{"product_id":"a-fast-track-to-structured-finance-modeling-monitoring-and-valuation-isbn-9780470398128","title":"A Fast Track to Structured Finance Modeling, Monitoring, and Valuation","description":"This book is designed to start with simple examples that progressively develop the reader's confidence to take on more complex tasks. There is very little theoretical discussion about computer science, operations research algorithms, mathematics, or finance. The thrust of the book is to teach the reader to break complex tasks down into simple tasks. It then looks to implement those simple tasks into VBA code using a critical subset of the features of the language.  \u003cp\u003eThe tentative contents is: (1) Why? What? Who? Where? and How? (2) Common Sense (3) Securitizing A Loan Portfolio (4) Understanding the Excel Waterfall (5) Designing the VBA Model (6) Laying the Model Groundwork (7) Recorded Macros: A First Look at the VBA Language (8) Writing Menus: An Introduction to Data, Ranges, Arrays, and Objects (9) Controlling the Flow of the Model (10) Building Messaging Capabilities (11) Designing the Model’s Reports (12) Main Program and Menus (13) Writing the Collateral Selection Code (14) Calculating the Cash Flows (15) Running the Waterfall: Producing Initial Results (16) Debugging the Model (17) Validating the Model (18) Running the Model (19) Building Additional Capabilities (20) Documentation of the Model (21) Managing the Growth of the Model (22) Building Portfolio Monitoring Model (23) Valuation Techniques: How do we Determine Price? (24) Challenging Times For the Deal (25) Parting Admonitions\u003c\/p\u003e \u003cp\u003ePreface xvii\u003c\/p\u003e \u003cp\u003eAbout the Web Site xxi\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART ONE Introduction 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 Why? What? Who? Where? and How? 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Immortal Question(s) 3\u003c\/p\u003e \u003cp\u003eWhat Are the Advantages of Learning VBA? 6\u003c\/p\u003e \u003cp\u003eWhat Are the Disadvantages of Learning VBA? 8\u003c\/p\u003e \u003cp\u003eWhat Is a Model? 10\u003c\/p\u003e \u003cp\u003eWhy Is Modeling a Valuable Skill? 12\u003c\/p\u003e \u003cp\u003eWhat Are the Stages of Model Design and Construction? 12\u003c\/p\u003e \u003cp\u003eOther Aspects of Modeling 20\u003c\/p\u003e \u003cp\u003ePerspective of This Book 22\u003c\/p\u003e \u003cp\u003eStructure of the Book 23\u003c\/p\u003e \u003cp\u003ePutting the Deliverables “On the Target” 24\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 Common Sense 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 27\u003c\/p\u003e \u003cp\u003eDeliverables 27\u003c\/p\u003e \u003cp\u003eDo Not Eat Anything Bigger Than Your Head 27\u003c\/p\u003e \u003cp\u003eYou Only Hurt the One You Love 28\u003c\/p\u003e \u003cp\u003eIt is OK to Be Right; Just Do Not Be Dead-Right 29\u003c\/p\u003e \u003cp\u003eKnow When to Hold ‘Em 30\u003c\/p\u003e \u003cp\u003eNext Steps 30\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART TWO The Securitization Process 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 Securitizing a Loan Portfolio 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 33\u003c\/p\u003e \u003cp\u003eDeliverables 34\u003c\/p\u003e \u003cp\u003eFinancing a Loan Portfolio 34\u003c\/p\u003e \u003cp\u003eDescription of the Collateral 37\u003c\/p\u003e \u003cp\u003eCollateral Cash Flows 39\u003c\/p\u003e \u003cp\u003eExpense and Liability Structure 43\u003c\/p\u003e \u003cp\u003eMeasuring the Performance of the Structure 45\u003c\/p\u003e \u003cp\u003eFunctional Requirements of the Model 46\u003c\/p\u003e \u003cp\u003eThe Role of the Model in the Process of Securitization 47\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 49\u003c\/p\u003e \u003cp\u003eNext Steps 49\u003c\/p\u003e \u003cp\u003eOn the Web Site 49\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART THREE Designing the Model 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 Understanding the Excel Waterfall 53\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 53\u003c\/p\u003e \u003cp\u003eDeliverables 54\u003c\/p\u003e \u003cp\u003eUnder Construction 54\u003c\/p\u003e \u003cp\u003eWaterfalls 54\u003c\/p\u003e \u003cp\u003eStructure