{"text_format":"1","workbook":"xlsx","n_sheets":3,"sheets":["BootStrapping","Path independent","Path Dependent"],"not_rendered":{"charts":1,"images":0,"macros":0,"external_links":1,"defined_names":22,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"BootStrapping","index":0,"n_rows":28,"n_cols":4,"rows_kept":28,"cut":false,"hidden":false,"merged":[]}
["Yield ","Time to Maturity"]
[{"$f":"3.45879959308242%/2","v":1.7293997965412099E-2},6]
[{"$f":"4.51700180512445%/2","v":2.258500902562225E-2},12]
[{"$f":"5.48498818814233%/2","v":2.7424940940711649E-2},18]
[]
[]
[]
["BootStrapping"]
["Present Value in 2",{"$f":"[1]Yields!A3","v":99.5},"Yearly"]
["YTM (6 months)",{"$f":"A2","v":1.7293997965412099E-2},{"$f":"B10*2","v":3.4587995930824199E-2}]
["YTM(12 months)",2.2641631996973194E-2,{"$f":"B11*2","v":4.5283263993946388E-2}]
["Coupon",{"$f":"([1]Yields!B3/2)*100","v":2}]
[]
[null,1,2]
[{"$f":"B15+C15","v":99.499370774488838},{"$f":"B12/(1+B10)^B14","v":1.9659999999999997},{"$f":"(B12+100)/(1+B11)^C14","v":97.533370774488844}]
[]
[]
[]
[]
["Present Value in 3",{"$f":"[1]Yields!A4","v":98.6},"Yearly"]
["YTM (6 months)",{"$f":"[1]Yields!C2/2","v":1.7293997965412075E-2},{"$f":"B21*2","v":3.458799593082415E-2}]
["YTM(12 months)",2.2641631996973194E-2,{"$f":"B22*2","v":4.5283263993946388E-2}]
["YTM(18 months)",2.7576753551785883E-2,{"$f":"B23*2","v":5.5153507103571767E-2}]
["Coupon",{"$f":"([1]Yields!B4/2)*100","v":2.25}]
[]
[null,1,2,3]
[{"$f":"B27+C27+D27","v":98.600015731374242},{"$f":"B24/(1+B21)^B26","v":2.2117499999999999},{"$f":"(B24)/(1+B22)^C26","v":2.1514714141431361},{"$f":"(B24+100)/(1+B23)^D26","v":94.236794317231102}]
[null,"=B24/(1+B21)^B26"]

{"sheet":"Path independent","index":1,"n_rows":47,"n_cols":12,"rows_kept":47,"cut":false,"hidden":false,"merged":[]}
["Obs Price",980]
["Coupon",0.06,null,null,null,null,"z-Spread",{"$f":"I2/100000","v":2.15E-3},215,null,"Market Price",{"$f":"B1","v":980}]
["Maturity (years)",20,null,null,null,null,null,null,null,null,"Model Price",{"$f":"SUM(L7:L46)","v":980.02024497367063}]
["Par",1000,null,null,null,null,null,null,null,null,"Difference",{"$f":"L3-L2","v":2.0244973670628497E-2}]
[]
[1,"6 mo",{"$f":"D6/100000","v":6.9999999999999999E-4},70,null,null,"Payment","CF","Spot Rate","z-Spread","Discount Rate total","PV(CF)"]
[2,"1 yr",{"$f":"D7/100000","v":1.1000000000000001E-3},110,null,null,1,{"$f":"($B$2/2)*$B$4","v":30},{"$f":"C6","v":6.9999999999999999E-4},{"$f":"H2","v":2.15E-3},{"$f":"I7+J7","v":2.8500000000000001E-3},{"$f":"H7/(1+K7)^G7","v":29.914742982499874}]
[4,"2 yr",3.3999999999999998E-3,340,null,null,2,{"$f":"($B$2/2)*$B$4","v":30},{"$f":"C7","v":1.1000000000000001E-3},{"$f":"J7","v":2.15E-3},{"$f":"I8+J8","v":3.2500000000000003E-3},{"$f":"H8/(1+K8)^G8","v":29.805946522294942}]
[6,"3 yr",6.6E-3,660,null,null,3,30,{"$f":"TREND(C7:C8,A7:A8,G9)","v":2.2499999999999998E-3},{"$f":"J8","v":2.15E-3},4.3999999999999994E-3,29.607459412431414]
