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Modeling Structured Finance Cash Flows with Microsoft Excel: A Step-by-Step Guide.Book & CD-ROM | 
 enlarge | Author: Keith A. Allman
Publisher: Wiley
Category: Book
List Price: $80.00
Buy New: $41.71
You Save: $38.29 (48%)
New (28) Used (10) from $41.53
Rating:  8 reviews
Sales Rank: 29257
Media: Paperback
Pages: 224
Number Of Items: 1
Shipping Weight (lbs): 0.9
Dimensions (in): 9.1 x 7.5 x 0.4
ISBN: 0470042907
Dewey Decimal Number: 658.1550285554
EAN: 9780470042908
Publication Date: March 9, 2007
Availability: Usually ships in 1-2 business days
Shipping: International shipping available
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Product Description
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. In addition, the companion CD-ROM features all of the modeling exercises, as well as a final version of the model that is created in the text. Note: CD-ROM/DVD and other supplementary materials are not included as part of eBook file.
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| Customer Reviews: Read 3 more reviews...
 Excellent Hands-On Introduction to Structured Finance June 3, 2007
BL (New York, NY)
12 out of 12 found this review helpful
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.
Excellent introduction to MBS modeling August 12, 2007
abacus (highlands ranch, co United States)
3 out of 3 found this review helpful
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.
The best first step on Structured Finance Modeling May 5, 2008
Alejandro Lonngi Canseco (Mexico City MEXICO)
It is a one good forst step if you want to learn how to model a structured finance product. With a very easy language and taking you by the hand the author gives you all the basis to learn something that many people consider complicate or very difficult
 Good Intro to Cash Flow Modeling September 20, 2007
Patrick Pancoast
4 out of 4 found this review helpful
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.
Modeling of CMBS June 3, 2007
TM
5 out of 8 found this review helpful
Keith's book does an excellent job at helping both new analysts to MD's in understanding modeling of complex master tapes (models). If you need to know how to structure a fixed or floating rate transaction this book will give you key tools to understand, build and read strats, term sheets, and OC data. Many of the functions and formulas that are explained are used in real working models but in additon to that this book explains key concepts in the structured finance world. Unlike other books this book has a much more active learning style and really gets you involved.
I look forward to the day when Keith writes a book focusing on CMBS, I will defintely buy that one also.
TM
CIB
CMBS
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