of the Cash Flow Waterfall 55\u003c\/p\u003e \u003cp\u003eCollateral Cash Flows Section 56\u003c\/p\u003e \u003cp\u003eDeal Expenses Section 58\u003c\/p\u003e \u003cp\u003eConduit Interest Section 59\u003c\/p\u003e \u003cp\u003eConduit Principal Section 60\u003c\/p\u003e \u003cp\u003eExcess Cash Treatment Section 60\u003c\/p\u003e \u003cp\u003eConduit Summary Section 61\u003c\/p\u003e \u003cp\u003eDelinquency Reserve Section 63\u003c\/p\u003e \u003cp\u003eDeal Triggers Section 65\u003c\/p\u003e \u003cp\u003eDebt Costs Section 66\u003c\/p\u003e \u003cp\u003eDefault Tests Section 66\u003c\/p\u003e \u003cp\u003eDebt Performance Calculations Support Section 67\u003c\/p\u003e \u003cp\u003eDeal Wind-down Trigger 68\u003c\/p\u003e \u003cp\u003eCash Flow Waterfall “Box Score” Section 70\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 72\u003c\/p\u003e \u003cp\u003eNext Steps 72\u003c\/p\u003e \u003cp\u003eOn the Web Site 72\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 Designing the VBA Model 73\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 73\u003c\/p\u003e \u003cp\u003eDeliverables 74\u003c\/p\u003e \u003cp\u003eUnder Construction 75\u003c\/p\u003e \u003cp\u003eWhat Are the Desired Results? 75\u003c\/p\u003e \u003cp\u003eWhat Processes Must the Model Perform? 76\u003c\/p\u003e \u003cp\u003eIntroduction to Template Files 77\u003c\/p\u003e \u003cp\u003eCollateral Selection Reports 81\u003c\/p\u003e \u003cp\u003eIneligible Collateral Reports 82\u003c\/p\u003e \u003cp\u003eEligible Collateral Reports 85\u003c\/p\u003e \u003cp\u003eCash Flow Waterfall Reports 89\u003c\/p\u003e \u003cp\u003eCash Flow Matrix Reports 89\u003c\/p\u003e \u003cp\u003eDesigning the Menus 89\u003c\/p\u003e \u003cp\u003eDesigning the Collateral Selection Output Screen 94\u003c\/p\u003e \u003cp\u003eIt Should Look Like This 94\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 94\u003c\/p\u003e \u003cp\u003eNext Steps 95\u003c\/p\u003e \u003cp\u003eOn the Web Site 95\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART FOUR Learning the VBA Language 97\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 Laying the Model Groundwork 99\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 99\u003c\/p\u003e \u003cp\u003eDeliverables 101\u003c\/p\u003e \u003cp\u003eUnder Construction 101\u003c\/p\u003e \u003cp\u003eCreating the External Model Environment 102\u003c\/p\u003e \u003cp\u003eCreating the Internal Model Environment 105\u003c\/p\u003e \u003cp\u003eWriting the Main Program in Pseudo Code 112\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 114\u003c\/p\u003e \u003cp\u003eNext Steps 114\u003c\/p\u003e \u003cp\u003eOn the Web Site 114\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 Recorded Macros: A First Look at the VBA Language 117\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 117\u003c\/p\u003e \u003cp\u003eDeliverables 118\u003c\/p\u003e \u003cp\u003eUnder Construction 119\u003c\/p\u003e \u003cp\u003eRecording VBA Code 119\u003c\/p\u003e \u003cp\u003eRunning the Edited Code 128\u003c\/p\u003e \u003cp\u003eUsing Recorded Macros to Build a Simple Model 134\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 135\u003c\/p\u003e \u003cp\u003eNext Steps 136\u003c\/p\u003e \u003cp\u003eOn the Web Site 136\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Writing Menus: An Introduction to Data, Ranges, Arrays, and Objects 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 139\u003c\/p\u003e \u003cp\u003eDeliverables 139\u003c\/p\u003e \u003cp\u003eUnder Construction 141\u003c\/p\u003e \u003cp\u003eRole of the Menu 142\u003c\/p\u003e \u003cp\u003eStructural Elements of a Menu 145\u003c\/p\u003e \u003cp\u003eIntroduction to VBA Variables 147\u003c\/p\u003e \u003cp\u003eVariable Types 147\u003c\/p\u003e \u003cp\u003eHow to Create and Use Variables 148\u003c\/p\u003e \u003cp\u003eScope of Variables 152\u003c\/p\u003e \u003cp\u003eAssigning Values to Variables 156\u003c\/p\u003e \u003cp\u003eConstants 157\u003c\/p\u003e \u003cp\u003eOption Explicit Statement 161\u003c\/p\u003e \u003cp\u003ePerforming Calculations with Variables 161\u003c\/p\u003e \u003cp\u003eRanges 163\u003c\/p\u003e \u003cp\u003eObjects 171\u003c\/p\u003e \u003cp\u003eBuilding a Menu from Scratch 