Companion files · The Credit Investor
The Credit Investor: Credit Investing by the Numbers: Bonds, Loan Funds, BDCs and Private Credit Funds, Default, Recovery and the Real Yield, With the Models Supplied.
These are the companion files of the book. An investor puts $500,000 into seventeen credit lines: investment-grade and high-yield bonds, a floating-rate loan fund, three listed BDCs, a private credit interval fund and Treasury bills. On the day of purchase the portfolio displays 7.46 percent. Three years later it has earned 6.02 percent. The BDC that showed 14.67 percent earned 7.76 percent; the dull one that showed 10.11 percent earned 10.16 percent. Three workbooks reproduce every figure the book prints. No sign-up, no email is asked for, nothing is locked. Yellow cells with blue type are inputs; grey cells are formulas.
The archive holds the six files below, with 00_START_HERE.md at its root. No macros, no circular references, no external links in any workbook. They recalculate in Excel, LibreOffice or Google Sheets.
Part I · Chapters 2 to 4, 6 and 8
Harrowgate Pneumatics from its 8.50 percent coupon and a price of 94.00 to a yield to maturity of 10.06 percent and an expected yield of 1.06 percent; the default and recovery assumptions; the high-yield sleeve by number of defaults and recovery; duration and convexity from the cash flows; the CLO tranche grid. Every computed figure is a live formula, and the Checks sheet sets each figure the book prints beside the cell that computes it.
Download the workbook110 KBPart II · Chapters 5 to 14
The bond ladder, the high-yield bonds, the loan fund, the three listed BDCs with their income stacks, dividend coverage, NAV and discount, the interval fund's fee stack and NAV, the repurchase proration table and the gate, and the tax illustration. Every figure is a live formula, checked on the Checks sheet.
Download the workbook124 KBPart III · Chapters 15 to 18
The seventeen lines at purchase, then every line's cash flows quarter by quarter in the base case and in each stress scenario, the IRRs by line, sleeve and portfolio, the line-by-line shortfall and the quarterly review figures.
Download the workbook211 KBChapters 2, 3, 13, 15 and 18
A line ledger, a yield bridge for one bond, a fee stack for one leveraged fund or BDC, and a quarterly review with triggers you set in advance. Every input is empty and every output a live formula.
Download the workbook21 KBThe whole book
A separate case of $200,000 in four lines. Start a timer, build the fifteen answers, then open the Score sheet and the Answer Key.
Download the workbook14 KBRead first
What each file is, which part of the book it serves, the order to read them in and the conventions.
Download the read-me3 KB| One bond | Harrowgate Pneumatics, 8.50 percent coupon at 94.00: yield to maturity 10.06 percent, expected loss 9.00 percent a year, expected yield 1.06 percent |
| One fund | The interval fund pays 9.00 percent; after interest, fees and credit losses it is expected to earn 7.19 percent, and its NAV falls from $25.00 to $23.497 in three years |
| The portfolio | Seventeen lines, $500,000: displayed 7.46 percent, expected 6.31 percent, earned 6.02 percent; 6.63 percent without the one default |
The files are provided as they are, without warranty of any kind. The models are illustrative: the investor and every issuer, fund and BDC in them are fictional, and the figures are the book's assumptions, not market statistics or forecasts. Nothing here is investment, legal or tax advice.