateral Sheets and Waterfall Sheets repeatedly over the time they have been using similar models and have been able to do so without seriously impacting the rest of the model.
Most importantly, the potential for circular references (the bane of all spreadsheet users) can be significantly reduced. 58 • Separate calculations from waterfall. By separating out the calculations from the distribution of funds, the waterfall can be dramatically shortened, avoiding overrunning the available number of columns, causing “wrap-around”. “Wrap-around” should be avoided as much as possible as it dramatically reduces the “readability” of the spreadsheet and greatly increases the likelihood of circular references.
It is often tempting to merge “title” cells. However, if later columns or rows are added where merged cells are included, it is then more time-consuming to do so. Better practice is to go to the Format menu, choose “Cells”, then choose “Alignment”, then under “Horizontal” choose “Centre Across Selection”. Another general point is to try to keep the distance and navigation between related cells as short as possible. Ideally, they should be within one screen width or height of each other to allow for rapid movement back and forth between dependent cells.
Cash CDO Modelling in Excel: A Step by Step Approach by Darren Smith