[10,"5 yr",1.4E-2,1400,null,null,4,30,{"$f":"C8","v":3.3999999999999998E-3},2.15E-3,5.5499999999999994E-3,29.343139165135224]
[14,"7 yr",1.9699999999999999E-2,1970,null,null,5,30,{"$f":"TREND(C8:C9,A8:A9,G11)","v":5.0000000000000001E-3},2.15E-3,7.1500000000000001E-3,28.95012674139932]
[20,"10 yr",2.5700000000000001E-2,2570,null,null,6,30,{"$f":"C9","v":6.6E-3},2.15E-3,8.7500000000000008E-3,28.472130682285155]
[40,"20 yr",3.3000000000000002E-2,3300,null,null,7,30,{"$f":"TREND($C$9:$C$10,$A$9:$A$10,G13)","v":8.4499999999999992E-3},2.15E-3,1.0599999999999998E-2,27.865458759509242]
[null,null,null,null,null,null,8,30,{"$f":"TREND($C$9:$C$10,$A$9:$A$10,G14)","v":1.03E-2},2.15E-3,1.2449999999999999E-2,27.172686423059677]
[null,null,null,null,null,null,9,30,1.2149999999999999E-2,2.15E-3,1.43E-2,26.401185305073483]
[null,null,null,null,null,null,10,30,{"$f":"C10","v":1.4E-2},2.15E-3,1.6150000000000001E-2,25.558951847069604]
[null,null,null,null,null,null,11,30,{"$f":"TREND($C$10:$C$11,$A$10:$A$11,G17)","v":1.5424999999999998E-2},2.15E-3,1.7574999999999997E-2,24.767977254175975]
[null,null,null,null,null,null,12,30,{"$f":"TREND($C$10:$C$11,$A$10:$A$11,G18)","v":1.685E-2},2.15E-3,1.9E-2,23.934868547680612]
[null,null,null,null,null,null,13,30,1.8275E-2,2.15E-3,2.0424999999999999E-2,23.065723590251235]
[null,null,null,null,null,null,14,30,{"$f":"C11","v":1.9699999999999999E-2},2.15E-3,2.1849999999999998E-2,22.166706191082103]
[null,null,null,null,null,null,15,30,{"$f":"TREND($C$11:$C$12,$A$11:$A$12,G21)","v":2.0699999999999996E-2},2.15E-3,2.2849999999999995E-2,21.376766439925426]
[null,null,null,null,null,null,16,30,{"$f":"TREND($C$11:$C$12,$A$11:$A$12,G22)","v":2.1699999999999997E-2},2.15E-3,2.3849999999999996E-2,20.575002693269919]
[null,null,null,null,null,null,17,30,{"$f":"TREND($C$11:$C$12,$A$11:$A$12,G23)","v":2.2699999999999998E-2},2.15E-3,2.4849999999999997E-2,19.7649655655953]
[null,null,null,null,null,null,18,30,{"$f":"TREND($C$11:$C$12,$A$11:$A$12,G24)","v":2.3699999999999999E-2},2.15E-3,2.5849999999999998E-2,18.950109531171048]
[null,null,null,null,null,null,19,30,{"$f":"TREND($C$11:$C$12,$A$11:$A$12,G25)","v":2.47E-2},2.15E-3,2.6849999999999999E-2,18.133770427968173]
[null,null,null,null,null,null,20,30,{"$f":"C12","v":2.5700000000000001E-2},2.15E-3,2.785E-2,17.319145084024353]
[null,null,null,null,null,null,21,30,{"$f":"TREND($C$12:$C$13,$A$12:$A$13,G27)","v":2.6064999999999998E-2},2.15E-3,2.8214999999999997E-2,16.724710724019737]
[null,null,null,null,null,null,22,30,2.6429999999999999E-2,2.15E-3,2.8579999999999998E-2,16.139259077761935]
[null,null,null,null,null,null,23,30,2.6794999999999999E-2,2.15E-3,2.8944999999999999E-2,15.563294977410679]
[null,null,null,null,null,null,24,30,2.716E-2,2.15E-3,2.9309999999999999E-2,14.997285010400386]
[null,null,null,null,null,null,25,30,2.7525000000000001E-2,2.15E-3,2.9675E-2,14.441657611564953]
