Business Functions Library for Excel

Business Functions Library for Excel

Function Reference Home Date and Time Calculations Introduction Date Information Introduction DYear DMonth DateYMD DateSeqNum IsSeqDate DayName MonthName IsLeap DaysInMonth IsAnniversary WeekNumber WeekNumberToDate MonthStart MonthEnd NumPers MostRecent MostImminent TimeBaseLengths AnnSeq CreateTimeBase Date Difference Introduction DiffY DiffM DiffD DiffP Date Increment Introduction DpY DpM DpD DpP PrevDateSeq NextDateSeq PrevDateList NextDateList NextDateCombine DatePer EDateBF DateSeq DateSeqCombine Time Period Introduction TpY TpM TpD Occurs Special Dates Introduction Business Days Introduction DpYBD DpMBD DpDBD NextBD PrevBD NextDateSeqBD PrevDateSeqBD IsBD NetWorkDaysBF NextDateListBD PrevDateListBD Holidays Introduction Holiday DescribeHol WhatHol IsHol IsWE WesternEaster CreateDate Discrete Amount Projections Introduction Payments Introduction MkPmtsSeq MkPmts MkPmtsGrow MkPmtsFcst MkPmtsSF MkPmtsLim MkPmtsLag MkPmtsLagProf RePhasePmts TotPmts TotPmtsSF SumBetween DoBetween MatchPmts CarryNeg CarryPos MkPmtsX MkPmtsLagX MkPmtsIdx MkPmtsCats MkPmtsGroup Payments Periodic Introduction MkPmtsPer MkPmtsPerGrow MkPmtsPerFcst MkPmtsIdxPer Payments Market Introduction MkPmtsGrowMkt MkPmtsFcstMkt MkPmtsPerGrowMkt MkPmtsPerFcstMkt Distributed Amount Projections Introduction Time Spread Introduction GSpread UniSpread UniSpreadGrow SCurve SCurveGrow DistSpread FStepSpread TStepSpread MkPmtsWeighted SCumCurve Time Spread Periodic Introduction UniSpreadPer SCurvePer SCurveGrowPer UniSpreadGrowPer Time Spread Weighted Introduction WeightSpread FWeightSpread TWeightSpread Time Spread History Introduction UniSpreadH SCurveH WeightSpreadH FWeightSpreadH TWeightSpreadH DistSpreadH GSpreadH UniSpreadAdj SCurveAdj WeightSpreadAdj FWeightSpreadAdj TWeightSpreadAdj DistSpreadAdj GSpreadAdj Constant Rate Projections Introduction Constant Rate Introduction Con ConGrow AnnGrow RePhaseCon AnnRate ConSF ConIdx ConEvent Constant Rate Periodic Introduction ConPer AnnGrowPer ConGrowPer Constant Rate Market Introduction ConGrowMkt ConFcstMkt ConFcstGrowMkt Constant Rate Revenue Introduction ConRevGrow2 ConRev ConRevGrow ConRevFcst Stepped Rate Projections Introduction Stepped Rate From Introduction FStep FStepGrow FStepGrowX FStepThenGrow FStepFcst FStepGrown FStepSF FStepCombine MultiFStep Stepped Rate To Introduction TStep TStepGrow TStepGrowX TStepThenGrow TStepFcst TStepGrown TStepSF TStepCombine MultiTStep Stepped Rate Market Introduction FStepGrowMkt FStepFcstMkt TStepGrowMkt TStepFcstMkt Stepped Rate Revenue Introduction FStepRev TStepRev FStepRevGrow FStepRevFcst TStepRevGrow TStepRevFcst FStepThenGrowRev TStepThenGrowRev Interpolated and Curve-Fitted Projections Introduction Interpolated and Curve-Fitted Rates Introduction FittedRate Ramp Interpolated and Curve-Fitted Levels Introduction InterpedLevel FittedLevel Instantaneous Level Projections Introduction Levels Introduction Bal Level FLevels TLevels FLevelsGrow TLevelsGrow FLevelsFcst TLevelsFcst FLevelsCombine FLevelsThenGrow TLevelsThenGrow Levels Market Introduction FLevelsGrowMkt TLevelsGrowMkt FLevelsFcstMkt TLevelsFcstMkt Growth Introduction Grow GrowFromTo FGrowStep TGrowStep FGrowStepMkt TGrowStepMkt GrowMkt GrowLin Forecast Introduction Fcst FcstGrow FcstCollar SumFcst FFcstStep TFcstStep IdxFromTo Forecast Specific Times Introduction FcstT TFcstT Levels Over Time Projections Introduction Levels Average Introduction ALevel FALevels TALevels FALevelsGrow TALevelsGrow FALevelsFcst TALevelsFcst FALevelsThenGrow TALevelsThenGrow ALevelGrow Levels Average Market Introduction FALevelsGrowMkt TALevelsGrowMkt FALevelsFcstMkt TALevelsFcstMkt Growth Average Introduction AGrow Projections NPV Introduction NPV Constant Rate Introduction PVCon PVAnnGrow PVConGrow PVConQ NPV Stepped Rate Introduction PVTStep PVTStepQ PVTStepIC PVTStepICQ PVFStep PVFStepIC PVFStepQ PVFStepICQ NPV Payments Introduction PVMkPmtsSF PVMkPmts NPV Time Spread Introduction PVGSpread PVUniSpread PVSCurve PVSCurveGrow PVDistSpread PVFStepSpread PVTStepSpread PVMkPmtsWeighted PVSCumCurve Time Value Of Money Analysis Introduction Basic Interest Rate Conversions Introduction SimpleToSimple SimpleToAER SimpleToCont SimpleToDF AERToSimple