{"text_format":"1","workbook":"xlsx","n_sheets":14,"sheets":["Overview","Gov Rates","Corp Data","RFR","LTAS","Reference Portfolio Weights","Government Bond Ref. Portfolios","Corporate Bond Ref. Portfolio","S&RC Gov Currency","S&RC Corp Currency","S&RC Gov Country","S&RC Corp Country","RCS","Disclaimer"],"not_rendered":{"charts":0,"images":3,"macros":1,"external_links":0,"defined_names":191,"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":"Overview","index":0,"n_rows":40,"n_cols":13,"rows_kept":40,"cut":false,"hidden":false,"merged":[[39,5,39,11],[36,5,36,11],[35,5,35,11],[34,5,34,11],[7,5,13,11],[31,5,31,11],[32,5,32,11],[33,5,33,11]]}
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"©EIOPA, 2026."]
[]
[]
[null,null,null,null,null,"RFR Risk-Corrected Spread Calculation"]
[]
[null,null,null,null,null,"This workbook demonstrates the calculation of the risk-corrected spreads for Italy.\nIt supports the RFR technical documentation section 9 and annexes E-G.\nThe workbook is based on the amendments to the Solvency II provisions set out in Directive (EU) 2025/2 and Commission Delegated Regulation (EU) 2026/269.\n"]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,"Version",null,"Last Change",null,null,"Legend"]
[null,null,null,null,null,1,null,"2026-05-19",null,null,"Input data"]
[null,null,null,null,null,null,null,null,null,null,"Intermediary calculation"]
[null,null,null,null,null,null,null,null,null,null,"Output data"]
[]
[]
[null,null,null,null,null,"Abbreviations"]
[null,null,null,null,null,"CORP","corporate bond",null,null,"RC","risk correction"]
[null,null,null,null,null,"CQS","credit quality step",null,null,"RCS","risk-corrected spread"]
[null,null,null,null,null,"GOV","government bond",null,null,"RFR","risk-free rate"]
[null,null,null,null,null,"IRR","internal rate of return",null,null,"S","spread"]
[null,null,null,null,null,"LTAS","long-term average spread",null,null,"Y","year"]
[null,null,null,null,null,"MV","market value"]
[]
[]
[null,null,null,null,null,"Description"]
[]
[null,null,null,null,null,"The calculation of the risk-corrected spreads are described in Directive (EU) 2025/2 of the European Parliament and of the Council amending Directive 2009/138/EC Article 77d, Commission Delegated Regulation (EU) 2015/35 Articles 49 to 51 (amended by Commission Delegated Regulation (EU) 2026/269) as well as EIOPA's RFR Technical Documentation (see section 'Background material' at https://www.eiopa.europa.eu/tools-and-data/risk-free-interest-rate-term-structures_en).\n"]
[null,null,null,null,null,"The input data consist of:\n - Reference portfolios,\n - Risk-free interest rates,\n - Government bond rates,\n - Corporate bond rates,\n - Long-term average spreads"]
[null,null,null,null,null,"For each reference portfolio, firstly, the individual spreads and risk-corrections are computed for each component. Then, in a second step, the internal effective rates for the yield, the risk-free rate as well as the risk-corrected yield are calculated on the portfolio level and combined to result in the portfolio spread and the portfolio risk correction."]
[null,null,null,null,null,"The overall risk-corrected spreads at a currency and country level are then computed by weighting the government bond and corporate bond reference portfolio spreads and risk-corrections and taking their differences. They form the basis for the volatility adjustment calculation."]
[null,null,null,null,null,"This workbook exemplifies the calculation of the risk-corrected spreads relevant for the computation of the volatility adjustment to the basic risk-free interest rate term structure of an EEA country (Italy in this case) based on dummy data.\nThe necessary input data are shown in the marked input data worksheets. These data are then used for the spread and risk-correction calculations of the government bond and corporate bond currency reference portfolios as well as for the respective calculations of the country reference portfolios. The final risk-corrected spreads are shown in the worksheet \"RCS\"."]
[null,null,null,null,null,"This workbook requires Microsoft Excel 2021 or higher (including Excel 365). VBA macros must be activated for the computation of the internal effective rates. The internal effective rates can be calculated either individually by pressing the respective button in the \"S&RC\" worksheets or calculated together by pressing the \"Calculate RCS\" button in the \"RCS\" worksheet."]
[null,null,null,null,null,"Implementation Details"]
[]
[null,null,null,null,null,"Named ranges have been used to enhance the transparency of the calculations. The naming convention used is as follows:\n\n- Prefix with \"R\" for ranges\n- Prefix with \"V\" for (scalar) values\n- Prefix with \"L\" for validation lists\n\n\nThe calculation of the internal effective rates uses the solver and is triggered using VBA. To access the VBA code, navigate to the \"Developer\" tab or use the shortcut ALT + F11. "]

{"sheet":"Gov Rates","index":1,"n_rows":38,"n_cols":18,"rows_kept":38,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"©EIOPA, 2026."]
[]
[]
[null,null,null,null,null,"Input Data: Government Bond Rates"]
[]
[null,null,null,null,null,"Maturity [Y]","ECB Curve","AT","BE","FI","FR","DE","IE","IT","NL","PT","ES","US"]
[null,null,null,null,null,1,2.0641718131221856E-2,1.8274900549676714E-2,2.0540808883545047E-2,1.8716632886839363E-2,2.0424612675379396E-2,1.7626189531577772E-2,1.9514252075957347E-2,1.8687577282467425E-2,1.9008135297238948E-2,2.0427457793942973E-2,1.8999136709583316E-2,4.2585891980809344E-2]
[null,null,null,null,null,2,1.9557783222210412E-2,1.7573746109517431E-2,2.1225174902886352E-2,1.9231150701463133E-2,2.0736797124672614E-2,1.780066764758044E-2,1.8674640224521536E-2,1.8935602476120458E-2,1.8428438924166079E-2,1.8517570320954746E-2,1.9497062806763998E-2,3.8475688991940163E-2]
[null,null,null,null,null,3,2.2290997744837338E-2,1.9033781540522248E-2,1.9849103327104621E-2,1.8882880645885003E-2,1.9682871865725426E-2,1.8322834080949962E-2,1.8755465216476173E-2,2.0446435574601032E-2,1.9944816579948604E-2,2.0901434081789596E-2,2.1159998780721515E-2,4.0572611677544196E-2]
[null,null,null,null,null,4,2.3903643032590544E-2,2.3493151218747784E-2,2.3310901336325903E-2,2.0443335396572265E-2,2.2176814440323645E-2,1.825371910490477E-2,2.1040869234592374E-2,2.4344446141197882E-2,2.2062003126014244E-2,1.9699986225726062E-2,2.3971147720852782E-2,3.9870586471311566E-2]
[null,null,null,null,null,5,2.3177175221267988E-2,2.5384144549241584E-2,2.5079015242465655E-2,2.4845548075119146E-2,2.6847135826161814E-2,2.1862454111766214E-2,2.4056657108141855E-2,2.8040685359207562E-2,2.3302624027618235E-2,2.2642405758330462E-2,2.486208404691374E-2,3.9485369076427967E-2]
[null,null,null,null,null,6,2.5627654403550297E-2,2.3733920879040877E-2,2.3400092771697335E-2,2.6146213912969285E-2,2.8307116808505655E-2,2.3414696120837752E-2,2.3197008061277759E-2,2.934643276421741E-2,2.3557142662476056E-2,2.5509292129831409E-2,2.7310301750286668E-2,4.1995428576948976E-2]
[null,null,null,null,null,7,2.7165982895651305E-2,2.8120018448601188E-2,2.7457221733516408E-2,2.4883736608242963E-2,2.6948234973192615E-2,2.0788818065419806E-2,2.3451154758219562E-2,2.9813964283501027E-2,2.4819094816605453E-2,2.3710792835351546E-2,2.6817682257086615E-2,4.4354304323428614E-2]
[null,null,null,null,null,8,3.079853572076445E-2,2.8583986894549059E-2,2.7938194992759364E-2,2.6432082625254455E-2,2.8045889028979067E-2,2.1837094985391207E-2,2.5424019872670171E-2,3.3878291349685931E-2,2.7212443260345109E-2,2.5434361150307724E-2,3.0795909438747868E-2,4.1815348342708558E-2]
[null,null,null,null,null,9,3.2263491825073973E-2,3.0599808687449888E-2,3.0287949321053605E-2,2.8417769050200655E-2,3.1033363419291107E-2,2.4140514082626182E-2,2.5987214603930841E-2,3.3656436144459338E-2,2.7877956531409214E-2,2.8374362660908203E-2,3.0976976269494937E-2,4.3992134971465459E-2]
[null,null,null,null,null,10,3.1980588772632129E-2,2.9708213673881288E-2,2.918208520691563E-2,2.7929652000431699E-2,3.3889997074035644E-2,2.5795402864594363E-2,2.8850654061065861E-2,3.7204112462421161E-2,2.7563261126614638E-2,2.8944812150560297E-2,3.192084475215929E-2,4.494462876684574E-2]
[null,null,null,null,null,11,3.1521667731092565E-2,2.9344497301768954E-2,3.1724509317580203E-2,3.1183215912767806E-2,3.3155102937527069E-2,2.6947253824462683E-2,3.0275969796292657E-2,3.6200291990207738E-2,2.6968474164292985E-2,3.0636919416867962E-2,3.1275322602829364E-2,4.4571882474586433E-2]
[null,null,null,null,null,12,3.3708948385732435E-2,3.2908982392378695E-2,3.245772263919184E-2,3.0096202729882501E-2,3.5119825930892364E-2,2.8898498520260218E-2,2.9289283363976664E-2,3.7847086743555441E-2,2.8214259559241912E-2,3.1695650812052181E-2,3.399223898072308E-2,4.5289839955159672E-2]
[null,null,null,null,null,13,3.2360887041410304E-2,3.2914939653844871E-2,3.3765364652418237E-2,3.0514507415227883E-2,3.3912935547021496E-2,2.9251111881413723E-2,3.1642435361720907E-2,3.6942314025326502E-2,2.7695735720687859E-2,3.2148248695454726E-2,3.4888179286696373E-2,4.7976557121544944E-2]
[null,null,null,null,null,14,3.5324850886218895E-2,3.25264828269353E-2,3.544368338606127E-2,3.159270115054446E-2,3.6463732236942215E-2,2.7449755620328635E-2,3.1000159261726699E-2,4.1501045669062465E-2,2.9483077422731662E-2,3.4179268175444755E-2,3.4937991251275426E-2,4.8293794416579529E-2]
[null,null,null,null,null,15,3.5128307562968746E-2,3.5385733050984157E-2,3.4590165350955375E-2,3.1565587253916318E-2,3.6508771748366996E-2,2.8411272205124707E-2,2.9895951947541678E-2,4.1613199997230413E-2,2.8842398978360939E-2,3.3954304851007575E-2,3.8751777235107109E-2,4.7724484957833761E-2]
[null,null,null,null,null,16,3.5505986546209636E-2,3.3161773247724333E-2,3.5344180452607336E-2,3.3463716272694323E-2,3.5545790963770023E-2,2.8478773559246072E-2,3.3799572616800527E-2,4.1081160343317345E-2,3.0289697699913888E-2,3.5975506134283547E-2,3.6343607268098384E-2,5.0245001196692653E-2]
[null,null,null,null,null,17,3.7452154459806694E-2,3.4837960527610227E-2,3.4732391832591469E-2,3.2340405820810977E-2,3.7860239675338934E-2,2.7746808432404881E-2,3.4477159636063265E-2,4.1633509861709904E-2,2.9092992481847064E-2,3.6922573028387799E-2,3.8957554245617337E-2,4.9382769164336551E-2]
[null,null,null,null,null,18,3.7286465750968556E-2,3.5823475210678975E-2,3.5122973368935523E-2,3.2493866836613317E-2,3.7494878981152391E-2,3.0726864452548994E-2,3.1354476657116943E-2,4.2880044113778611E-2,2.9393001712981395E-2,3.6318564287545346E-2,3.8172906007141315E-2,5.0721992181286153E-2]
[null,null,null,null,null,19,3.5814441427607507E-2,3.3415050860136894E-2,3.8323742690157182E-2,3.2572224457680314E-2,3.7451224344028915E-2,2.9649511639949409E-2,3.501825341159643E-2,4.1204237384166197E-2,3.2502775522472695E-2,3.7468815972571998E-2,3.7127194490754113E-2,5.396612020801303E-2]
[null,null,null,null,null,20,3.5525300604562077E-2,3.4849527151343214E-2,3.6653154756850825E-2,3.3713928121821876E-2,3.8694739649997159E-2,2.7684948406584333E-2,3.555830455835756E-2,4.2392222674647637E-2,3.1712585522141616E-2,3.9831309100987318E-2,3.7456973279723638E-2,5.3412095170154807E-2]
[null,null,null,null,null,21,3.6232114499596978E-2]
[null,null,null,null,null,22,3.5895122237258964E-2]
[null,null,null,null,null,23,3.8251767626064866E-2]
[null,null,null,null,null,24,3.5791311426768127E-2]
[null,null,null,null,null,25,3.6245054444552033E-2,3.3273020487793688E-2,4.0669036177052809E-2,3.4336908985458839E-2,4.1145309745675387E-2,3.1143099546261536E-2,3.5432228091333874E-2,4.4224386662690941E-2,3.1472023513092862E-2,3.8852243066991317E-2,3.8158959287292481E-2,5.4154187775120918E-2]
[null,null,null,null,null,26,3.6515938485057978E-2]
[null,null,null,null,null,27,3.6546922545222738E-2]
[null,null,null,null,null,28,3.6238399864348562E-2]
[null,null,null,null,null,29,3.4871142081495388E-2]
[null,null,null,null,null,30,3.5759968689640799E-2,3.4295598363180982E-2,4.0495208191620266E-2,3.7148909316785897E-2,4.132798459371146E-2,2.892681529592522E-2,3.3576576912126593E-2,4.6140480439613218E-2,3.1540654393376596E-2,3.9937895645856952E-2,4.0486750388360859E-2,5.1475986512887484E-2]

{"sheet":"Corp Data","index":2,"n_rows":45,"n_cols":18,"rows_kept":45,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"©EIOPA, 2026."]