[null,null,null,null,null,null,26,30,2.7889999999999998E-2,2.15E-3,3.0039999999999997E-2,13.896803285815988]
[null,null,null,null,null,null,27,30,2.8254999999999999E-2,2.15E-3,3.0404999999999998E-2,13.3630749554909]
[null,null,null,null,null,null,28,30,2.862E-2,2.15E-3,3.0769999999999999E-2,12.840788426097591]
[null,null,null,null,null,null,29,30,2.8984999999999997E-2,2.15E-3,3.1134999999999996E-2,12.330222963852512]
[null,null,null,null,null,null,30,30,2.9350000000000001E-2,2.15E-3,3.15E-2,11.831621978118116]
[null,null,null,null,null,null,31,30,2.9714999999999998E-2,2.15E-3,3.1864999999999997E-2,11.345193801615173]
[null,null,null,null,null,null,32,30,3.0079999999999999E-2,2.15E-3,3.2230000000000002E-2,10.871112561096364]
[null,null,null,null,null,null,33,30,3.0445E-2,2.15E-3,3.2594999999999999E-2,10.409519131034271]
[null,null,null,null,null,null,34,30,3.0809999999999997E-2,2.15E-3,3.2959999999999996E-2,9.9605221627843168]
[null,null,null,null,null,null,35,30,3.1175000000000001E-2,2.15E-3,3.3325E-2,9.5241991816426363]
[null,null,null,null,null,null,36,30,3.1539999999999999E-2,2.15E-3,3.3689999999999998E-2,9.1005977442168309]
[null,null,null,null,null,null,37,30,3.1905000000000003E-2,2.15E-3,3.4055000000000002E-2,8.6897366485743852]
[null,null,null,null,null,null,38,30,3.227E-2,2.15E-3,3.4419999999999999E-2,8.2916071897129537]
[null,null,null,null,null,null,39,30,3.2634999999999997E-2,2.15E-3,3.4784999999999996E-2,7.9061744530206539]
[null,null,null,null,null,null,40,{"$f":"($B$2/2)*$B$4+B4","v":1030},{"$f":"C13","v":3.3000000000000002E-2},2.15E-3,3.5150000000000001E-2,258.64599992353828]
[null,null,null,null,null,null,null,null,null,null,"Bond Price"]

{"sheet":"Path Dependent","index":2,"n_rows":52,"n_cols":18,"rows_kept":52,"cut":false,"hidden":false,"merged":[[50,9,50,11]]}
["Price",102.52,"BondPrice",null,null,null,null,null,null,null,null,null,null,null,null,null,"Market Price",{"$f":"BondPrice","v":102.52}]
["Coupon",6.7500000000000004E-2,"CouponRate",null,null,null,"Z-Spread",{"$f":"I2/1000000","v":3.8300000000000001E-3},3830,"ZSpread",null,null,null,null,null,null,"Model Average Price",{"$f":"AveragePRice","v":102.52329117447039}]
["Maturity",20,"Maturity",null,null,null,"Increment",{"$f":"I3/10000","v":8.9999999999999998E-4},9,"increment",null,null,null,null,null,null,"Difference",{"$f":"R2-R1","v":3.2911744703909562E-3}]
["Par",100,"ParValue"]
[]
[1,"6 mo",{"$f":"D6/100000","v":6.9999999999999999E-4},70,null,null,"Payment","CF","Path 1","Path 2","Path 3","z-Spread","PV(CF)-Path 1","PV(CF)-Path 2","PV(CF)-Path 3"]
[2,"1 yr",{"$f":"D7/100000","v":1.09E-3},109,null,null,1,{"$f":"(CouponRate/2)*ParValue","v":3.375},{"$f":"SpotRate+increment","v":1.5999999999999999E-3},{"$f":"C6","v":6.9999999999999999E-4},{"$f":"SpotRate-increment","v":-1.9999999999999998E-4},{"$f":"ZSpread","v":3.8300000000000001E-3},{"$f":"CF/(1+z_Spread+Path_1)^Payment_number","v":3.3567727241080929},{"$f":"CF/(1+z_Spread+Path_2)^Payment_number","v":3.3597801957134186},{"$f":"CF/(1+z_Spread+Path_3)^Payment_number","v":3.362793061187888}]