AERToCont AERToDF ContToSimple ContToAER ContToDF DFToSimple DFToAER DFToCont Advanced Interest Rate Conversions Introduction SimpleToSimpleX SimpleToAERX SimpleToContX SimpleToDFX AERToSimpleX ContToSimpleX DFToSimpleX RateConvert Annuity Introduction FVM PVM PmtM TermM IntRateM PVEGAnn PVEGAnnM PVEGPerAnn PVEGPerp PVEGPerpM PVEGPerPerp SumEGAnn SumEGAnnM SumEGAnnCont SumLGAnn SumLGAnnM SumLGAnnCont Annuity Extended Introduction PVBF PMTBF RateBF US APR Introduction APRToQuoted QuotedToAPR Discounted Cash Flow Introduction DCF One-Off Introduction PVOne FPVOne TPVOne PVOneQ DCF Annual Introduction PVA IRRA PayBackA PayBackDiscA DurationA AvLifeA DCF Even Intervals Introduction PVE IRRE PaybackE PayBackDiscE DurationE AvLifeE DCF Specific Times Introduction PVT IRRT PayBackT PayBackDiscT DurationT AvLifeT PVTIC IRRTIC PVTX IRRTX PVTCX IRRTCX PVTR IRRTR DCF Dispersed Annual Introduction NPVM IRRM CorrectionM CorrectionCont CorrectionDC DurationM AvLifeM EffTimeM Accounting And Tax Introduction Accounting Introduction Depreciate DepreciatedValue DepPoolWIP DepPoolRatio DepPool DepreciatePer DepreciateGrowPer DepreciateFcstPer DepreciateIdxPer LIFOPrice LIFOCalc Tax Introduction FAvRate TAvRate FAvRateTD TAvRateTD Mathematical Calculations Introduction Statistics Introduction LinReg BestPoly SignChanges RSqrdPoly PolyEqn CalcPoly PolyReg Range Operations Introduction Range Lookup Introduction LookupNum LookupN SeekNum PickNum SortPick LookUpNum2D PickMatrix LookupNIndex Seek SeekList SortNum FindIf Range Sum Introduction DoBetweenX SumCat SumCats SumPos SumNeg SumDiv SumBounds SumSubRange SumCombine SelCats Range Reference Introduction Coordinates WorkSheetName RefPlus GetRef Range Calcs Introduction MinBetween MaxBetween MeanNZ WeightAv Range Information Introduction RangeDir Range Manipulation Introduction SortText ApplyToList CombineLists TransposeNum Unique Interpolation Introduction Interp Interpolate InterpDate InterpolateDate Intersection Simulation Modelling Introduction Monte Carlo Introduction Distribution PartialDependency DistCumulative DistUniform DistTriangular DistDoubleTri DistNormal DistLogNormal RandNum NRandom PickRandom DescribeDistType CumProb Real Estate Introduction Rent Introduction RentGrow RentFcst Rent From Introduction FStepRent FStepRentGrow FStepRentFcst FStepRentFcstCollar Rent To Introduction TStepRent TStepRentGrow TStepRentFcst TStepRentGrowCollar TStepRentFcstCollar Rent Reletting Introduction RentFcstR RentGrowR FStepRentGrowR FStepRentFcstR TStepRentGrowR TStepRentFcstR TStepRentGrowSFR FStepRentGrowSFR TStepRentFcstSFR FStepRentFcstSFR UK Valuation Introduction CapValue EqYield CapValueG EqYieldG CapValueGD EqYieldGD NomToTrue TrueToNom YPP YPPDef YPA YPADef CapValueGrowGD CapValueFcstGD EqYieldGrowGD EqYieldFcstGD UK Valuation DCF Introduction CapValueDCF EqYieldDCF CapValueDCFG EqYieldDCFG CapValueDCFGD EqYieldDCFGD NomToTrueDCF TrueToNomDCF YPADefDCF YPPDefDCF TheorYield ImpGrowth ImpDiscRate PVRent TWRR NPV Rent Projections Introduction PVRentGrow PVRentFcst PVTStepRent PVTStepRentGrow PVTStepRentFcst PVTStepRentGrowR PVTStepRentFcstR PVTStepRentGrowIC PVTStepRentGrowRIC PVTStepIdxRentGrowR PVTStepIdxRentFcstR Retail Rent Introduction TStepGTurnRentGrow TStepGTurnRentGrowR Index Rent Introduction IdxRentGrowR IdxRentFcstR IdxRentGrowMktR IdxRentFcstMktR TStepIdxRentGrowR TStepIdxRentFcstR Real Estate Costs Introduction LetCostR LetCostRQ LeasingFeeGrowR FServChargeR ServChargeGrowR ServChargeFcstR FServChargeGrowR FVacServChargeR VacServChargeGrowR VacServChargeFcstR LeasingFeeFcstR Real Estate Costs UK Introduction UKRatesGrow UKRatesFcst UKRatesGrowR UKRatesFcstR UKEmptyRatesFcstR UKEmptyRatesGrowR Lease Information Introduction LeaseEnd ReletOccurs RentDateInfo RentEventOccurs RentEvent LastReview NextReview LastReviewR NextReviewR LeaseInfo Occupancy LeaseDates Banking Introduction Interest Introduction Interest FInterest TInterest TotInterestSF InterestX PVFInterest PVInterestX PVInterest Yield Curve Introduction ZeroCoupon FutureToSpot SpotToSpot Loan Introduction Loan LoanX LoanLin LoanLinX Mortgage MortgageQ LoanPool MortgagePool IdxBondGrow IdxBondFcst Residual Cash Introduction Overdraft CashAcct FlexAcct CurrentAcct STDAcct LoanAcct LoanAcctEM Equity Trading