[]
[]
[null,null,null,null,null,"Input Data: Corporate Bond Data"]
[]
[null,null,null,null,null,"EUR Corporate Bonds"]
[]
[null,null,null,null,null,"Financials CQS 0",null,null,null,"Financials CQS 1",null,null,null,"Financials CQS 2"]
[]
[null,null,null,null,null,"Maturity Bucket","Duration [Y]","Yield",null,"Maturity Bucket","Duration [Y]","Yield",null,"Maturity Bucket","Duration [Y]","Yield"]
[null,null,null,null,null,"1-3Y",{"$f":"K13","v":1.9221517341179017},{"$f":"85%*L13","v":1.9404737353982699E-2},null,"1-3Y",1.9221517341179017,2.2829102769391412E-2,null,"1-3Y",1.7904769697768335,2.4570514999914646E-2]
[null,null,null,null,null,"3-5Y",{"$f":"K14","v":3.654664910096864},{"$f":"85%*L14","v":2.2750017596214651E-2},null,"3-5Y",3.654664910096864,2.6764726583781945E-2,null,"3-5Y",3.8461265275627361,2.7901585225046481E-2]
[null,null,null,null,null,"5-7Y",5.6975471136800966,2.3682054550376554E-2,null,"5-7Y",5.6975471136800966,2.7861240647501829E-2,null,"5-7Y",5.3178343387494857,3.2711475394374245E-2]
[null,null,null,null,null,"7-10Y",7.3166884761050666,2.5687872321853749E-2,null,"7-10Y",7.3166884761050666,3.0221026261004411E-2,null,"7-10Y",7.2380986843391968,3.4431770262833145E-2]
[null,null,null,null,null,"10Y+",12.015612891503679,3.2457101601795317E-2,null,"10Y+",12.015612891503679,3.8184825413876841E-2,null,"10Y+",10.023451828635352,4.0360274216309028E-2]
[]
[null,null,null,null,null,"Financials CQS 3",null,null,null,"Financials CQS 4",null,null,null,"Financials CQS 5"]
[]
[null,null,null,null,null,"Maturity Bucket","Duration [Y]","Yield",null,"Maturity Bucket","Duration [Y]","Yield",null,"Maturity Bucket","Duration [Y]","Yield"]
[null,null,null,null,null,"1-3Y",1.6531692701591558,3.0031521954113186E-2,null,"1-3Y",2.8500263471998482,5.128437923805905E-2,null,"1-3Y",2.7009739123562055,7.5942132249087732E-2]
[null,null,null,null,null,"3-5Y",3.8074161611199218,3.2321337670084646E-2,null,"3-5Y",2.8500263471998482,5.128437923805905E-2,null,"3-5Y",2.7009739123562055,7.5942132249087732E-2]
[null,null,null,null,null,"5-7Y",5.2482382233776823,3.5258631375174938E-2,null,"5-7Y",2.8500263471998482,5.128437923805905E-2,null,"5-7Y",2.7009739123562055,7.5942132249087732E-2]
[null,null,null,null,null,"7-10Y",7.0515052333812971,3.963055471968728E-2,null,"7-10Y",2.8500263471998482,5.128437923805905E-2,null,"7-10Y",2.7009739123562055,7.5942132249087732E-2]
[null,null,null,null,null,"10Y+",13.025658127516325,4.0962576046739294E-2,null,"10Y+",2.8500263471998482,5.128437923805905E-2,null,"10Y+",2.7009739123562055,7.5942132249087732E-2]
[]
[]
[null,null,null,null,null,"Non-Financials CQS 0",null,null,null,"Non-Financials CQS 1",null,null,null,"Non-Financials CQS 2"]
[]
[null,null,null,null,null,"Maturity Bucket","Duration [Y]","Yield",null,"Maturity Bucket","Duration [Y]","Yield",null,"Maturity Bucket","Duration [Y]","Yield"]
[null,null,null,null,null,"1-3Y",{"$f":"K32","v":1.7005816132851916},{"$f":"85%*L32","v":2.1130316626580426E-2},null,"1-3Y",1.7005816132851916,2.485919603127109E-2,null,"1-3Y",1.8210937164582948,2.3732683682800047E-2]
[null,null,null,null,null,"3-5Y",{"$f":"K33","v":3.8469269601442058},{"$f":"85%*L33","v":2.176022290954208E-2},null,"3-5Y",3.8469269601442058,2.5600262246520095E-2,null,"3-5Y",3.5937546727650269,2.7196128628404745E-2]
[null,null,null,null,null,"5-7Y",5.6291185418868288,2.4325657203645591E-2,null,"5-7Y",5.6291185418868288,2.861842023958305E-2,null,"5-7Y",5.559902599969849,3.1212008683224015E-2]
[null,null,null,null,null,"7-10Y",7.5310818488578741,2.6243456275731308E-2,null,"7-10Y",7.5310818488578741,3.0874654442036832E-2,null,"7-10Y",7.5031922388925159,3.5303187713030738E-2]
[null,null,null,null,null,"10Y+",12.194443951510827,2.971966776686473E-2,null,"10Y+",12.194443951510827,3.4964315019840861E-2,null,"10Y+",11.526947979108837,3.6472073291511267E-2]
[]
[null,null,null,null,null,"Non-Financials CQS 3",null,null,null,"Non-Financials CQS 4",null,null,null,"Non-Financials CQS 5"]
[]
[null,null,null,null,null,"Maturity Bucket","Duration [Y]","Yield",null,"Maturity Bucket","Duration [Y]","Yield",null,"Maturity Bucket","Duration [Y]","Yield"]
[null,null,null,null,null,"1-3Y",1.9557585874298433,2.7519684005365579E-2,null,"1-3Y",2.9862285739742478,4.4038098250287559E-2,null,"1-3Y",2.135648956352437,6.1487417848640688E-2]
[null,null,null,null,null,"3-5Y",3.7872557258441497,3.205249854532944E-2,null,"3-5Y",2.9862285739742478,4.4038098250287559E-2,null,"3-5Y",2.135648956352437,6.1487417848640688E-2]
[null,null,null,null,null,"5-7Y",5.1398294470128132,3.401032643816123E-2,null,"5-7Y",2.9862285739742478,4.4038098250287559E-2,null,"5-7Y",2.135648956352437,6.1487417848640688E-2]
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[null,null,null,null,null,"NO",null,null,0,0,0]
[null,null,null,null,null,"PL",null,null,0,0,0]
[null,null,null,null,null,"PT",0.01,9.6999999999999993,1.3632004639719558E-2,1.2781239555800883E-2,1.3371594730533691E-2]
[null,null,null,null,null,"RO",null,null,0,0,0]
[null,null,null,null,null,"SK",null,null,0,0,0]
[null,null,null,null,null,"SI",null,null,0,0,0]
[null,null,null,null,null,"ES",0.09,10.5,0.12911542898042103,0.11778494654098311,0.12576482183588622]
[null,null,null,null,null,"SE",null,null,0,0,0]
[null,null,null,null,null,"CH",null,null,0,0,0]
[null,null,null,null,null,"UK",null,null,0,0,0]
[null,null,null,null,null,"AU",null,null,0,0,0]
[null,null,null,null,null,"CA",null,null,0,0,0]
[null,null,null,null,null,"CN",null,null,0,0,0]
[null,null,null,null,null,"HK",null,null,0,0,0]
[null,null,null,null,null,"JP",null,null,0,0,0]
[null,null,null,null,null,"US",0.02,5.2,2.4554240685172927E-2,2.4098279184730016E-2,2.4554240685172927E-2]

{"sheet":"Corporate Bond Ref. Portfolio","index":7,"n_rows":42,"n_cols":13,"rows_kept":42,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"©EIOPA, 2026."]
[]
[]
[null,null,null,null,null,"Input Data: Corporate Bond Reference Portfolios"]
[]
[null,null,null,null,null,"Currency RCS EUR - Ref. Port. of Assets other than Central Government and Central Banks Bonds"]
[]
[null,null,null,null,null,"Issuer","Composition","Duration [Y]","Yield Cash Flow","RFR Cash Flow","RC Yield Cash Flow"]
[null,null,null,null,null,"Financials CQS 0",0.14000000000000001,7.2,0.1715509422832221,0.16662763087315455,0.16914260648634014]
[null,null,null,null,null,"Financials CQS 1",0.12,5.5,0.14228529409354193,0.13633092777623393,0.13929781392801152]
[null,null,null,null,null,"Financials CQS 2",0.28999999999999998,4.9000000000000004,0.3424925112874902,0.32429670211326089,0.33329578624557882]
[null,null,null,null,null,"Financials CQS 3",0.13,4.0999999999999996,0.15066132391631146,0.14239795135227756,0.14648558549662663]
[null,null,null,null,null,"Financials CQS 4",0.01,3.1,1.1612063891847321E-2,1.0687176634694002E-2,1.1143120775061273E-2]
[null,null,null,null,null,"Financials CQS 5",null,null,0,0,0]
[null,null,null,null,null,"Financials CQS 6",null,null,0,0,0]
[null,null,null,null,null,"Non-Financials CQS 0",0.04,9,5.1501769681565578E-2,5.0125843146698171E-2,5.1074217586862869E-2]
[null,null,null,null,null,"Non-Financials CQS 1",0.04,7.5,5.061602684413604E-2,4.8011445937372298E-2,4.9577489225803489E-2]
[null,null,null,null,null,"Non-Financials CQS 2",0.09,5.5,0.10628069041968166,0.10224819583217545,0.10478524867945914]
[null,null,null,null,null,"Non-Financials CQS 3",0.13,4.7,0.1509614551795127,0.14461162024146759,0.14853475089271306]
[null,null,null,null,null,"Non-Financials CQS 4",0.01,3.6,1.1594651925332889E-2,1.0817584779125075E-2,1.1327977600782262E-2]
[null,null,null,null,null,"Non-Financials CQS 5",null,null,0,0,0]
[null,null,null,null,null,"Non-Financials CQS 6",null,null,0,0,0]
[]
[null,null,null,null,null,"Country RCS IT - Ref. Port. of Assets other than Central Government and Central Banks Bonds"]
[]
[null,null,null,null,null,"Issuer","Composition","Duration [Y]","Yield Cash Flow","RFR Cash Flow","RC Yield Cash Flow"]
[null,null,null,null,null,"Financials CQS 0",0.03,7.2,3.6760916203547593E-2,3.5705920901390256E-2,3.6244844247072881E-2]
[null,null,null,null,null,"Financials CQS 1",0.05,4,5.6166467707261351E-2,5.4630651071274849E-2,5.540185970022176E-2]
[null,null,null,null,null,"Financials CQS 2",0.26,4.5999999999999996,0.30312635127663357,0.28846989944629764,0.29572707172003793]
[null,null,null,null,null,"Financials CQS 3",0.26,4,0.30005482594596777,0.28407938557062923,0.29198516897243881]
[null,null,null,null,null,"Financials CQS 4",0.04,2.8,4.578127163526774E-2,4.2449508780115393E-2,4.4095162684802944E-2]
[null,null,null,null,null,"Financials CQS 5",null,null,0,0,0]
[null,null,null,null,null,"Financials CQS 6",null,null,0,0,0]
[null,null,null,null,null,"Non-Financials CQS 0",0.03,7.6,3.7048678690680473E-2,3.6110801119053362E-2,3.6629219388537741E-2]
[null,null,null,null,null,"Non-Financials CQS 1",0.02,7,2.5659199707420449E-2,2.3671618524279282E-2,2.4741606554048282E-2]
[null,null,null,null,null,"Non-Financials CQS 2",0.09,5.9,0.10905053115877056,0.10335382082248167,0.1062141036378547]
[null,null,null,null,null,"Non-Financials CQS 3",0.18,5,0.21394758826439783,0.20182225207902463,0.20781418088786405]
[null,null,null,null,null,"Non-Financials CQS 4",0.03,4.5,3.7112726654109751E-2,3.3198783346772932E-2,3.5113356658451361E-2]
[null,null,null,null,null,"Non-Financials CQS 5",0.01,2.6,1.1755025936486221E-2,1.0563760925337293E-2,1.1149790966766182E-2]
[null,null,null,null,null,"Non-Financials CQS 6",null,null,0,0,0]

{"sheet":"S&RC Gov Currency","index":8,"n_rows":51,"n_cols":24,"rows_kept":51,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"©EIOPA, 2026."]