[4,"2 yr",{"$f":"D8/100000","v":3.3899999999999998E-3},339,null,null,2,3.375,1.99E-3,{"$f":"C7","v":1.09E-3},{"$f":"SpotRate-increment","v":1.9000000000000006E-4},{"$f":"L7","v":3.8300000000000001E-3},3.3360553159225788,3.3420334918407697,3.3480277514109824]
[6,"3 yr",6.5900000000000004E-3,659,null,null,3,3.375,3.1399999999999996E-3,{"$f":"TREND(C7:C8,A7:A8,G9)","v":2.2399999999999998E-3},1.3399999999999998E-3,{"$f":"L8","v":3.8300000000000001E-3},3.3054012035006446,3.3142798792331307,3.3231903822742956]
[10,"5 yr",1.3990000000000001E-2,1399,null,null,4,3.375,4.2899999999999995E-3,{"$f":"C8","v":3.3899999999999998E-3},2.49E-3,3.8300000000000001E-3,3.2675696542940478,3.2792642460452814,3.2910112031404668]
[14,"7 yr",1.9709999999999998E-2,1971,null,null,5,3.375,5.8899999999999994E-3,{"$f":"TREND(C8:C9,A8:A9,G11)","v":4.9899999999999996E-3},4.0899999999999999E-3,3.8300000000000001E-3,3.215651563763307,3.2300210986008526,3.2444677567871403]
[20,"10 yr",2.5690000000000001E-2,2569,null,null,6,3.375,7.4900000000000001E-3,{"$f":"C9","v":6.5900000000000004E-3},5.6900000000000006E-3,3.8300000000000001E-3,3.1545847624325507,3.1714814348469336,3.1884837877182162]
[40,"20 yr",3.3009999999999998E-2,3301,null,null,7,3.375,9.3399999999999993E-3,{"$f":"TREND($C$9:$C$10,$A$9:$A$10,G13)","v":8.4399999999999996E-3},7.5399999999999998E-3,3.8300000000000001E-3,3.0796227862518699,3.0988404354196368,3.1181952618406763]
[null,null,null,null,null,null,8,3.375,1.119E-2,{"$f":"TREND($C$9:$C$10,$A$9:$A$10,G14)","v":1.0290000000000001E-2},9.3900000000000008E-3,3.8300000000000001E-3,2.9955528048928985,3.0168866632427114,3.0383916022656732]
[null,null,null,null,null,null,9,3.375,1.304E-2,1.214E-2,1.124E-2,3.8300000000000001E-3,2.90325286723913,2.9264817507650887,2.949917322322634]
[null,null,null,null,null,null,10,3.375,1.489E-2,{"$f":"C10","v":1.3990000000000001E-2},1.3090000000000001E-2,3.8300000000000001E-3,2.8036606868628398,2.8285507337556433,2.8536840593730464]
[null,null,null,null,null,null,11,3.375,1.6320000000000005E-2,{"$f":"TREND($C$10:$C$11,$A$10:$A$11,G17)","v":1.5420000000000003E-2},1.4520000000000003E-2,3.8300000000000001E-3,2.7100007074430414,2.7364395317710737,2.7631599923155621]
[null,null,null,null,null,null,12,3.375,1.7750000000000002E-2,{"$f":"TREND($C$10:$C$11,$A$10:$A$11,G18)","v":1.685E-2},1.5949999999999999E-2,3.8300000000000001E-3,2.6121925950384246,2.6399671192534138,2.6680618534269005]
[null,null,null,null,null,null,13,3.375,1.9180000000000003E-2,1.8280000000000001E-2,1.738E-2,3.8300000000000001E-3,2.5109343054230799,2.5398290845994551,2.5690822673721962]
[null,null,null,null,null,null,14,3.375,2.061E-2,{"$f":"C11","v":1.9709999999999998E-2},1.8809999999999997E-2,3.8300000000000001E-3,2.4069240842498241,2.4367237879054064,2.4669191392091916]
