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A practical guide to building fully operational financial cash flow models for structured finance transactions
Structured finance and securitization deals are becoming more commonplace on Wall Street. Up until now, however, market participants have had to create their own models to analyze these deals, and new entrants have had to learn as they go. Modeling Structured Finance Cash Flows with Microsoft Excel provides readers with the information they need to build a cash flow model for structured finance and securitization deals. Financial professional Keith Allman explains individual functions and formulas, while also explaining the theory behind the spreadsheets. Each chapter begins with a discussion of theory, followed by a section called "Model Builder," in which Allman translates the theory into functions and formulas.
- Sales Rank: #88072 in Books
- Published on: 2007-03-09
- Released on: 2007-03-01
- Original language: English
- Number of items: 1
- Dimensions: 9.21" h x .47" w x 7.48" l, .90 pounds
- Binding: Paperback
- 224 pages
From the Back Cover
Praise for Modeling Structured Finance Cash Flows with Microsoft� Excel�
"You can roll up your sleeves, dive into this book, and shortly thereafter, you have a full-blown honest-to- goodness working model of a transaction. This sure beats the old method of slaving at the feet of gurus for years in the hopes that they'll throw you a scrap. It almost feels as though Allman has given away a shortcut through the 'hazing' period of learning, but then I am grateful I have a resource with which to train new analysts or remind myself how some things work."
—Omar Haneef, Global Securitized Markets, Citigroup
"Allman has written a book that reveals to the reader/user a robust framework for using Excel to model structured finance transactions. Both seasoned cash flow modelers and those new to, or curious about, how structured finance transactions are analyzed can benefit from this book."
—Henry Wilson, Bond Insurance Company Analyst
"A powerful, concise, and tiered approach. It's a bedrock foundation to build on for both the art and science of structured finance modeling. An excellent platform from which to leverage your financial knowledge and personal capital."
—William Preinitz, Managing Director, Citigroup
"An essential tool for any credit officer wishing to gain a general or in-depth understanding of cash flow modeling for new or existing deals."
—Joseph B. Keener, Structured Portfolio Management, Citigroup London
Written by industry expert Keith Allman, this well-rounded resource provides detailed guidance on constructing one of today's most adaptable models—the cash flow model. Filled with in-depth insight, expert advice, and illustrative examples, Modeling Structured Finance Cash Flows with Microsoft Excel explains individual functions and formulas, while also examining the theory behind the spreadsheets. Each chapter begins with a discussion of theory, followed by a section called "Model Builder," in which Allman translates the theory into functions and formulas.
By combining specific application instruction with theory, Modeling Structured Finance Cash Flows with Microsoft Excel will teach you skills that can be instantly applied to professional-level modeling.
About the Author
Keith Allman is currently the principal trainer and founder of Enstruct, a structured finance analytics training company. Previously he was a Vice President at Citigroup in their Global Fixed Income, Structured Finance Division. He has built and reviewed hundreds of models from many different sectors. Allman received his master's degree in international affairs from Columbia University.
Most helpful customer reviews
25 of 28 people found the following review helpful.
Excellent Hands-On Introduction to Structured Finance
By BL
In structured finance, there is a tremendous discrepancy between academic literature and practice. In purporting a generalizable, scientific approach, many textbooks avoid explaining the intracacies of actual structured finance deals. The fundamental issue is that the implicit value of deal transparency required for issuer and investor tends to be overlooked by authors approaching the field from an academic background. Technical pyrotechnics that suit liquid markets fail when fees, interest rates, and other deal specifics are malleable constructs negotiated among a handful of parties. At the same time, basic bond math on an unsegregated pool of loans cannot accurately describe how assets generate cash flows and the risks faced by investors.
MFSC is the *only* book (afaik) that demonstrates how real structured finance pros bridge the void between these 2 common pitfalls made by other structured finance books. For one, the calculations that belie each component of a structured finance deal is integrated into a single model rather than considered separately. Other books may describe how cash flows pay out in a senior-sub structure, but they won't, for example, take the time to step through how funding costs and triggers affect the cash flows. The primary model also gives the user flexibility to stress the model and enables the user to treat the model as a base for all structured finance deals. Through a neatly organized inputs sheet, each component in the primary model described painstakingly anticipates the gamut of variations common to these types of deals.
All this in a book that's easy to follow and a delight to read. Five stars.
11 of 12 people found the following review helpful.
Good Intro to Cash Flow Modeling
By Patrick Pancoast
Anyone needing to learn how structured finance cash flow models work will benefit from going through this book and building the spreadsheet-based model it describes. It will be faster if you are already good at using Excel for complex modeling or pricing, but there is a fair amount of Excel advice for those who need it. The book models a single pool of mortgages that can be described by weighted average statistics incorporating both prepayment and default scenarios. Great care is taken to make the model flexible in terms of the kinds of mortgages in the pool. On the liability side the model allows for the creation of a single senior class and a sub class with an interest rate swap and a reserve. While very good for learning the cash flow consequences of sequential and pro rata payment waterfalls, this model cannot describe the structures actually issued in the market. The skills learned, however, should allow the reader to build models capable of modeling issued structures.
The writing is clear and the examples are explained well. The flow of cash into and out of the structure is emphasized by clear inputs, cash flow modeling and summary outputs.
11 of 12 people found the following review helpful.
Excellent introduction to MBS modeling
By abacus
Keith's book saved me hours of trial-and-error effort with Excel for modeling structured transactions. This book takes a simple, step-by-step approach to help the reader understand the mechanics of building the cash flow model for Mortgage Backed Securities (MBS).
Once you understand the basics of model creation and cash flow, then it is a matter of refining your skills by revere-engineering more MBS transactions out there. You will find all the basic tools to become proficient in that task by following this book.
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