[]
[]
[null,null,null,null,null,"Currency RCS: Government Bonds"]
[]
[null,null,null,null,null,"Model Bond Calculations",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"RFR TD"]
[]
[null,null,null,null,null,"Issuer",null,"AT","BE","FI","FR","DE","IE","IT","LU","NL","PT","SK","ES",null,null,null,"i ∊ HCO: use EA as value for i where applicable"]
[null,null,null,null,null,"Issuer currency",null,"EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR"]
[null,null,null,null,null,"Relative market value",null,{"$f":"_xlfn.XLOOKUP(H$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Composition])","v":0.03},{"$f":"_xlfn.XLOOKUP(I$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Composition])","v":0.09},{"$f":"_xlfn.XLOOKUP(J$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Composition])","v":0.01},{"$f":"_xlfn.XLOOKUP(K$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Composition])","v":0.34},{"$f":"_xlfn.XLOOKUP(L$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Composition])","v":0.15},{"$f":"_xlfn.XLOOKUP(M$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Composition])","v":0.01},{"$f":"_xlfn.XLOOKUP(N$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Composition])","v":0.22},{"$f":"_xlfn.XLOOKUP(O$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Composition])","v":0.01},{"$f":"_xlfn.XLOOKUP(P$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Composition])","v":0.02},{"$f":"_xlfn.XLOOKUP(Q$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Composition])","v":0.01},{"$f":"_xlfn.XLOOKUP(R$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Composition])","v":0.01},{"$f":"_xlfn.XLOOKUP(S$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Composition])","v":0.1}]
[null,null,null,null,null,"Duration [Y]",null,{"$f":"_xlfn.XLOOKUP(H$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Duration '[Y']])","v":9},{"$f":"_xlfn.XLOOKUP(I$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Duration '[Y']])","v":9},{"$f":"_xlfn.XLOOKUP(J$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Duration '[Y']])","v":9},{"$f":"_xlfn.XLOOKUP(K$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Duration '[Y']])","v":9},{"$f":"_xlfn.XLOOKUP(L$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Duration '[Y']])","v":9},{"$f":"_xlfn.XLOOKUP(M$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Duration '[Y']])","v":9},{"$f":"_xlfn.XLOOKUP(N$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Duration '[Y']])","v":9},{"$f":"_xlfn.XLOOKUP(O$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Duration '[Y']])","v":9},{"$f":"_xlfn.XLOOKUP(P$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Duration '[Y']])","v":9},{"$f":"_xlfn.XLOOKUP(Q$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Duration '[Y']])","v":9},{"$f":"_xlfn.XLOOKUP(R$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Duration '[Y']])","v":9},{"$f":"_xlfn.XLOOKUP(S$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Duration '[Y']])","v":9},null,null,null,"i ∊ HCO: use uniform duration dEUR,gov,EA"]
[null,null,null,null,null,"Integer D less than or equal to the duration [Y]",null,{"$f":"INT(H$13)","v":9},{"$f":"INT(I$13)","v":9},9,9,9,9,9,9,9,9,9,9]
[null,null,null,null,null,"Integer D+1 [Y]",null,{"$f":"H14+1","v":10},{"$f":"I14+1","v":10},10,10,10,10,10,10,10,10,10,10]
[]
[null,null,null,null,null,"Linear interpolation of market yields before risk correction"]
[null,null,null,null,null,"Market yield before risk correction corresponding to D",null,{"$f":"_xlfn.XLOOKUP(H$14,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.2263491825073973E-2},{"$f":"_xlfn.XLOOKUP(I$14,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.2263491825073973E-2},{"$f":"_xlfn.XLOOKUP(J$14,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.2263491825073973E-2},{"$f":"_xlfn.XLOOKUP(K$14,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.2263491825073973E-2},{"$f":"_xlfn.XLOOKUP(L$14,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.2263491825073973E-2},{"$f":"_xlfn.XLOOKUP(M$14,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.2263491825073973E-2},{"$f":"_xlfn.XLOOKUP(N$14,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.2263491825073973E-2},{"$f":"_xlfn.XLOOKUP(O$14,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.2263491825073973E-2},{"$f":"_xlfn.XLOOKUP(P$14,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.2263491825073973E-2},{"$f":"_xlfn.XLOOKUP(Q$14,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.2263491825073973E-2},{"$f":"_xlfn.XLOOKUP(R$14,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.2263491825073973E-2},{"$f":"_xlfn.XLOOKUP(S$14,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.2263491825073973E-2}]
[null,null,null,null,null,"Market yield before risk correction corresponding to D+1",null,{"$f":"_xlfn.XLOOKUP(H$15,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.1980588772632129E-2},{"$f":"_xlfn.XLOOKUP(I$15,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.1980588772632129E-2},{"$f":"_xlfn.XLOOKUP(J$15,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.1980588772632129E-2},{"$f":"_xlfn.XLOOKUP(K$15,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.1980588772632129E-2},{"$f":"_xlfn.XLOOKUP(L$15,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.1980588772632129E-2},{"$f":"_xlfn.XLOOKUP(M$15,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.1980588772632129E-2},{"$f":"_xlfn.XLOOKUP(N$15,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.1980588772632129E-2},{"$f":"_xlfn.XLOOKUP(O$15,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.1980588772632129E-2},{"$f":"_xlfn.XLOOKUP(P$15,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.1980588772632129E-2},{"$f":"_xlfn.XLOOKUP(Q$15,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.1980588772632129E-2},{"$f":"_xlfn.XLOOKUP(R$15,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.1980588772632129E-2},{"$f":"_xlfn.XLOOKUP(S$15,T.GovRates[Maturity '[Y']], T.GovRates[ECB Curve])","v":3.1980588772632129E-2}]
[null,null,null,null,null,"Linear Interpolation of market yield before risk correction",null,{"$f":"H18+(H19-H18)/(H15-H14)*(H$13-H14)","v":3.2263491825073973E-2},3.2263491825073973E-2,3.2263491825073973E-2,3.2263491825073973E-2,3.2263491825073973E-2,3.2263491825073973E-2,3.2263491825073973E-2,3.2263491825073973E-2,3.2263491825073973E-2,3.2263491825073973E-2,3.2263491825073973E-2,3.2263491825073973E-2]
[]
[null,null,null,null,null,"Linear interpolation of risk-free rates"]
[null,null,null,null,null,"Basic risk-free rate corresponding to D",null,{"$f":"_xlfn.XLOOKUP(H$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.2235384694282496E-2},{"$f":"_xlfn.XLOOKUP(I$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.2235384694282496E-2},{"$f":"_xlfn.XLOOKUP(J$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.2235384694282496E-2},{"$f":"_xlfn.XLOOKUP(K$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.2235384694282496E-2},{"$f":"_xlfn.XLOOKUP(L$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.2235384694282496E-2},{"$f":"_xlfn.XLOOKUP(M$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.2235384694282496E-2},{"$f":"_xlfn.XLOOKUP(N$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.2235384694282496E-2},{"$f":"_xlfn.XLOOKUP(O$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.2235384694282496E-2},{"$f":"_xlfn.XLOOKUP(P$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.2235384694282496E-2},{"$f":"_xlfn.XLOOKUP(Q$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.2235384694282496E-2},{"$f":"_xlfn.XLOOKUP(R$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.2235384694282496E-2},{"$f":"_xlfn.XLOOKUP(S$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.2235384694282496E-2}]
[null,null,null,null,null,"Basic risk-free rate corresponding to D+1",null,{"$f":"_xlfn.XLOOKUP(H$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.5508122840265712E-2},{"$f":"_xlfn.XLOOKUP(I$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.5508122840265712E-2},{"$f":"_xlfn.XLOOKUP(J$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.5508122840265712E-2},{"$f":"_xlfn.XLOOKUP(K$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.5508122840265712E-2},{"$f":"_xlfn.XLOOKUP(L$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.5508122840265712E-2},{"$f":"_xlfn.XLOOKUP(M$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.5508122840265712E-2},{"$f":"_xlfn.XLOOKUP(N$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.5508122840265712E-2},{"$f":"_xlfn.XLOOKUP(O$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.5508122840265712E-2},{"$f":"_xlfn.XLOOKUP(P$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.5508122840265712E-2},{"$f":"_xlfn.XLOOKUP(Q$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.5508122840265712E-2},{"$f":"_xlfn.XLOOKUP(R$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.5508122840265712E-2},{"$f":"_xlfn.XLOOKUP(S$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.5508122840265712E-2}]
[null,null,null,null,null,"Linear interpolation of basic risk-free rate",null,{"$f":"H23+(H24-H23)/(H15-H14) * (H$13-H14)","v":2.2235384694282496E-2},{"$f":"I23+(I24-I23)/(I15-I14) * (I$13-I14)","v":2.2235384694282496E-2},2.2235384694282496E-2,2.2235384694282496E-2,2.2235384694282496E-2,2.2235384694282496E-2,2.2235384694282496E-2,2.2235384694282496E-2,2.2235384694282496E-2,2.2235384694282496E-2,2.2235384694282496E-2,2.2235384694282496E-2]
[]
[null,null,null,null,null,"Linear interpolation of long-term average spreads"]
[null,null,null,null,null,"Long-term average spread corresponding to D",null,{"$f":"_xlfn.XLOOKUP(H$14, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":3.0314142336938703E-3},{"$f":"_xlfn.XLOOKUP(I$14, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":3.0314142336938703E-3},{"$f":"_xlfn.XLOOKUP(J$14, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":3.0314142336938703E-3},{"$f":"_xlfn.XLOOKUP(K$14, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":3.0314142336938703E-3},{"$f":"_xlfn.XLOOKUP(L$14, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":3.0314142336938703E-3},{"$f":"_xlfn.XLOOKUP(M$14, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":3.0314142336938703E-3},{"$f":"_xlfn.XLOOKUP(N$14, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":3.0314142336938703E-3},{"$f":"_xlfn.XLOOKUP(O$14, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":3.0314142336938703E-3},{"$f":"_xlfn.XLOOKUP(P$14, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":3.0314142336938703E-3},{"$f":"_xlfn.XLOOKUP(Q$14, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":3.0314142336938703E-3},{"$f":"_xlfn.XLOOKUP(R$14, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":3.0314142336938703E-3},{"$f":"_xlfn.XLOOKUP(S$14, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":3.0314142336938703E-3}]
[null,null,null,null,null,"Long-term average spread corresponding to D+1",null,{"$f":"_xlfn.XLOOKUP(H$15, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":2.1219982112383236E-3},{"$f":"_xlfn.XLOOKUP(I$15, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":2.1219982112383236E-3},{"$f":"_xlfn.XLOOKUP(J$15, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":2.1219982112383236E-3},{"$f":"_xlfn.XLOOKUP(K$15, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":2.1219982112383236E-3},{"$f":"_xlfn.XLOOKUP(L$15, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":2.1219982112383236E-3},{"$f":"_xlfn.XLOOKUP(M$15, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":2.1219982112383236E-3},{"$f":"_xlfn.XLOOKUP(N$15, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":2.1219982112383236E-3},{"$f":"_xlfn.XLOOKUP(O$15, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":2.1219982112383236E-3},{"$f":"_xlfn.XLOOKUP(P$15, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":2.1219982112383236E-3},{"$f":"_xlfn.XLOOKUP(Q$15, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":2.1219982112383236E-3},{"$f":"_xlfn.XLOOKUP(R$15, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":2.1219982112383236E-3},{"$f":"_xlfn.XLOOKUP(S$15, T.LTASGov[Maturity '[Y']], T.LTASGov[EUR])","v":2.1219982112383236E-3}]
[null,null,null,null,null,"Linear interpolation of LTAS",null,{"$f":"H28+(H29-H28)/(H15-H14)*(H13-H14)","v":3.0314142336938703E-3},{"$f":"I28+(I29-I28)/(I15-I14)*(I13-I14)","v":3.0314142336938703E-3},3.0314142336938703E-3,3.0314142336938703E-3,3.0314142336938703E-3,3.0314142336938703E-3,3.0314142336938703E-3,3.0314142336938703E-3,3.0314142336938703E-3,3.0314142336938703E-3,3.0314142336938703E-3,3.0314142336938703E-3]
[]
[null,null,null,null,null,"Risk-corrected market yields"]
[null,null,null,null,null,"Spread",null,{"$f":"H20-H25","v":1.0028107130791476E-2},{"$f":"I20-I25","v":1.0028107130791476E-2},1.0028107130791476E-2,1.0028107130791476E-2,1.0028107130791476E-2,1.0028107130791476E-2,1.0028107130791476E-2,1.0028107130791476E-2,1.0028107130791476E-2,1.0028107130791476E-2,1.0028107130791476E-2,1.0028107130791476E-2]
[null,null,null,null,null,"Risk correction",null,{"$f":"_xlfn.LET(_xlpm.SPLUS, MAX(H33, 0),\n     _xlpm.LTASPLUS, MAX(H30, 0),\n     _xlpm.RC, 30% * MIN(_xlpm.SPLUS, _xlpm.LTASPLUS) + 20% * MAX(0, MIN(_xlpm.SPLUS - _xlpm.LTASPLUS, _xlpm.LTASPLUS)) + 15% * MAX(0, _xlpm.SPLUS - 2 * _xlpm.LTASPLUS),\n     MIN(_xlpm.RC, 65% * _xlpm.LTASPLUS))","v":1.9704192519010158E-3},{"$f":"_xlfn.LET(_xlpm.SPLUS, MAX(I33, 0),\n     _xlpm.LTASPLUS, MAX(I30, 0),\n     _xlpm.RC, 30% * MIN(_xlpm.SPLUS, _xlpm.LTASPLUS) + 20% * MAX(0, MIN(_xlpm.SPLUS - _xlpm.LTASPLUS, _xlpm.LTASPLUS)) + 15% * MAX(0, _xlpm.SPLUS - 2 * _xlpm.LTASPLUS),\n     MIN(_xlpm.RC, 65% * _xlpm.LTASPLUS))","v":1.9704192519010158E-3},1.9704192519010158E-3,1.9704192519010158E-3,1.9704192519010158E-3,1.9704192519010158E-3,1.9704192519010158E-3,1.9704192519010158E-3,1.9704192519010158E-3,1.9704192519010158E-3,1.9704192519010158E-3,1.9704192519010158E-3]
[null,null,null,null,null,"Risk-corrected market yield",null,{"$f":"H20-H34","v":3.0293072573172958E-2},{"$f":"I20-I34","v":3.0293072573172958E-2},3.0293072573172958E-2,3.0293072573172958E-2,3.0293072573172958E-2,3.0293072573172958E-2,3.0293072573172958E-2,3.0293072573172958E-2,3.0293072573172958E-2,3.0293072573172958E-2,3.0293072573172958E-2,3.0293072573172958E-2]
[]
[null,null,null,null,null,"Model bond market values"]
[null,null,null,null,null,"Market value market yield model bond",null,{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IR, H20,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.0025252228819126E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IR, I20,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":9.007575668645737E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IR, J20,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0008417409606375E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IR, K20,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.3402861919266168},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IR, L20,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.15012626114409561},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IR, M20,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0008417409606375E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IR, N20,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.22018518301134027},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IR, O20,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0008417409606375E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IR, P20,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":2.001683481921275E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IR, Q20,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0008417409606375E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(R$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IR, R20,\n     _xlpm.DUR, R13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0008417409606375E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(S$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IR, S20,\n     _xlpm.DUR, S13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.10008417409606377}]