173\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 179\u003c\/p\u003e \u003cp\u003eNext Steps 180\u003c\/p\u003e \u003cp\u003eOn the Web Site 180\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 Controlling the Flow of the Model 183\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 183\u003c\/p\u003e \u003cp\u003eDeliverables 183\u003c\/p\u003e \u003cp\u003eUnder Construction 185\u003c\/p\u003e \u003cp\u003eDecision Structures 185\u003c\/p\u003e \u003cp\u003eLooping Structures 192\u003c\/p\u003e \u003cp\u003eSubroutines 199\u003c\/p\u003e \u003cp\u003eFunctions 203\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 205\u003c\/p\u003e \u003cp\u003eNext Steps 206\u003c\/p\u003e \u003cp\u003eOn the Web Site 206\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 Building Messaging Capabilities 207\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 207\u003c\/p\u003e \u003cp\u003eDeliverables 207\u003c\/p\u003e \u003cp\u003eUnder Construction 208\u003c\/p\u003e \u003cp\u003eProgress Messages 208\u003c\/p\u003e \u003cp\u003eError Messages 211\u003c\/p\u003e \u003cp\u003eRun-time Option Error Checking 223\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 224\u003c\/p\u003e \u003cp\u003eNext Steps 225\u003c\/p\u003e \u003cp\u003eOn the Web Site 225\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11 Designing the Model’s Reports 227\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 227\u003c\/p\u003e \u003cp\u003eDeliverables 227\u003c\/p\u003e \u003cp\u003eUnder Construction 227\u003c\/p\u003e \u003cp\u003eCollateral Reporting Activity 228\u003c\/p\u003e \u003cp\u003eIneligible Collateral Reporting 229\u003c\/p\u003e \u003cp\u003eEligible Collateral Reporting 235\u003c\/p\u003e \u003cp\u003eCash Flow Waterfall Report 236\u003c\/p\u003e \u003cp\u003eDeal Summary Matrix Reports 237\u003c\/p\u003e \u003cp\u003eMatrix Report Package 239\u003c\/p\u003e \u003cp\u003eAssumptions Report 239\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 240\u003c\/p\u003e \u003cp\u003eNext Steps 241\u003c\/p\u003e \u003cp\u003eOn the Web Site 241\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART FIVE Writing the Model 243\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 12 Main Program and Menus 245\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 245\u003c\/p\u003e \u003cp\u003eDeliverables 246\u003c\/p\u003e \u003cp\u003eUnder Construction 247\u003c\/p\u003e \u003cp\u003eMain Program 249\u003c\/p\u003e \u003cp\u003eTypical Subroutine Called by the Main Program 252\u003c\/p\u003e \u003cp\u003eThree Subroutine Calls from the Main Program 252\u003c\/p\u003e \u003cp\u003eBuilding Menu Error Checking 253\u003c\/p\u003e \u003cp\u003eReading the Contents of All the Menus 257\u003c\/p\u003e \u003cp\u003eReading the Contents of the Collateral File 264\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 266\u003c\/p\u003e \u003cp\u003eNext Steps 268\u003c\/p\u003e \u003cp\u003eOn the Web Site 268\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 13 Writing the Collateral Selection Code 271\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 271\u003c\/p\u003e \u003cp\u003eDeliverables 271\u003c\/p\u003e \u003cp\u003eUnder Construction 272\u003c\/p\u003e \u003cp\u003eThe Collateral Reporting Package 273\u003c\/p\u003e \u003cp\u003eIneligible Collateral Report Package 278\u003c\/p\u003e \u003cp\u003eProducing the Ineligibility Report Package 289\u003c\/p\u003e \u003cp\u003eHelping Make It All Happen 304\u003c\/p\u003e \u003cp\u003eEligible Collateral Report Package 305\u003c\/p\u003e \u003cp\u003eWriting Out the Assumptions of the Model Run 316\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 318\u003c\/p\u003e \u003cp\u003eNext Steps 318\u003c\/p\u003e \u003cp\u003eOn the Web Site 318\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 14 Calculating the Cash Flows 321\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 321\u003c\/p\u003e \u003cp\u003eDeliverables 321\u003c\/p\u003e \u003cp\u003eUnder Construction 323\u003c\/p\u003e \u003cp\u003ePause Awhile and Reflect 323\u003c\/p\u003e \u003cp\u003eOverview of the Cash Flow Generator 333\u003c\/p\u003e \u003cp\u003eWriting the VBA Code 336\u003c\/p\u003e \u003cp\u003eSetting Up the Scenario Loops 355\u003c\/p\u003e \u003cp\u003eCash Flow