[null,null,null,null,null,null,15,3.375,2.1606666666666666E-2,{"$f":"TREND($C$11:$C$12,$A$11:$A$12,G21)","v":2.0706666666666665E-2},1.9806666666666663E-2,3.8300000000000001E-3,2.3154805624205963,2.3461792553357221,2.3773124694659589]
[null,null,null,null,null,null,16,3.375,2.2603333333333333E-2,{"$f":"TREND($C$11:$C$12,$A$11:$A$12,G22)","v":2.1703333333333331E-2},2.080333333333333E-2,3.8300000000000001E-3,2.2232168268475103,2.2546403828488595,2.2865362641131357]
[null,null,null,null,null,null,17,3.375,2.3599999999999999E-2,{"$f":"TREND($C$11:$C$12,$A$11:$A$12,G23)","v":2.2699999999999998E-2},2.1799999999999996E-2,3.8300000000000001E-3,2.1305201867325567,2.1624984013778565,2.1949852782869144]
[null,null,null,null,null,null,18,3.375,2.4596666666666669E-2,{"$f":"TREND($C$11:$C$12,$A$11:$A$12,G24)","v":2.3696666666666668E-2},2.2796666666666666E-2,3.8300000000000001E-3,2.0377638415722887,2.0701315668312472,2.1030424605339144]
[null,null,null,null,null,null,19,3.375,2.5593333333333336E-2,{"$f":"TREND($C$11:$C$12,$A$11:$A$12,G25)","v":2.4693333333333334E-2},2.3793333333333333E-2,3.8300000000000001E-3,1.9453046576399555,1.9779028340354139,2.0110765273208648]
[null,null,null,null,null,null,20,3.375,2.6590000000000003E-2,{"$f":"C12","v":2.5690000000000001E-2},2.479E-2,3.8300000000000001E-3,1.8534812025775296,1.8861577819057274,1.9194397812122059]
[null,null,null,null,null,null,21,3.375,2.6956000000000004E-2,{"$f":"TREND($C$12:$C$13,$A$12:$A$13,G27)","v":2.6056000000000003E-2},2.5156000000000001E-2,3.8300000000000001E-3,1.7853979756207357,1.8184507052903305,1.8521450366132064]
[null,null,null,null,null,null,22,3.375,2.7322000000000003E-2,2.6422000000000001E-2,2.5522E-2,3.8300000000000001E-3,1.7185993018536574,1.7519331038934658,1.7859434291314098]
[null,null,null,null,null,null,23,3.375,2.7688000000000004E-2,2.6788000000000003E-2,2.5888000000000001E-2,3.8300000000000001E-3,1.6531304608499104,1.6866545505105883,1.7208886636855583]
[null,null,null,null,null,null,24,3.375,2.8054000000000006E-2,2.7154000000000005E-2,2.6254000000000003E-2,3.8300000000000001E-3,1.5890321829601723,1.6226601335802087,1.6570300422403248]
[null,null,null,null,null,null,25,3.375,2.8420000000000004E-2,2.7520000000000003E-2,2.6620000000000001E-2,3.8300000000000001E-3,1.5263407127394786,1.559990501971088,1.5944124898188394]
[null,null,null,null,null,null,26,3.375,2.8786000000000003E-2,2.7886000000000001E-2,2.6986E-2,3.8300000000000001E-3,1.4650878856090015,1.4986819236341713,1.5330765949261442]
[null,null,null,null,null,null,27,3.375,2.9152000000000004E-2,2.8252000000000003E-2,2.7352000000000001E-2,3.8300000000000001E-3,1.4053012168961754,1.43876635732472,1.4730586636562801]
[null,null,null,null,null,null,28,3.375,2.9518000000000003E-2,2.8618000000000001E-2,2.7718E-2,3.8300000000000001E-3,1.3470040023713641,1.3802715365677627,1.4143907867169987]