[null,null,null,null,null,"Market value risk-free yield model bond",null,{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IR, H25,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.0843578835438718E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IR, I25,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":9.2530736506316144E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IR, J25,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0281192945146241E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IR, K25,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.34956056013497216},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IR, L25,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.15421789417719359},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IR, M25,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0281192945146241E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IR, N25,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.22618624479321731},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IR, O25,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0281192945146241E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IR, P25,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":2.0562385890292481E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IR, Q25,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0281192945146241E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(R$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IR, R25,\n     _xlpm.DUR, R13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0281192945146241E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(S$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IR, S25,\n     _xlpm.DUR, S13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.10281192945146241}]
[null,null,null,null,null,"Market value risk-corrected yield model bond",null,{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IR, H35,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.0083156697874938E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IR, I35,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":9.0249470093624828E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IR, J35,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0027718899291648E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IR, K35,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.34094244257591605},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IR, L35,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.1504157834893747},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IR, M35,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0027718899291648E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IR, N35,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.22060981578441627},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IR, O35,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0027718899291648E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IR, P35,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":2.0055437798583296E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IR, Q35,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0027718899291648E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(R$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IR, R35,\n     _xlpm.DUR, R13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0027718899291648E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(S$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IR, S35,\n     _xlpm.DUR, S13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.10027718899291647}]
[]
[null,null,null,null,null,"Portfolio Calculation"]
[]
[null,null,null,null,null,"Internal rate of return (IRR) calculation",null,{"$f":"H10","v":"AT"},{"$f":"I10","v":"BE"},"FI","FR","DE","IE","IT","LU","NL","PT","SK","ES",null,"Sum","Obj. Func.","IRR"]
[null,null,null,null,null,"IRR discounted market yield model bond",null,{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IER, $W$45,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.0025252228819126E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IER, $W$45,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.007575668645737E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IER, $W$45,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0008417409606375E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IER, $W$45,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.3402861919266168},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IER, $W$45,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.15012626114409561},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IER, $W$45,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0008417409606375E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IER, $W$45,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.22018518301134027},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IER, $W$45,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0008417409606375E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IER, $W$45,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":2.001683481921275E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IER, $W$45,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0008417409606375E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(R$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IER, $W$45,\n     _xlpm.DUR, R13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0008417409606375E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(S$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[Yield Cash Flow]),\n     _xlpm.IER, $W$45,\n     _xlpm.DUR, S13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.10008417409606377},null,{"$f":"SUM(H45:S45)","v":1.0008417409606376},{"$f":"(SUM(H38:S38)-U45)^2","v":0},3.2263491825073869E-2]
[null,null,null,null,null,"IRR discounted risk-free yield model bond",null,{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IER, $W$46,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.084357883543877E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IER, $W$46,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.2530736506316297E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IER, $W$46,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0281192945146258E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IER, $W$46,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.34956056013497278},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IER, $W$46,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.15421789417719384},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IER, $W$46,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0281192945146258E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IER, $W$46,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.22618624479321767},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IER, $W$46,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0281192945146258E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IER, $W$46,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":2.0562385890292516E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IER, $W$46,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0281192945146258E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(R$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IER, $W$46,\n     _xlpm.DUR, R13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0281192945146258E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(S$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RFR Cash Flow]),\n     _xlpm.IER, $W$46,\n     _xlpm.DUR, S13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.10281192945146257},null,{"$f":"SUM(H46:S46)","v":1.0281192945146258},{"$f":"(SUM(H39:S39)-U46)^2","v":3.1554436208840472E-30},2.2235384694282226E-2]
[null,null,null,null,null,"IRR discounted risk-corrected yield model bond",null,{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IER, $W$47,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.0083156697874938E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IER, $W$47,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.0249470093624828E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IER, $W$47,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0027718899291648E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IER, $W$47,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.34094244257591605},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IER, $W$47,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.1504157834893747},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IER, $W$47,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0027718899291648E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IER, $W$47,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.22060981578441627},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IER, $W$47,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0027718899291648E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IER, $W$47,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":2.0055437798583296E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IER, $W$47,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0027718899291648E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(R$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IER, $W$47,\n     _xlpm.DUR, R13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0027718899291648E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(S$10, T.RefPortCurrencyGov[Issuer], T.RefPortCurrencyGov[RC Yield Cash Flow]),\n     _xlpm.IER, $W$47,\n     _xlpm.DUR, S13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.10027718899291647},null,1.0027718899291649,{"$f":"(SUM(H40:S40)-U47)^2","v":0},3.0293072573172871E-2]
[]
[null,null,null,null,null,"Portfolio spread and risk correction",null,"Total"]
[null,null,null,null,null,"Portfolio spread",null,{"$f":"V.IER_Yield_Gov_Cur-V.IER_RFR_Gov_Cur","v":1.0028107130791643E-2}]
[null,null,null,null,null,"Portfolio risk correction",null,{"$f":"V.IER_Yield_Gov_Cur-V.IER_RCYield_Gov_Cur","v":1.9704192519009976E-3}]

{"sheet":"S&RC Corp Currency","index":9,"n_rows":53,"n_cols":22,"rows_kept":53,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"©EIOPA, 2026."]
[]
[]
[null,null,null,null,null,"Currency RCS: Corporate Bonds"]
[]
[null,null,null,null,null,"Model Bond Calculations",null,null,null,null,null,null,null,null,null,null,null,null,"RFR TD"]
[]
[null,null,null,null,null,"Issuer",null,"Financials CQS 0","Financials CQS 1","Financials CQS 2","Financials CQS 3","Financials CQS 4","Non-Financials CQS 0","Non-Financials CQS 1","Non-Financials CQS 2","Non-Financials CQS 3","Non-Financials CQS 4"]
[null,null,null,null,null,"Issuer currency",null,"EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR"]
[null,null,null,null,null,"Relative market value",null,{"$f":"_xlfn.XLOOKUP(H$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Composition])","v":0.14000000000000001},{"$f":"_xlfn.XLOOKUP(I$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Composition])","v":0.12},{"$f":"_xlfn.XLOOKUP(J$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Composition])","v":0.28999999999999998},{"$f":"_xlfn.XLOOKUP(K$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Composition])","v":0.13},{"$f":"_xlfn.XLOOKUP(L$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Composition])","v":0.01},{"$f":"_xlfn.XLOOKUP(M$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Composition])","v":0.04},{"$f":"_xlfn.XLOOKUP(N$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Composition])","v":0.04},{"$f":"_xlfn.XLOOKUP(O$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Composition])","v":0.09},{"$f":"_xlfn.XLOOKUP(P$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Composition])","v":0.13},{"$f":"_xlfn.XLOOKUP(Q$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Composition])","v":0.01}]
[null,null,null,null,null,"Duration [Y]",null,{"$f":"_xlfn.XLOOKUP(H$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Duration '[Y']])","v":7.2},{"$f":"_xlfn.XLOOKUP(I$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Duration '[Y']])","v":5.5},{"$f":"_xlfn.XLOOKUP(J$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Duration '[Y']])","v":4.9000000000000004},{"$f":"_xlfn.XLOOKUP(K$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Duration '[Y']])","v":4.0999999999999996},{"$f":"_xlfn.XLOOKUP(L$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Duration '[Y']])","v":3.1},{"$f":"_xlfn.XLOOKUP(M$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Duration '[Y']])","v":9},{"$f":"_xlfn.XLOOKUP(N$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Duration '[Y']])","v":7.5},{"$f":"_xlfn.XLOOKUP(O$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Duration '[Y']])","v":5.5},{"$f":"_xlfn.XLOOKUP(P$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Duration '[Y']])","v":4.7},{"$f":"_xlfn.XLOOKUP(Q$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Duration '[Y']])","v":3.6}]
[null,null,null,null,null,"Integer D less than or equal to the duration [Y]",null,{"$f":"INT(H$13)","v":7},{"$f":"INT(I$13)","v":5},4,4,3,9,7,5,4,3]
[null,null,null,null,null,"Integer D+1 [Y]",null,{"$f":"H14+1","v":8},{"$f":"I14+1","v":6},5,5,4,10,8,6,5,4]
[]
[null,null,null,null,null,"Linear interpolation of market yields before risk correction"]
[null,null,null,null,null,"Longest available duration below the component duration [Y]",null,{"$f":"ROUND('Corp Data'!G15, 1)","v":5.7},{"$f":"ROUND('Corp Data'!K14, 1)","v":3.7},{"$f":"ROUND('Corp Data'!O14, 1)","v":3.8},{"$f":"ROUND('Corp Data'!G23, 1)","v":3.8},{"$f":"ROUND('Corp Data'!K22, 1)","v":2.9},{"$f":"ROUND('Corp Data'!G35, 1)","v":7.5},{"$f":"ROUND('Corp Data'!K34, 1)","v":5.6},{"$f":"ROUND('Corp Data'!O33, 1)","v":3.6},{"$f":"ROUND('Corp Data'!G42, 1)","v":3.8},{"$f":"ROUND('Corp Data'!K41, 1)","v":3}]
[null,null,null,null,null,"Yield for the longest available duration below the component duration",null,{"$f":"'Corp Data'!H15","v":2.3682054550376554E-2},{"$f":"'Corp Data'!L14","v":2.6764726583781945E-2},{"$f":"'Corp Data'!P14","v":2.7901585225046481E-2},{"$f":"'Corp Data'!H23","v":3.2321337670084646E-2},{"$f":"'Corp Data'!L22","v":5.128437923805905E-2},{"$f":"'Corp Data'!H35","v":2.6243456275731308E-2},{"$f":"'Corp Data'!L34","v":2.861842023958305E-2},{"$f":"'Corp Data'!P33","v":2.7196128628404745E-2},{"$f":"'Corp Data'!H42","v":3.205249854532944E-2},{"$f":"'Corp Data'!L41","v":4.4038098250287559E-2}]
[null,null,null,null,null,"Shortest available duration above the component duration [Y]",null,{"$f":"ROUND('Corp Data'!G16, 1)","v":7.3},{"$f":"ROUND('Corp Data'!K15, 1)","v":5.7},{"$f":"ROUND('Corp Data'!O15, 1)","v":5.3},{"$f":"ROUND('Corp Data'!G24, 1)","v":5.2},{"$f":"ROUND('Corp Data'!K22, 1)","v":2.9},{"$f":"ROUND('Corp Data'!G36, 1)","v":12.2},{"$f":"ROUND('Corp Data'!K35, 1)","v":7.5},{"$f":"ROUND('Corp Data'!O34, 1)","v":5.6},{"$f":"ROUND('Corp Data'!G43, 1)","v":5.0999999999999996},{"$f":"ROUND('Corp Data'!K41, 1)","v":3}]