Calculation Sequence 356\u003c\/p\u003e \u003cp\u003eBuilding a Cash Flow Trace Capability 361\u003c\/p\u003e \u003cp\u003eConcluding Remarks 362\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 362\u003c\/p\u003e \u003cp\u003eNext Steps 363\u003c\/p\u003e \u003cp\u003eOn the Web Site 363\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 15 Running the Waterfall: Producing Initial Results 365\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 365\u003c\/p\u003e \u003cp\u003eDeliverables 366\u003c\/p\u003e \u003cp\u003eUnder Construction 367\u003c\/p\u003e \u003cp\u003eRunning the Waterfall Spreadsheet 370\u003c\/p\u003e \u003cp\u003eLoading the Collateral Cashflows 370\u003c\/p\u003e \u003cp\u003eCapturing the Waterfall Results 373\u003c\/p\u003e \u003cp\u003eReporting the Summary Report or “Box Score” Information 374\u003c\/p\u003e \u003cp\u003eLoading the Matrix Reports Information 375\u003c\/p\u003e \u003cp\u003eProducing the Waterfall Spreadsheet Report Package 376\u003c\/p\u003e \u003cp\u003eProducing the Matrix Report Package 382\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 386\u003c\/p\u003e \u003cp\u003eNext Steps 387\u003c\/p\u003e \u003cp\u003eOn the Web Site 387\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 16 Debugging the Model 389\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 389\u003c\/p\u003e \u003cp\u003eDeliverables 390\u003c\/p\u003e \u003cp\u003eUnder Construction 390\u003c\/p\u003e \u003cp\u003eCompiling the Model 390\u003c\/p\u003e \u003cp\u003eTypes of VBA Errors 391\u003c\/p\u003e \u003cp\u003eCommon Syntax Errors 393\u003c\/p\u003e \u003cp\u003eCommon Compile Errors 393\u003c\/p\u003e \u003cp\u003eHow to Run the VBA Debugger 395\u003c\/p\u003e \u003cp\u003eRuntime Errors 404\u003c\/p\u003e \u003cp\u003eLogical Errors 406\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 412\u003c\/p\u003e \u003cp\u003eNext Steps 412\u003c\/p\u003e \u003cp\u003eOn the Web Site 413\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART SIX Testing, Use, and Deployment 415\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 17 Validating the Model 417\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 417\u003c\/p\u003e \u003cp\u003eDeliverables 417\u003c\/p\u003e \u003cp\u003eUnder Construction 418\u003c\/p\u003e \u003cp\u003eSteps in the Validation Procedure 420\u003c\/p\u003e \u003cp\u003eValidating the Menu Error Checking Code 421\u003c\/p\u003e \u003cp\u003eValidating the Menu Inputs 422\u003c\/p\u003e \u003cp\u003eValidating the Code for Reading the Portfolio Data File 423\u003c\/p\u003e \u003cp\u003eValidating the Collateral Selection Code 423\u003c\/p\u003e \u003cp\u003eValidating the Eligible Collateral Reporting Code 427\u003c\/p\u003e \u003cp\u003eValidating the Floating Rate Loan Reset Period Levels 428\u003c\/p\u003e \u003cp\u003eValidating the Cash Flow Calculation Code 439\u003c\/p\u003e \u003cp\u003eValidating the Cash Flow Waterfall Spreadsheet 449\u003c\/p\u003e \u003cp\u003eFuture Back Testing Activity 452\u003c\/p\u003e \u003cp\u003eValidation Activities by Third Parties 453\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 453\u003c\/p\u003e \u003cp\u003eNext Steps 453\u003c\/p\u003e \u003cp\u003eOn the Web Site 453\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 18 Running the Model 455\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 455\u003c\/p\u003e \u003cp\u003eDeliverables 456\u003c\/p\u003e \u003cp\u003eUnder Construction 456\u003c\/p\u003e \u003cp\u003eInstalling a “Run Button” 457\u003c\/p\u003e \u003cp\u003eSteps of the Structuring Process 458\u003c\/p\u003e \u003cp\u003eOrganizing the Output 459\u003c\/p\u003e \u003cp\u003eStep 1: Determine Composition of Proposed Collateral Portfolio 460\u003c\/p\u003e \u003cp\u003eStep 2: Initial Collateral Selection 462\u003c\/p\u003e \u003cp\u003eStep 3: Addressing Portfolio Concentration Issues 464\u003c\/p\u003e \u003cp\u003eStep 4: Correcting Concentration Issues 467\u003c\/p\u003e \u003cp\u003eStep 5: Running the Expected Case Cash Flows 468\u003c\/p\u003e \u003cp\u003eStep 6: Expected Case Sensitivity Analysis 472\u003c\/p\u003e \u003cp\u003eTime Out! Building a Batch Processing Capability 474\u003c\/p\u003e \u003cp\u003eSensitivity Analysis Results 477\u003c\/p\u003e \u003cp\u003eHelp! A Post-Processing Program 487\u003c\/p\u003e \u003cp\u003eStep 7: Rating Agency Stress Tests 488\u003c\/p\u003e \u003cp\u003eStep 8: Adjusting the Seller Interest 490\u003c\/p\u003e \u003cp\u003eSizing Results Table 492\u003c\/p\u003e \u003cp\u003eWe Are Done! 493\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 493\u003c\/p\u003e \u003cp\u003eNext Steps 493\u003c\/p\u003e \u003cp\u003eOn the Web Site 494\u003c\/p\u003e \u003cp\u003eExtractor.xls Program 495\u003c\/p\u003e \u003cp\u003eBatch Program Inputs Menu Entries 499\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 19 Building Additional Capabilities 503\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 503\u003c\/p\u003e \u003cp\u003eUnder Construction 503\u003c\/p\u003e \u003cp\u003eDeliverables 504\u003c\/p\u003e \u003cp\u003ePeek-A-Boo! Immediate Access to Model Results 504\u003c\/p\u003e \u003cp\u003eSingle Scenario Report File 506\u003c\/p\u003e \u003cp\u003eAbility to Run Interest Rate Sensitivities 513\u003c\/p\u003e \u003cp\u003eAdding Information to the Assumptions Page 529\u003c\/p\u003e \u003cp\u003eNext Steps 534\u003c\/p\u003e \u003cp\u003eOn the Web Site 534\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART SEVEN After the Model Is Written 537\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 20 Documentation of the Model 539\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 539\u003c\/p\u003e \u003cp\u003eDeliverables 540\u003c\/p\u003e \u003cp\u003eUnder Construction 540\u003c\/p\u003e \u003cp\u003eOnline Documentation 540\u003c\/p\u003e \u003cp\u003eExternal Documentation 545\u003c\/p\u003e \u003cp\u003eUser Training Documentation 546\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 546\u003c\/p\u003e \u003cp\u003eNext Steps 547\u003c\/p\u003e \u003cp\u003eOn the Web Site 547\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 21 Managing the Growth of the Model 549\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 549\u003c\/p\u003e \u003cp\u003eDeliverables 549\u003c\/p\u003e \u003cp\u003eUnder Construction 550\u003c\/p\u003e \u003cp\u003eMaintaining the Model Environment 550\u003c\/p\u003e \u003cp\u003eStreamlining the Validation and Promotion Process 554\u003c\/p\u003e \u003cp\u003eEvolution of the Form of the Model 557\u003c\/p\u003e \u003cp\u003eEvolution of the Structure of the Model 558\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 558\u003c\/p\u003e \u003cp\u003eNext Steps 559\u003c\/p\u003e \u003cp\u003eOn the Web Site 559\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART EIGHT Risk Assessment and Valuation 561\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 22 Building Portfolio Monitoring Model 563\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 563\u003c\/p\u003e \u003cp\u003eDeliverables 563\u003c\/p\u003e \u003cp\u003eUnder Construction 564\u003c\/p\u003e \u003cp\u003eHow Much of the Structuring Model Can We Use? 566\u003c\/p\u003e \u003cp\u003eWhy Two Models? 567\u003c\/p\u003e \u003cp\u003eDesigning the New Report Package 568\u003c\/p\u003e \u003cp\u003eYou Can’t Make an Omelet Without Breaking Some Eggs 576\u003c\/p\u003e \u003cp\u003eModifying Some of the Code 594\u003c\/p\u003e \u003cp\u003eWhat a Brave New Model That Has Such Features in It! 606\u003c\/p\u003e \u003cp\u003eValidating the Model 613\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 614\u003c\/p\u003e \u003cp\u003eNext Steps 614\u003c\/p\u003e \u003cp\u003eOn the Web Site 614\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 23 Valuation Techniques: How Do We Determine Price? 615\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 615\u003c\/p\u003e \u003cp\u003eDeliverables 616\u003c\/p\u003e \u003cp\u003eUnder Construction 616\u003c\/p\u003e \u003cp\u003eIntroduction to Pricing a Security 617\u003c\/p\u003e \u003cp\u003eAssessing Risk 622\u003c\/p\u003e \u003cp\u003eAdding the Pricing Functionality to the Monitoring Model 627\u003c\/p\u003e \u003cp\u003eDeliverables Checklist 636\u003c\/p\u003e \u003cp\u003eNext Steps 637\u003c\/p\u003e \u003cp\u003eOn the Web Site 637\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 24 Challenging Times for the Deal 639\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 639\u003c\/p\u003e \u003cp\u003eDeliverables 