Introduction BetaIndex BetaReturns DescribeReturn TotalReturn Options Introduction OptionBS OptionBinom OptionMonte Petroleum Economics Introduction Petroleum Engineering Introduction STOIIP Decline Curve Introduction Decline DeclineRate DescribeDecline ProdProf AbandonDate StartDecline Text Introduction Numbers To Text Introduction MoneyText Text String Introduction GetToken GetTokens InString ExInt ExFl Miscellaneous Introduction Special Arithmetic Introduction StdEq DiffGaps AddGaps Rounding Introduction SRound SFloor SCeiling RoundWeekDay RoundMonthDay RoundMD RoundDateSeq DateRound DateFloor DateCeiling Disperse RoundList Library Information Introduction BFVer DescribeLoanAcctOutput DescribeCombineSwitch DescribePmtsPerYear DescribeLevelSwitch DescribeBD DescribeDayCount DescribePeriods DescribeLookup DescribeRounding DescribeLoanOutput DescribeShape ArgValues Flow Of Control Introduction Switch SwitchR SwitchT SwitchRT IfElse IfElseR IfElseT IfElseRT Comparisons Introduction CollarDate InBetween Collar Excel Information Introduction Ev	Note: In order to use the spreadsheet examples, you need to download Business Functions
	ZeroCoupon (CalculationDate, ParBaseDate, ParDates, ParYields, ParCoupFreqs, CurrentPrices, [RateType], [DCount], [BusDaySwitch], [Options])
	Determines the Zero Coupon Discount factor using the Bootstrap method
	The function returns the either the Zero Coupon spot rate or the Zero Coupon Discount Factor.
	Auto Array Function
	Values for "Options" (or "Opts")
	1 - Always Calculate Whole Curve. This is a performance optimization that you need to understand in order to use. The default behaviour of the function is only to use sufficient par dates and rates in order to construct the curve as far as the calculation date. Whilst this is efficient for making a few function calls at calculation dates near the start of the par rates, it does mean that the necessary part of the curve is calculated every time. If, however, you are making several function calls along the full length of the par rate curve, its best to calculate the whole curve the first time the function is called, and then get the function to use its internal cache of calculated rates for subsequent calls. Thats what this option does. Note that to get the very best performance, you should use this function as an array function (which always calculates the whole curve). In other words: It does not affect the calculations, just the speed of processing. Option 0 is optimal for one or two calls to ZeroCoupon, because it only calculates the part of the curve that is needed. Option 1 says, OK, we are going to use the curve alot over many calls, so lets calculate the whole curve, and, provided we get the same set of inputs, we will not calculate the curve again, but use the curve we have stored internally. On the whole, Option 1 is what most people would want.
	Key Points
	Performance The function has to create a zero coupon curve internally using the bootstrap method. If you are using this function for a range of Calculation Dates, eg converting a swap curve to a zero cpoupon curve, it will be much faster to use this function as an array function. To do this, you simply need to input a range of CalculationDates and use the array method of entering a formula. In summary, your performance alternatives are: Do nothing: The function will calculate the curve as much as it needs to. In an example we carried out over 360 rates this resulted in an execution time of 32 seconds. Use the Options variable to instruct CalculateWholeCurve. The function will calculate the whole curve upon the first call and use the cahced calculations thereafter. In our example execution time was reduced to 2 seconds. Use as an array function. Specifying CalculateWholeCurve is superfluous since it will do this anyway. In our example execution time was reduced to 1 second.
	Key Points
	The Discount Factor is the factor by which you multiply a future value at CalculationDate to bring it back to ParBaseDate. This is quite a powerful function since it is calculating a bootstrapped zero coupon curve. For a less accurate way of working with spot and future rates see SpotToSpot and FutureToSpot.
	Example ZeroCoupon.xls

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