[null,null,null,null,null,"Yield for the shortest available duration above the component duration",null,{"$f":"'Corp Data'!H16","v":2.5687872321853749E-2},{"$f":"'Corp Data'!L15","v":2.7861240647501829E-2},{"$f":"'Corp Data'!P15","v":3.2711475394374245E-2},{"$f":"'Corp Data'!H24","v":3.5258631375174938E-2},{"$f":"'Corp Data'!L22","v":5.128437923805905E-2},{"$f":"'Corp Data'!H36","v":2.971966776686473E-2},{"$f":"'Corp Data'!L35","v":3.0874654442036832E-2},{"$f":"'Corp Data'!P34","v":3.1212008683224015E-2},{"$f":"'Corp Data'!H43","v":3.401032643816123E-2},{"$f":"'Corp Data'!L41","v":4.4038098250287559E-2}]
[null,null,null,null,null,"Linear interpolation of market yields before risk correction",null,{"$f":"H19+(H21-H19)/(H20-H18)*(H13-H18)","v":2.5562508711136425E-2},{"$f":"I19+(I21-I19)/(I20-I18)*(I13-I18)","v":2.7751589241129842E-2},3.1428838015886841E-2,3.2950757749746852E-2,{"$f":"L21","v":5.128437923805905E-2},2.7352885475029207E-2,3.0874654442036832E-2,3.1011214680483051E-2,3.3407917855751451E-2,{"$f":"Q21","v":4.4038098250287559E-2}]
[]
[null,null,null,null,null,"Linear interpolation of risk-free rates"]
[null,null,null,null,null,"Basic risk-free rate corresponding to D",null,{"$f":"_xlfn.XLOOKUP(H$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.0630787628729608E-2},{"$f":"_xlfn.XLOOKUP(I$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8921951559288785E-2},{"$f":"_xlfn.XLOOKUP(J$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8513013805178696E-2},{"$f":"_xlfn.XLOOKUP(K$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8513013805178696E-2},{"$f":"_xlfn.XLOOKUP(L$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.9385356244159758E-2},{"$f":"_xlfn.XLOOKUP(M$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.2235384694282496E-2},{"$f":"_xlfn.XLOOKUP(N$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.0630787628729608E-2},{"$f":"_xlfn.XLOOKUP(O$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8921951559288785E-2},{"$f":"_xlfn.XLOOKUP(P$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8513013805178696E-2},{"$f":"_xlfn.XLOOKUP(Q$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.9385356244159758E-2}]
[null,null,null,null,null,"Basic risk-free rate corresponding to D+1",null,{"$f":"_xlfn.XLOOKUP(H$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.3517307109820834E-2},{"$f":"_xlfn.XLOOKUP(I$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.068612670895302E-2},{"$f":"_xlfn.XLOOKUP(J$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8921951559288785E-2},{"$f":"_xlfn.XLOOKUP(K$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8921951559288785E-2},{"$f":"_xlfn.XLOOKUP(L$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8513013805178696E-2},{"$f":"_xlfn.XLOOKUP(M$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.5508122840265712E-2},{"$f":"_xlfn.XLOOKUP(N$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.3517307109820834E-2},{"$f":"_xlfn.XLOOKUP(O$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.068612670895302E-2},{"$f":"_xlfn.XLOOKUP(P$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8921951559288785E-2},{"$f":"_xlfn.XLOOKUP(Q$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8513013805178696E-2}]
[null,null,null,null,null,"Linear interpolation of basic risk-free rate",null,{"$f":"H25+(H26-H25)/(H15-H14) * (H$13-H14)","v":2.1208091524947854E-2},1.9804039134120904E-2,1.8881057783877775E-2,1.8553907580589706E-2,1.9298122000261653E-2,2.2235384694282496E-2,2.2074047369275221E-2,1.9804039134120904E-2,1.8799270233055759E-2,1.886195078077112E-2]
[]
[null,null,null,null,null,"Linear interpolation of long-term average spreads"]
[null,null,null,null,null,"Long-term average spread corresponding to D",null,{"$f":"_xlfn.XLOOKUP(H$14, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 0])","v":5.1002659679275694E-3},{"$f":"_xlfn.XLOOKUP(I$14, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 1])","v":8.4423078057700249E-3},{"$f":"_xlfn.XLOOKUP(J$14, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 2])","v":1.3895643263773492E-2},{"$f":"_xlfn.XLOOKUP(K$14, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 3])","v":3.0620898341368719E-2},{"$f":"_xlfn.XLOOKUP(L$14, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 4])","v":6.2650274547088519E-2},{"$f":"_xlfn.XLOOKUP(M$14, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 0])","v":1.3140018706820228E-3},{"$f":"_xlfn.XLOOKUP(N$14, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 1])","v":4.7528379387328009E-3},{"$f":"_xlfn.XLOOKUP(O$14, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 2])","v":9.5458148595476289E-3},{"$f":"_xlfn.XLOOKUP(P$14, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 3])","v":1.4002011799240224E-2},{"$f":"_xlfn.XLOOKUP(Q$14, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 4])","v":4.1136790281880865E-2}]
[null,null,null,null,null,"Long-term average spread corresponding to D+1",null,{"$f":"_xlfn.XLOOKUP(H$15, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 0])","v":5.4380285915950517E-3},{"$f":"_xlfn.XLOOKUP(I$15, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 1])","v":8.5364685624454324E-3},{"$f":"_xlfn.XLOOKUP(J$15, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 2])","v":1.5632369087591916E-2},{"$f":"_xlfn.XLOOKUP(K$15, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 3])","v":2.9553232759198095E-2},{"$f":"_xlfn.XLOOKUP(L$15, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 4])","v":6.142765588243701E-2},{"$f":"_xlfn.XLOOKUP(M$15, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 0])","v":1.2592588212784238E-3},{"$f":"_xlfn.XLOOKUP(N$15, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 1])","v":6.6847582308162696E-3},{"$f":"_xlfn.XLOOKUP(O$15, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 2])","v":7.6252379209973235E-3},{"$f":"_xlfn.XLOOKUP(P$15, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 3])","v":1.377236499519858E-2},{"$f":"_xlfn.XLOOKUP(Q$15, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 4])","v":4.3528416377040399E-2}]
[null,null,null,null,null,"Linear interpolation of LTAS",null,{"$f":"H30+(H31-H30)/(H15-H14)*(H13-H14)","v":5.1678184926610658E-3},8.4893881841077296E-3,1.5458696505210074E-2,3.0514131783151658E-2,6.2528012680623371E-2,1.3140018706820228E-3,5.7187980847745352E-3,8.5855263902724771E-3,1.3841259036411074E-2,4.2571765938976588E-2]
[]
[null,null,null,null,null,"Risk-corrected market yields"]
[null,null,null,null,null,"Spread",null,{"$f":"H22-H27","v":4.3544171861885708E-3},{"$f":"I22-I27","v":7.9475501070089376E-3},1.2547780232009066E-2,1.4396850169157146E-2,3.1986257237797397E-2,5.1175007807467109E-3,8.8006070727616112E-3,1.1207175546362146E-2,1.4608647622695693E-2,2.5176147469516439E-2]
[null,null,null,null,null,"Risk correction",null,{"$f":"_xlfn.LET(_xlpm.SPLUS, MAX(H35, 0),\n     _xlpm.LTASPLUS, MAX(H32, 0),\n     _xlpm.RC, 50% * MIN(_xlpm.SPLUS, _xlpm.LTASPLUS) + 40% * MAX(0, MIN(_xlpm.SPLUS - _xlpm.LTASPLUS, _xlpm.LTASPLUS)) + 30% * MAX(0, _xlpm.SPLUS - 2 * _xlpm.LTASPLUS),\n     MIN(_xlpm.RC, 125% * _xlpm.LTASPLUS))","v":2.1772085930942854E-3},{"$f":"_xlfn.LET(_xlpm.SPLUS, MAX(I35, 0),\n     _xlpm.LTASPLUS, MAX(I32, 0),\n     _xlpm.RC, 50% * MIN(_xlpm.SPLUS, _xlpm.LTASPLUS) + 40% * MAX(0, MIN(_xlpm.SPLUS - _xlpm.LTASPLUS, _xlpm.LTASPLUS)) + 30% * MAX(0, _xlpm.SPLUS - 2 * _xlpm.LTASPLUS),\n     MIN(_xlpm.RC, 125% * _xlpm.LTASPLUS))","v":3.9737750535044688E-3},6.2738901160045331E-3,7.1984250845785729E-3,1.5993128618898698E-2,1.6425023383525284E-3,4.0921226375820983E-3,5.3414228575721064E-3,7.2275849527193847E-3,1.258807373475822E-2]
[null,null,null,null,null,"Risk-corrected market yield",null,{"$f":"H22-H36","v":2.338530011804214E-2},{"$f":"I22-I36","v":2.3777814187625375E-2},2.5154947899882308E-2,2.5752332665168277E-2,3.5291250619160351E-2,2.571038313667668E-2,2.6782531804454734E-2,2.5669791822910945E-2,2.6180332903032066E-2,3.1450024515529341E-2]
[]
[null,null,null,null,null,"Model bond market values"]
[null,null,null,null,null,"Market value market yield model bond",null,{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IR, H22,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.14304270964460888},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IR, I22,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.1223982341602672},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IR, J22,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.29430568947242469},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IR, K22,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.1319092780090077},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IR, L22,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":9.9443582466069644E-3},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IR, M22,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":4.0396649565078428E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IR, N22,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":4.0294343728531662E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IR, O22,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":8.9847443837609536E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IR, P22,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.12935662775084344},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IR, Q22,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":9.9283908734608128E-3}]
[null,null,null,null,null,"Market value risk-free yield model bond",null,{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IR, H27,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.14325983254308008},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IR, I27,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.12239181851651904},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IR, J27,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.29589487269666115},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IR, K27,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.13205938254320254},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IR, L27,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0072312528287162E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IR, M27,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":4.1124771780584962E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IR, N27,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":4.075933406935274E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IR, O27,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":9.1793863887389276E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IR, P27,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.13249108405525201},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IR, Q27,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0113816494336967E-2}]
[null,null,null,null,null,"Market value risk-corrected yield model bond",null,{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IR, H37,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.14320921444663065},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IR, I37,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.1224088659046987},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IR, J37,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.29509456681650065},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IR, K37,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.13198378744798897},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IR, L37,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0007208583975394E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IR, M37,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":4.0642363492160459E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IR, N37,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":4.066267934775971E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IR, O37,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":9.1150392272065811E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IR, P37,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.13154572635172593},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IR, Q37,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.01330199038813E-2}]
[]
[null,null,null,null,null,"Portfolio Calculation"]
[]
[null,null,null,null,null,"Internal rate of return (IRR) calculation",null,{"$f":"H10","v":"Financials CQS 0"},{"$f":"I10","v":"Financials CQS 1"},"Financials CQS 2","Financials CQS 3","Financials CQS 4","Non-Financials CQS 0","Non-Financials CQS 1","Non-Financials CQS 2","Non-Financials CQS 3","Non-Financials CQS 4",null,"Sum","Obj. Func.","IRR"]
[null,null,null,null,null,"IRR discounted market yield model bond",null,{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.1385622927184276},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.12086785453573513},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.29616305495616729},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.13340955000277799},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0591957507289302E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.9435476563240229E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":4.0520565970517917E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.0282830080516616E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.13131738006194701},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0420383246795121E-2},null,{"$f":"SUM(H47:Q47)","v":1.0115713456434141},{"$f":"(SUM(H40:Q40)-S47)^2","v":2.1791769202832882E-8},3.0105422243791119E-2]
[null,null,null,null,null,"IRR discounted risk-free yield model bond",null,{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.14461719035141682},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.12234733738222983},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.2944895732038848},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.13136131160002879},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0054770278536809E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":4.1990671138532873E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":4.1424193012018641E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.1760503036672381E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.13183771538766983},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0077823723674878E-2},null,{"$f":"SUM(H48:Q48)","v":1.0199610891146658},{"$f":"(SUM(H41:Q41)-S48)^2","v":4.9303806576313238E-32},1.98714408240869E-2]
[null,null,null,null,null,"IRR discounted risk-corrected yield model bond",null,{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.1415012431498068},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.12154817428649332},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.29518323797429596},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.132332667727103},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0319101822994135E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":4.0863519419409806E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":4.1168296833137906E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.143327745061805E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.13220336768403576},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCurrencyCorp[Issuer], T.RefPortCurrencyCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0361103210504746E-2},null,{"$f":"SUM(H49:Q49)","v":1.0169139895583994},{"$f":"(SUM(H42:Q42)-S49)^2","v":5.8011058558133806E-9},2.5092093448128131E-2]
[]
[null,null,null,null,null,"Portfolio spread and risk correction",null,"Total"]
[null,null,null,null,null,"Portfolio spread",null,{"$f":"V.IER_Yield_Corp_Cur-V.IER_RFR_Corp_Cur","v":1.0233981419704219E-2}]
[null,null,null,null,null,"Portfolio risk correction",null,{"$f":"V.IER_Yield_Corp_Cur-V.IER_RCYield_Corp_Cur","v":5.0133287956629878E-3}]

{"sheet":"S&RC Gov Country","index":10,"n_rows":51,"n_cols":22,"rows_kept":51,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"©EIOPA, 2026."]