[null,null,null,null,null,null,29,3.375,2.9884000000000004E-2,2.8984000000000003E-2,2.8084000000000001E-2,3.8300000000000001E-3,1.2902154293791572,1.3232210650137144,1.3571009185727887]
[null,null,null,null,null,null,30,3.375,3.0250000000000003E-2,2.9350000000000001E-2,2.845E-2,3.8300000000000001E-3,1.2349506976489331,1.2676345223100347,1.3012129678802438]
[null,null,null,null,null,null,31,3.375,3.0616000000000001E-2,2.9715999999999999E-2,2.8815999999999998E-2,3.8300000000000001E-3,1.1812211488608357,1.2135275796004328,1.2467468983680579]
[null,null,null,null,null,null,32,3.375,3.0982000000000003E-2,3.0082000000000001E-2,2.9182E-2,3.8300000000000001E-3,1.1290344040407838,1.1609121237535245,1.1937188392983455]
[null,null,null,null,null,null,33,3.375,3.1348000000000001E-2,3.0448000000000003E-2,2.9548000000000001E-2,3.8300000000000001E-3,1.0783945078609938,1.1097963894193197,1.1421412046359878]
[null,null,null,null,null,null,34,3.375,3.1713999999999999E-2,3.0814000000000001E-2,2.9914E-2,3.8300000000000001E-3,1.029302078929796,1.0601850980133509,1.0920228200472781]
[null,null,null,null,null,null,35,3.375,3.2079999999999997E-2,3.1179999999999999E-2,3.0279999999999998E-2,3.8300000000000001E-3,0.9817544651675284,1.012079602734397,1.0433690568501228]
[null,null,null,null,null,null,36,3.375,3.2446000000000003E-2,3.1546000000000005E-2,3.0646000000000003E-2,3.8300000000000001E-3,0.93574590338171637,0.96547803873332938,0.99618197204254688]
[null,null,null,null,null,null,37,3.375,3.2811999999999994E-2,3.1911999999999996E-2,3.1011999999999994E-2,3.8300000000000001E-3,0.89126768217629826,0.92037547756563232,0.95046045354643049]
[null,null,null,null,null,null,38,3.375,3.3177999999999999E-2,3.2278000000000001E-2,3.1378000000000003E-2,3.8300000000000001E-3,0.84830830735433449,0.87676408508018644,0.90620036981762775]
[null,null,null,null,null,null,39,3.375,3.3543999999999997E-2,3.2643999999999999E-2,3.1744000000000001E-2,3.8300000000000001E-3,0.80685366900203781,0.83463328192023434,0.86339472299151243]
[null,null,null,null,null,null,40,{"$f":"((CouponRate/2)*ParValue)+ParValue","v":103.375},3.3909999999999996E-2,{"$f":"C13","v":3.3009999999999998E-2},3.211E-2,3.8300000000000001E-3,23.489471193882757,24.319004152926762,25.178590982695795]
[]
[null,null,null,null,null,null,null,null,null,null,null,"Bond Price",{"$f":"SUM(M7:M46)","v":101.55035656579841},{"$f":"SUM(N7:N46)","v":103.43910990517089},105.37986513511333]
[null,null,null,null,null,null,null,null,null,null,null,"Weights",{"$f":"M50/1000","v":0.56399999999999995},{"$f":"N50/1000","v":0.35899999999999999},{"$f":"100%-(M49+N49)","v":7.7000000000000068E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,564,359]
[null,null,null,null,null,null,null,null,null,"Weighted Average Price",null,null,{"$f":"SUMPRODUCT(M48:O48,M49:O49)","v":102.52329117447039}]
[null,null,null,null,null,null,null,null,null,null,null,null,"AveragePrice"]