639\u003c\/p\u003e \u003cp\u003eUnder Construction 639\u003c\/p\u003e \u003cp\u003eUsing the Monitoring Model to Assess the Performance and Value of the Deal 639\u003c\/p\u003e \u003cp\u003eThree Months from Issuance 643\u003c\/p\u003e \u003cp\u003eSix Months from Issuance 644\u003c\/p\u003e \u003cp\u003eNine Months from Issuance 646\u003c\/p\u003e \u003cp\u003eTwelve Months from Issuance 648\u003c\/p\u003e \u003cp\u003eFifteen Months from Issuance 654\u003c\/p\u003e \u003cp\u003eEighteen Months from Issuance 655\u003c\/p\u003e \u003cp\u003eTwenty-One Months from Issuance 659\u003c\/p\u003e \u003cp\u003eTwenty-Four Months from Issuance 660\u003c\/p\u003e \u003cp\u003eEnd of the Exercise 662\u003c\/p\u003e \u003cp\u003eOn the Web Site 664\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART NINE Farewell 665\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 25 Parting Admonitions 667\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat We Have Learned 667\u003c\/p\u003e \u003cp\u003eNext Steps 669\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX A Mortgage Math 671\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 671\u003c\/p\u003e \u003cp\u003eLoan Amortization Terms 672\u003c\/p\u003e \u003cp\u003eComponents of the Cash Flows of a Loan 674\u003c\/p\u003e \u003cp\u003eNext Steps 688\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX B Bond Math 689\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 689\u003c\/p\u003e \u003cp\u003eFuture Value 690\u003c\/p\u003e \u003cp\u003ePresent Value 693\u003c\/p\u003e \u003cp\u003eTenor Measurements 695\u003c\/p\u003e \u003cp\u003eYield and Return Measurements 697\u003c\/p\u003e \u003cp\u003eLoss and Coverage Measurements 701\u003c\/p\u003e \u003cp\u003eNext Steps 705\u003c\/p\u003e \u003cp\u003eExhibits Index 707\u003c\/p\u003e \u003cp\u003eSubject Index 727\u003c\/p\u003e \u003cb\u003eWilliam Preinitz\u003c\/b\u003e is a Managing Director with Citigroup Global Markets' Global Special Situations Group. He oversees new business origination-structured finance issuance, serv-icing operations, rating agency relationships, credit wrap providers, investors, analytical development, internal risk control, audit activities, hedging, and residual arbitrage activities.  \u003cp\u003eAn introductory work to structured modeling in Visual Basic Application (VBA), A Fast-Track to Structured Finance Modeling, Monitoring, and Valuation: Jump Start VBA provides you with a concise, immediate, and practical guide to developing a meaningful level of modeling expertise on problems in structured finance. Designed to allow you to cross from the pure Excel world to the much more powerful and flexible world of VBA\/Excel, this straightforward book is built around a structured finance case study in asset-based securitization.\u003c\/p\u003e \u003cp\u003eStarting with basic examples that progressively develop your confidence to take on more complicated tasks, this book teaches you how to break complex tasks down into simple tasks and then implement them into VBA code using a critical subset of the features of the language. This hands-on, step-by-step guide features coverage of:\u003c\/p\u003e \u003cul\u003e \u003cli\u003e \u003cp\u003eGeneral modeling concepts\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eThe Cash Flow Waterfall in Excel code\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eOrganizing and creating VBA modules to hold your model code\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eGenerating VBA code from recorded macros, and how to simplify and extract it for use in your model\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eEfficiently using VBA statements to control the flow of the model\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eHow to use template files for efficient and flexible report writing\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eWriting a collateral selection and reporting capability into your model\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eHow to generate collateral cash flows on a loan-by-loan, period-by-period basis\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eCalculation optimization applied to collateral cash flow amortization\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eHow