[]
[]
[null,null,null,null,null,"Country RCS: Government Bonds"]
[]
[null,null,null,null,null,"Model Bond Calculations",null,null,null,null,null,null,null,null,null,null,null,null,"RFR TD"]
[]
[null,null,null,null,null,"Issuer","AT","BE","FI","FR","DE","IE","IT","NL","PT","ES","US"]
[null,null,null,null,null,"Issuer currency","EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR","USD"]
[null,null,null,null,null,"Relative market value",{"$f":"_xlfn.XLOOKUP(G$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Composition])","v":0.01},{"$f":"_xlfn.XLOOKUP(H$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Composition])","v":0.03},{"$f":"_xlfn.XLOOKUP(I$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Composition])","v":0.01},{"$f":"_xlfn.XLOOKUP(J$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Composition])","v":0.08},{"$f":"_xlfn.XLOOKUP(K$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Composition])","v":0.04},{"$f":"_xlfn.XLOOKUP(L$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Composition])","v":0.01},{"$f":"_xlfn.XLOOKUP(M$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Composition])","v":0.69},{"$f":"_xlfn.XLOOKUP(N$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Composition])","v":0.01},{"$f":"_xlfn.XLOOKUP(O$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Composition])","v":0.01},{"$f":"_xlfn.XLOOKUP(P$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Composition])","v":0.09},{"$f":"_xlfn.XLOOKUP(Q$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Composition])","v":0.02}]
[null,null,null,null,null,"Duration [Y]",{"$f":"_xlfn.XLOOKUP(G$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Duration '[Y']])","v":7.9},{"$f":"_xlfn.XLOOKUP(H$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Duration '[Y']])","v":12.2},{"$f":"_xlfn.XLOOKUP(I$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Duration '[Y']])","v":6.3},{"$f":"_xlfn.XLOOKUP(J$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Duration '[Y']])","v":8.6999999999999993},{"$f":"_xlfn.XLOOKUP(K$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Duration '[Y']])","v":5.7},{"$f":"_xlfn.XLOOKUP(L$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Duration '[Y']])","v":9.8000000000000007},{"$f":"_xlfn.XLOOKUP(M$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Duration '[Y']])","v":6.8},{"$f":"_xlfn.XLOOKUP(N$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Duration '[Y']])","v":5.9},{"$f":"_xlfn.XLOOKUP(O$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Duration '[Y']])","v":9.6999999999999993},{"$f":"_xlfn.XLOOKUP(P$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Duration '[Y']])","v":10.5},{"$f":"_xlfn.XLOOKUP(Q$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Duration '[Y']])","v":5.2}]
[null,null,null,null,null,"Integer D less than or equal to the duration [Y]",{"$f":"INT(G$13)","v":7},{"$f":"INT(H$13)","v":12},6,8,5,9,6,5,9,10,5]
[null,null,null,null,null,"Integer D+1 [Y]",{"$f":"G14+1","v":8},{"$f":"H14+1","v":13},7,9,6,10,7,6,10,11,{"$f":"Q14+1","v":6}]
[]
[null,null,null,null,null,"Linear interpolation of market yields before risk correction"]
[null,null,null,null,null,"Market yield before risk correction corresponding to D",{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(G14, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(G$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.8120018448601188E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(H14, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(H$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":3.245772263919184E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(I14, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(I$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.6146213912969285E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(J14, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(J$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.8045889028979067E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(K14, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(K$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.1862454111766214E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(L14, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(L$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.5987214603930841E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(M14, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(M$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.934643276421741E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(N14, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(N$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.3302624027618235E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(O14, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(O$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.8374362660908203E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(P14, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(P$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":3.192084475215929E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(Q14, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(Q$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":3.9485369076427967E-2}]
[null,null,null,null,null,"Market yield before risk correction corresponding to D+1",{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(G15, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(G$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.8583986894549059E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(H15, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(H$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":3.3765364652418237E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(I15, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(I$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.4883736608242963E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(J15, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(J$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":3.1033363419291107E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(K15, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(K$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.3414696120837752E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(L15, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(L$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.8850654061065861E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(M15, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(M$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.9813964283501027E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(N15, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(N$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.3557142662476056E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(O15, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(O$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.8944812150560297E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(P15, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(P$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":3.1275322602829364E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(Q15, T.GovRates[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(Q$10,T.GovRates[#Headers],0,1),\n     INDEX(T.GovRates[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":4.1995428576948976E-2}]
[null,null,null,null,null,"Linear Interpolation of market yield before risk correction",{"$f":"G18+(G19-G18)/(G15-G14)*(G$13-G14)","v":2.8537590049954271E-2},3.2719251041837115E-2,2.5767470721551389E-2,3.0137121102197493E-2,2.2949023518116292E-2,2.827796616963886E-2,2.9720457979644302E-2,2.3531690798990274E-2,2.8773677303664667E-2,3.1598083677494324E-2,3.9987380976532171E-2]
[]
[null,null,null,null,null,"Linear interpolation of risk-free rates"]
[null,null,null,null,null,"Basic risk-free rate corresponding to D",{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(G14, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(G$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.0630787628729608E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(H14, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(H$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.3977156603656111E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(I14, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(I$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.068612670895302E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(J14, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(J$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.3517307109820834E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(K14, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(K$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":1.8921951559288785E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(L14, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(L$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.2235384694282496E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(M14, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(M$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.068612670895302E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(N14, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(N$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":1.8921951559288785E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(O14, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(O$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.2235384694282496E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(P14, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(P$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.5508122840265712E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(Q14, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(Q$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":3.6803866863194631E-2}]
[null,null,null,null,null,"Basic risk-free rate corresponding to D+1",{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(G15, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(G$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.3517307109820834E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(H15, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(H$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.4020506418041519E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(I15, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(I$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.0630787628729608E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(J15, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(J$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.2235384694282496E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(K15, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(K$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.068612670895302E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(L15, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(L$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.5508122840265712E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(M15, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(M$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.0630787628729608E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(N15, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(N$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.068612670895302E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(O15, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(O$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.5508122840265712E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(P15, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(P$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":2.3869200608484003E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(Q15, T.RFR[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(Q$11,T.RFR[#Headers],0,1),\n     INDEX(T.RFR[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN))","v":3.6134548610860094E-2}]
[null,null,null,null,null,"Linear interpolation of basic risk-free rate",{"$f":"G23+(G24-G23)/(G15-G14) * (G$13-G14)","v":2.3228655161711714E-2},{"$f":"H23+(H24-H23)/(H15-H14) * (H$13-H14)","v":2.3985826566533194E-2},2.0669524984885997E-2,2.2619961418943998E-2,2.0156874164053751E-2,2.4853575211069071E-2,2.0641855444774291E-2,{"$f":"N23+(N24-N23)/(N15-N14) * (N$13-N14)","v":2.0509709193986599E-2},2.4526301396470745E-2,2.4688661724374859E-2,3.6670003212727724E-2]
[]
[null,null,null,null,null,"Linear interpolation of long-term average spreads"]
[null,null,null,null,null,"Long-term average spread corresponding to D",{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(G14, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(G$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":-1.2468242781877193E-5},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(H14, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(H$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":3.564163989140804E-3},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(I14, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(I$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":-2.2158842658486231E-3},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(J14, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(J$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":9.6400295978683252E-4},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(K14, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(K$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":-2.3970526865943016E-3},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(L14, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(L$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":8.663638934058731E-3},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(M14, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(M$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":1.0396473639605608E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(N14, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(N$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":-4.0821732698148789E-4},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(O14, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(O$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":1.521696107128242E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(P14, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(P$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":6.666439327983463E-3},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(Q14, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(Q$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":-8.3594428430238559E-4}]
[null,null,null,null,null,"Long-term average spread corresponding to D+1",{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(G15, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(G$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":2.5564998840715775E-3},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(H15, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(H$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":3.564163989140804E-3},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(I15, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(I$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":1.7334379495467843E-4},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(J15, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(J$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":2.2675909810891143E-3},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(K15, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(K$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":-1.6627146577382732E-3},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(L15, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(L$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":9.7743387529350047E-3},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(M15, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(M$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":8.1493822232417915E-3},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(N15, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(N$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":-1.4466654627712302E-3},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(O15, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(O$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":1.2827729333260394E-2},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(P15, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(P$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":6.666439327983463E-3},{"$f":"_xlfn.LET(_xlpm.MATURITY, _xlfn.XMATCH(Q15, T.LTASGov[Maturity '[Y']], 0, 1),\n     _xlpm.COUNTRY_COLUMN, _xlfn.XMATCH(Q$10,T.LTASGov[#Headers],0,1),\n     INDEX(T.LTASGov[], _xlpm.MATURITY, _xlpm.COUNTRY_COLUMN) )","v":8.3218701663494371E-5}]
[null,null,null,null,null,"Linear interpolation of LTAS",{"$f":"G28+(G29-G28)/(G15-G14)*(G13-G14)","v":2.2996030713862328E-3},{"$f":"H28+(H29-H28)/(H15-H14)*(H13-H14)","v":3.564163989140804E-3},-1.499115847607633E-3,1.8765145746984287E-3,-1.8830160663950817E-3,9.552198789159751E-3,8.5988005065145545E-3,{"$f":"N28+(N29-N28)/(N15-N14)*(N13-N14)","v":-1.3428206491922562E-3},1.3544498854667004E-2,6.666439327983463E-3,-6.5211168710920941E-4]
[]
[null,null,null,null,null,"Risk-corrected market yields"]
[null,null,null,null,null,"Spread",{"$f":"G20-G25","v":5.3089348882425572E-3},{"$f":"H20-H25","v":8.7334244753039213E-3},5.0979457366653914E-3,7.5171596832534944E-3,2.7921493540625404E-3,3.4243909585697889E-3,9.078602534870011E-3,{"$f":"N20-N25","v":3.0219816050036756E-3},4.2473759071939218E-3,6.9094219531194642E-3,3.3173777638044466E-3]
[null,null,null,null,null,"Risk correction",{"$f":"_xlfn.LET(_xlpm.SPLUS, MAX(G33, 0),\n     _xlpm.LTASPLUS, MAX(G30, 0),\n     _xlpm.RC, 30% * MIN(_xlpm.SPLUS, _xlpm.LTASPLUS) + 20% * MAX(0, MIN(_xlpm.SPLUS - _xlpm.LTASPLUS, _xlpm.LTASPLUS)) + 15% * MAX(0, _xlpm.SPLUS - 2 * _xlpm.LTASPLUS),\n     MIN(_xlpm.RC, 65% * _xlpm.LTASPLUS))","v":1.2562608475136302E-3},{"$f":"_xlfn.LET(_xlpm.SPLUS, MAX(H33, 0),\n     _xlpm.LTASPLUS, MAX(H30, 0),\n     _xlpm.RC, 30% * MIN(_xlpm.SPLUS, _xlpm.LTASPLUS) + 20% * MAX(0, MIN(_xlpm.SPLUS - _xlpm.LTASPLUS, _xlpm.LTASPLUS)) + 15% * MAX(0, _xlpm.SPLUS - 2 * _xlpm.LTASPLUS),\n     MIN(_xlpm.RC, 65% * _xlpm.LTASPLUS))","v":2.022846469123749E-3},0,1.2197344735539787E-3,0,1.0273172875709367E-3,2.6756005576254577E-3,{"$f":"_xlfn.LET(_xlpm.SPLUS, MAX(N33, 0),\n     _xlpm.LTASPLUS, MAX(N30, 0),\n     _xlpm.RC, 30% * MIN(_xlpm.SPLUS, _xlpm.LTASPLUS) + 20% * MAX(0, MIN(_xlpm.SPLUS - _xlpm.LTASPLUS, _xlpm.LTASPLUS)) + 15% * MAX(0, _xlpm.SPLUS - 2 * _xlpm.LTASPLUS),\n     MIN(_xlpm.RC, 65% * _xlpm.LTASPLUS))","v":0},1.2742127721581764E-3,2.0485283234222391E-3,{"$f":"_xlfn.LET(_xlpm.SPLUS, MAX(Q33, 0),\n     _xlpm.LTASPLUS, MAX(Q30, 0),\n     _xlpm.RC, 50% * MIN(_xlpm.SPLUS, _xlpm.LTASPLUS) + 40% * MAX(0, MIN(_xlpm.SPLUS - _xlpm.LTASPLUS, _xlpm.LTASPLUS)) + 30% * MAX(0, _xlpm.SPLUS - 2 * _xlpm.LTASPLUS),\n     MIN(_xlpm.RC, 125% * _xlpm.LTASPLUS))","v":0}]
[null,null,null,null,null,"Risk-corrected market yield",{"$f":"G20-G34","v":2.7281329202440641E-2},{"$f":"H20-H34","v":3.0696404572713366E-2},2.5767470721551389E-2,2.8917386628643516E-2,2.2949023518116292E-2,2.7250648882067924E-2,2.7044857422018845E-2,{"$f":"N20-N34","v":2.3531690798990274E-2},2.7499464531506489E-2,2.9549555354072086E-2,3.9987380976532171E-2]
[]
[null,null,null,null,null,"Model bond market values"]
[null,null,null,null,null,"Market value market yield model bond",{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(G$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IR, G20,\n     _xlpm.DUR, G13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0065048144772184E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IR, H20,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.0935830061862669E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IR, I20,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0124714349210209E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IR, J20,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":8.2169042014064567E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IR, K20,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":4.0216730161791343E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IR, L20,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0232174708116862E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IR, M20,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.70845009994591668},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IR, N20,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0124509234668446E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IR, O20,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0352786116162287E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IR, P20,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":9.3136006456121634E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IR, Q20,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":2.0025369867945932E-2}]
[null,null,null,null,null,"Market value risk-free yield model bond",{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(G$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IR, G25,\n     _xlpm.DUR, G13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.012633329577713E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IR, H25,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.0936818981365976E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IR, I25,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0205096227643685E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IR, J25,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":8.1805066324808925E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IR, K25,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":4.0775196321540808E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IR, L25,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0076802912052176E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IR, M25,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.70677681139837145},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IR, N25,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0187389127589756E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IR, O25,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0104126820011878E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IR, P25,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":9.1174736438052947E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IR, Q25,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.9982750439057621E-2}]
[null,null,null,null,null,"Market value risk-corrected yield model bond",{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(G$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IR, G35,\n     _xlpm.DUR, G13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0127902023562944E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IR, H35,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.1097983245342572E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IR, I35,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0124714349210209E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IR, J35,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":8.272533387469326E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IR, K35,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":4.0216730161791343E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IR, L35,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0185447903550228E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IR, M35,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.70797189726340681},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IR, N35,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0124509234668446E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IR, O35,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0277835076178271E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IR, P35,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":9.2632417537878417E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IR, Q35,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":2.0025369867945932E-2}]
[]
[null,null,null,null,null,"Portfolio Calculation"]
[]
[null,null,null,null,null,"Internal rate of return (IRR) calculation",{"$f":"G10","v":"AT"},{"$f":"H10","v":"BE"},"FI","FR","DE","IE","IT","NL","PT","ES","US",null,"Sum","Obj. Func.","IRR"]
[null,null,null,null,null,"IRR discounted market yield model bond",{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(G$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IER, $U$45,\n     _xlpm.DUR, G13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.9548833413659159E-3},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IER, $U$45,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.1957895003176598E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IER, $U$45,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.8671625951011251E-3},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IER, $U$45,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":8.2284092193346536E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IER, $U$45,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.8678615547030067E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IER, $U$45,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0068488143770546E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IER, $U$45,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.70727691565517647},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IER, $U$45,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.7567007555289624E-3},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IER, $U$45,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0236591379610508E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IER, $U$45,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.4692074625679523E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[Yield Cash Flow]),\n     _xlpm.IER, $U$45,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":2.1058891777147194E-2},null,{"$f":"SUM(G45:Q45)","v":1.0258323110169334},{"$f":"(SUM(G38:Q38)-S45)^2","v":1.9096452927381274E-21},2.9971461706151285E-2]
[null,null,null,null,null,"IRR discounted risk-free yield model bond",{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(G$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IER, $U$46,\n     _xlpm.DUR, G13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0234263273166891E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IER, $U$46,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.173258606315494E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IER, $U$46,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.013065209879598E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IER, $U$46,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":8.2338416270569037E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IER, $U$46,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":4.0390154814721052E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IER, $U$46,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0370219568857159E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IER, $U$46,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.70108418753188095},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IER, $U$46,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0108433017649259E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IER, $U$46,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0363138623506974E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IER, $U$46,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.386338925965973E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RFR Cash Flow]),\n     _xlpm.IER, $U$46,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":2.1535687764313007E-2},null,{"$f":"SUM(G46:Q46)","v":1.022151128286275},{"$f":"(SUM(G39:Q39)-S46)^2","v":7.0997481469891062E-30},2.1856384209424231E-2]
[null,null,null,null,null,"IRR discounted risk-corrected yield model bond",{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(G$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, G13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0090584802563394E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.2198907365722382E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0001596697959797E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":8.3538311998607617E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.9155092539257419E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0135946181969462E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.70462201301708716},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.8811363523916805E-3},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0252449631933957E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.4338671943317048E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortMacroGov[Issuer], T.RefPortMacroGov[RC Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":2.1295430007418084E-2},null,{"$f":"SUM(G47:Q47)","v":1.0255101405382281},{"$f":"(SUM(G40:Q40)-S47)^2","v":1.9721522630525295E-31},2.7761454851194346E-2]
[]
[null,null,null,null,null,"Portfolio spread and risk correction","Total"]
[null,null,null,null,null,"Portfolio spread",{"$f":"V.IER_Yield_Gov_Country-V.IER_RFR_Gov_Country","v":8.1150774967270536E-3}]
[null,null,null,null,null,"Portfolio risk correction",{"$f":"V.IER_Yield_Gov_Country-V.IER_RCYield_Gov_Country","v":2.210006854956939E-3}]

{"sheet":"S&RC Corp Country","index":11,"n_rows":53,"n_cols":22,"rows_kept":53,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"©EIOPA, 2026."]
[]
[]
[null,null,null,null,null,"Country RCS: Corporate Bonds"]
[]
[null,null,null,null,null,"Model Bond Calculations",null,null,null,null,null,null,null,null,null,null,null,null,"RFR TD"]
[]
[null,null,null,null,null,"Issuer","Financials CQS 0","Financials CQS 1","Financials CQS 2","Financials CQS 3","Financials CQS 4","Non-Financials CQS 0","Non-Financials CQS 1","Non-Financials CQS 2","Non-Financials CQS 3","Non-Financials CQS 4","Non-Financials CQS 5"]
[null,null,null,null,null,"Issuer currency","EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR","EUR"]
[null,null,null,null,null,"Relative market value",{"$f":"_xlfn.XLOOKUP(G$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Composition])","v":0.03},{"$f":"_xlfn.XLOOKUP(H$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Composition])","v":0.05},{"$f":"_xlfn.XLOOKUP(I$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Composition])","v":0.26},{"$f":"_xlfn.XLOOKUP(J$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Composition])","v":0.26},{"$f":"_xlfn.XLOOKUP(K$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Composition])","v":0.04},{"$f":"_xlfn.XLOOKUP(L$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Composition])","v":0.03},{"$f":"_xlfn.XLOOKUP(M$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Composition])","v":0.02},{"$f":"_xlfn.XLOOKUP(N$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Composition])","v":0.09},{"$f":"_xlfn.XLOOKUP(O$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Composition])","v":0.18},{"$f":"_xlfn.XLOOKUP(P$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Composition])","v":0.03},{"$f":"_xlfn.XLOOKUP(Q$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Composition])","v":0.01}]
[null,null,null,null,null,"Duration [Y]",{"$f":"_xlfn.XLOOKUP(G$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Duration '[Y']])","v":7.2},{"$f":"_xlfn.XLOOKUP(H$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Duration '[Y']])","v":4},{"$f":"_xlfn.XLOOKUP(I$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Duration '[Y']])","v":4.5999999999999996},{"$f":"_xlfn.XLOOKUP(J$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Duration '[Y']])","v":4},{"$f":"_xlfn.XLOOKUP(K$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Duration '[Y']])","v":2.8},{"$f":"_xlfn.XLOOKUP(L$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Duration '[Y']])","v":7.6},{"$f":"_xlfn.XLOOKUP(M$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Duration '[Y']])","v":7},{"$f":"_xlfn.XLOOKUP(N$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Duration '[Y']])","v":5.9},{"$f":"_xlfn.XLOOKUP(O$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Duration '[Y']])","v":5},{"$f":"_xlfn.XLOOKUP(P$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Duration '[Y']])","v":4.5},{"$f":"_xlfn.XLOOKUP(Q$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Duration '[Y']])","v":2.6}]
[null,null,null,null,null,"Integer D less than or equal to the duration [Y]",{"$f":"INT(G$13)","v":7},{"$f":"INT(H$13)","v":4},4,4,2,7,7,5,5,4,2]
[null,null,null,null,null,"Integer D+1 [Y]",{"$f":"G14+1","v":8},{"$f":"H14+1","v":5},5,5,3,8,8,6,6,5,{"$f":"Q14+1","v":3}]
[]
[null,null,null,null,null,"Linear interpolation of market yields before risk correction"]
[null,null,null,null,null,"Longest available duration below the component duration [Y]",{"$f":"ROUND('Corp Data'!G15, 1)","v":5.7},{"$f":"ROUND('Corp Data'!K14, 1)","v":3.7},{"$f":"ROUND('Corp Data'!O14, 1)","v":3.8},{"$f":"ROUND('Corp Data'!G23, 1)","v":3.8},{"$f":"ROUND('Corp Data'!K22, 1)","v":2.9},{"$f":"ROUND('Corp Data'!G35, 1)","v":7.5},{"$f":"ROUND('Corp Data'!K34, 1)","v":5.6},{"$f":"ROUND('Corp Data'!O34, 1)","v":5.6},{"$f":"ROUND('Corp Data'!G42, 1)","v":3.8},{"$f":"ROUND('Corp Data'!K41, 1)","v":3},{"$f":"ROUND('Corp Data'!O41, 1)","v":2.1}]
[null,null,null,null,null,"Yield for the longest available duration below the component duration",{"$f":"'Corp Data'!H15","v":2.3682054550376554E-2},{"$f":"'Corp Data'!L14","v":2.6764726583781945E-2},{"$f":"'Corp Data'!P14","v":2.7901585225046481E-2},{"$f":"'Corp Data'!H23","v":3.2321337670084646E-2},{"$f":"'Corp Data'!L22","v":5.128437923805905E-2},{"$f":"'Corp Data'!H35","v":2.6243456275731308E-2},{"$f":"'Corp Data'!L34","v":2.861842023958305E-2},{"$f":"'Corp Data'!P34","v":3.1212008683224015E-2},{"$f":"'Corp Data'!H42","v":3.205249854532944E-2},{"$f":"'Corp Data'!L41","v":4.4038098250287559E-2},{"$f":"'Corp Data'!P41","v":6.1487417848640688E-2}]
[null,null,null,null,null,"Shortest available duration above the component duration [Y]",{"$f":"ROUND('Corp Data'!G16, 1)","v":7.3},{"$f":"ROUND('Corp Data'!K15, 1)","v":5.7},{"$f":"ROUND('Corp Data'!O15, 1)","v":5.3},{"$f":"ROUND('Corp Data'!G24, 1)","v":5.2},{"$f":"ROUND('Corp Data'!K22, 1)","v":2.9},{"$f":"ROUND('Corp Data'!G36, 1)","v":12.2},{"$f":"ROUND('Corp Data'!K35, 1)","v":7.5},{"$f":"ROUND('Corp Data'!O35, 1)","v":7.5},{"$f":"ROUND('Corp Data'!G43, 1)","v":5.0999999999999996},{"$f":"ROUND('Corp Data'!K41, 1)","v":3},{"$f":"ROUND('Corp Data'!O41, 1)","v":2.1}]
[null,null,null,null,null,"Yield for the shortest available duration above the component duration",{"$f":"'Corp Data'!H16","v":2.5687872321853749E-2},{"$f":"'Corp Data'!L15","v":2.7861240647501829E-2},{"$f":"'Corp Data'!P15","v":3.2711475394374245E-2},{"$f":"'Corp Data'!H24","v":3.5258631375174938E-2},{"$f":"'Corp Data'!L22","v":5.128437923805905E-2},{"$f":"'Corp Data'!H36","v":2.971966776686473E-2},{"$f":"'Corp Data'!L35","v":3.0874654442036832E-2},{"$f":"'Corp Data'!P35","v":3.5303187713030738E-2},{"$f":"'Corp Data'!H43","v":3.401032643816123E-2},{"$f":"'Corp Data'!L41","v":4.4038098250287559E-2},{"$f":"'Corp Data'!P41","v":6.1487417848640688E-2}]
[null,null,null,null,null,"Linear interpolation of market yields before risk correction",{"$f":"G19+(G21-G19)/(G20-G18)*(G13-G18)","v":2.5562508711136425E-2},{"$f":"H19+(H21-H19)/(H20-H18)*(H13-H18)","v":2.6929203693339929E-2},3.046685998202129E-2,3.2740951056526114E-2,{"$f":"K21","v":5.128437923805905E-2},2.6317418222351167E-2,3.0280908599285838E-2,3.1857984319509286E-2,3.3859724292558784E-2,{"$f":"P21","v":4.4038098250287559E-2},{"$f":"Q21","v":6.1487417848640688E-2}]
[]
[null,null,null,null,null,"Linear interpolation of risk-free rates"]
[null,null,null,null,null,"Basic risk-free rate corresponding to D",{"$f":"_xlfn.XLOOKUP(G$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.0630787628729608E-2},{"$f":"_xlfn.XLOOKUP(H$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8513013805178696E-2},{"$f":"_xlfn.XLOOKUP(I$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8513013805178696E-2},{"$f":"_xlfn.XLOOKUP(J$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8513013805178696E-2},{"$f":"_xlfn.XLOOKUP(K$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8216879219364972E-2},{"$f":"_xlfn.XLOOKUP(L$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.0630787628729608E-2},{"$f":"_xlfn.XLOOKUP(M$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.0630787628729608E-2},{"$f":"_xlfn.XLOOKUP(N$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8921951559288785E-2},{"$f":"_xlfn.XLOOKUP(O$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8921951559288785E-2},{"$f":"_xlfn.XLOOKUP(P$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8513013805178696E-2},{"$f":"_xlfn.XLOOKUP(Q$14, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8216879219364972E-2}]
[null,null,null,null,null,"Basic risk-free rate corresponding to D+1",{"$f":"_xlfn.XLOOKUP(G$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.3517307109820834E-2},{"$f":"_xlfn.XLOOKUP(H$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8921951559288785E-2},{"$f":"_xlfn.XLOOKUP(I$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8921951559288785E-2},{"$f":"_xlfn.XLOOKUP(J$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8921951559288785E-2},{"$f":"_xlfn.XLOOKUP(K$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.9385356244159758E-2},{"$f":"_xlfn.XLOOKUP(L$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.3517307109820834E-2},{"$f":"_xlfn.XLOOKUP(M$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.3517307109820834E-2},{"$f":"_xlfn.XLOOKUP(N$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.068612670895302E-2},{"$f":"_xlfn.XLOOKUP(O$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":2.068612670895302E-2},{"$f":"_xlfn.XLOOKUP(P$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.8921951559288785E-2},{"$f":"_xlfn.XLOOKUP(Q$15, T.RFR[Maturity '[Y']], T.RFR[EUR])","v":1.9385356244159758E-2}]
[null,null,null,null,null,"Linear interpolation of basic risk-free rate",{"$f":"G25+(G26-G25)/(G15-G14) * (G$13-G14)","v":2.1208091524947854E-2},1.8513013805178696E-2,1.8758376457644749E-2,1.8513013805178696E-2,1.91516608392008E-2,2.2362699317384341E-2,2.0630787628729608E-2,2.0509709193986599E-2,1.8921951559288785E-2,1.8717482682233742E-2,{"$f":"Q25+(Q26-Q25)/(Q15-Q14) * (Q$13-Q14)","v":1.8917965434241842E-2}]
[]
[null,null,null,null,null,"Linear interpolation of long-term average spreads"]
[null,null,null,null,null,"Long-term average spread corresponding to D",{"$f":"_xlfn.XLOOKUP(G$14, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 0])","v":5.1002659679275694E-3},{"$f":"_xlfn.XLOOKUP(H$14, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 1])","v":7.3423353247181588E-3},{"$f":"_xlfn.XLOOKUP(I$14, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 2])","v":1.3895643263773492E-2},{"$f":"_xlfn.XLOOKUP(J$14, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 3])","v":3.0620898341368719E-2},{"$f":"_xlfn.XLOOKUP(K$14, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 4])","v":6.2926127972476112E-2},{"$f":"_xlfn.XLOOKUP(L$14, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 0])","v":3.2862122474773114E-4},{"$f":"_xlfn.XLOOKUP(M$14, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 1])","v":4.7528379387328009E-3},{"$f":"_xlfn.XLOOKUP(N$14, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 2])","v":9.5458148595476289E-3},{"$f":"_xlfn.XLOOKUP(O$14, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 3])","v":1.377236499519858E-2},{"$f":"_xlfn.XLOOKUP(P$14, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 4])","v":4.3528416377040399E-2},{"$f":"_xlfn.XLOOKUP(Q$14, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 5])","v":7.1001717530111405E-2}]
[null,null,null,null,null,"Long-term average spread corresponding to D+1",{"$f":"_xlfn.XLOOKUP(G$15, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 0])","v":5.4380285915950517E-3},{"$f":"_xlfn.XLOOKUP(H$15, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 1])","v":8.4423078057700249E-3},{"$f":"_xlfn.XLOOKUP(I$15, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 2])","v":1.5632369087591916E-2},{"$f":"_xlfn.XLOOKUP(J$15, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 3])","v":2.9553232759198095E-2},{"$f":"_xlfn.XLOOKUP(K$15, T.LTASCorp_Finan[Maturity '[Y']], T.LTASCorp_Finan[CQS 4])","v":6.2650274547088519E-2},{"$f":"_xlfn.XLOOKUP(L$15, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 0])","v":5.8154033047457345E-4},{"$f":"_xlfn.XLOOKUP(M$15, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 1])","v":6.6847582308162696E-3},{"$f":"_xlfn.XLOOKUP(N$15, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 2])","v":7.6252379209973235E-3},{"$f":"_xlfn.XLOOKUP(O$15, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 3])","v":1.4744978151477756E-2},{"$f":"_xlfn.XLOOKUP(P$15, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 4])","v":4.110569232310838E-2},{"$f":"_xlfn.XLOOKUP(Q$15, T.LTASCorp_NonFinan[Maturity '[Y']], T.LTASCorp_NonFinan[CQS 5])","v":6.9936529007786172E-2}]
[null,null,null,null,null,"Linear interpolation of LTAS",{"$f":"G30+(G31-G30)/(G15-G14)*(G13-G14)","v":5.1678184926610658E-3},7.3423353247181588E-3,1.4937678758064546E-2,3.0620898341368719E-2,6.2705445232166035E-2,4.8037268818383643E-4,4.7528379387328009E-3,7.8172956148523532E-3,1.377236499519858E-2,4.2317054350074393E-2,{"$f":"Q30+(Q31-Q30)/(Q15-Q14)*(Q13-Q14)","v":7.0362604416716268E-2}]
[]
[null,null,null,null,null,"Risk-corrected market yields"]
[null,null,null,null,null,"Spread",{"$f":"G22-G27","v":4.3544171861885708E-3},{"$f":"H22-H27","v":8.4161898881612331E-3},1.1708483524376541E-2,1.4227937251347418E-2,3.213271839885825E-2,3.9547189049668266E-3,9.6501209705562307E-3,1.1348275125522687E-2,1.4937772733269999E-2,2.5320615568053817E-2,{"$f":"Q22-Q27","v":4.2569452414398842E-2}]
[null,null,null,null,null,"Risk Correction",{"$f":"_xlfn.LET(_xlpm.SPLUS, MAX(G35, 0),\n     _xlpm.LTASPLUS, MAX(G32, 0),\n     _xlpm.RC, 50% * MIN(_xlpm.SPLUS, _xlpm.LTASPLUS) + 40% * MAX(0, MIN(_xlpm.SPLUS - _xlpm.LTASPLUS, _xlpm.LTASPLUS)) + 30% * MAX(0, _xlpm.SPLUS - 2 * _xlpm.LTASPLUS),\n     MIN(_xlpm.RC, 125% * _xlpm.LTASPLUS))","v":2.1772085930942854E-3},{"$f":"_xlfn.LET(_xlpm.SPLUS, MAX(H35, 0),\n     _xlpm.LTASPLUS, MAX(H32, 0),\n     _xlpm.RC, 50% * MIN(_xlpm.SPLUS, _xlpm.LTASPLUS) + 40% * MAX(0, MIN(_xlpm.SPLUS - _xlpm.LTASPLUS, _xlpm.LTASPLUS)) + 30% * MAX(0, _xlpm.SPLUS - 2 * _xlpm.LTASPLUS),\n     MIN(_xlpm.RC, 125% * _xlpm.LTASPLUS))","v":4.1007094877363089E-3},5.8542417621882704E-3,7.1139686256737091E-3,1.6066359199429125E-2,6.004658602297955E-4,4.3208876727867098E-3,5.3210396116943103E-3,7.3523455928278577E-3,1.2660307784026908E-2,2.1284726207199421E-2]
[null,null,null,null,null,"Risk-corrected market yield",{"$f":"G22-G36","v":2.338530011804214E-2},{"$f":"H22-H36","v":2.2828494205603622E-2},2.4612618219833019E-2,2.5626982430852405E-2,3.5218020038629921E-2,2.5716952362121372E-2,2.5960020926499128E-2,2.6536944707814977E-2,2.6507378699730924E-2,3.1377790466260651E-2,{"$f":"Q22-Q36","v":4.0202691641441267E-2}]
[]
[null,null,null,null,null,"Model bond market values"]