to use the VBA debugger to detect and correct different types of errors\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eHow to use the completed model to structure and size a finance deal\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eModifying the model to allow multiple scenario runs\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eProtecting and evolving the model so it continues to create value for the business unit\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eHow to add additional reporting and analytical features to the existing model\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eHow to convert the structuring model into a monitoring and valuation model\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eAllowing for the use of monthly empirical performance information\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eUse of the monitoring and valuation model to track the performance of the deal\u003c\/p\u003e \u003c\/li\u003e \u003cli\u003e \u003cp\u003eValuing the deal based on its performance, market conditions, and rating criteria\u003c\/p\u003e \u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eAccompanied by an online resource containing a complete working model and all the data and files professionals need to run it, A Fast-Track to Structured Finance Modeling, Monitoring, and Valuation: Jump Start VBA is the only book written for the complete novice, enhancing your ability to break complex, seemingly insoluble problems down into a set of manageable tasks, through the use of VBA.\u003c\/p\u003e  A straightforward, how-to guide to the fundamentals of finance modeling  \u003cp\u003e\"This book is a complete, all-in-one toolkit for structured finance modeling with Excel VBA, written by a veteran of a leading Wall Street investment bank who is also a VBA instructor. Whether you are new to structured finance or a seasoned professional, you will find here all you need to model even the most complex structured finance transactions. The book and accompanying web site provide the theory, the organization, and the code itself that take you step-by-step through the entire process, right up to the tasks market participants are most focused on today: valuation and monitoring. In addition to the nuts and bolts, you will find explanations and insights that only an experienced structured finance banker can provide. This book is the definitive resource that will raise you above the competition in modeling structured finance transactions.\"\u003cbr\u003e —Carol Childers, Director, Global Markets, Citigroup\u003c\/p\u003e \u003cp\u003e\"Learning VBA is a daunting undertaking, add to that the challenge and complexity of structured cash flows, and the task can become overwhelming. This book provides a great step-by-step approach to overcoming this hurdle. It is extremely easy to read and offers a deliverables checklist for each chapter to ensure all concepts have been understood before moving on. The reader comes away with not only a sense of the utility and flexibility of VBA but also a sense of the factors that play into structuring cash flows. Concepts that are extremely pertinent in today's market environment include the performance of collateral, pricing of securities, and impact of the economic environment on the cash flows available to investors and all interested parties.\"\u003cbr\u003e —Kimberly Brown, Analyst, Commercial Real Estate, Citigroup\u003c\/p\u003e \u003cp\u003e\"Bill is extraordinarily methodical in real life, with a very wide view of life. This shows in his book. Rather than rush through the ins and outs of code, he emphasizes what is needed, why it is needed, and how it is used. This makes the book much more than just a book on financial models, and closer to a book on how to be a financial professional.\"\u003cbr\u003e —Omar Haneff, Vice President, Proteus Technologies LLC\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988627144933,"sku":"NP9780470398128","price":115.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470398128.jpg?v=1761781030","url":"https:\/\/k12savings.com\/es\/products\/a-fast-track-to-structured-finance-modeling-monitoring-and-valuation-isbn-9780470398128","provider":"K12savings","version":"1.0","type":"link"}