[null,null,null,null,null,"Market value market yield model bond",{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(G$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IR, G22,\n     _xlpm.DUR, G13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.0652009209559048E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IR, H22,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":5.0502757804132922E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IR, I22,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.26403843926663711},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IR, J22,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.26377584487583461},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IR, K22,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.9798917495551547E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IR, L22,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.0411077408874124E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IR, M22,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":2.0823491061436994E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IR, N22,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":9.0629629407610907E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IR, O22,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.18113372158092972},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IR, P22,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.0570271927907094E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IR, Q22,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0065723117244794E-2}]
[null,null,null,null,null,"Market value risk-free yield model bond",{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(G$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IR, G27,\n     _xlpm.DUR, G13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.069853554494573E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IR, H27,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":5.0765661132824581E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IR, I27,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.26483355910614675},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IR, J27,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.26398143789068784},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IR, K27,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":4.0253531037770393E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IR, L27,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.0523838991333804E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IR, M27,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":2.0518579897310242E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IR, N27,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":9.16865021483078E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IR, O27,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.18376570046314988},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IR, P27,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.0540788897204199E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IR, Q27,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0061357776737135E-2}]
[null,null,null,null,null,"Market value risk-corrected yield model bond",{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(G$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IR, G37,\n     _xlpm.DUR, G13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.0687688809992276E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IR, H37,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":5.0618942782057245E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IR, I37,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.26443349380671055},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IR, J37,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.2638779133483572},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IR, K37,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":4.0022281694604388E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IR, L37,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.0200797429704645E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IR, M37,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":2.0678300019028213E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IR, N37,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":9.1006443410868554E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IR, O37,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":0.18233280041588218},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IR, P37,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":3.0555708601353579E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IR, Q37,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IR)^(-_xlpm.DUR))","v":1.0063753600752522E-2}]
[]
[null,null,null,null,null,"Portfolio Calculation"]
[]
[null,null,null,null,null,"Internal rate of return (IRR) calculation",{"$f":"G10","v":"Financials CQS 0"},{"$f":"H10","v":"Financials CQS 1"},"Financials CQS 2","Financials CQS 3","Financials CQS 4","Non-Financials CQS 0","Non-Financials CQS 1","Non-Financials CQS 2","Non-Financials CQS 3","Non-Financials CQS 4","Non-Financials CQS 5",null,"Sum","Obj. Func.","IRR"]
[null,null,null,null,null,"IRR discounted market yield model bond",{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(G$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, G13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":2.925532781797922E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":4.9473924007312417E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.26197377867616717},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.26430164229393011},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":4.189067163744261E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":2.911261991636559E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":2.0550234719881471E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.0438671151725228E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.18257085616999549},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.2176182326304821E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[Yield Cash Flow]),\n     _xlpm.IER, $U$47,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0824506394187102E-2},null,{"$f":"SUM(G47:Q47)","v":1.0125684151112913},{"$f":"(SUM(G40:Q40)-S47)^2","v":2.7732892226831363E-8},3.2226937892164124E-2]
[null,null,null,null,null,"IRR discounted risk-free yield model bond",{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(G$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, G13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.111984742136922E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":5.0613709193038918E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.26421475113426168},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.26319128780380235},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":4.0239717340637721E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.1233274832327802E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":2.0710166212240561E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.2342882156031425E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.18344622723219386},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.0465473398606776E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RFR Cash Flow]),\n     _xlpm.IER, $U$48,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.005215616190846E-2},null,{"$f":"SUM(G48:Q48)","v":1.0176294928864187},{"$f":"(SUM(G41:Q41)-S48)^2","v":4.9303806576313238E-32},1.9276596920299923E-2]
[null,null,null,null,null,"IRR discounted risk-corrected yield model bond",{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(G$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, G13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.0152616496997551E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(H$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, H13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":5.0017693129358658E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(I$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, I13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.26292403868063735},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(J$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, J13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.26360892322047669},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(K$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, K13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":4.1049745548069179E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(L$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, L13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.0162432369852561E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(M$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, M13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":2.0688390111077499E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(N$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, N13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":9.1346345538159415E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(O$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, O13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":0.18288341509596551},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(P$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, P13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":3.1298359647886992E-2},{"$f":"_xlfn.LET(_xlpm.CF, _xlfn.XLOOKUP(Q$10, T.RefPortCountryCorp[Issuer], T.RefPortCountryCorp[RC Yield Cash Flow]),\n     _xlpm.IER, $U$49,\n     _xlpm.DUR, Q13,\n     _xlpm.CF * (1 + _xlpm.IER)^(-_xlpm.DUR))","v":1.0432929673804202E-2},null,{"$f":"SUM(G49:Q49)","v":1.0145648895122856},{"$f":"(SUM(G42:Q42)-S49)^2","v":7.5282681241573291E-9},2.5888523300132502E-2]
[]
[null,null,null,null,null,"Portfolio spread and risk correction","Total"]
[null,null,null,null,null,"Portfolio spread",{"$f":"V.IER_Yield_Corp_Country-V.IER_RFR_Corp_Country","v":1.2950340971864201E-2}]
[null,null,null,null,null,"Portfolio risk correction",{"$f":"V.IER_Yield_Corp_Country-V.IER_RCYield_Corp_Country","v":6.3384145920316222E-3}]

{"sheet":"RCS","index":12,"n_rows":19,"n_cols":13,"rows_kept":19,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"©EIOPA, 2026."]
[]
[]
[null,null,null,null,null,"Risk-Corrected Spreads"]
[]
[null,null,null,null,null,"Currency RCS",null,null,null,"Country RCS"]
[]
[null,null,null,null,null,"IRRs calculated",{"$f":"_xlfn.LET(_xlpm.THRESHOLD, 0.000001,\n     AND(V.IER_Yield_Gov_Cur_Obj < _xlpm.THRESHOLD, V.IER_RFR_Gov_Cur_Obj < _xlpm.THRESHOLD,\n         V.IER_RCYield_Gov_Cur_Obj < _xlpm.THRESHOLD, V.IER_Yield_Corp_Cur_Obj < _xlpm.THRESHOLD,\n         V.IER_RFR_Corp_Cur_Obj < _xlpm.THRESHOLD, V.IER_RCYield_Corp_Cur_Obj < _xlpm.THRESHOLD))","v":true},null,null,"IRRs calculated",{"$f":"_xlfn.LET(_xlpm.THRESHOLD, 0.000001,\n     AND(V.IER_Yield_Gov_Country_Obj < _xlpm.THRESHOLD, V.IER_RFR_Gov_Country_Obj < _xlpm.THRESHOLD,\n         V.IER_RCYield_Gov_Country_Obj < _xlpm.THRESHOLD, V.IER_Yield_Corp_Country_Obj < _xlpm.THRESHOLD,\n         V.IER_RFR_Corp_Country_Obj < _xlpm.THRESHOLD, V.IER_RCYield_Corp_Country_Obj < _xlpm.THRESHOLD))","v":true}]
[null,null,null,null,null,null,{"$f":"V.W_GOV_EUR/(V.W_GOV_EUR+V.W_CORP_EUR)","v":0.38915470494417864},null,null,null,{"$f":"V.W_GOV_IT/(V.W_GOV_IT+V.W_CORP_IT)","v":0.60667634252539904}]
[null,null,null,null,null,null,{"$f":"V.W_CORP_EUR/(V.W_GOV_EUR+V.W_CORP_EUR)","v":0.61084529505582141},null,null,null,{"$f":"V.W_CORP_IT/(V.W_GOV_IT+V.W_CORP_IT)","v":0.39332365747460085}]
[null,null,null,null,null,null,{"$f":"V.S_GOV_EUR","v":1.0028107130791643E-2},null,null,null,{"$f":"V.S_GOV_IT","v":8.1150774967270536E-3}]
[null,null,null,null,null,null,{"$f":"V.S_CORP_EUR","v":1.0233981419704219E-2},null,null,null,{"$f":"V.S_CORP_IT","v":1.2950340971864201E-2}]
[null,null,null,null,null,null,{"$f":"V.RC_GOV_EUR","v":1.9704192519009976E-3},null,null,null,{"$f":"V.RC_GOV_IT","v":2.210006854956939E-3}]
[null,null,null,null,null,null,{"$f":"V.RC_CORP_EUR","v":5.0133287956629878E-3},null,null,null,{"$f":"V.RC_CORP_IT","v":6.3384145920316222E-3}]
[null,null,null,null,null,null,{"$f":"V.W_GOV_EUR_NORM * V.S_GOV_EUR + V.W_CORP_EUR_NORM * V.S_CORP_EUR","v":1.0153864471546852E-2},null,null,null,{"$f":"V.W_GOV_IT_NORM * V.S_GOV_IT + V.W_CORP_IT_NORM * V.S_CORP_IT","v":1.0016901011621344E-2}]
[null,null,null,null,null,null,{"$f":"V.W_GOV_EUR_NORM * V.RC_GOV_EUR + V.W_CORP_EUR_NORM * V.RC_CORP_EUR","v":3.8291662299884659E-3},null,null,null,{"$f":"V.W_GOV_IT_NORM * V.RC_GOV_IT + V.W_CORP_IT_NORM * V.RC_CORP_IT","v":3.8338072856495932E-3}]
[null,null,null,null,null,null,{"$f":"V.S_EUR-V.RC_EUR","v":6.3246982415583863E-3},null,null,null,{"$f":"V.S_IT-V.RC_IT","v":6.1830937259717512E-3}]

{"sheet":"Disclaimer","index":13,"n_rows":8,"n_cols":13,"rows_kept":8,"cut":false,"hidden":false,"merged":[[7,5,15,11]]}
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"©EIOPA, 2026."]
[]
[]
[null,null,null,null,null,"Disclaimer"]
[]
[null,null,null,null,null,"The content of this workbook is made available by EIOPA for public information purposes only. It is not intended to be used for any other purpose. EIOPA shall not be liable for any error or inaccuracy in the content of this workbook, for any action taken in reliance thereon. EIOPA expressly disclaims all warranties, expressed or implied, as to the accuracy of any of the content provided or as to the merchantability or fitness of the content provided.\n\n© EIOPA - European Insurance and Occupational Pensions Authority, 2026.\nReproduction is authorised provided that you acknowledge EIOPA as the source: \"Source: © EIOPA – European Insurance and Occupational Pensions Authority\".\n"]